With the growing number of companies and opening of Bhutanese economy to the outside world for trade and investment, the need was felt to have a body to oversee and develop accounting and auditing practices in the country. As such, to spearhead the development of accounting and auditing standards, the Council of Cabinet Ministers during the 69th Session on 30th April 2010 approved the formation of the Accounting and Auditing Standards Board of Bhutan (AASBB) based on the proposal submitted by the Ministry of Finance (MoF).
Mission of AASBB
To promote high quality financial reporting and auditing standards that are consistent with international best practices through the development and implementation of Bhutanese Accounting Standards (BAS) and Bhutanese Standards on Auditing (BSA).
The main objectives of AASBB:
1. Develop high quality, clear and enforceable BAS and BSA
2. Harmonise Bhutanese Accounting Standards(BAS) and Bhutanese Standards on Auditing(BSA) with International Accounting Standards(IAS)/International Financial Reporting Standards(IFRS)/International Standards on Auditing(ISA)
3. Recommend BAS and BSA for government approval
4. Promote BAS and BSA by way of communication and education to all the stakeholders 5. Promote and support research in the area of financial reporting for emerging Bhutanese
6. Harmonise the statutory and legal framework requirement of BAS and BSA through the Companies Act of the Kingdome of Bhutan and other relevant legislations.
The Organogram of AASBB
1. Financial Reporting Standards Division
1. Review and issuance of new standards or amendments to standards (BAS & BAS for SMEs)
2. Compliance Review (BAS & BAS for SMEs
3. Provide Technical clarifications (BAS & BAS for SMEs)
4. Support for professional development (BAS & BAS for SMEs)
2. Public Sector Accounting Standards Division
1. Review and issuance of new standards or amendments to standards (Public sector Accounting Standards).
2. Compliance Review.
3. Provide Technical clarifications.
3. Auditing & Assurance Standards Division
1. Review and issuance of new standards or amendments to standards (ISA).
2. Quality Assurance (ISA).
3. Providing Technical clarification (ISA).
4. Facilitate establishment of Institute of Chartered Accountants of Bhutan.
4. Administration and Finance Division
Discharge of Administrative and Finance functions
1. Accounting and Budgeting.
3. Project management.
4. TWC and Board meeting.
5. Support for In-house professional development.
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