Macbeth Essays (1061 words) - Characters In Macbeth,

Macbeth English 11 Honors Paper on MacBeth Due Feb 22nd ?The tragedy of MacBeth? is a story of courage and honor. It gives an interesting mix of love, Machiavellianism, and has a good storyline. MacBeth is a loyal subject to his king, Duncan, but goes terribly wrong when he listens to 3 witches that tell him he will rule someday. MacBeth wishes to get to power quickly with the help of his wife, Lady MacBeth, he kills Duncan, and everyone else in his way. He takes his throne but is soon overturned by his former subordinates. In MacBeth, Shakespeare creates characters who parallel other characters either through their words and actions, or through similarities in characters lives. Each character in the story has a double, through either their similarities, or through their differences. Each character also has something about them that makes them unique. MacBeth and Lady MacBeth are the epitome of an interesting parallelization. At the beginning of the story, the two characters are complete opposites. MacBeth takes the feminine role, while Lady MacBeth is masculine: Lady MacBeth ?Come, you spirits That tend on mortal thoughts, unsex me here, And fill me, from the crown to the toe, top-full Of direst cruelty! Make thick my blood, Stop up th' access and passage to remorse That no compunctious visitings of nature Shake my fell purpose, nor keep peace between Th' affectand it! Come to my woman's breasts, And take my milk for gall, you murd'ring minis- Ters, Wherever in your sightless substances You wait on nature's mischief! Come thick night, And pall thee in the dunnest smoke of hell, That my keen knife not see the wound it makes, Nor heaven peep through the blanket of the dark, To Cry ?hold, Hold!? (I,v,41-54) Lady MacBeth basically states here that she wants the gods to make her a man. She wants to kill Duncan herself. On the other hand when MacBeth hears of Lady MacBeths seriousness in her actions he comes back with: MacBeth ?We will proceed no further in this business: He hath honored me as of late, and I have bought Golden opinions from all sorts of people, Which would be worn now in their newest gloss, Not cast aside so soon.? (I,vi,31-34) Nearing the end of the story, Lady MacBeth and MacBeth switch roles. Lady MacBeth becomes feminine and MacBeth becomes masculine. Lady MacBeth becomes week and pitiful while MacBeth, carry's out his plans to help him remain king: Lady MacBeth ?Out damned spot! Out I say! One: two: why, then ?tis time to do ?t. Hell is murky. Fie, my lord, fie! A soldier, and afeard? What need we fear who knows it, when none can call our pow'r to accompt? Yet who would have though the old man to have had so much blood in him (V,I, 36-41) MacBeth is now fully masculine and trying to keep the kingdom together. When Lady MacBeth commits suicide near the end of the story, he pushes it off and continues with his plan to remain king: MacBeth ?She should have died hereafter; there would have been a time for such a word. Tomorrow, and tomorrow, and tomorrow Creeps in this petty pace from day to day, To the last syllable of recorded time; And all our yesterdays have lighted fools The way to dusty death. Out, out, brief candle! Life's but a walking shadow, a poor player That strits and frets his hour upon the stage And then is heard no more. It is a tale Told by an idiot, full of sound and fury Signifying nothing.? (V,v, 17-28) The second pair is also interesting. This pair deals with time frames during the story (i.e. MacBeth from the Beginning, Macduff throughout). MacBeth from the beginning of the story is the loyal thane of Glamis. He protects the king and is awarded a second territory called Cawdor. The king trusted him, and MacBeth was a loyal servant. Then, he met the three witches, which pumped prophecies or, ?seeds of evil? into his head. These prophecies are very tempting but are ultimately destructive. Macduff on the other hand, is faithful and loyal to Duncan and his heir Malcolm. MacDuff knew what MacBeth was plotting and he went to Malcolm to help him stop MacBeth: Malcolm Let us seek out some desolate shade, and There Weep our bosoms empty. MacDuff Let us rather Hold fast the mortal sword, and like good men Bestride our down-fall'n birthdam. Each new morn New widows howl, new orphans cry, new sorrows Strike heaven on the face, that it resounds As if

Nutritional Facts Essays - Iron Metabolism, Dietary Supplements

Nutritional Facts Essays - Iron Metabolism, Dietary Supplements Nutritional Facts The first nutritional "fact" most Americans learn is that iron builds strong and healthy bodies.1 The beef lobby, cereal manufacturers, bread makers, and drug companies have bombarded the public with iron being the cure-all for fatigue and "iron-poor blood." People have been mislead by drug companies pushing iron supplements and by old-fashioned ideas about iron, the magical nutrient of strength. Even the cartoons of the past pushed iron as the secret ingredient in Popeye's spinach. Television advertisements used to urge people to "perk" up their "tired" blood with a liquid iron supplement called Geritol, but the Geritol ad was illegal. The Federal Trade Commission began an ineffective seventeen year battle with J.B. Williams Company, the original makers of Geritol, in 1959. In 1965, the company was ordered to stop airing its fraudulent ads. Americans saw the advertisements for six years before the stop order was given. By that time, there had been much damage to lots of people. The company continued to broadcast ads that stated that Geritol could make you feel better, improve your sex life, and marriage. Five out of eight of its new ads showed the transformation of a tired worn-out housewife into a "tigress." In 1970, the Justice Department filed a $1,000,000 suit against the J.B. Williams Company, charging that they did not stop their deceptive advertising as ordered by the Federal Trade Commission. In 1973 a judge gave J.B. Williams Company a total of $812,000 in fines. This was the largest ever for a Federal Trade Commission violation.2 Even today breakfast cereals are fortified with 25 - 200% of Federal Drug Administration's recommended daily intake of iron. Iron is also added to multivitamins, pastas, breads, and other processed food. Iron supplements are meant to prevent anemia, a condition in which blood is not able to carry the required amount of oxygen.3 Only two to six percent, mainly women and children, ever develop anemia. Human body contains about 2 to 5 grams of iron. Sixty to seventy-five percent of the iron is present in the form of hemoglobin. The center of the hemoglobin molecule is iron. Hemoglobin is found in the circulating red blood cells. Each red blood cell lasts about 120 days. Specialized scavenger cells in the liver, spleen, and bone marrow take up the old red blood cells and recycles the iron, fat, and protein. Iron is treated as "gold" by the blood. This careful recycling of iron means that our daily requirement of iron from food is quite small. The human body loses about 1 milligram of iron a day in the form of sweat, urine, and the natural sloughing of cells in the intestinal wall, hair, skin, and nails. Premenopausal women do not need more than one-half of a MacDonald's hamburger or a small bowl of Kellogg's corn flakes to prevent anemia. The iron stores are like water in a camel's hump. The human body can draw from them at any time. Most humans could live for long periods of time without iron from the diet. Premenopausal women, that lose 1.6 milligrams of iron per day, could last for three to seven months without depleting their iron stores of 200 - 300 milligrams of iron. Most men and postmenopausal women could go on without iron for two or more years. This assumes an average daily iron loss of one milligram and iron stores of at least 600 milligrams. The iron is transported and stored until needed. The extra amounts of iron are stored in the protein ferritin that is found inside the cells. In a normal person, the small intestines only absorb iron from food when the iron stores are low. If the body really becomes iron deficient, more iron is absorbed from food. As the body's stores of iron increase, the absorption of iron by the intestinal walls decreases.4 Some research shows that the intestinal cells do not have a way to decrease the percentage of meat iron absorbed from food when the iron stores are sufficient. The iron sneaks in because it is chemically attached to the heme in red meat. Only two to ten percent of the iron from fruits, vegetable, and grains is absorbed. Several studies show that vegetarians have lower iron stores

Duke TIP ACT Score Requirements

Duke TIP ACT Score Requirements SAT / ACT Prep Online Guides and Tips Maybe you’ve read our article about Duke’s Talent Identification Program (TIP), maybe you’ve heard about it from other students, or maybe you did your own research. You've heard vague hints of "score requirements," but don't know exactly what that means- do you have to take the ACT in order to take part in TIP? How well do you have to do on the ACT in order to become a TIPster? (I refuse to believe that students who participate in TIP do not go by this name.) There are ACT (or SAT) score requirements for the Duke TIP: specifically, there are score requirements for Summer Studies programs and eStudies courses. I'm going to cover this complicated topic in exhaustive detail, explaining what the programs are, what the ACT score requirements are, and giving you some tips on how to meet these requirements. These requirements all refer to the regular ACT, not the ACT Aspire or ACT EXPLORE. Feature image credit: Ilyse Whitney/Flickr The Lay of the Land: Duke TIP Programs and Eligibility Of all the Duke TIP programs with SAT/ACT score requirements, the eStudies program has the lowest score requirements, followed by the Academy for Summer Studies, which falls in the middle, and the Center for Summer Studies, which is the most stringent when it comes to score requirements. These are not the same as the test requirements for the 7th Grade Talent Search, which you can find more about here. How do you figure out if you are eligible for Summer Studies programs or eStudies courses? TIP determines your eligibility based on your SAT or ACT scores. If you participate(d) in the 7th Grade Talent Search, you will take (or took) the SAT or ACT as part of that program (read more about this in my complete guide to the talent search). It is the score from this testing that will qualify you for Summer Studies and/or eStudies courses. Don't worry- you can always retest if your scores aren’t high enough to get you into the program(s) you want. If you’ve already taken the SAT or ACT as a 7th grader, you can still enroll in the 7th Grade Talent Search- you just have to do it using the paper application and include an official SAT/ACT score report. If you didn’t participate in the 7th Grade Talent Search, you can still participate in Summer Studies and eStudies courses using 8th-10th Grade Option, but I'll cover that in another article. For now, I’ll only be talking about the ACT score requirements for 7th and 8th-10th graders who did participate (or will be participating) in the 7th Grade Talent Search and are interested in attending Duke TIP Summer Studies and/or eStudies courses. A Word of Warning Currently, Duke TIP does not require participants to take the Writing portion of the ACT (that is, the essay). It’s always possible, though, that Duke TIP may update its ACT score requirements. But don't worry- as more information becomes available, we’ll be sure to update this article to reflect current knowledge. Duke TIP Scores: The Particulars The Talent Identification Program has its ACT requirements for all Summer Studies courses in a table here and for eStudies courses over here. To be honest, I found the tables veryconfusing, especially when it came to figuring out Center for Summer Studies eligibility. To make it easier for any one in the future trying to figure out the score requirements, I’ve separated out the requirements for what you need to get into the Academy for Summer Studies, the Center for Summer Studies, and eStudies courses and ordered them from lowest to highest score requirements. Hopefully, since all the scores will be in one blog post, rather than spread out over a website, it will be less tricky to read and understand. To find specifics of the program you care about, just scroll down. As you will see below, there’s a difference in the requirements you have to meet if you take the ACT during 7th grade, as part of the 7th Grade Talent Search, or if you take it again later on (between 8th and 10th grades). ACT Requirements: eStudies What are Duke TIP eStudies courses? According to the Duke TIP website, the eStudies program offers online courses in a variety of different subjects, open to â€Å"seventh through eleventh graders who have achieved certain qualifying scores on theACT or SAT.† Out of all the Duke TIP courses, the eStudies courses have the lowest score requirements. The specific courses you can take, however, depends on your score on particular sections of the ACT. So what eStudies courses are you eligible for? Use this handy table to find out! If you took the ACT in†¦ And scored†¦ You are eligible for... 7th grade ≠¥ 17 on Math or ≠¥ 19 on Science eStudies Math* ≠¥ 18 on English or ≠¥ 19 on Reading eStudies Verbal** 8th grade ≠¥ 20 on Math or ≠¥ 21 on Science eStudies Math ≠¥ 21 on English or Reading eStudies Verbal 9th grade ≠¥ 23 on Math or Science eStudies Math ≠¥ 23 on English or ≠¥ 24 on Reading eStudies Verbal 10th grade ≠¥ 25 on Math or Science eStudies Math ≠¥ 25 on English or ≠¥ 27 on Reading eStudies Verbal *eStudies Math subjects include Fine Arts, Mathematics, Sciences, Social Sciences, and Technology. You do not qualify for Humanities courses unless either your ACT Math or Science score also reaches the threshold.**eStudies Verbal subjects include Fine Arts, Humanities, Sciences, Social Sciences, and Technology. You do not qualify for Mathematics courses unless either your ACT English or Reading score also reaches the threshold. What If I Just Barely Don’t Make It? On their site, Duke TIP states students who narrowly missed qualifying, are too old, orwho missed the enrollment period for Duke TIP's 7th Grade Talent Search can still join Duke TIP through 8th-10th Grade Option. Unfortunately, they don't define "narrowly," so it's hard to say when you should consider 8th-10th Grade Option. What is clear is that you can always retest on your own if you don’t meet the score qualifications for eStudies courses, or if you need a higher score to attend the Academy or Center for Summer Studies. We have more information about the application process in our article about the Duke TIP 7th Grade Talent Search. ACT Score Requirement: Academy for Summer Studies The Academy for Summer Studies at Duke TIP offers high-achieving students in grades 7-10 summer classes and interaction with similarly gifted peers. How do you know if your ACT scores qualify you for the Academy for Summer Studies? You're eligible for the Duke TIP Academy for Summer Studies Math classes if you... Took the ACT in... And on Math scored between... Or on Science scored between... 7th grade 19-22 20-22 8th grade 23-24 9th grade 25-26 10th grade 27-28 You're eligible for the Duke TIP Academy for Summer Studies Verbal classes if you... Took the ACT in... And on English scored between... Or on Reading scored between... 7th grade 20-22 20-23 8th grade 23-24 24-25 9th grade 25-27 26-29 10th grade 28-30 30-31 Note: while you can take Academy classes in all subject areas if you have an eligible ACT Math or Science score, if you only have an eligible ACT English or Reading score, then you may only take classes in Fine Arts, Humanities, Sciences, or Social Sciences- you are not eligible to take Mathematics or Technology courses. SCORE logo by Score, in the Public Domain. ACT Score Requirement: Center for Summer Studies The Center for Summer Studies is another summer program offered by Duke TIP; the difference between the Center and the Academy is in the intensity of the courses and the stringency and specificity of the score requirements. Again, we’ve compiled the information from the TIP website into a simpler, easier-to-understand form, dividing up information for 7th-10th graders and 8th-10th graders into two separate tables (one for Center Math classes and one for Center Verbal classes). You're eligible for the Duke TIP Center for Summer Studies Math classes if you... Took the ACT in... And on Math or Science scored... 7th grade ≠¥ 23 8th grade ≠¥ 25 9th grade ≠¥ 27 10th grade ≠¥ 29 You're eligible for the Duke TIP Center for Summer Studies Verbal classes if you... Took the ACT in... And on English scored... Or on Reading scored... 7th grade ≠¥ 23 ≠¥ 24 8th grade ≠¥ 25 ≠¥ 26 9th grade ≠¥ 28 ≠¥ 28 10th grade ≠¥ 31 ≠¥ 30 Duke TIP Score Requirements: A Few Final Notes For Summer Studies courses, you may only apply to the level for which you are qualified. This not only means that you can't apply to the Center for Summer Studies if your score only qualifies you for Academy courses (which makes sense), but that you can't apply to the Academy for Summer Studies if your score is higher than their score requirements- instead, you may only apply to the Center for Summer Studies. On their Test Prep page, Duke TIP has the following to say about their score requirements: â€Å"We do not recommend that students spend a lot of time preparing for the test. Above-grade-level testing is meant to be diagnostic, and many test prep programs just make students anxious.We think the best way to prepare is to be familiar with the structure of the test and the timing of each section, and to review the practice questions we provide so that you know what to expect and are at east on test day.† [Source: Test Prep | Duke TIP. Accessed 2019-07-19.] And look, when you’re taking the ACT as a 7th or 8th grader, you don't need to worry about getting an ACT score that will get you into college. In fact, we have a series of articles about what a good ACT score for a 7th grader and an 8th grader might be, based on extrapolations from data from Duke TIP and John Hopkins CTY. We also have information about what a good score for a 9th and 10th grader might be, but if you're taking the ACT in high school, you'll want to check to see if you're interested in any schools that require all scores sent, and if so, what score target you want to be aiming for. How Do I Meet The Requirements? 4...TIPS (you knew that was coming) #1: Spend time prepping. Yes, I know I just quoted the Duke TIP site, which advises the opposite, but let's be realistic: you'll need at least some test prep. This in no way means that you should invest in any kind of ACT prep course- just that, at the bare minimum, you'll want to familiarize yourself with the ACT's structure and timing. You should take a practice test to gauge where you are, then use this information to determine the amount you have to improve to meet the qualifications for your desired program. Know how much time you have to study so you can plan your prep accordingly. If you only have a few weeks before the ACT, you'll want to study more hours per week than if you have several months left. For more advice, read our articles about taking the ACT in 7th and 8th grade. #2: Take the ACT as early as you can and still feel prepared. If you take the ACT earlier on, you have a lower score threshold to meet (compare the 7th grade vs 8th-10th grade requirements for eStudies, Academy, and Center courses). In general, older students know more than younger students (stop rolling your eyes, younger siblings), but if you've spent time prepping, it's worth it to take it sooner rather than later. #3: If you have a standout test section, focus on it. Duke TIP is unlike most colleges and universities in that you can get in to its various programs even if you only do well on one section of the ACT. If you find that you're getting in practice scores of around 16 for English and Math but 25 for Reading and Science, own it. In the above example, you're better off putting in the time to make sure you can consistently get above the score threshold for Reading and/or Science (depending on whether you want to take Humanities or Math/Science courses) than you are trying to bring up all four of your section scores. #4: Know the ACT strategies that are appropriate for your level. Advice for getting a 36 on a section will not necessarily be relevant if you only need to get above a 26. One example of this is that if you’re aiming for a 26, you can skip the hardest 20% of questions entirely and just focus on answering as many of the easier questions correctly as possible (although since the ACT does not penalize for wrong answers, make sure to leave no space blank, even if you end up choosing â€Å"B† every time). We have more useful information like this in our article on how to guess correctly on the ACT. Handshake by Quinn Dombrowski, used under CC BY-SA 2.0/Cropped from original. Hello, ACT Score Requirements, nice to finally meet you. I hope this article helped clarify the mystery of what the ACT score requirements for Duke TIP are. If you'd rather take the SAT, be sure to read our SAT edition of this article. What’s Next? Curious about what the Duke TIP 7th Grade Talent Search is? I demystify Duke TIP in this complete guide. Delve into our trove of ACT strategies by reading through our collection of blog posts on that very topic. What's a good 7th grade ACT score in general? Want to improve your ACT score by 4+ points? Download our free guide to the top 5 strategies you need in your prep to improve your ACT score dramatically.

Microeconomics Term Paper Example | Topics and Well Written Essays - 1250 words

Microeconomics - Term Paper Example onsumption of services and goods by a consumer, the theory is an attempt to measure the general satisfaction a consumer derives from the consumption of a good, the utility theory also states the law of diminishing marginal utility, this concept states that as the number of units consumed by a consumer increase then the marginal utility level keeps on dropping until it reaches zero. For example the utility gained by consuming the first unit of a good or service is higher than the utility gained from the consumption of the second unit, this shows that as we increase the number of units we consumed the utility level keeps on declining. From the chart above it is evident that the consumption of more units of a good will increase the level of utility, however marginal utility declines as the number of units increase, the above diagram shows the total utility curve and the marginal utility curve, the point labeled 0 is the optimal point of consumption for a consumer whereby a consumer should consume to this point where the marginal utility value is equal to zero. For a rational consumer the optimal consumption of a good wil also be determined by the cost of price of goods and services and also their income, if we assume that a cionsumer consume two goods with different utility levels and that his income is 200 dollars, also assume that we have good A which costs 20 dollars and good b which costs 10 dollars then we can formulate a budget line by determining the maximum number of goods a consumer will consume, for good A the maximum number of units the consumer can purchase is 200/20 = 10 for good B the maximum number of units the consumer can purchase is 200/10 = 20, therefore we derive the budget line as follows: The chart shows the indifference curve, the higher the indifference curve the higher the level of utility derived and the lower the indifference curve the lower the level of utility derived. From our above example we determine the optimal level of consumption

Issues in International trade Essay Example | Topics and Well Written Essays - 1250 words

Issues in International trade - Essay Example They include consultancy and tourism among others. A product sold in the international market is an export while a product bought from the same market is an import. Trade issues often dominate and are a continuing theme in the international market. The issues include NAFTA, embargoes, sanctions, and the environment, trade deficits, The Euro, tariffs and WTO among others. Some of the issues are discussed as follows: A reduction in trade barriers allowing for integrated global economies and permitting international trade will affect the environment through the expansion of economic activities. It alters the composition and make-up of economic activity by bringing about a change in the techniques and means of production. The course of consideration and for environmental protection was raised by environmental groups on the potential North American Free Trade Agreement (NAFTA). This was just the first of a far cry to other voices opposing international or regional trade on the possible effects it may have on the environment. It is seen that an increase in international trade is detrimental to the objective of preserving a clean, healthy and sustainable global environment. It has been argued that any expansion of market to a global scale, ultimately leads to the environmental pollution and faster depletion of natural resources. These natural resources are scarce in nature. For example, international trade of coal has made it easier for countries to acquire it for economic activities. Coal has been known as a leading environmental pollutant. International trade has facilitated the growth of industries whose primary objective is the export of goods to the international market. For example, the United States has promoted several of such agreements such as the African Growth and Opportunity Act (AGOA) and the NAFTA. These agreements have led to the rapid growth of industries that have little government oversight and control. These

Overpopulation of the Earth Essay -- Environment Environmental Polluti

Overpopulation of the Earth The little animatronic children at Disney World were right, it is â€Å"a small world after all†; maybe even too small. At the beginning of the present century there were approximately 1.7 billion people in the world(Southwick pg.159). Today, there are nearly 6 billion people in the world. The world’s population has more than tripled in the span of a hundred years. Given that the earth’s population is constantly on the rise and seeing as how our natural resources are gradually being depleted, we must ask ourselves: what is to become of us and what is to become of our environment? In order to understand this question we must first have a thorough understanding of whether or not there is a population crisis. Having understood this, we must then look at the consequences, if any, of the aforementioned population dilemma. Finally, it is imperative to see whether the governments of the world have appreciated this situation as a crisis and whether or not they have acte d. I) Population Crisis? Population concerns began in 1798 when Thomas Robert Malthus, an Anglican clergyman, wrote an essay entitled An Essay on The Principle of Population (Malthus). The essay focused on the relationship that he believed existed between population growth and human subsistence levels (by ‘subsistence’, Malthus meant anything from food to jobs to land). Malthus argued that the earth’s population expanded ‘geometrically’ while â€Å"’subsistence increases only at an arithmetic ration’†(Malthus). This meant that at some point human beings would experience a scarcity of land, food and jobs, leading to â€Å"human misery and catastrophe† (Southwick pg. 159). This time of misery is described as a time where the poorest classes in societ... ...ally emphasize sexual education and contraceptive distribution), other governments have offered economic incentives to limit family size, governments like China have tried to coerce their people to limit family size and so on. Some of these responses have been more effective than others. Personally, I would argue that the emphasis should be on sexual education and distribution of contraceptives. Sources: Dolan, Edwin G., Ch. 5 from "TANSTAAFL: The Economic Strategy for Environmental Crisis" 1974, pp. 55-72. Hern, Dr. Warren. "Why Are There So Many of Us?" http://www.drhern.com/fulltext/why/paper.html Malthus, Thomas Robert. An Essay on The Principle of Population http://arts-sciences.cua.edu/econ/faculty/aguirre/resenv.htm#1.%20MalthTheory Southwick, Charles H., Ch. 15 from "Global Ecology in Human Perspective" Oxford Univ. Press, 1996, pp. 159-182.

Accounting Standard in Bangladesh

A REPORT ON APPLICATION OF BANGLADESH ACCOUNTING STANDARDS IN BUSINESS [pic] DEPARTMENT OF FINANCE UNIVERSITY OF DHAKA REPORT ON APPLICATION OF BANGLADESH ACCOUNTING STANDARDS IN BUSINESS FINANCIAL ACCOUNTING –I F-103 Submitted To Dr. H. M. Mosarof Hossain Associate Professor Department of Finance Faculty of Business Administration University of Dhaka Submitted By Members of Group-3 Section-B 14th Batch Department of Finance Names |Roll No | |Upoma Antara Husain |14-052 | |Zubairia Khan |14-050 | |Nazmul Ehsan Omiya |14-054 | |Monowar Hossain |14-008 | |Md. Rubel Ahmed |14-030 | DATE OF SUBMISSION 1 May 2008 TABLE OF CONTENTS CHAPTER I: ? INTRODUCTION ? OBJECTIVES OF APPLYING BAS IN BUSINESS ? IAS ADDOPTED AS BAS ? SHORT DESCRIPTION OF BASs CHAPTER II: ? ABOUT PRIME BANK LIMITED ? BAS USED IN PBL ? APPLICATION OF BASs IN PBL ? IMPORTANCE OF APPLYING BAS IN PBL ? CONCLUSION CHAPTER III: ? ANNEXURE ? BIBLIOGRAPHY CHAPTER I INTRODUCTION The rules and guidelines adopted and im plimented worldwide in accounting record keeping and statement preparation ror maintaining uniformity are known as International Accounting Standared (IAS). IAS were issued between 1973 and 2001 by the board of the International Accounting Standards Committee (IASC). Bangladesh Accounting Standards (BAS) are adopted From IAS by Institute of Chartered Accountants of Bangladesh (ICAB) for preferred accounting practices in all kinds of business in bangladesh. To standardize the accounting system with the level of IAS, the ICAB (Institute of Chartered Accountants of Bangladesh) has been adopting BAS since 1984. The Institute of Chartered Accountants of Bangladesh is a professional accountancy body in the Bangladesh. It is the sole organisation in the Bangladesh with the right to award the Chartered Accountant designation. The ICAB updated and adapted many important and the time demanding standards in several time BAS is a set of standards which controls the system of accounting in Bangladesh. In our country Companies listed with Dhaka & Chittagong Stock exchange are to prepare their accounts according to the Securities and Exchange Rules 1987 and the International Accounting Standards (IAS) as adopted by the Institute of Chartered Accountants of Bangladesh known as Bangladesh Accounting Standards (BAS). At present the (TRC) Technical research Committee of ICAB screens and evaluates IFRSs and recommends particular IFRS to the council of the ICAB for adoption. Prime Bank Limited is one of the promising banks in our banking sector. It is listed with Dhaka and Chittagong Stock Exchange. The financial statements of the Bank are prepared under the historical cost convention except investments and in accordance with the Bank Companies Act, 1991, Bangladesh Bank Circulars, International Accounting Standards and International Financial Reporting Standards adopted by the Institute of Chartered Accountants of Bangladesh as BAS, Companies act 1994, SEC Rules 1987 and other laws and rules applicable in Bangladesh. IAS ADOPTED AS BAS BAS are developed by the ICAB and are based on older IASs – generally those developed by the IASC rather than the improved IASs and new IFRSs developed by the IASB. The Technical and Research Committee of the ICAB develops the standards. Adoption requires approval of the ICAB Council. A list of IASs Adopted as BASs is shown below. IAS |Version of IAS |BAS Number |Remarks | | |Adopted in Bangladesh| | | |IAS 1: Presentation of Financial |1987 |BAS 1 |2003 revisions not yet considered | |Statements | | |by ICAB | |IAS 2 : Inventories |1992 |BAS 2 |2003 revisions not yet considered | | | | |by ICAB | |IAS 7 : Cash Flow Statements |1992 |BAS 7 |— | |IAS 8 :Accounting Policies, Changes in |1993 |BAS 8 |2003 revisions not yet considered | |Accounting Estimates, and Errors | | |by ICAB | |IAS 10: Events After the Balance Sheet |1999 |BAS 10 |— | |Date | | | | |IAS 11: Construction Contracts |1993 |BAS 11 |— | |IAS 12: Income Taxes |2000 |BAS 12 |— | |IAS 14: Segment Reporting |1997 |BAS 14 |— | |IAS 16: Property, Plant and Equipment |1997 |BAS 16 |2003 revisions not yet considered | | | | |by ICAB |IAS 17: Leases |1998 |BAS 17 |2003 revisions not yet considered | | | | |by ICAB | |IAS 18: Revenue |1993 |BAS 18 |— | |IAS 19; Employee Benefits |2002 |BAS 19 |2003 and later revisions not yet | | | | |considered by ICAB | |IAS 20; Accounting for Government Grants |1983 |BAS 20 |— | |and Disclosure of Government Assistance | | | | |IAS 21: The Effects of Changes in Foreign |1993 |BAS 21 |2003 and later revisions not yet | |Exchange Rates | | |considered by ICAB | |IAS 22: Business Combinations |1998 |BAS 22 |IAS 22 has been superseded by IFRS | | | | |3, which has not yet been | | | | |considered by ICAB | |IAS 23: Borrowing Costs |1993 |BAS 23 |— | |IAS 24: Related Party Disclosures |1994 |BAS 24 |2003 revisions not yet considered | | | | |by ICAB | |IAS 25: Accounting for Investments |1987 |BAS 25 |IAS 25 has been superseded by IAS | | | | |39, which has not yet been | | | | |considered by ICAB | |IAS 26: Accounting and Reporting by |1987 |BAS 26 |— | |Retirement Benefit Plans | | | | |IAS 27: Consolidated and Separate |1998 |BAS 27 |2003 revisions not yet considered | |Financial Statements | | |by ICAB | |IAS 28: Investments in Associates |1998 |BAS 28 |2003 revisions not yet considered | | | | |by ICAB | |IAS 29:Financial Reporting in |Not yet Adopted |— |— | |Hyperinflationary Economies | | | | |IAS 30 :Disclosures in the Financial |1990 |BAS 30 |IAS 30 has been superseded by IFRS | |Statements of Banks and Similar Financial | | |7 (effective 2007), which has not | |Institutions | | |yet been considered by ICAB | |IAS 31: Interests In Joint Ventures |1999 |BAS 31 |2003 revisions not yet considered | | | | |by ICAB | |IAS 32 :Financial Instruments: Disclosure |Not yet adopted |— |— | |and Presentation | | | | |IAS 33: Earnings Per Share |1999; |BAS 33 |2003 revisions not yet considered | | | | |by ICAB | |IAS 34: Interim Financial Reporting |1998 |BAS 34 |— | |IAS 35: Discontinuing Operations |1998 |BAS 35 |IAS 35 has been superseded by IFRS | | | | |5, which has not yet been | | | | |considered by ICAB | |IAS 36: Impairment of Assets |1998 |BAS 36 |2004 re visions not yet considered | | | | |by ICAB | |IAS 37: Provisions, Contingent Liabilities|1998 |BAS 37 |1998 | |and Contingent Assets | | | | |IAS 38: Intangible Assets |1998 |BAS 38 |2004 revisions not yet considered | | | |by ICAB | |IAS 39: Financial Instruments: Recognition|Not yet adopted |— |— | |and Measurement | | | | |IAS 40: Investment Property |2000 |BAS 40 |2003 revisions not yet considered | | | | |by ICAB | |IAS 41: Agriculture |Not yet adopted |— |— | SHORT DESCRIPTION ON BAS †¢ BAS 1: Presentation of Financial Statements This Standard prescribes the basis for presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. A complete set of financial statements comprises: (a) a statement of financial position as at the end of the period; (b) a statement of comprehensive income for the period; (c) a statement of changes in equity for the period; (d) a statement of cash flows for the period; e) notes, comprising a summary of significant accounting policies and other explanatory information; and (f) a statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements. †¢ BAS 2: Inventories The objective of this Standard is to prescribe the accounting treatment for inventories. A primary issue in accounting for inventories is the amount of cost to be recognized as an asset and carried forward until the related revenues are recognized. This Standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realisable value. It also provides guidance on the cost formulas that are used to assign costs to inventories. Inventories shall be measured at the lower of cost and net realisable value. †¢ BAS 7: Cash Flow Statements The objective of this Standard is to require the provision of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows which classifies cash flows during the period from operating, investing and financing activities. †¢ BAS 8: Accounting Policies, Changes in Accounting Estimates, and Errors The objective of this Standard is to prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors. The Standard is intended to enhance the relevance and reliability of an entity’s financial statements and the comparability of those financial statements over time and with the financial statements of other entities. †¢ BAS 10: Events After the Balance Sheet Date The objective of this Standard is to prescribe: a) When an entity should adjust its financial statements for events after the reporting period; and (b) The disclosures that an entity should give about the date when the financial statements were authorized for issue and about events after the reporting period. The Standard also requires that an entity should not prepare its financial statements on a going concern basis if events after the reporting period indicate that the going concern assumption is not appropriate. †¢ BAS 11: Construction Contracts The objective of this Standard is to prescribe the accounting treatment of revenue and costs associated with construction contracts. Because of the nature of the activity undertaken in construction contracts, the date at which the contract activity is entered into and the date when the activity is completed usually fall into different accounting periods. Therefore, the primary issue in accounting for construction contracts is the allocation of contract revenue and contract costs to the accounting periods in which construction work is performed. This Standard shall be applied in accounting for construction contracts in the financial statements of contractors. †¢ BAS 12: Income Taxes The objective of this Standard is to prescribe the accounting treatment for income taxes. For the purposes of this Standard, income taxes include all domestic and foreign taxes which are based on taxable profits. Income taxes also include taxes, such as withholding taxes, which are payable by a subsidiary, associate or joint venture on distributions to the reporting entity. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of: (a) the future recovery (settlement) of the carrying amount of assets (liabilities) that are recognized in an entity’s balance sheet; and (b) Transactions and other events of the current period that are recognized in an entity’s financial statements. †¢ BAS 16: Property, Plant and Equipment The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment. The principal issues in accounting for property, plant and equipment are the recognition of the assets, the determination of their carrying amounts and the depreciation charges and impairment losses to be recognized in relation to them. †¢ BAS 17: Leases The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases. The classification of leases adopted in this Standard is based on the extent to which risks and rewards incidental to ownership of a leased asset lie with the lessor or the lessee. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. †¢ BAS 18: Revenue The primary issue in accounting for revenue is determining when to recognize revenue. Revenue is recognized when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. This Standard identifies the circumstances in which these criteria will be met and, therefore, revenue will be recognized. It also provides practical guidance on the application of these criteria. Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants. This Standard shall be applied in accounting for revenue arising from the following transactions and events: (a) the sale of goods; (b) the rendering of services; and c) the use by others of entity assets yielding interest, royalties and dividends. †¢ BAS 19: Employee Benefits Employee benefits are all forms of consideration given by an entity in exchange for service rendered by employees. The object ive of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognize: (a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and (b) An expense when the entity consumes the economic benefit arising from service provided by an employee in exchange for employee benefits. †¢ BAS 20: Accounting for Government Grants and Disclosure of Government Assistance This Standard shall be applied in accounting for, and in the disclosure of, government grants and in the disclosure of other forms of government assistance. Government grants are assistance by government in the form of transfers of resources to an entity in return for past or future compliance with certain conditions relating to the operating activities of the entity. They exclude those forms of government assistance which cannot reasonably have a value placed upon them and transactions with government which cannot be distinguished from the normal trading transactions of the entity. Government assistance is action by government designed to provide an economic benefit specific to an entity or range of entities qualifying under certain criteria. Government assistance for the purpose of this Standard does not include benefits provided only indirectly through action affecting general trading conditions, such as the provision of infrastructure in development areas or the imposition of trading constraints on competitors. †¢ BAS 21: The Effects of Changes in Foreign Exchange Rates An entity may carry on foreign activities in two ways. It may have transactions in foreign currencies or it may have foreign operations. In addition, an entity may present its financial statements in a foreign currency. The objective of this Standard is to prescribe how to include foreign currency transactions and foreign operations in the financial tatements of an entity and how to translate financial statements into a presentation currency. The principal issues are which exchange rate(s) to use and how to report the effects of changes in exchange rates in the financial statements. †¢ BAS 22: Business Combinations The objective of this standa rd is to prescribe the accounting treatment for business combinations (both acquisitions and, in exceptional instances in which the acquirer cannot be identified uniting of interests). It provides guidance on the classification of a business combination, which includes whether an acquirer can be identified, and whether shareholders of the combining entities share mutually in the risks and benefits of the combined entity. BAS 23: Borrowing Costs Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are recognized as an expense †¢ BAS 24: Related Party Disclosures The objective of this Standard is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances with such parties. †¢ BAS 26: Accounting and Reporting by Retirement Benefit Plans This Standard shall be applied in the financial statements of retirement benefit plans where such financial statements are prepared. Retirement benefit plans are arrangements whereby an entity provides benefits for employees on or after termination of service (either in the form of an annual income or as a lump sum) when such benefits, or the contributions towards them, can be determined or estimated in advance of retirement from the provisions of a document or from the entity's practices. The financial statements of a defined contribution plan shall contain a statement of net assets available for benefits and a description of the funding policy. †¢ BAS 27: Consolidated and Separate Financial Statements The objective of BAS 27 is to enhance the relevance, reliability and comparability of the information that a parent entity provides in its separate financial statements and in its consolidated financial statements for a group of entities under its control. The Standard specifies: (a) the circumstances in which an entity must consolidate the financial statements of another entity (being a subsidiary); (b) the accounting for changes in the level of ownership interest in a subsidiary; (c) the accounting for the loss of control of a subsidiary; and (d) the information that an entity must disclose to enable users of the financial statements to evaluate the nature of the relationship between the entity and its subsidiaries. †¢ BAS 28: Investments in Associates This Standard shall be applied in accounting for investments in associates. However, it does not apply to investments in associates held by: (a) venture capital organizations, or (b) Mutual funds, unit trusts and similar entities including investment-linked insurance funds. †¢ BAS 30: Disclosures in the Financial Statements of Banks and Similar Financial Institutions The objective of BAS30 is to prescribe appropriate presentation and disclosure standards for banks and similar financial institutions as a supplement of the requirements of other standards. It provides the Requirement for classification of items in the income statement and balance sheet by their nature, and for the balance sheet in order of relative liquidity. Identifies the income statement and balance sheet line items requiring disclosure. ? Additional disclosure requirements, including concentration of assets, liabilities and off-balance items, losses on loans and advances, and general banking risks. †¢ BAS 31: Interests in Joint Venture: This Standard shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income and expenses in the financial statements of ventures and investors, regardless of the structures or forms under which the joint venture activities take place. However, it does not apply to ventures’ interests in jointly controlled entities held by: 1. (a) venture capital organizations, or 2. b) Mutual funds, unit trusts and similar entities including investment-linked insurance funds. †¢ BAS 33: Earnings Per Share The objective of this Standard is to prescribe principles for the determination and presentation of earnings per share, so as to improve performance comparisons between different entities in the same reporting period and between different reporting periods for the same entity. The focus of this Standard is on the denominator of the earnings per share calculation. This Standard shall be applied by entities whose ordinary shares or potential ordinary shares are publicl y traded and by entities that are in the process of issuing ordinary shares or potential ordinary shares in public markets. An entity that discloses earnings per share shall calculate and disclose earnings per share in accordance with this Standard. †¢ Bas 34: Interim Financial Reporting The objective of this Standard is to prescribe the minimum content of an interim financial report and to prescribe the principles for recognition and measurement in complete or condensed financial statements for an interim period. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an entity’s capacity to generate earnings and cash flows and its financial condition and liquidity. This Standard applies if an entity is required or elects to publish an interim financial report in accordance with International Financial Reporting Standards. Interim financial report means a financial report containing either a complete set of financial statements (as described in IAS 1 Presentation of Financial Statements (as revised in 2007)) or a set of condensed financial statements (as described in this Standard) for an interim period. Interim period is a financial reporting period shorter than a full financial year. †¢ BAS 35: Discontinuing Operations The objective of this standard is to enhance the ability to make financial projections by segregating information about discontinuing operations from information about continuing operations. BAS 35 does not establish any recognition or measurement principles in relation to discontinuing operations-these are dealt with under other BAS. In particular, BAS 35 provides guidance on how to apply BAS 36, Impairment of Assets, and BAS 37, Provisions Contingent Liabilities and Contingent Assets, to discontinuing operations. †¢ BAS 36: Impairment of Assets The objective of this Standard is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more than their recoverable amount. An asset is carried at more than its recoverable amount if its carrying amount exceeds the amount to be recovered through use or sale of the asset. If this is the case, the asset is described as impaired and the Standard requires the entity to recognize an impairment loss. The Standard also specifies when an entity should reverse an impairment loss and prescribes disclosures. †¢ BAS 37: Provisions, Contingent Liabilities and Contingent Assets The objective of this Standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount. IAS 37 prescribes the accounting and disclosure for all provisions, contingent liabilities and contingent assets, except: (a) Those resulting from executory contracts, except where the contract is onerous. Executory contracts are contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent; (b) Those covered by another Standard. †¢ BAS 38: Intangible Assets The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. This Standard requires an entity to recognize an intangible asset if, and only if, specified criteria are met. The Standard also specifies how to measure the carrying amount of intangible assets and requires specified disclosures about intangible assets. An intangible asset is an identifiable non-monetary asset without physical substance. †¢ BAS 40: Investment Property The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements. Investment property is property (land or a building—or part of a building—or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both, rather than for: (a) use in the production or supply of goods or services or for administrative purposes; or (b) Sale in the ordinary course of business. OBECTIVES OF USING BAS IN BUSINESS †¢ Standardized Accountings : The objective of applying BAS in business is to standardize the accounting issues and preparation of financial statements. †¢ International Recognition: To keep consistency with International Business the use of International Accounting Standards adopted as BAS is important. It helps the businesses to gain international recognition. †¢ Maintaining Uniformity: Accounting standards are maintained in order to ensure uniformity in recording accounts and preparing financial statements within the businesses both in country and abroad. †¢ Ensuring Transparency: An important objective of applying BAS is to ensure proper disclosure of necessary information in the financial statements. It provides transparency in the statements. †¢ Providing Reliability: The application of BAS provides reliability and consistency in the accounting record keeping and financial statements to the outside parties. CHAPTER II [pic] ABOUT PRIME BANK LIMITED The Prime Bank Limited (â€Å"the Bank†) was incorporated as the public limited company in Bangladesh under companies Act, 1994. It commenced its banking business with one branch from April17, 1995 under the license issued bi Bangladesh Bank. Presently the Bank has 61 branches all over Bangladesh and a booth located at Dhaka Club, Dhaka. The Bank had no overseas branches as at 31 December 2007. The Bank went for Initial Public Offerings in 1999 and its share is listed with Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited as a publicly traded company for its general class of shares. VISION The vision of the Bank is to be the best Private Commercial Bank in Bangladesh in terms of efficiency, capital adequacy, asset quality, sound management and profitability having strong liquidity. MISSION The mission of the Bank is to build Prime Bank Limited into an efficient, market driven, customer focused institution with good corporate governance structure. Continuous improvement in the business policies, procedure and efficiency through integration of technology at all levels. STRATEGIC PRIORITY The strategic priority of the Bank is to have sustained growth, broaden and improved range of products and services in all areas of banking activities with the aim to add increased value to share holders’ investments and offer highest possible benefits to the customers. CORE VALUE †¢ For customers It refers to become most caring Bank by providing the most courteous and efficient services in every area of our business. For employees It promotes well-being of the employees. †¢ For shareholders It ensures fare return on the investments of the shareholders through generating stable profit. †¢ For the community As a socially responsible corporate entity the Bank maintain s close adherence to national policies and objectives. [pic]BAS FOLLOWED IN PRIME BANK The Institute of Chartered Accountants of Bangladesh (ICAB) is the sole authority for adoption of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). While preparing the financial statements, Prime Bank allied most of IAS and IFRS as adopted by ICAB. Details are given below: Name of the BAS | BAS no | Status | |Presentation of Financial Statements | 1 | Applied | |Stationeries | 2 | Applied | |Cash Flow Statements | 7 | Applied | |Accounting Policies, Changes in Accounting Estimates and Errors | 8 | Applied | |Events after the Balance Sheet Date | 10 | Applied | |Construction Contracts | 11 | N/A | |Income Taxes | 12 | Applied | |Segment Reporting | 14 | Applied | |Property, Plant and Equipment | 16 | Applied | |Leases | 17 | Applied | |Revenue | 18 | Applied | |Employee Benefits | 19 | Applied | |Accounting for Government Grants and Disclosure of Government Assistance | 20 | N/A | |The Effects of Changes in Foreign Exchange Rates | 21 | Applied | |Borrowing Costs | 23 | Applied | |Related Party Disclosures | 24 | Applied | |Accounting for Investments | 25 | Applied | |Accounting and Reporting by Retirement Benefit Plans | 26 | Applied | |Consolidated and Separate Financial Statements | 27 | Applied | |Investments in Associates | 28 | N/A | |Disclosures in the Financial Statements of Banks and similar Financial Institutions | 30 | Applied | |Interests in Joint Ventures | 31 | N/A | |Earnings per share | 33 | Applied | |Interim Financial Reporting | 34 | Applied | |Impairment of Assets | 36 | Applied | |Provisions, Contingent Liabilities and Contingent Assets | 7 | Ap plied | |Intangible Assets | 38 | N/A | |Investment Property | 40 | Applied | |Agriculture | 41 | N/A | | Name of the BFRS | BAS no | Status | |Share Based Payment | 2 | N/A | |Business Combinations | 3 | N/A | |Non-current Assets Held for Sale and Discontinued Operations | 5 | N/A | |Exploration for and Evaluation of Mineral Resources | 6 | N/A | *N/A=not applicable [pic] APPLICATION OF BAS IN PRIME BANK LIMITED For the convenience of discussion we are showing the effect of some important BASs in record keeping and accounting of Prime Bank Limited. †¢ BAS No. 1: Preparation of Financial Statements: The financial statements of the bank are prepared in accordance with BAS-1 to give a fair view of the state of the Bank’s affairs and of the results of the operations and cash flows. The financial reports for the year ended in 31 December 2007 are given as annexure for viewing. †¢ BAS No. 7: Cash Flow Statement Cash flow statement has been prepared in accordance with the BAS-7 â€Å"Cash Flow Statement† under direct method as recommended in BRPD Circular No. 14, dated June 25 2003 issued by the Banking Regulation and Policy Department of Bangladesh Bank. †¢ BAS No. 12: Income Taxes Provision for current income tax has been made @ 45% as prescribed in the Finance Act, 2007 on the accounting profit made by the Bank after considering some of the add backs to the income and disallowances as expenditure as per income tax laws in compliance with BAS-12 â€Å"Income Taxes†. †¢ BAS No. 16: Property, Plant and Equipment All fixed assets are stated at cost less accumulated depreciation as per BAS-16 â€Å"Property, Plant and Equipment†. The cost of acquisition of an asset comprises its purchase price and any directly attributable cost of bringing the asset to its working condition for its intended use inclusive of inward freight, duties and non-refundable taxes. †¢ BAS No. 17: Leases Leases are classified as finance leases whenever the ‘terms of the lease’ transfers substantially all the risks and rewards of ownership to the lessee as per BAS-17 â€Å"Leases†. ? The Bank as lessor Amount due from lessees under finance leases are recorded as receivables at the amount of the Bank’s net investment in the leases. The Bank as lessee Assets held under finance lease s are recognized as assets of the Bank at the date of acquisition or if lower, at the present value of the minimum lease payments. †¢ BAS No. 18: Revenue ? Interest income In terms of the provisions of the BAS-18 â€Å"Revenue†, the interest income is recognized on accrual basis. ? Investment income Interest income on investments is recognized on accrual basis. ? Fees and commission income Fees and commission income arises on services provided by the Bank are recognized on a cash receipt basis. ? Dividend income on share Dividend income on share is recognized during the period in which declared and ascertained. Interest paid and other expenses in Conventional Banking In terms of the provision of the BAS-1 â€Å"Presentation of Financial Statements† interest and other expenses are recognized on accrual basis. ? Profit paid on deposits in Islamic Banking Profit paid to mudaraba depositors is recognized on accrual basis as per provisional rate. †¢ BAS No. 19: Employee benefits The retirement benefits accrued for the employees of the Bank as on reporting date have been accounted for in accordance with the provisions of BAS-19, â€Å"Employee Benefit†. Bases of enumerating the retirement benefit schemes operated by the Bank are outlined below: ? Provident fund Provident fund benefits are given to the permanent employees f the Bank in accordance with Bank’s service rules. All confirmed employees of the Bank are contributing 10% of their basic salary as subscription to the fund. The Bank also contributes equal amount of the employees’ contribution. ? Gratuity fund Actuarial valuation of gratuity scheme had been made to assess the adequacy of the liabilities provide for the scheme as per BAS-19, â€Å"Employee Benefits†. ? Welfare fund Prime Bank’s employees’ welfare fund is subscribed by monthly contribution of the employees. The Bank also contributes to the Fund from time to time. Disbursement from the fund is done as per rules for employees’ welfare fund. ? Incentive bonus Prime Bank started an incentive bonus scheme for its employees. 10% of net profit after tax is given to the employees in every year as incentive bonus. This bonus amount is being distributed among the employees based on their performance. †¢ BAS No. 21: The Effects of Changes in Foreign Exchange Rates Foreign currency transactions are converted into equivalent Taka using the ruling exchange rates on the dates of respective transactions as per BAS-21, â€Å"The Effects of Changes in Foreign Exchange Rates†. Foreign currency balances held in US Dollar are converted into Taka at weighted average rate of inter-bank market as determined by Bangladesh Bank on the closing date of every month. Balances held in foreign currencies other than US Dollar are converted into equivalent US Dollar at buying rates of New York closing of the priviou7s day and converted into Taka equivalent. †¢ BAS No. 33: Earnings per Share Basic earnings per share have been calculated in accordance with BAS-33, â€Å"Earnings per Share† which has been shown on the face of the profit and loss account. This has been calculated by dividing the basic earnings by the weighted average number of ordinary shares are standing during the year. The bonus shares issued during the year 2007 were treated as if they had been in issue in previous year also (declared for 2006 result). Hence, in computing the basic earning per share of 2006, the total number of shares including the said bonus shares has been considered as weighted average no. f shares outstanding during the year 2006 as per BAS-33, â€Å"Earning per Share†. †¢ BAS No. 37: Provisions, Contingent Liabilities and Contingent Asset s A provision is recognized in the balance sheet when the Bank has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligations, in accordance with the BAS 37, â€Å"Provisions contingent Liabilities and Contingent Assets†. [pic] IMPORTANCE OF APPLYING BAS IN PBL †¢ Abiding By The Rules: Adopted BASs are enforceable for listed companies by SEC rules. So proper application of BAS in PBL is maintained to abide by the regulations of the nation. Guideline For Accounting Issues: BAS provides guidelines on different accounting issues to contribute to a common strategy and framework of reference for accountancy development and ensures transparent financial reporting, in accordance with sound corporate governance. †¢ Presenting Relevant & Reliable Information: Applying BAS in the record keepings and preparation of financial statements makes the accounting information relevant and reliable to all involved parties. †¢ Assistance in International Business: Application of BAS is important for keeping up to the International Standards which is important for International business. †¢ Co-operation Between Different Parties: The use of BAS helps promote co-operation between governments, the accountancy and other professions, the international financial institutions, regulators, standard setters, capital providers and issuers. CONCLUSION In the world of globalization it is essential for businesses around the world to standardize the accounting record keepings and preparation of financial statements. The government of Bangladesh has made the International Accounting Standards adopted by Institute of Chartered Accountants of Bangladesh as Bangladesh Accounting Standards enforceable for all listed companies in order to ensure transparency and standard in accounting issues. Like other listed companies of our country Prime Bank Limited record their accounts and prepare their financial statements in compliance with these standards. The effects of these standards provide guidance and reliability in the accounting information. CHAPTER III ANNEXURE [pic] Balance Sheet As at 31 December 2007 2007 2006 PROPERTY AND ASSETS Taka Taka Cash In hand (including foreign currencies) 663,028,189 452,560,474 Balance with Bangladesh Bank and its agent bank(s) (including foreign currencies) 4,755,788,872 3,662,426,602 5,418,817,061 4,114,987,076 Balance with other banks and financial institutions In Bangladesh 1,625,581,391 627,964,960 Outside Bangladesh 791,887,088 485,749,435 2,417,468,479 1,113,714,395 Money at call and short notice – 1,490,000,000 Investments Government 12,090,285,095 7,673,700,299 Others 607,735,533 170,682,648 12,698,020,628 7,844,382,947 Loans and advances/investments Loans, cash credits, overdrafts, etc 53,814,967,656 41,307,504,065 Bills purchased and discounted ,868,053,856 3,702,713,983 57,683,021,512 45,010,218,048 Fixed assets including premises, furniture 660,490,066 412,107,309 Other assets 710,613,052 914,107,309 Non-banking assets – – Total assets 79,588,430,798 60,899,475,793 2007 2006 LIABILITIES AND CAPITAL Taka Taka Liabilities Borrowing from other banks, financial institutions 390,869,490 345,944,757 Deposits and other accounts Current/ al-wadeeah current deposits 10,590,463,357 8,261,264,165 Bills payable 1,144,540,968 528,231,748 Savings bank 6,027,260,878 4,125,622,204 Term deposits 52,750,109,722 41,808,962,467 Bearer certificate of deposit – – Other deposits – – 70,512,374,925 54,724,080,584 Other liabilities 3,411,909,021 1,969,561,728 Total liabilities 74,315,153,436 57,039,587,069 Capital/ Shareholders’ equity Paid-up capital 2,275,000,000 1,750,000,000 Statutory reserve 1,873,543,597 1,404,170,652 Revaluation gain 2,723,913 – Other reserve – – Retained earnings 1,112,009,852 705,718,072 Total Shareholders’ equity 5,273,277,362 3,859,888,724 Total liabilities and Shareholders’ equity 79,588,430,798 60,899,475,793 Balance Sheet as at 31 December 2007 [pic] 2007 2006 Taka Taka OFF-BALANCE SHEET ITEMS Contingent liabilities Acceptances and endorsements – – Letters of guarantee 10,480,381,241 9,476,314,713 Irrevocable letters of credit 21,193,628,862 17,392,748,116 Bills for collection 1,414,716,406 1,060,486,687 Other contingent liabilities – – 33,088,726,509 27,929,549,516 Other commitments Documentary credits – – Forward assets purchased – – Undrawn ote issuance – – Undrawn formal standby facilities – – Liabilities against forward purchase and sale – – Others – – 33,088,726,509 27,929,549,516 Other memorandum items Value of travellers’cheques in hand 141,383,952 14,284,764 Value of Bangladesh Patras in hand 1,348,897,500 346,193,975 1,490,281,452 360,478,739 Total 34,579,007,961 28,290,028,255 Profit and Loss Account For the year ended 31 December 2007 [pic] 2007 2006 Taka Taka Interest income 7,170,099,616 5,198,790,368 Interest paid on deposits (5,226,592,564) (3,698,441,036) Net interest 1,903,507,052 1,500,349,332 Investment income 1,294,205,056 419,496,059 Commission, exchange 1,198,942,404 998,117,247 Other operating income 419,555,862 314,073,525 Total operating income (A) 4,816,210,375 3,232,036,163 Salaries and allowances 725,285,435 561,930,122 Rent, taxes and insurances 159,529,399 113,987,335 Legal expenses 24,728,362 4,951,307 Postage, stamp 60,999,650 47,690,052 Stationery 121,691,050 63,382,686 Managing Directors’ salary 9,131,448 6,400,000 Directors’ fees 2,224,444 2,734,300 Auditors’ fees 791,725 570,990 Charges on loan losses – – Depreciation and repair of Bank’s assets 102,185,026 71,657,509 Other expenses 352,779,110 227,768,616 Total operating expenses (B) 1,559,345,650 1,101,072,827 Profit/ (Loss) before provision(c=A-B) 3,256,864,725 2,130,963,336 Provision for loans/investments Specific provision (350,000,000) (210,000,000 General provision (350,000,000) (180,000,000) Provision for off-balance sheet items (210,000,000) – (910,000,000) (390,000,000) Provision for diminution – – Other provision – – Total provision (D) (910,000,000) (390,000,000) Total profit / (loss) before taxes(C-D) 2,346,864,725 1,740,963,336 Provision for taxation Current tax (1,015,000,000) (592,362,815) Deferred tax 68,800,000 96,709,995 Net profit after taxation 1,400,664,725 1,051,890,526 Retained earnings (previous) 180,718,073 2,020,213 1,581,382,073 1,053,910,739 Appropriations Statutory reserve 469,372,945 348,192,667 General reserve – – 469,372,945 348,192,667 Retained surplus 1,112,009,852 705,718,072 Earnings per share (EPS) 61. 57 46. 24 Cash Flow Statement For the year ended 31 December 2007 [pic] 2007 2006 Taka Taka A) Cash flows from operating activities Interest receipts in cash 7,076,601,586 5,616,509,362 Interest payments (5,266,592,564) (3,698,441,036) Dividends receipts 7,976,958 1,777,066 Fees and commission receipts in cash 1,198,942,404 998,117,247 Recoveries of loans 415,867 – Cash payments to employees (729,416,883) (596,830,122) Cash payments to suppliers (286,567,522) (175,315,699) Income taxes paid (476,148,788) (590,139,079) Receipts from other operating activities 419,555,862 314,067,381 Payments for other operating activities (470,041,003) (296,680,802) Cash generated from operating activities 1,474,725,917 1,573,064,318 Increase/ (decrease) in operating assets and liabilities Statutory deposits – – Purchase of trading securities (1,197,259,262) (1,161,365,969) Loans and advances to other banks – – Loans and advances to customers (12,672,803,463) (13,094,105,540) Other assets (3,796,358,897) 2,494,489,750) Deposits from other banks /borrowings 62,890,500 (490,439,000) Deposits from customers 15,171,985,121 18,833,626,261 Others liabilities accounts of customers 616,309,220 (140,262,287) Trading liabilities – – Other liabilities 1,437,147,293 (177,440,778) (378,089,488) 1,275,522,937 Net cash from operating activities 1,096,636,429 2,848,587,255 B) Cash flows from operating activities Debentures 4,932,282 5,000,000 Proceeds from sale of securities – – Payments for purchase of securities (430,320,723) (58,856,689) Purchase of property (333,719,898) (98,473,598) Payment against lease obligation (2,785,500) (1,995,468) Proceeds from sale of property 277,045 325,900 Net cash used in investing activities (761,616,794) (153,999,855) C) Cash flows from financing activities Dividend paid – – Net cash from financing activities – – D) Net increase/(decrease) in cash and cash equivalents 335,019,635 2,694,587,400 E) Effects of exchange rate – – F) Cash and cash equivalents at beginning of the year 7,468,239,215 4,773,651,851 G) Cash and cash equivalents at the end of the year 7,803,258,850 7,468,239,215 Cash and cash equivalents at the end of the year Cash in hand 663,028,189 452,560,474 Balance with Bangladesh Bank 4,755,788,872 3,662,426,602 Balance with other banks 2,382,784,489 1,061,064,639 Money at call and short notice – 1,490,000,000 Reverse repo – 800,000,000 Prize bonds 1,657,300 2,187,500 7,803,258,850 7,468,293,215 Statement of Changes in Equity Particulars |Paid up capital |Statutory reserve |Revaluation |Retained earnings |Total | | |(Taka) |(Taka) |gain/loss |(Taka) |(Taka) | | | | |(Taka) | | | |Balance as at 1 January 2007 |1,750,000,000 |1,404,170,652 | – |705,718,072 |3,859,888,724 | | | | | | | | |Changes in accounting policy | | | | | | | | | | | | | | | | | | | | |- |- |- |- |- | |Restated Balance |1,750,000,000 |1,404,170,652 | – |705,718,072 |3,859,888,724 | | | | | | | | |Surplus on revaluation of |- |- |- |- |- | |properties | | | | | | | | | | | | | |Surplus of investments |- |- |12,723, |- |12,723,913 | | | | |913 | | | |Currency translation differences | | | | | | | |- |- |- |- |- | |Net gains and | | | | | | |losses(Unrecognized) |- |- |12,723, |- |- | | | | |913 | | | |Net profit for the year | | | | | | | |- |- | |1,400,664, |1,400,664,725 | |Dividends | | |- |725 | | | | | | | | | |Issue of share capital |525,000,000 – | |(525,000, |- | | | | |- |000) | | |Appropriation | | | | | | | |- |- | |- |- | | | | |- | | | | |- |469,372,945 | |(469,372, |- | | | | |- |945) | | |Balance as at 31 December 2007 | | | | | | | |2,275,000,000 |1,873,543,597 |12,723,