Business Research Assignment (Solved)
Added on 2020-12-09
13 Pages4347 Words175 Views
Finance
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Business Research
Table of ContentsIntroduction......................................................................................................................................1Project Objective..............................................................................................................................1Project Scope...................................................................................................................................1Literature Review.............................................................................................................................1Overview of Garment Sector in Bangladesh...............................................................................1Accounting methodology and systems used by garment sector in Bangladesh..........................2Challenges of accounting faced by garment sector in Bangladesh.............................................4Recommending solutions to reduce the challenges....................................................................7Conclusion.......................................................................................................................................8REFERENCES................................................................................................................................9
IntroductionAccounting is critical and complex procedure and organisations requires team ofspecialists who can manage the book keeping effectively and efficiently. In this context, thefocus of researcher will be on the challenges faced by global organisation especially garmentsectors in Bangladesh by comparing and contrasting on the researches done by senior researchersand authors. The business research study will comprises project objectives, project scope andliterature review. Literature review is search and evaluation of the available literature in thegiven subject or chosen topic. The motive of literature review is to construct theoreticalframework in the study. Here, aim of researcher will be searching relevant sources and materialsso that a robust critique of articles can be done.Project ObjectiveThe aim of the project is to “To analyse the challenges of accounting faced by globalorganisation; a study on garments sectors in Bangladesh.The objectives of the project is listed below:To identify the impact of garment sector on Bangladesh national economy.To analyse the accounting systems or methodology used in Bangladesh garment industry.To examine the challenges of accounting faced by garment sector of Bangladesh. Project ScopeAfter completing the research, researcher will be able to comprehend challenges ofaccounting faced by Bangladeshi garment industry. Moreover, researcher will provide some ofthe best recommendations which can be implemented by the organisations in order to manage theaccounting procedures and practices more effectively and efficiently.Literature ReviewOverview of Garment Sector in BangladeshAccording to Heath and Mobarak, (2015) Readymade Garment Industry (RMG) inBangladesh is considered as one of the fastest growing sectors in the country by makingenormous contribution in the national economy. From 2002 to 2012, the readymade garmentindustry growth rate in Bangladeshi economy was 55 per cent. Garment sector in the country hasbeen thriving due to ample of resources available in the country which is required formanufacturing clothes and other garments. elucidated that readymade garment industry1
represented 81.13 per cent of Bangladeshi's total exports in 2014. Many multinationalorganisations establishing their businesses in the country due to availability of resources, cheaplabour agile laws and taxation policies. According to Mahmud, Sawada and Yamada, (2018)with 7.11 per cent of gross domestic product (GDP) in 2016, Bangladesh becomes the secondfastest growing major economy in the world. Contribution of industries to GDP was 28.1 percent where readymade garment sector contribution was the biggest. Barnett, (2016) said thatBangladesh’s textile and clothing sector secured a growth in achieving Foreign DirectInvestment (FDI) in the financial year 2015-2016 (Hasan, and et.al., 2016). The BangladeshBank statistics, in this sector FDI successfully stood up at $396 million which is 11 percenthigher than previous fiscal year when it was $351.62 million. Belal, (2016) argued that out of allsectors operating in Bangladesh, readymade garment sector contributes majorly towards thenational economy of the country. Currently there are more than 4000 readymade garment firms in Bangladesh whichprovides job opportunities to millions of Bangladeshi workers. Majority of the workforceincludes women from nearby villages. The sector further contributes towards growth anddevelopment of indigenous communities, localities and rural areas of Bangladesh as a part oftheir corporate social responsibility (Anisul Huq, Stevenson and Zorzini, 2014). Almost 95 percent of the firms are locally owned with the exception of few foreign firms located in exportprocessing zone. Hossain, (2015) argued that due that many of garment sectors incorporating inBangladesh does not follow appropriate legislations. It was identified that less than 2 per centfactories were risky to safety while the global safety risk is about 4 per cent. Accounting methodology and systems used by garment sector in BangladeshAccording to Islam, (2015) finance is considered as heart of an organisation. Financedepartment is responsible for managing accounts and budgets of an organisation in an effectiveand efficient manner so that the business always posses liquidity in order to cope up withuncertainties and risks. From managing wages and salaries of employees to maintaining profitsand revenue, financial department of organisations plays crucial and complex role. Hopper,Lassou and Soobaroyen, (2017) elaborated that Bangladeshi readymade garment sector has tocompliance with International Accounting Standards (IAS) and also Bangladesh AccountingStandards (BAS). The financial statement of organisations associated with garment industryshould be prepared under the historical cost convention using accrual basis of accounting.2
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