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ILFSL

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ILFSL 08-Sep-2021

In response to a DSE query dated September 07, 2021, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike and increase in volume of shares.

ILFSL 18-Jul-2021

In response to a DSE query dated July 14, 2021, the Company has informed that there is no undisclosed price sensitive information of the Company for recent unusual price hike and increase in volume of shares.

ILFSL 26-Jan-2021

National Credit Ratings Limited (NCR) has announced the surveillance entity rating of the Company as "BBB" in the long term and "ST-4" in the short term along with a negative outlook based on audited financial statements of the Company as on December 31, 2019.

ILFSL 27-Dec-2020

(Continuation news of ILFSL): (i) the paid-up capital of the company as on the last day of its accounting year is one crore taka or more; and (ii) the value of the ?xed assets of the company at cost as on last day of the accounting year is two crore or more. The Company is required to establish the WPPF and WWF to comply with the Bangladesh Labour Act 2006 and as amended. (end)

ILFSL 27-Dec-2020

(Continuation news of ILFSL): However, ILFSL did not provide any detailed disclosure regarding this issue. It is a noncompliance of the IAS 12. 20. As per section 234 of Bangladesh Labour Act 2006 as amended up to 2013 every company should establish a Workers Profit Participation Fund [WPPF) and Workers' Welfare Fund (WWF) within one month of being this chapter applicable if (cont.38)

ILFSL 27-Dec-2020

(Continuation news of ILFSL): in either or both of the following forms: (i) a numerical reconciliation between tax expense (income) and the product of accounting profit multiplied by the applicable tax rate(s)., disclosing also the basis on which the applicable tax rate(s) is (are) computed; or (ii) a numerical reconciliation between the average effective tax rate and the applicable tax rate, disclosing also the basis on which the applicable tax rate is computed. (cont.37)

ILFSL 27-Dec-2020

(Continuation news of ILFSL): separately in the statement of comprehensive income, the amount of compensation from third parties for items of property, plant and equipment that were impaired, lost or given up that is included in profit or loss. In the financial" statements has not provided required disclosure. 19. As per the paragraph 81(c) of IAS 12, a company should disclose separately an explanation of the relationship between tax expense (income) and accounting profit (cont.36)

ILFSL 27-Dec-2020

(Continuation news of ILFSL): The financial statements shall also disclose: (a) the existence and amounts of restrictions on title, and property, plant and equipment pledged as security for liabilities; (b) the amount of expenditures recognized in the carrying amount of an item of property, plant and equipment in the course of its construction; (c) the amount of contractual commitments for the acquisition of property, plant and equipment; and (d) if it is not disclosed (cont.35)

ILFSL 27-Dec-2020

(Continuation news of ILFSL): in settlement; and details of any guarantees given or received; provisions for, doubtful debts related to the amount of outstanding balances and the expense recognized during the period in respect of bad or doubtful debts due from related parties. However, ILFSL did not provide adequate disclosure regarding the related party transactions according to respective paragraph of IAS 24. 18. As per paragraph 74 of IAS 16, (cont.34)

ILFSL 27-Dec-2020

(Continuation news of ILFSL): it shall disclose the nature of the related party relationship as well as information about those transactions and outstanding balances, including commitments, necessary for users to understand the potential effect of the relationship on the financial statements. The disclosure shall include: - the amount of the transactions; their terms and conditions, including whether they are secured, and the nature of the consideration to be provided (cont.33)

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