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

(2) Where a person considers that any change in the method of accounting is necessary, 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 taxpayer in a timely manner.

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

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