International Financial Reporting Standards (IFRS) practices and its implementation at BRAC University

Abstract

The report focuses on the practices and implementation of International Financial Reporting Standards (IFRS) at BRAC University. The objectives are to identify, the legal and regulatory framework of accounting, IFRS adoption process, benefits and challenges of adopting IFRS. The issues that have been raised in the paper are mainly drawn mainly from prior works of literature and secondary information. IFRS adoption benefited BRAC University through improved financial reporting quality, comparability; compete in the international market, true and fair viewpoint to the stakeholders and many more. Challenge is that BRAC University has to follow a prescribed format given by the University Grants Commission (UGC) which makes it difficult to adopt any new addition in the format.