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Bhutan Sets Sight on Global Compliance with Accounting and Auditing Standards Board

Thimphu, Bhutan - With its economy increasingly opening up to trade and investment, Bhutan has taken a significant step towards establishing itself as a major player in the global market by setting up an Accounting and Auditing Standards Board (AASBB).

What is AASBB?

Approved by the Council of Cabinet Ministers on April 30, 2010, AASBB aims to develop high-quality financial reporting and auditing standards that conform to international best practices. The board’s primary mission is to promote consistent accounting and auditing standards in Bhutan through the development and implementation of:

Bhutanese Accounting Standards (BAS)

  • Harmonized with International Accounting Standards (IAS)
  • International Financial Reporting Standards (IFRS)

Bhutanese Standards on Auditing (BSA)

  • Harmonized with International Standards on Auditing (ISA)

Objectives of AASBB

According to AASBB, its main objectives include:

  • Developing high-quality BAS and BSA that meet international standards
  • Recommending these standards for government approval
  • Promoting their use among stakeholders through education and communication
  • Supporting research in financial reporting

Divisions of AASBB

The AASBB has established four divisions to oversee its operations:

Financial Reporting Standards Division

  • Works on the development of BAS
  • Ensures that financial reports meet international standards

Public Sector Accounting Standards Division

  • Develops accounting standards for public sector entities
  • Ensures consistency in financial reporting across public sector entities

Auditing & Assurance Standards Division

  • Develops auditing standards and guidelines
  • Promotes high-quality audits and assurance services

Administration and Finance Division

  • Manages the administrative and financial aspects of AASBB
  • Provides support to other divisions as needed

Impact on Bhutanese Economy

AASBB’s goal is to ensure that Bhutanese companies are equipped with high-quality financial reporting and auditing practices that meet international standards. This move is expected to boost investor confidence in the country and pave the way for further economic growth and development.

For more information on AASBB and its activities, please visit www.aasbb.com.bt or email aasbbhutan@gmail.com.