The Ministry of Finance (MOF) is currently revising the relevant sections of the Companies Act to make IAS mandatory to all limited companies by 1 January 2002. Auditors will be required to qualify their report for those not in compliance with IAS. [2006 update: IFRSs have not yet been adopted in Brunei.]
The Brunei Darussalam Institute of Certified Public Accountants (BICPA) in collaboration with MOF and a number of other bodies has formed a Technical Committee for the Implementation of IAS in Brunei Darussalam, which has initiated a number of IAS awareness programmes. BICPA also has written to all accounting firms and the Chambers of Commerce on their recommendation for the adoption of IAS before the mandatory date.
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