Bangladesh Accounting Standard (BAS)

BAS 1 Objectives 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.
10. Complete set of financial statements A complete set of financial statements
comprises: a) b) c) d) e) A statement of financial position as at the end of the
period; A statement of comprehensive income for the period; A statement of changes
in equity for the period; A statement of cash flows for the period; 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.

Both the companies (Beximco Pharmaceuticals Ltd. & Square Pharmaceuticals Ltd.)
have shown the complete set of financial statements including a statement of
financial position, a statement of comprehensive income, a statement of changes in
equity, a statement of cash flows and notes for the period according to the BAS
1(10). The document is attached at the end of the report.

51. An entity shall clearly identify each financial statement and the notes. In
addition, an entity shall display the following information prominently, and repeat
it when necessary for the information presented to be understandable: a) The name
of the reporting entity or other means of identification, and any change in that
information from the end of the preceding reporting period; b) Whether the
financial statements are of an individual entity or a group of entities;
c) The date of the end of the reporting period or the period covered by he iod the
set of financ ancial statements or notes;

The name of the reporting entity or other means of identification are followed by
rting follow Beximco Pharmaceuticals Limited and Square Pharmaceuticals Limited.
ticals It is also clear that both of them are individual entities. The dates of the
end of the oth en reporting period are covere by the set of financial statements or
notes. covered
d) The presentatio currency, as defined in BAS 21; tion e) The level of rou ounding
used in presenting amounts in the financial he statements.

Foreign currencies are translated into taka at the exchange rates ruling on the
date of transactions in d f trans accordance with BAS-21 "The Effect of Changes in
Foreign Exchange Rates". Bank deposit in foreign Effects nk dep currency for
retention quota account h been translated into taka at the year end at the rate of
exchange count has ra ruling on that date and gain/(loss) hav been accounted for as
other income/(loss) in the Income ss) have n I Statement.

There is no rounding figure in the statements. The amounts are shown in full
figure. l figur
54. Statement of financial po position Information to be presented in the statement
of financial position ed As a minimum, the statemen of financial position shall
include line items that ent it present the following amoun unts: a) b) c) d) e) f)
g) h) i) j) Property, plant and eq equipment; Investment property; y; Intangible
assets; Financial assets(exclu luding amounts shown under (c), (h) & (i)) i));
Investments accounted for using the equity method; ted Biological assets;
Inventories; Trade and other receiv eivables; Cash and cash equivale alents; The
total of assets clas lassified as held for sale and assets included in disposal ed
groups classified as he for sale in accordance with BFRS 5 Non held on-current
Assets Held for Sale an Discontinued Operations; and k) Trade and other payab
ables;
l) Provisions; m) Financial liabilities [excluding amounts shown under (k) and
(l)]; n) Liabilities and assets for current tax, as defined in BAS 12 Income Taxes;
o) Deferred tax liabilities and deferred tax assets, as defined in BAS 12; p)
Liabilities included in disposal groups classified as held for sale in accordance
with BFRS 5; q) Non-controlling interests, presented within equity; and r) Issued
capital and reserves attributable to owners of the parent. => Both companies
followed the BAS-1 (54) in completing financial position statement. But

some of the elements are absent.

83. An entity shall disclose the following items in the statement of comprehensive
income as allocations of profit or loss for the period: a) Profit or loss for the
period attributable to: i. Non-controlling interests, and ii. Owners of the parent.
b) Total comprehensive income for the period attributable to: i. Non-controlling
interests, and ii. Owners of the parent. => Both of companies followed BAS- 1 (83)
requirements. 84. An entity may present in a separate income statement (see
paragraph 81) the line items in paragraph 82 (a)-(f) and the disclosures in
paragraph 83(a). => Both companies have followed the format of comprehensive income
statement according to

the BAS-1(81, 82, and 83).

97. When items of income or expense are material, an entity shall disclose their
nature and amount separately. => Items of income or expense are shown separately
both in the statements and notes.

98. Circumstances that would give rise to the separate disclosure of items of
income and expense include: a. Write downs of inventories to net realizable value
or of property, plant and equipment to recoverable amount, as well as reversals of
such write-downs;
b. Restructuring o the activities of an entity and reversals of any g of als
provisions for t costs of restructuring; r the c. Disposals of item of property,
plant and equipment; tems

d. Disposals of inv nvestments; e. Discontinued op operations; f. Litigation settle

tlements and g. Other reversals provisions. als

=> Both of the companies have fol ave followed BAS-1(98) for above elements.
106. An entity shall present a statement of change in equity showing in the t gi
statement: a. Total comprehe hensive income for the period, showing sep eparately
the total amounts a s attributable to owners of the parent and to nondt controlling
inte terests; b. For each compo ponent of equity, the effect of retrospective
application ive or retrospective restatement recognized in accordance with BAS 8;
ive w and c. For each compo ponent of equity, a reconciliation between the carrying
nt amount at the b e beginning and the end of the period, separ arately disclosing
chang resulting from; anges i. Profit or loss; ii. Each item of other comprehensive
income; and em iii. Transacti ction with owners in their capacity as owne ners,
showing separatel contributions by and distributions to owners and tely ow changes
i ownership interests in subsidiaries tha do not result s in hat in a loss o
control. s of Both of the companies have f followed the above rules of BAS-1(106).
See the figures, he figu
112. The notes shall: a. Present in t information about the basis of preparation of
the ion financial statements and the specific accounting policies used in ial po
accordan with paragraphs 117-124; ance b. Disclose t information required by BFRS
that is not presented e the elsewher in the financial statement; and ere c. Provide
in e information that is not presented elsewhe in the here financial statements,
but is relevant to an understa ial standing of any of them.

Both of the companies hav perfectly followed BAS-1(112). The notes of both company
es have tes are attached with the repor report.
117. An entity shall disclose in the summary of significant accounting policies: a.
The measurement basis (or bases) used in preparing the financial statement, and b.
The other accounting policies used that are relevant to an understanding of the
financial statements.

Both of them followed the related accounting policies.