Statutory Presentation of Financial Statements

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Date Submitted: 08/26/2011 12:56 PM

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CHAPTER 1 | INTRODUCTION |

Provisions for the preparation of financial statements are provided in the first schedule of Bank Companies Act, 1991. In this report we attempt to analyze financial statements of three commercial banks with a view to verify whether they comply with the BRPD circular No.14 or not. We randomly picked three commercial banks, which are Eastern Bank Limited, Standard Bank Limited and Trust Bank Limited. We thoroughly read the provisions of the act and then examined its obedience in the financial statements of those banks.

1.1 Origin

The report is originated as a course requirement for the course “3101- Laws and Theories of Banking and Bank Accounts” assigned by our course instructor Fatema Tuz Zohra. The students were asked to form a group consisting of six members and each of the group have to submit a verifying report about the compliance of the prescribed form provided in the first schedule of Bank Companies Act, 1991. We have just compared the financial statements of our selected banks- EBL, SBL and TBL with the standard stipulated in the act.

1.2 Objectives

The objectives of this report are –

* To gain practical knowledge of the procedure of preparing the financial statements of commercial banks.

* To learn the provisions of the first schedule of Bank Companies Act 1991 regarding the financial statements of commercial banks.

* To learn comprehensively the contents of the financial statements of commercial banks.

* To learn how to prepare the financial statements of commercial banks.

* To appraise the compliance of the provisions of act in the financial statements of selected banks.

1.3 Scope & Methodology

The study has been carried out to evaluate the compliance with the provisions of act in the financial statements of selected banks- EBL, SBL and TBL. This study has been based mainly on data from secondary sources. The relevant data and information were collected from Annual...