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Accounting standards consist of principles and norms to carry forward the business operations as well as acquisitions. One of the main and basic standards is IFRS in the business segment which provides easiness to elaborate Implementation of IFRS (“International Financial Reporting Standards”), in the field of accounting has changed many aspects in recording the transaction and other economic events. Many financial institutions are using various process and methods with the help of which more savings can be done in the upcoming future. This research proposal is made to show the usefulness of IFRS in the country of Bangladesh. Adaption of mere accounting standards shows more approaches to maintaining the records and events. In June 2020 the country has adopted this accounting standard by signing a contract with the IFRS foundation.
IFRS is mainly adopted by the European Union countries in the year 2002 entering into a contract with the foundation member. As per the view of Antropov et al. (2021), the researcher wants to explore the ideas that how the IFRS is adopted by developing countries like Bangladesh. This proposal is made to showcase the limitations that the foundation access by implementing the changes in the accounting structure. It also shows the advantages and disadvantages of this newly stated concept in the existing scenario of financial accounting. The absence of these standards can make investors “more reluctant to believe the financial statements and other information presented to them by companies”. As opined by Atoyebi and Simon (2018), therefore to make this proposal prominent to the users the researcher has chosen this topic. The main objective of this research is to ascertain the current position of IFRS in the country of Bangladesh.
H0: The implementation of IFRS in Bangladesh does not help in the suitable preparation of accounting procedures and financial statements.
H1: The implementation of IFRS in the country reflects the suitability of the accounting procedures in maintaining the financial statements.
Aims
The main aim of this research is to identify the changes in the banking structure after the adoption of IFRS. The challenges in adopting this accounting norm in the banking sector are also reflected in critical assumptions. Investigating the exact position of IFRS in the financial sector of the Bangladesh economy is presented in this report.
Objectives
Numerous industries adopt various accounting standards and norms to facilitate their financial operations within the stated rules. As per the author Boubakri et al. (2019), upgradation in the banking sector can increase the usage of other financial resources to show the efficiency of IFRS in it. As the country is a developing nation it shows that the emerging tools of the technical aspects can bring more favourable outcomes to its users. Therefore, the adoption of IFRS has made the banking sector more efficient in managing the loans and bonds of various businesses. As narrated by Dhankar et al. (2018), Bangladesh has adopted this standard to improve its accounting functions and upgrade its banking sector simultaneously. Governance of IFRS by the countries authorities (ICAB), shows that the accounting norms are reliable to be used in the banking and financial sector to improve its functions.
The research scope will be able to increase the efficiency of the banking sector of Bangladesh. As stated by Giner et al. (2020), the principle of IFRS helps the classification and analysis of the business transactions to reach the downstream of the financial operations. Banking sector mainly deals with customers who have an interest in managing their extra revenues in external business operations. It directly influences the liquidity position of the nation where the entrepreneurs can take more loans to expand their business operations. As per the view of Goncharov et al. (2018), addition of IFRS to the banking sector enhances the loan-providing capacity of the industrialists and the owners of the company. The direct settlement of loans at a nominal interest rate implies a free flow of services in the two organisations.
The difference between the levels of the research is reflected through the problem statements of the research proposal. As mentioned by Lawal et al. (2020), in this, the issue and gap are easily addressed by the researcher and the solution to fill these gaps is rectified with the suggestions.Occasionally the research design, method and plan do not reflect the actual plan or show the real motive of the proposal. In order to give a specific change in these methodologies, these gaps are rectified with appropriate techniques or methods. Authentic methods must be used by the researcher to generate accurate results related to the espousal of IFRS in Bangladesh. As per the author Mahmood et al. (2018), banking sector is the sole institution where the customer and people can save their money to gain more money in the near future. Espousal of IFRS can make this financial institution more effective by filing up the gaps and issues. The reseach that has been designed is generating appropriate changes and which is not well in representing the actual plan that is aaplied with the help of right methods and technique. The problem that is been arising can be controlled by using the right methods for generating IFRS in Bangladesh. Many financial institutions are using various process and methods with the help of cost and finances that can be done in the upcoming future.
In this part, the importance of the research is reflected by the researcher. The importance of adapting accurate accounting standards is to maintain the business process authentically and reliability. IFRS is mainly adopted to reduce the gaps in managing the banking aspects through its wide applications and policies (Morales-Díaz and Zamora-Ramírez 2018). Accountability, clarity and transparency of the financial statements prepared by the professional cover these standards. It makes better use of the financial statement, where the details are simply classified by the heading and content. As narrated by Pignatel and Tchuigoua (2020), providing accurate policies and norms, IFRS espouses more effective results. In the context of the country, IFRS shows competency in managing the financials tents with full accuracy which helps the users and the professionals to ascertain the position of the company. The research is useful in gathering different types of information about the accounting standards that makes it different from other researches. The report has gathered the uniqueness such as the context in which the studies are included. The period of study in which it was done will also displays the validity as well as the realibilty of the methodology. It can provide several useful information’s to the future researchers by providing the source of motivation to the researcher and also to complete all the studies. The future researches will surely gain the idea of designing the research in a different way that have the possibility of including the skills, experiences and also the qualities mentioned. The report is useful as it includes the work ethic that is string and also includes the good skills that needs to be following up with gaining the idea of IFRS in a large manner.
The research outline shows the overall changes and adoption of the IFRS standards in the required phase of Bangladesh. As per the view of Salem and Ayadi (2022), in the current scenario of the banking sector in Bangladesh shows the need of adopting current accounting standards to overcome the issues generate in the loan processing of the managing sector. It is also stated that the challenges faced during the espousal process are also described with strategic solutions. Describing the banking context to determine the application of new standards shows the root cause of the challenges faced. As per the author Sardianou, most banks follow this application in developed nations and carry forward its operation with easy methods. However, in the banking sector theories of implementation will be reflected in this entire research proposal.
In this chapter, the introduction of the research proposal on the topic, an adaption of IFRS in Bangladesh is been effectively presented with all its aspects. Accurate methods are adopted to show the usefulness of the accounting standards in the country's banking sector. This study is mainly focused on the banking sector where organizational difficulties are described by the research objectives. Improving the accounting procedures in the country enables effective modes of maintaining the bank accounts where the banking elements can be effectively transferred with proper efficiency. Numerous potential datasets are evaluated to show the usefulness of the research proposal. Moreover, this chapter have also highlighted the context of banking that is followed by the IFRS Bangladesh. The future researches will surely gain the idea of designing the research in a different way that have the possibility of including the skills, experiences and also the qualities mentioned.
Adoption of IFRS in the country Bangladesh carries through the banking sector where the financial sector is evaluated. In this literature review chapter, IFRS is critically reviewed with practical assumptions. “International Financial Reporting Standards” (IFRS) is adopted to ease the financial system. The aim of this part is to analyse the concept of IFRS in the country Bangladesh, and how it will positively affect the country's economy. The implementation of IFRS in the financial system, finances is shifted to another country as well as within the country's boundaries. In the country, the IFRS is firstly adopted in the year 2020. The contract has been made between the FRC and IFRS. The position of this financial system in the country and how it is implemented and affected businesses is also reflected in this chapter.
IFRS is critically discussed with its positives and negative aspects with its presence in the financial system. Recommendations and further enhancement of this system in operating the businesses are also discussed here. Conceptual framework and literature gaps are also provided to show the effectiveness of this research study. In this research study, the researcher has made a clear view of the enactment of the financial system to a great extent.
The IFRS system is adopted by Bangladesh in the year 2020, but the adherence was done in the year 2006. As per the view of Ballas et al. (2019), with its implementation, it is a widely used system arduous the globe. The applications and functions of IFRS are more flexible than GAAP. The enactment of IFRS has made the financial system more feasible, this is because there are more applications that ease the recording process with beneficial elements. As a recording, classifying and enhancing the numerical data are done by accounting, but the innovation in the financial sector has made the norms more beneficial (moodysanalytics.com, 2022). As the norms under IFRS standards are listed in an easy way, whereas in GAAP standards the accounting process is rigid and not applicable for all kinds of firms to adopt.
Figure 2.2: Impact of IFRS 9 on banking sectors
(Source: Al Masum and Parker 2020)
Developing countries such as Bangladesh have the capacity to adopt IFRS systems to manage the banking and financial industry. As per the author Barnoussi et al. (2020), this is because the standards and norms under IFRS are easy and less expensive to bear its costs. Overall 43% growth in the financial industry has been observed so far in the country.
2.3.1 Advantages of the IFRS system in managing financial operations
IFRS standards are adopted to ease the banking functions and to make understandable comments on financial considerations. As stated by Chika and Ukach (2022), earlier the transactions and events are recorded in a manual way where each and every transaction is recorded, with evidence. However, the adoption of IFRS has made a vast change in the recording and collecting process. Thus the final costs with few additions are presented in the financial report; the other minimal costs are presented on the company records under each head (Coffie and Bedi 2019). The beneficial elements of IFRS for developing nations are discussed as follows.
Figure 2.3: Advantages of IFRS
(Source: created by the learner)
The abovementioned points show the accuracy of IFRS which it complies with accessible sources to the banking sector of Bangladesh. As mentioned by Dib and Feghali (2021), in the context of the banking sector, the business data are compared with each other to accompany the financial resources. On the other hand, the present data of the firm is directly shown to the investor to decide the further investments. Financial norms are reflected through the statements where the data are segregated to show the brief context of the banking sector. As stated by Elena et al. (2020), the adoption of IFS in the country fosters trust, “growth and long-term stability in the global economy”. It also develops the nation's integrity in managing its economical aspects.
2.3.2 Model and principles used in IFRS
The banking sector comprises bulk financial data where different currencies are integrated to raise the nation's earnings. As opined by Eriotis et al. (2019), conducting the transactions as per the IFRS norms enables the banking sector to increase its functions and dependencies on other systems. IFRS 9 is used widely in European countries and in more than 230 banks, to oversee the consolidated financial statements to incorporate other banking works. It is also stated that the banking sector in Bangladesh must incorporate the adjusting standards to maintain a smooth flow in organizing all financial terms. As narrated by Gadhoum et al. (2022), the “Securities and Exchange Commission of Bangladesh” has incorporated the IFRS in the country's banks to regulate its financial functions. In case of doubtful loans, IFRS provides a clear financial report of the company to ascertain the exact loan tenure.
It mitigates the risks of lesser and the banks in ascertaining the loan amount by providing access to the real data. As mentioned by Gadhoumet al. (2022), there are four principles to this financial system that are “clarity, relevance, reliability, and comparability”. Many companies in the country have switched their operation modes by adopting changes in the “impairment model for credit risk”. The model implies various elements to incur more revenue than loss. If the doubtful loans are overvalued then this model replicates or reduced its costs by deducting a few taxes (Gómez-Ortega et al. 2022). In contrast, if the value of the doubtful loans is less than the company's books, it is re-evaluated with the help of this impairment model to allocate a reasonable amount, where the firms as well as the bank both manage the loss on an equal basis.
2.4 Opposition to the position of IFRS in the banking industry of Bangladesh
Implementation of the IFRS standards in the country of Bangladesh was not effective to comply with the nation's banking industry. As per the author Groff and Mörec (2021), this is because the developing country needs access and permission from global financial companies to adopt IFRS as an accounting stand. The details that are mentioned under the financial standard are not proper; the unwritten costs are not entered with the basic norms. It has less stringent standards to show the inefficiency of recoding the financial data set of different nations. As per the author Gulyás and Somogyi (2019), earlier, the financial system lacks the contemporary of revising the data in a vital note and the financial experts uses the theories to accomplish the data of the stated company. It can be stated that the exports face many hindrances in classifying each data set.
2.4.1 Challenges faced during the enactment process
There are various challenges that are faced by the country while adopting the IFRS standards in the banking sector. As opined by Hasan and Rahman (2020), the challenge creates many hurdles for financial users to begin their work with the IFRS standards. This was the new chapter and fewer people had the knowledge regarding the standards. Therefore people find it rigid to use in the business place. However excel in education and advancement in skills, the IFRS is easily implemented in the banking sector of the Bangladesh economy. The limitations of adopting these standards are reflected below.
These issues are generated while adopting the IFRS functions. As mentioned by Islam (2018), the improvements in the IFRS standards can be effective for the organizations to manage their financial activities. As Bangladesh is a developing nation, the resources and revenue are limited to use. In order to expand its regulations, recently they have developed their accounting standards where they need to pay huge charges to imply IFRS standards in all the existing forms. Proper guidance to use the standards is to be accessible to the working population of the country; with these the unavailability of data creates a lot of issues between the financial management of the firms. Taxation under IFRS is different from the economic tax policy; the two taxation systems imply more contradictory results. As stated by Kasyan et al. (2018), at the same time it also creates conflicts between the banking sector and the management to ascertain the exact taxation costs. Involvement of legal amenities inside the firm premises shows a lag in continuing the systems.
2.4.2 Solutions to the challenges
Experts in the financial segment have shown drastic changes in the implementation process by reducing the implementation costs. As stated by Kund and Rugilo (2018), for the developing nations, the IFRS has more occupancy costs than its Maintenance cost. The up gradations of the financial standards make the financial users make more prominent in deciding the actual variability of the data. The due process is introduced by the IASB where the due dates are met by paying all the obligations with investors. This process is introduced to decree the risk level as well as the costs. Optional data sets are made to evaluate the financial norms where the user can effectively manage their transaction to mitigate the issues. As opined by Ballas(2019), strengthening standards are mentioned ensuring better use of IFRS in developing nations. It is stated that the companies may make changes in drawing their receipts and payment but the standard must be received to make authentic changes.
Converged training is provided to the user of the financial statements to make changes ars per the requirements. As per the author Magliet al. (2018), education has full scope to reduce the challenges incurred in the enactment process. It is also stated that common law is made to make mandatory decisions to make the employees more effective in handling the standards. The universal law of reporting business activities has made enormous changes in the using the new system. Moreover, the advantages of the IFRS have more scope in handling the complexities in the initial stages. As narrated by Makhsunet al. (2018), experts have drawn many conclusions where they have made a rule os using the new standard in banks is to work on the system till the knowledge has been fully accused. This is to notify that all the users of the standard must be well-qualified person who has minimal experience in dealing with all the complexities.
Adoption of IFRS 9 standards in the banking sector emerges huge changes. It aligns the value of financial assets according to the banking models. As per the view of Pastiranová and Witzany (2021), this makes them easy to carry out the financial operation over the assets of the company. By this, the valuation of the asset is done on an easy note where no extra depreciation is charged with over rates. The “contractual cash flow characteristics of instruments” is also deprived of the IFRS standards where cash flows are easily manageable in case of loss and debt. The future economic segment and scenarios are easily forecasted with the banking statements which show where to make the further investment with the recent revenues. As mentioned by Sina et al. (2021), if the earnings are enough to get new acquisitions then the firm can opt for new investments. If any obligations are more than the firm, it may take a pause in its further acquisitions.
Basic changes due to the change in financial standards are that the previous statements are made by using financial theories and models. On the other hand, the business segment is also continued with the fiscal reforms where the amounts of the firm are manageable and has many reluctant sources to gain competence in the global reach. It can also be stated that the changes are done to expand the financial operations to get advanced results just by checking a single statement. This is done by establishing all the resources where each trade segments are diverse in nature. By “facilitating international trade and service payments, generating employment, and earning foreign remittance” constitutes the changes which are important for the country (arx.cfa, 2022). Strengthening or advancing the rural economy, and developing the housing sector, implicating the changes in overall economic zones from where the revenues are generated.
2.5.1 Changes in the financial system of Bangladesh
The addition of IFRS standards has changed the whole financial system of the country. The forward-looking obligations and provisions of the firms as mainly ascertained in the banking sector. This is where the portion of the loan is been defaulted with the additional concept to identify the fruitful opportunities that can be beneficial for the firm. Recently the country is facing a liquidity crunch. In this context, earning aspects of demand and supply factors in the cemetery of the economy has enables the IFRS system. As per the view of Ullah et al. (2018), governance issues in their banking segments imply huge changes in the company resources where the firm ranges the height of trading within a selected time zone. The foreign reserves of various countries are kept in the bank to regulate the financial aspects of other nations. It implies if the accounting standards with more means are developed within the nation then they can be useful for the country.
The non-performing loans (NPLs), show a huge effect on the IFRS adoption where the amount is coincidentally integrated with the overall financials to again huge competencies within the firm's associations. The country has 16.26 USD Billion in the year 2021, which shows the developing economy has a huge extent in growing its alternatives. From the above graph, it can be seen that the 8.44% growth of IFRS in the current year has made beneficial changes (semanticscholar.org, 2022). It can be stated that in “Section 40 (1)(a) of the Financial Reporting Act 2015” in Bangladesh, the commitment to the global standards can be visible in the growth and extensions of either country. The grouping of GDP and over-capital influences the expansion of financial aspects in other countries.
2.6.1 Assumption followed in IFRS
In order to provide recommendations to improve the IFRS standards, its assumptions are need to be changed in prior to this. There are various assumptions that are made during the implementation process. Going concern concept enables the firm to continue their operations to gain the highest ranges in managing their finances. As opined by Yamani et al. (2021), it can be stated that the firm whose goals and objectives are stated to sustain in the competitive market for upon term then it can rejoice its functions to a great extent. It can be stated that if the functions are not aligned with the goals then no financial standards will imply the resources. Therefore the goals must be align with the changes to incur more revenue to sustain the market. The accrual basis concept implies the accurate adoption of the accounting system in which they are formally changed to facilitate a good approach to managing the financial system.
The measurement according to the given standards is relived in the firm that the company can manage its mistakes to rejoin its shares to provide a theoretical approach. Although further research is done to expert the exact range up to how much IFRS is adopted in the financial system of the country (ifrs.org, 2022). The research may conduct a survey or secondary analysis of how the effectiveness of IFRS in the banking system of the nation. The stable measuring unit assumption and units of cost purchasing power enable the firm toa to acquire different motives and goals to enhance the accounting system to facilitate accurate amounts for doubtful loans.
2.6.2 Recommendations for the advancement of the IFRS system
According to the latest norms, the standards are upgraded to ease the financial user to get effective results after adopting the financial standards. The additional element in IFRS shows Economic benefits are also evaluated with the help of the IFRS measures. Inventories costs are acquired up to a limited level as under the Agenda Paper 5 of IFRS originations. As per the view of Enakirerhi et al. (2020), the financial statements must be prepared if the going concern principle is not followed during the assessment year. The sale of inventory is also reflected by enhance the cost minimization in terms of managing the inventories. Amortization of costs and “interest rate on initial recognition of the financial liability” show an advanced concept. In this, the financial liability no more will add extra costs that can inflate the revenue into costs.
The country can also provide education and training sessions to the existing employees to gain competence along with the IFRS standards. Increasing the current skills and knowledge can enhance the current position of the firm by deploying these standards. As per the author Gamini and Perera (2019), the changes in a few business strategies can bring easiness in managing their banking works with the financial standards. Banking sectors must adopt the recent changes (up gradation of the technical machines along with the employees) that are made above to bring actual and each outcome in managing the loan amount for the organisation. It is also stated that capital is mainly provided by the IFRS standards because it oversees all the business aspects where they use IFRS to a great extent. Intermediation in different capital markets enables fruitful outcomes of the going concerns.
Institutional theory
An institutional theory provides a systematic analysis of innovation, and theoretical discussion also contributes to distinctions between formal and informal institutions. In order to, explain the financial statement which is prepared by the IFRS principles. “International financial reporting standard” describes different types of transactions which is identifying the major challenges of IFRS in Bangladesh. Institutional theory improves the entire IFRS system in the banking industry of Bangladesh. A strategic recommendation has been followed by the specific theory and IFRS identify numerous objectives and goals with the help of strategic recommendation (Ahmed, 2020). The principles of IFRS are also followed by depreciation practices and which are necessary to identify the financial performance of an organization. “International accounting standard board” is adopted financial practices to identify the effective purpose of IFRS. The institutional theory describes how organizations are compared and understand organizational behavior.
Dynamic relations between the individuals are considered by the strategic choices and interactions are the common way to identify long-term organizational difficulties. The two trends are followed by institutional theories such as new institutionalism as well as old institutionalism. In order to, emphasize the historical impacts of the business are followed by the broader organizational context which is effective in organizational behavior. Specific theory always followed some strategic policies of IFRS which involves the corporate governance process of Bangladesh. Sometimes cultural forces are improved by the strategic principles of IFRS which is developed a basic relationship with the economical reforms (Hameediet al. 2021). The financial performance reporting is followed by individual policies of IFRS which is described in the institutional theory. The successful performance of the firm is described by the specific theory which follows some rules and regulations of IFRS.
Accounting theory
Accounting theory provides effective guidelines for financial reporting that involved or assumed the financial performance of an organization. Numerous accounting policies are followed by the specific theory and the regulatory framework has been followed by the basic principles. Accounting theory consists of numerous principles and methods of financial conditions which are necessary to identify numerous financial activities of a business. Numerous organizations are follow accounting principles by the classical theories which able to describe the financial structures of business. Accounting principles, as well as methods, are preparing financial statements which are recognized economical activities of an organization. The realization concept of accounting is based on financial performance which is developing the accounting concept of individuals. IFRS policy set accounting standards by the financial statements which are prepared by the basic principles (Sultano?lu, 2018). Bangladesh has adopted a standard IFRS policy which is to develop public market by mi8nimizing major business issues.
Sometimes additional comments are provided by following IFRS policies and Bangladesh now following some standard processes to minimize long-term difficulties in trade. There are four major principles of IFRS policy such as relevance, clarity, reliability and compatibility. Accounting theory is followed some basic rules and regulations of IFRS which is able to maintain a superior business processes for each organization. IFRS set accounting rules and regulations which are maintained or developed by IASB. Domestic companies of Bangladesh are focused on security trade in a public market and accountability is maintained by the specific methods. In order to, identify the development structures of business accounting principles are necessary which is followed the regulatory framework of IFRS (Dib and Feghali, 2021). Sometimes trade restrictions are the biggest difficulties in business but IFRS policies are able to achieve long-term success in accounting methods.
Process theory
Process theory is a system of ideas which explains how individual entities are changes during common times. The process theory is constructed with the ideas and knowledge to identify and minimize long-term difficulties. During the adoption of IFRS policies, most business organizations are facing numerous challenges in business due to a lack of knowledge and understanding. Poor communication is the biggest difficulty of IFRS but there is a huge gap which is created by the lack of knowledge and skills (Gulyás and Somogyi, 2019). IFRS policies are followed by equity, goals and operant conditioning which is necessary to identify successful business planning in the organization. The adoption of IFRS policies is necessary to enhance the common ideas and knowledge of individuals.
Lack of available information and innovative strategies of IFRS is not described in this research which is major limitation. Future researchers do not learn new things or sustainable practices due to common limitations. The theories regarding IFRS policies are required knowledge and understanding and provided pieces of information are not relevant to the topic. Future researchers are finding relevant information processes of sustainable business (Yamani et al. 2021). There is not enough information regarding secondary sources which is involves basic difficulties in business. The positive outcomes are not followed by the development of the organization which is necessary to identify the available resources of a business.
Based on the above discussion, governance affects the compliances of IFRS which is able to eliminate numerous difficulties during the adoption of standard accounting methods. Motivational and rational processes are necessary which is demonstrate and motivated the behavior of individuals. The theories are explained the dependent variables of IFRS which is adopted by Bangladesh. According to scientific observation organizational outcomes are measured by identifying companies' proactive business policies. Sometimes the duplicate process is used by the organization but there are some relevant components to meet their output. A proactive business approach is followed by the organization which is able to meet the major requirements by motivating individual people.
This chapter deals with the process of the methodology of the entire research of the banking sector related to IFRS of Bangladesh. The research aim, objective, and research question have been evaluated while formulating the research.“Positivism philosophy” will be discussed in this segment in order to collect the information and data related to the banking sector in IFR of Bangladesh. This segment would further identify the type of data and process of data while conducting the research. The analysis of the data collection procedure will be determined in this chapter. In this segment, the research will discuss the research approach as well as the research design.
The sampling technique and ethical considerations will be mentioned in this chapter. Further, the ethical consideration in this research will help to safeguard the data and information which is related to the research process. The aspect of data security plays a crucial role in proceeding with the research report. This chapter will further help the researcher in order to identify the various aspects of the research procedure as well as the banking sector in IFRS of Bangladesh.
Research philosophy is a belief about the way in which data and information about a phenomenon should be gathered, analyzed, and used. The aspect of positivism philosophy helps to analyze the research objectives. As per the view of the author Suleimenovet al. (2018),there are mainly three types of research philosophy which are “positivism philosophy, post-positivism philosophy, and pragmatism philosophy”.In order, the researcher has followed the positivist philosophy. The implementation of this philosophy is beneficial as it helps to identify the social factors of the research paradigm. The identification of social factors through this philosophy is important to proceed with this research in an effective manner. The research has used this philosophy to enhance the aspect of problem-solving. Improvement of the problem-solving aspect through this philosophy is necessary for the best outcomes. One of the most benefits of this philosophy is it helps to analyze the pattern and trends which is essential for the researcher (Alharahsheh and Pius, 2020).
The positive philosophy follows a well-defined structure while conducting the research. Moreover, this philosophy would help the research to analyze the negative aspects as well as help overcome those problematic areas. Moreover, the research has gathered pieces of evidence through the positivism philosophy in order to support the research process. The application of this positivism philosophy would help the research reviewing the experiencing the data regarding the banking sector in IFRS of Bangladesh. As narrated by the Verhaegh (2020), The theoretical verification approach of the research would allow the researcher to adopt various required facilities to follow the research process. Moreover, it has been observed that the positivism philosophy focuses on the explanatory factors and the predictive factors of the research, which is essentially important for the researcher to get the best possible result. The positivism philosophy further helps the banking sector to improve more effectively and efficiently. Positivism philosophy is most useful to get an overview of society as a whole and to uncover the social trend which is necessary for the researcher to identify the social factors (Benolielet al. 2019).
The research has allied the deductive approach to examine the various areas of the research. The concept of the deductive approach deals with the development of general ideas for the banking sector in IFRS of Bangladesh which help to overcome as well as minimize the problematic dilemmas. As opined by Aziz et al. (2019), By applying the deductive approach the researcher can identify the specific factors which help to analyze the situational condition of the research process. Moreover, it has been observed that there are three types of research approaches which are “deductive approach, inductive approach, and adductive approach”. One of the benefits of the deductive approach is it helps to explain the relationship between the concepts and variables. The deductive approach remains focused on the scientific variation of the research which is beneficial to the research process as well as the banking sector related to IFRS in Bangladesh. The scientific variation allows conducting of various types of experiments which is beneficial to conducting the research regarding the problems and challenges that have been faced by the banking sector of Bangladesh (Martins et al. 2018).
The researcher is able to analyze the quantitative data collection method through the deductive research approach. Through the deductive research approach, the researcher can create the pathway to attaining the research objective. The application of hypothec methods in the research would help to enhance the technological advancement of the banking sector related to the IFRS of Bangladesh. Further, the implementation of a deductive research approach would help to investigate the limitations of the banking sector in the IFRS of Bangladesh. The identification and investigation of limitations of the banking sector will help to create the pathway to overcoming the limitations (Mohajan. 2020).
The descriptive research design has been applied by the research while conducting the research. The application of this research design would be beneficial to collect informative data regarding the research. The informative data and information regarding the research would help to analyze various aspects of research analysis. Moreover, it has been observed that there are three types of research design which is “exploratory research design, descriptive research design, and experimental research design”. As narrated by the Sürücü and MASLAKÇI (2020), This research design further helps the research to provide the situational activity of the research report. Moreover, this research design further helps to identify the different behavioral activities of the banking sector of IFRS in Bangladesh. In the descriptive research design, the researcher has the opportunity to integrate both quantitative and qualitative methods of data collection. Through deductive research, the research can analyze the positive as well as negative aspects of the banking sector in the IFRS of Bangladesh.
The descriptive research design helps to analyze the non-quantified topics and issues in an effective manner which is beneficial for the research. The researcher has applied this design with the alignment of the aims and objectives of the research which would help to conduct the research comprehensively (Rutberg and Bouikidis. 2018).
The research has applied the random sampling method in order to conduct the research process. The concept of random sampling could be defined as a procedure in which the samples have been chosen based on the subjective aspect of judgment. This aspect does not follow the non-probability sampling method. In order, it has two types of sampling methods which are the “non-sampling method'' and'' random sampling method”. As per the view of Wang et al. (2019)the random sampling method follows the technique that can provide a convenient output of research. In this technique, the researcher has an insight into the distribution of the samples. In this method, the distribution of samples is known as distributors which are another added advantage of this technique. The aspect of the random sampling method is conductive which has helped to provide more contribution to the analysis process of the research report. Moreover, the informative data and information regarding the random sampling process have been conducted efficiently and effectively with the help of this technique.
The response of the banking sector in Bangladesh has been determined with the help of a random sampling technique. Moreover, the data related to the random sampling has been collected through secondary data sources such as Google scholar, Perlego, and ProQuest. Further, the research has developed the theme based on the final data. Moreover, it can be said that through the random sampling method the researcher can make the generalization about the banking sector related to the IFRS of Bangladesh. As narrated by Baranowski et al. (2019), One of the benefits of this sampling method is it provides the result in a simple way and lacks bias which is beneficial for the research as well as the banking sector to trust the reports. The random sampling method helps to save time which is beneficial for the research to analyze the wider view of research in a short time period.
A secondary quantitative data collection method has been applied to conduct specific research which is established positive outcomes of IFRS policies. The specific variants are necessary to identify the research methods and sometimes numerical values are necessary to represent the nature of IFRS policies. Controllable observation, as well as individual policies, is necessary for quantitative data which is ensure strategic business design which is necessary to identify the limitations to recognize abilities (Abu Alrubet al. 2020). The quantitative research methods are confirming about the design approaches which are necessary to assume the primary research aim. The overall aim and approaches are necessary to minimize the major difficulties of IFRS policies and analyze the potential data to identify the research subject. A systematic approach is considered by the quantitative data collection methods to find out potential business solutions.
Quantitative data helps to identify developing strategic figures of the business to identify potential outcomes for considering new and innovative policies. In addition to IFRS, policies are necessary to involve standard outcomes of business by identifying the debt concept of business. Data qualities are necessary for quantitative data analysis which is associated with the individual companies' performance. There are numerous steps to collect potential data from the websites to identify internal business growth (Pastiranová and Witzany, 2021). In order to, identify the basic impact of the organization is necessary for the business and IFRS policies have implemented the trade due to identify and minimize economical difficulties. In order to, specific research is considering the secondary quantitative data collection methods and data are potential in the common situation.
Ethical consideration in the research is setting different principles to guide research practice and design. Individual research participants are following strategic rules and objectives to find out fidelity and beneficence by exploring and understanding the conflict and issues. Ethical considerations are important in the business to find out potential business solutions during difficulties. In order to, identify the implementation business strategy is necessary which is able to find out potential business solutions. As cited by Magliet al. (2018), individual companies are following potential policies which are essential to identify and consider the essential organ which cannot be included in the research. The articles are used in the specific research which is not older than 10 years and are used to identify the potential data from reliable sources. Ethical consideration is necessary to identify the potential growth of the business to find out and manage difficulties during the same time.
Financial leverage is identified by the financial performance of an individual company which is necessary to identify positive business goals and objectives. Identifying the financial leverage of the business is necessary and that can easily meet potential requirements of the business after eliminating the difficulties. Ethical consideration is necessary to find out potential business solutions and to minimize business difficulties. Identify business solutions is mandatory and authentic knowledge is also necessary for the prevention of errors. Ethical considerations are ethically found out some potential business requirements and confidentiality meeting potential requirements of the business. Knowledge and skills are necessary for ethical consideration which is necessary to enhance the basic knowledge of individual researchers. Sometimes misunderstanding, as well as other difficulties, isfound out by legal considerations which is the standard way to identify potential business limitations.
The research is based on the secondary data collection methods which are collected from the articles which are collected from published journal articles. The articles are not older than 10 years, which is followed during finding potential data for the research. The final discussion is necessary which is based on the quantitative data collection methods. Specific projects are required to follow some ethical rules and regulations which are mandatory for individual researchers. Future researchers are able to find out potential business requirements which illustrate different types of ideas and knowledge to provide reliable outcomes for the business (Groff and Mörec, 2021). The collected information is developed ideas, which are necessary to increase the problem-solving part of individuals. Proper findings of the research are based on the quantitative data which are collected from articles which is not older than 10 years.
Considered the crucial facts of business are necessary and that able to minimize the potential findings of business. Most business organizations analyze financial statements based on performance which is necessary to identify future scope (Makhsunet al. 2018). Potential outcomes of the business are mandatory which is following some important business requirements. Quantitative data analysis methods are necessary to measure basic differences between the groups. An ideal structure of the research is also considered by the specific methods which are necessary to find out major solutions during the difficulties. Quantitative analysis is required to calculate the variances and frequencies of the included data.
The innovative strategy of the company is following potential goals and objectives to identify how to avoid difficulties during the research. Ethical consideration is an important aspect of the research which is necessary to identify the positive goals and objectives of an organization. Accessibility is the easiest approach to functionally communicating with the individual variables to find out potential business solutions during difficulties (Segal and Nail, 2019). Accessibility is finding out or navigating a business organization to identify and meet the potential requirements of a business. Sometimes changing organizational concepts is necessary which is involved by some reliable sources of business. Reliability ensures about the business transactions of the activities are considered from reliable business sources. In order to meet the potential requirements of the research, evidence is played as an important objective which is mandatory to efficiently operate the organizational environment without failure.
Validity is measured by the regular cycle which is necessary for monitoring major challenges of the organization. In order to, compare organizational outcomes is necessary to minimize the credit risk of business. The unique opportunity of the business is necessary to identify the potential business outcomes (Almasarwahet al. 2018). Validity is identifying the unique future opportunities to maintain a standard business framework. A standard framework of business is mandatory which includes some regulatory interpretation of IFRS. Sometimes lack of details, significant adoption of cost and time consumption is the major limitation which is eliminated by reliable sources. Legal consideration is the effective way to identify the taxation effect and identify the accounting standard issues of respective countries. An ideal structure of the research is also considered by the specific methods which are necessary to find out major solutions during the difficulties.
Based on the followed methodology in the research report, it has been concluded that such kind of methods that has been followed by the researcher are “positivism philosophy, deductive research approach, descriptive research design”. Moreover, the researcher has applied the “descriptive research design, random sampling method, secondary data collection method, and quantitative method. The benefit of the positivism philosophy is it helps the researcher to analyze the research in alignment with the aim and objective of the research. Furthermore, this research process helps to identify the various issues and gaps in the banking sector in the IFRS of Bangladesh. In order, the researcher has gathered the data from the various site journals like “Google scholar, Perl ego, Proust, and published journals”.
Correlation analysis on employment towards profession in between 2016 to 2021
The above table shows the correlation between the variables that are used to evaluate more results of the research findings. It shows the Pearson Correlation where the 222 units are evaluated by using the formula that reflects seven years of analysis. Here the IFRS in recent years is evaluated with the correlation analysis of the banking sector in Bangladesh.
Factor analysis on the impact of IFRS in the accounting systems of Bangladesh 2000 to 2021
Factor analysis is a statistical method that is used to describe the variability of the variables that are involved in the findings. The above table shows the factor analysis of the principal component of the whole findings. In order to evaluate the results from the findings, it needs to “take a mass of data and shrink it to a smaller data set that is more manageable and more understandable”. The variance and percentage of variance are evaluated with this analysis.
4.3 Summary
Based on the above context it can be concluded that the findings from the data set show accurate results where the implementation of IFRS is successful in the banking sector. The findings state that the accuracy of the techniques used describes the current position of adopting IFRS in the country. The abovementioned descriptive statistics, correlations, regression, and factorial analyses show the stability of the accounting procedure in managing the banking process.
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Sürücü, L. and MASLAKÇI, A., 2020. Validity and reliability in quantitative research. Business & Management Studies: An International Journal, 8(3), pp.2694-2726.
Ullah, M.H., Khanam, R. and Tasnim, T., 2018. Comparative compliance status of AAOIFI and IFSB standards: An empirical evidence from Islami Bank Bangladesh Limited. Journal of Islamic Accounting and Business Research.
Verhaegh, S., 2020. The American Reception of Logical Positivism: First Encounters, 1929–1932. HOPOS: The Journal of the International Society for the History of Philosophy of Science, 10(1), pp.106-142.
Yamani, A., Hussainey, K. and Albitar, K., 2021. Does governance affect compliance with IFRS 7? Journal of Risk and Financial Management, 14(6), p.239.
Yamani, A., Hussainey, K. and Albitar, K., 2021. Does governance affect compliance with IFRS 7?. Journal of Risk and Financial Management, 14(6), p.239.
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