Accounting practice in Bangladesh companies free essay sample

Accounting in Bangladesh In Bangladesh, the profession of accountancy developed during the British colonial period. Today it is represented by two professional bodies, the Institute of Cost Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB). Chartered Accountants complete their training in practicing firms and specialize in financial accounting, financial audit and tax. CMAs receive particular training in cost audit, management audit and management accounting, as well as general accounting and taxation. Both the ICMAB and ICAB are under the administrative control of the Ministry of Commerce. The Government of Bangladesh considers both type of professional accountants equal in respect of employment in government services. The Generally Accepted Accounting Principles (GAAP) in Bangladesh is based upon standards set by the ICAB, which has stated its intention to adopt International Financial Reporting Standards. As of 2001, 23 such standards had already been adopted, and listed companies are required to use IFRS. We will write a custom essay sample on Accounting practice in Bangladesh companies or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Different Branches of Accounting: 1. Financial accounting: Limits its activities in recording business transaction and determining financial results and position. 2. Cost Accounting: Takes the responsibility of determining cost of products and services and controlling costs with a view to maximizing profit. 3. Management Accounting: Takes the duty of helping management in planning and decision making. Functions of different Branches of Accounting Financial Accounting: Recording business transaction. Determining the end results of the business. Determining the financial position on the closing date of the accounting period. Cost Accounting: Determining cost of product or services. Controlling cost of product or services. Measuring efficiency. Supplying financial and cost data. Management Accounting: Assisting management in planning. Assisting management in taking decisions in special situation. Management accounting practise in Bangladesh companies Management accounting practice helps an organization to survive in the competitive, ever-changing world, because it provides an important competitive advantage for an organization that guides managerial action, motivates behaviours, supports and creates the cultural values necessary to achieve an organization’s strategic objectives. Management accounting is concerned primarily with the internal needs of management. It is oriented toward evaluation of performance and development of estimates of the future as opposed to traditional financial accounting which emphasizes historical data related to such legal financial matters as ownership, investment, credit granting, taxation, regulation, and the building of foundations for consistent and conservative external reporting, â€Å"in accordance with generally accepted accounting principles. † Flexibility is an essential characteristic of management accounting since it presupposes that careful attention has been given to determine the important needs of management, many of which cannot be precisely identified in advance. The Institute of Management Accountants (IMA), the professional association of practicing and academic management accountants, defines management accounting as: â€Å"The process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information used by management to plan, evaluate, and control within an organization and to assure appropriate use of and accountability for its resources. Management accounting also comprises the preparation of financial reports for non-management groups such as shareholders, creditors, regulatory agencies, and tax authorities. † Management accounting provides information from its environment to management to facilitate decision-making. Good management accounting information has three attributes: Technical-it enhances the understanding of the phenomena measured and provides relevant information for strategic decisions, Behavioural-it encourages actions that are consistent with an organization’s strategic objectives, and Cultural-it supports and/or creates a set of shared cultural values, beliefs, and mindsets in an organization and society. The development of management accounting is responsive to the demands of management and the environment. Management accounting adapts to organizational change and three major forces cause organizations to evolve: technological change, globalization, and customer needs (Ma Watters, 2001) [1]. In order to remain competitive in today’s global market, business must continually improve. Good management accounting practices help the organization to improve continually. Due to these all over the world there are so many management accounting tools techniques developed and practiced. Bangladeshi organizations as a member of global market need to adopt these techniques in order to remain competitive. A survey has been conducted based on a questionnaire to examine the management accounting practices in the manufacturing sector of Bangladesh. The all over evolution of management accounting system and its development in Bangladesh is also examined in order to provide a better understanding of present practices. Cost accounting practice in Bangladesh companies Cost accounting is valuable to an organization if it significantly improves the decision making process within the organization by providing accurate and timely input regarding the cost behavior in organizations. Generally based on standard accounting practices, cost accounting is one of the tools that managers utilize to determine what type and how much expenses is involved with maintaining the current business model. At the same time, the principles of cost accounting can also be utilized to project changes to these costs in the event that specific changes are implemented. When it comes to measuring how wisely company resources are being utilized, cost accounting helps to provide the data relevant to the current situation. By identifying production costs and further defining the cost of production by three or more successive business cycles, it is possible to note any trends that indicate a rise in production costs without any appreciable changes or increase in production of goods and services. By using this approach, it is possible to identify the reason for the change, and take steps to contain the situation before bottom line profits are impacted to a greater degree. Product development and marketing strategies are also informed by the utilization of cost accounting. In terms of product development, it is possible to determine if a new product can be produced at a reasonable price, considering the cost of raw materials and the labor and equipment necessary to product a finished product. At the same time, marketing protocols can make use of cost accounting to project if the product will sell enough units to make production a viable option. Cost accounting is helpful in making a number of business decisions. By weighing the actual costs versus the anticipated benefit, cost accounting can help a company to avoid launching a product with no real market, prevent the purchase of unnecessary goods and services. Conclusion: Globalization and the increasing complexity of business, together with high-powered computing technology, have contributed to the development of new management accounting techniques all over the world. The present study shows that though privatization and authoritative pronouncement has  contributed a lot in the development of accounting in Bangladesh, the survey result of the present practices of management accounting in listed manufacturing sector reveals that state of use of sophisticated techniques (like target costing, throughput costing, life cycle costing and probabilistic CVP) is not satisfactory. To keep pace with the world changing accounting environment, Bangladeshi firms should use the newly developed techniques. A well-balanced practice of those techniques ir respective of the sectors may be enhanced through compulsory enactment of cost and management accounting audit in Bangladesh.

Transcendentalism in American History

Transcendentalism in American History Transcendentalism was an American literary movement that emphasized the importance and equality of the individual. It began in the 1830s in America and was heavily influenced by German philosophers including Johann Wolfgang von Goethe and Immanuel Kant, along with English writers like  William Wordsworth and Samuel Taylor Coleridge.    Transcendentalists espoused four main philosophical points. Simply stated, these were the ideas of:   Self RelianceIndividual ConscienceIntuition Over ReasonUnity of All Things in Nature In other words, individual men and women can be their own authority on knowledge through the use of their own intuition and conscience. There was also a distrust of societal and governmental institutions and their corrupting effects on the individual.   The Transcendentalist Movement was centered in New England and included a number of prominent individuals including Ralph Waldo Emerson, George Ripley, Henry David Thoreau, Bronson Alcott, and Margaret Fuller. They formed a club called The Transcendental Club, which met to discuss a number of new ideas. In addition, they published a periodical that they called The Dial along with their individual writings. Emerson and The American Scholar Emerson was the unofficial leader of the transcendentalist movement. He gave an address at Cambridge in 1837 called The American Scholar. During the address, he stated that: Americans]  have listened too long to the courtly muses of Europe. The spirit of the American freeman is already suspected to be timid, imitative, tame....Young men of the fairest promise, who begin life upon our shores, inflated by the mountain winds, shined upon by all the stars of God, find the earth below not in unison with these, - but are hindered from action by the disgust which the principles on which business is managed inspire, and turn drudges, or die of disgust, - some of them suicides. What is the remedy? They did not yet see, and thousands of young men as hopeful now crowding to the barriers for the career, do not yet see, that, if the single man plant himself indomitably on his instincts, and there abide, the huge world will come round to him. Thoreau and Walden Pond Henry David Thoreau decided to practice self-reliance by moving to Walden Pond, on land owned by Emerson, and build his own cabin where he lived for two years. At the end of this time, he published his book, Walden: Or, Life in the Woods. In this, he said, I learned this, at least, by my experiment: that if one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours. Transcendentalists and Progressive Reforms Because of the beliefs in self-reliance and individualism, transcendentalists became huge proponents of progressive reforms. They wished to help individuals find their own voices and achieve to their fullest potential. Margaret Fuller, one of the leading transcendentalists, argued for womens rights. She argued that all sexes were and should be treated equally. In addition, they argued for the abolition of slavery. In fact, there was a crossover between womens rights and the abolitionist movement. Other progressive movements that they espoused included the rights of those in prison, help for the poor, and better treatment of those who were in mental institutions. Transcendentalism, Religion, and God As a philosophy, Transcendentalism is deeply rooted in faith and spirituality. Transcendentalists believed in the possibility of personal communication with God leading to an ultimate understanding of reality. Leaders of the movement were influenced by the elements of mysticism found in Hindu, Buddhist, and Islamic religions, as well as the American Puritan and Quaker faiths. The transcendentalists equated their belief in a universal reality to the Quakers’ belief in a divine Inner Light as a gift of God’s grace. Transcendentalism was greatly influenced by the doctrine of the Unitarian church as taught at Harvard Divinity School during the early 1800s. While Unitarians stressed a rather calm and rational relationship with God, transcendentalists sought a more personal and intense spiritual experience. As expressed by Thoreau, transcendentalists found and communed with God in gentle breezes, dense forests, and other creations of nature. While Transcendentalism never evolved into its own organized religion; many of its followers remained in the Unitarian church. Influences on American Literature and Art Transcendentalism influenced a number of important American writers, who helped create a national literary identity. Three of these men were Herman Melville, Nathaniel Hawthorne, and Walt Whitman. In addition, the movement also influenced American artists from the Hudson River School, who focused on the American landscape and the importance of communing with nature.   Updated by Robert Longley

National curriculum article related Example | Topics and Well Written Essays - 2000 words - 1

National curriculum related - Article Example In an argument by Rosen (2014) the effects of the modern day intervention systems are significant. The author terms the modern generation as a failure (Rosen, 2014). This assumption is created considering that incidences across the globe depict ignorance and unprofessionalism. One major incidence was the Iraq war. The war was criticized across the globe as other states felt the war breached human rights clauses. However, perpetrators continued pursuit of rebels in the country.It depicted how much people are exposed to an unethical education system. There should be a great similarity between what a people feels right and what is actually right (Rosen, 2014). Additionally, one should be able to identify the appropriateness of what s require from them. This depicts the difference between education systems different people are exposed to. Rosen (2014) is of the assumption that education intervention systems have failed the modern generation. The modern education system rarely focuses on the provision of child centered education. This influences the level at which a child perceive the society with ignorance. It takes more than a good educational system to equip a child a success tool. To further evidence the lack of professionalism in the education system, the Great Banking Chris in the year 2000 proved the lack of appropriates in the quality of human resources provided by the modern educational system. Across the United Kingdom, numerous schools have failed to put in place resources that would enable the free provision of free meals. Institutions cited the lack of enough financial resources to set up a free meals system. However, the government has given schools until September to put in place meal provision systems that will cater to the provision of free meals. This mandate to schools will be aided by the state as it will fund the