It was established under the Bangladesh Chartered Accountant Order 1973 (Presidential Order No. It is the sole organisation in Bangladesh with the right to award the Associate Chartered Accountant designation. "Recent" acquisitions of assets are acquisitions within twelve months prior to the severe devaluation or depreciation of the reporting currency.The Institute of Chartered Accountants of Bangladesh ( ICAB) is the national professional accountancy body and research institute in Bangladesh. Only in these cases foreign exchange losses are unavoidable and therefore part of the asset's acquisition costs. The SIC agreed that foreign exchange losses on liabilities that result from the recent acquisition of assets should only be included in the carrying amount of the assets if those liabilities could not have been settled or if it was not practically feasible to hedge the foreign currency exposure before the severe devaluation or depreciation occurred. The issue is how the conditions of IAS 21.21 should be interpreted that the liability "cannot be settled" and that there is "no practical means of hedging" against the foreign currency exchange risk and that the liability should arise on the "recent acquisition" of an asset. The allowed alternative treatment in IAS 21.21 requires several conditions to be met cumulatively before an enterprise can include exchange losses on foreign currency liabilities in the carrying amount of related assets.
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