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“The Brunei Darussalam Accounting Standard Council (ASC) was established on 1st August 2011 following the consent of His Majesty the Sultan and Yang Di-Pertuan Brunei Darussalam on the enactment of the Accounting Standards Order, 2010.

The establishment of the ASC is a positive step towards ensuring consistency in accounting standards, facilitating comparison of financial statements between different entities and enhancing the credibility and transparency of financial reporting in Brunei Darussalam.

ASC’s primary task is to assess and review the accounting standards to be adopted in Brunei Darussalam, and thus it is important for us to get everyone involved in this significant journey. ASC plans to do this in phases, starting with holding dialogue sessions with stakeholders to make them aware of the process and at the same time to hear out their concerns in adopting the standards prescribed. As a Council that oversees the implementation of the accounting standards prescribed, we understand that this transition is not an easy process and is certainly a challenge to the preparers of financial statements. The Council hopes to work together with the relevant stakeholders in battling this challenge in terms of constant engagement and giving guidance.

As such, the ASC seeks co-operation and support from relevant stakeholders to provide us with valuable feedback which will contribute towards shaping the financial reporting standards in Brunei Darussalam.”

By Yang Mulia Puan Hajah Ning-Lela Binti Dato Paduka Haji Mohamad
Chairman, ASC Brunei Darussalam