Standards of Accounting

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Accounts

We Maintain the Standards of Accounting:

The financial statements of the Bangladesh knitwear Manufacturers and Exporters Association are prepared on Accrual basis under historical cost convention and in accordance with International Accounting Standards (IAS) so far adopted by The Institute of Chartered Accountants of Bangladesh (ICAB). We prepared financial statements on a going concern concept in accordance with Generally Accepted Accounting Principles (GAAP). Financial transaction are recorded both Accounting Software and Manually. The most important objective of our accounts department is to keep accurate financial records. It helps us to meet our legal requirements and ensuring true and fair view. We consider external audits to prevent fraud, and institute policies and procedures for controlling an accounting department provide accounting services and financial support to the organization it belongs. The department records account payable and receivable, inventory, payroll, fixed assets and all other financial elements. The department’s accountants review the documents of each unit to find out the company’s financial position and any changes required to run the organization cost-effectively

  • Record all financial transactions of the organization
  • Maintain all statutory financial records of the organization
  • Prepare monthly Income & Expenditure statement
  • Prepare annual Income & Expenditure statement and Balance sheet
  • Consolidate the accounts of all units of the organization and prepare Income &Expenditure statement and B/S statements.
  • To get the accounts audited and certified by the statutory auditor
  • Liaise with Tax authorities
  • Liaise with Banks
  • Regularly scrutinize the accounts of other Branches
  • Maintain all project accounts and preparing monthly progress Report
  • Maintain PF records Recovery & Remittance
  • Workout Income Tax on salary, recover & remit
  • Tofile annual Returns on all concerned
  • Money out – making payments and keeping the bills paid
  • Money in – processing incoming payments with Bank
  • Payroll – make sure everyone gets paid (including the government)
  • Reporting – preparing financial reports, e.g. P&L, Balance sheets and budgets