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The Ministry of Finance has announced that by command of His Majesty The Sultan and Yang Di-Pertuan of Brunei Darussalam, the Accounting Standards Order 2010 is now enforced effective from August 1, 2011.

The main objective of the existence of the Accounting Standards Order is to introduce regulations and laws to control the accounting standards used by commercial establishments in Brunei Darussalam. In this regard, His Majesty has also consented for the establishment of the Brunei Darussalam Accounting Standards Determining Council on the August, 1 2011.

It is hoped that Brunei Darussalam's Accounting Standards would bring various benefits to the public. These include enhancing transparency and consistency in the preparation and presentation of financial statements by commercial establishments, to enable stakeholders to make evaluations, while at the same time fulfilling other related requirements.

 

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