HM consents to adoption of accounting standards
BANDAR SERI BEGAWAN
HIS Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam has consented to the adoption of Brunei Darussalam Accounting Standards (BDAS) for all non-public interest entities in the country effective January 1, 2018.
The Brunei Darussalam Accounting Standards Council (BDASC) under the Ministry of Finance said in a press release yesterday that the adoption of the standards is to ensure a higher level of uniformity and consistency in financial reporting among all non-public interest entities.
The council added that before the adoption of BDAS by all non-public interest entities in the country, the BDASC would like to seek comments from the public on the Exposure Draft of the BDAS Framework and Standards which has been posted on BDASC’s website at www.bdasc.org.
Comments should be submitted to BDASC on or before December 31, 2016, fax at 2383932 or email at email@example.com. Through the enforcement of the Accounting Standards Order (ASO), 2010, the council was officially introduced in 2011 following its aim to undertake the responsibility to prescribe the accounting standards to be implemented in the sultanate and for any other related matters.
The Brunei Times