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New Regulatory Body Established to Enforce Financial Compliance in Bhutan

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In response to Bhutan’s growing economic integration with the world and the increasing number of businesses, the Council of Cabinet Ministers established the Accounting and Auditing Standards Board of Bhutan (AASBB) during the 69th Session on April 30, 2010. The formation of AASBB was proposed by the Ministry of Finance with the goal of spearheading the development of accounting and auditing practices in the country.

Mission of AASBB

The Accounting and Auditing Standards Board of Bhutan was created to promote high-quality financial reporting and auditing standards that align with international best practices via the development and implementation of Bhutanese Accounting Standards (BAS) and Bhutanese Standards on Auditing (BSA).

Key Objectives

Develop High-Quality Financial Reporting and Auditing Standards

  • Developing clear, enforceable BAS and BSA that meet international standards.
  • Harmonizing Bhutanese Accounting Standards and Bhutanese Standards on Auditing with International Accounting Standards (IAS), International Financial Reporting Standards (IFRS), and International Standards on Auditing (ISA).
  • Recommending BAS and BSA for government approval.
  • Promoting BAS and BSA through communication, education, and support to stakeholders.
  • Encouraging research in financial reporting for the emerging Bhutanese market.
  • Harmonizing the statutory and legal framework requirements of BAS and BSA through the Companies Act and other relevant legislation in the Kingdom of Bhutan.

Org Chart

AASBB consists of four divisions:

1. Financial Reporting Standards Division

  • Review and issuance of new BAS and Small and Medium Enterprises (SMEs) BAS.
  • Compliance review of BAS and BAS for SMEs.
  • Provide technical clarifications for BAS and BAS for SMEs.
  • Support professional development related to BAS and BAS for SMEs.

2. Public Sector Accounting Standards Division

  • Review and issuance of new standards or amendments to public sector accounting standards.
  • Conduct compliance reviews.
  • Offer technical clarifications for public sector accounting standards.

3. Auditing & Assurance Standards Division

  • Oversee the development and issuance of new ISA standards.
  • Ensure quality assurance for ISA.
  • Offer technical clarifications for ISA.
  • Facilitate the establishment of the Institute of Chartered Accountants of Bhutan.

4. Administration and Finance Division

  • Handle administrative and financial functions, including accounting, budgeting, and supporting in-house professional development.

Contact Information

Website: www.aasbb.com.bt Email: aasbbhutan@gmail.com