Briefing on Brunei Darussalam Accounting Standards
Following to the issuance of the Brunei Darussalam Accounting Standards (BDAS) for Non-Public Interest Entities (Non-PIEs) that took effect on 1st January 2018, various talks had been held by the BDASC to promote awareness of the standards to the members of public, local business owners and relevant government officials.
The Standards was issued to ensure uniformity and consistency in financial reporting among the relevant entities in Brunei Darussalam. This would enable users of financial statements in particular, to compare and assess entities' performance to facilitate decision making based on quality information. With the existence of the Standards and uniform financial statements, it would ease matters related to financial management such as obtaining loan from financial institutions and relevant agencies as well as in the insolvency process.
An entity has no public accountability if:
a) It has not issued debt or equity securities in a public market: or
b) It does not hold assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses.
Members of the Public can view and download the Standards at this link
The BDASC has also made the BDAS for Non-PIEs available in print which can be purchased from the Secretariat at the cost of B$5.00.