By James Kon
To regulate accounting standards and to enhance transparency and consistency in final reports and statements by companies, Brunei Darussalam has introduce the Accounting Standards Order, 2010 which came into effect from August 1, 2011 (Monday).
By Command of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, the Ministry of Finance is pleased to announce that His Majesty has consented for the commencement of the Accounting Standards Order, 2010 with effect from Monday, August 1, 2011, according to a press statement from the Ministry of Finance yesterday.
The Accounting Standards is to establish rules and legislations to regulate accounting standards used by businesses in Brunei, especially those involved with public interest such as financial institutions, insurance companies, etc.
The Ministry of Finance further stated that in this regard, His Majesty has also consented for the establishment of Accounting Standard Council, Brunei Darussalam, effective August 1, 2011.
- Borneo Bulletin
(14th August 2011)