I must not forget to express my gratitude to Tariqul Amin, Banani Branch Manager of NCC Bank LTD, who gives me the opportunity to explore my potential in banking jobs. I am very happy to announce the internship report which was 3 months internship program at NCC Bank Limited Banani branch. The title of the report, 'Accounting Standards of NCC Bank Limited', the content of the report is consistent with this as it was a requirement of the internship.
Internship on "Accounting Standards of NCC Bank Limited", I declare that the report is genuine and has not been submitted to any other course. The objectives of this report are to focus on NCC Bank Limited's processes and IFRS adjustment. At the end of the internship, it was found that the adoption of IFRS has benefited NCC Bank Limited by improving the quality of financial reporting and providing a true and fair perspective to stakeholders.
The findings of the study will help in understanding the benefits and problems of implementing IFRS in the context of the banking industry in a growing economy like Bangladesh. Keywords: National Credit and Commerce Bank Limited (NCC Bank), International Financial Accounting Standards (IFRS), International Accounting Standards (IAS).
Introduction
- Introduction to the topic
- A brief introduction of the organization
- The legal and regulatory environment in Bangladesh
- Objectives of the study
- Broad objectives
- Specific Objectives
- Rational of the study
- Scopes of the study
- Limitation of the study
And financial accounting standards are International Financial Accounting Standards (IFRS) and International Accounting Standards (IAS). The International Accounting Standards Board (IASB) seeks to consolidate or eliminate these differences in regulations, accounting standards, and processes for preparing and presenting financial statements through the application of International Financial Reporting Standards (IFRS). Accounting standards provide business instructions for the accurate preparation and presentation of relevant financial statements.
Before accounting standards were created, each company developed and used its own method of preparing and reporting financial data. Prepare and publish IFRS and Exposure Draft standards in accordance with the due process requirements of the Articles of Association. The Institute of Chartered Accountants of Bangladesh (ICAB) is the premier body for promoting the accounting profession in Bangladesh and is committed to the adoption and improvement of accounting standards.
The purpose of this research is to know more about NCC Bank Limited and its accounting standards. The research was conducted as part of the BBA curriculum at the United International University (UIU), School of Business Administration.
Methodology of the study
Data Collections
Sample design
Analytical tools
Organizational Background and Industry perspective
- Industry Scenario
- Background of the Industry
- Before Independence
- After Independence
- The economy's contribution
- In Global Economy
- In Bangladesh Economy
- In Banking Sector
- Historical Background of Organization
- Operational Activities
- Product/Service line
- Risk Management structure of NCC Bank Limited
- Reporting Period
- Application of Standard
- NCC Bank’s PESTEL Framework
The Central Bank of Pakistan was renamed by the government and the Bangladesh Bank was subsequently renamed. Bangladesh Bank handled all aspects of currency management, credit control, fiscal policy and foreign exchange control administration, including the government's foreign exchange reserves. In accordance with the Bank Act of 1991, the Bangladesh Bank controlled and managed each of the country's 56 scheduled banks from 1972 onwards.
With the spread of the new Omicron-type corona virus, a number of governments have resorted to implementing various restrictions to prevent infections from spreading further. Higher and more widespread inflation occurred than expected as a result of the rising trend in energy costs and supply chain disruptions, particularly in the United States and many other emerging economies and developing countries. However, such drastic measures have an equal impact on manufacturing, exports, imports and other sectors of the economy.
The rise in prices due to higher oil prices threatens to cause even more hardship to those who have already endured unparalleled suffering as a result of the pandemic. According to the Bangladesh Bank, the country imported raw materials worth about $42.15 billion in the first ten months of 2021, which is more than. Another encouraging sign is that the country's foreign exchange reserves increased by almost 9% year-on-year despite rising import costs due to the strengthening of the dollar and rising international prices.
Despite the ongoing threat of a pandemic from the CORONA virus, the banking sector in Bangladesh has shown its resilience, as evidenced by the size of the country's year-end results. This, of course, has something to do with the many precautions Bangladesh Bank has taken to mitigate the effects of the terrible disease. The organization began its journey into the country's financial sector in 1985 as an investment company.
NCC Bank Limited has a commendable reputation for providing genuine, personalized service to its customers in a technology-enabled environment. To become one of the most adorable commercial banks to serve the nation as a progressive and socially responsible financial institution by bringing credit and commerce together for enhanced shareholder value and sustainable growth. As a compliance organization, NCC Bank firmly believes in increasing profits in a sustained and controlled manner by ensuring accountability, integrity, ethics and transparency in all areas of operations.
Resilient government efforts for financial stability, where the country's GDP is expected to increase. Compliance with the Banking Companies Act 1991 (amended 2013), BB circulars and guidelines, listing regulations and state securities laws, Companies Act 1994;.
Findings and Analysis of the study
Data Analysis and Interpretation
- Specify the key Benefits of adopting IFRS
- Ensure limitations of adopting IFRS
- Clarify the role of IFRS in better accounting information
- Understanding the implications for financial reporting under IFRS
Unlike financial statements prepared under the accounting standards of different countries, the use of IFRS means that the financial statements are prepared according to common accounting standards, thus enabling foreign investors to get a "global financial report" that they will enable to use and identify investment opportunities. The adoption of IFRS has provided stakeholders with high quality financial statements and transparent, comparable and accurate information. This will enable NCC Bank Limited's management to take important progressive decisions on future prospects, entry risks and improved budgetary control.
Application of IFRS provides accurate accounting information that enables management to identify precise growth trends and future sustainability. Accordingly, accounting and financial information is handled at NCC Bank Limited, which is reflected in the report from December 2021. Other limitations include the current regulatory framework's lack of adequate oversight of the implementation of established standards.
In addition, ICAB lacks sufficient resources to enable and monitor effective financial reporting standards that provide quality assurance. The accuracy of financial reporting is very important as important decisions affecting the sustainability of an organization depend on it. This is because the information that accounting produces benefits both stakeholders and society by increasing the efficiency of resource allocation and thereby optimizing available resources.
In addition, reliable, high-quality accounting information helps measure and evaluate actual results at the end of each planning period and can be used as feedback for future decision-making. The stability sheet is a time frame showing what the organization has (its assets) and what it owes (its liabilities) on the specified date. It shows the money acquired and the fees paid, which is essential for any organization to make decisions.
Figures for income before tax, income after tax, income after interest, depreciation, receivables and taxes are all vital numbers that must be accurate, and the calculation or steps used to derive this must be a global standard, given the smooth evaluation and transparency of figures.
Conclusion and Recommendations
Recommendations
Conclusion
Experience from Internship
- Duties & responsibilities
- Training
- Evaluation
- Observations
- Skills development
I have found that the banking sector is the most stressed sector of all other service sectors. During the last 12 weeks of my internship I observed and evaluated these aspects. NCC Bank Limited is a well-known, reputable bank in Bangladesh. Almost my entire career path has been shaped by what I learned in the BBA program.
The main fact is that there are some things in our BBA life that we are not aware of. However, as part of my internship program, I learned about the standards and requirements of many external exchanges. Interns who take an internship program seriously can learn more than from a book because learning in the real world is more efficient.
Basically, the book data I got during my college life was what inspired me to work in NCC Bank Limited during my internship.
