The Brunei Darussalam Accounting Standards Council (BDASC) was established on 1st August 2011 following the consent of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam.
The Council comprised of 6 members including the Chairman. The Chairman and members are appointed with the consent of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, consisting of senior government officials and representatives from the private sectors.
Under the Accounting Standards Order (ASO) 2010, the BDASC undertakes the responsibility to prescribe the accounting standards to be implemented in the country and for any matters connected therewith.
The creation of the BDASC is a positive step towards bringing enormous benefits to the public particularly in 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.