Financial reporting disclosure requirements are arising either from legal and financial reporting framework. The Companies Act, 1994 sets the basic disclosure requirements from the legal framework. All the companies have to follow these requirements. In addition, based on the nature of operation, entities have to follow the disclosure requirements of other guiding laws like Bank Companies Act, Financial Institutions Act, Insurance Act and Corporate governance guidelines issued by Bangladesh Security Exchanges Commission (BSEC). As for the reporting framework, all companies in Bangladesh has to prepare financial statements following IFRSs. All IFRSs has some mandatory disclosure requirements. In order to measure the level of awareness of management responsibilities, a research was conducted. For the purpose of the research, ‘Professional education & training’, ‘Organization Culture’, ‘Management Intention’ were consider as independent variables and ‘Awareness of Management’ and ‘Performance of Reporting Responsibilities’ were consider as dependent variables. A survey questionnaire was developed to collect response from the management of various corporations. Response were obtained from 15 mid-level and top-level employees of various organizations. Analysis of the response has identified that most of company management are aware of the reporting responsibilities arising from legal requirement. Management are also aware of requirement of IFRS that are already in effect. However, they have identified that they have limited knowledge about the newly issued IFRSs and their disclosure requirements. Still organizations do not arrange training programs for their employees in order to develop their expertise. Employees personally sometimes try to undergo various trainings which mightnot be effective due to organizational culture and management intention. Although  most management do not have intention to misstate financial statements, they do not have sufficient number of employees with expertise of IFRSs. As a result, they miss out giving mandatory disclosures as required by IFRSs. This research has identified that professional education and learning has relationship with awareness of reporting responsibilities and in turn awareness of reporting responsibilities has positive relationship with performance of these responsibilities.

Keywords: Management Efforts, Financial Reporting, Indian Accounting Standards, IFRS.