(1) Subject to other provisions of this Act, the income of a person shall be computed in accordance with the method of accounting regularly employed.

(2) Where a person is of the opinion that any change in the method of accounting is required, such person may apply to the Deputy Commissioner of Taxes regarding the desired change and on receipt of such application the Deputy Commissioner of Taxes may approve the necessary changes to reflect the income of the assessee clearly.

(3) The Board may, by rules, prescribe the method of accounting and other verification standard for any business, or class of business, or any other source or sources of income.

(4) Without prejudice to the preceding provisions, a company shall maintain accounts and prepare financial reports in accordance with International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and relevant laws in force in Bangladesh.