This paper is aim to scrutinize the existing reporting standard for the
Nationalized Commercial Banks in Bangladesh and find out the extent of
compliance by them. Banking industry’s nature of operation is totally different
from others. Recognizing this aspect some specific IFRSs (International
Financial Reporting Standards) have been prescribed for them. One of which is
IFRS # 7 (Financial Instruments: Disclosures) which was formulated by IASB in
2004 and obliged to comply from on after 1st January, 2007 n the Annual
Reporting. Institute of Chartered Accountants of Bangladesh (ICAB) prescribed
to comply with IFRS # 7 from on or after 1st January, 2010 in Bangladesh.
Hence compliance of IFRS 7 is of immense importance here. Scrutinization has
been operated on 4 Nationalized Commercial Banks. As per requirement, all the
Nationalized Commercial Banks are required to comply with the standard to
uphold the stakeholders’ interest in spite possessing the large portion ownership
by the Government. And the result of the study shows that all of the Nationalized
Commercial Banks compliance almost 75.5% of the IFRS # 7 requirements.
Finally this study recommend on the degree of compliance for the Nationalized
Commercial Banks financial reporting.
