Brunei National Professional Organisation Website: Brunei Darussalam Institute of Certified Public Accountants Response to IFAC Member Body Survey on Standard Setting and Regulation World Bank ROSC Accounting and Auditing Report Deloitte Southeast Asia Financial Reporting Newsletter The Deloitte Southeast Asia (SEA) Assurance & Advisory Services Group has published the inaugural issue of a newsletter focussing on financial reporting issues from a Southeast Asia perspective. This newsletter is a collaborative effort among the Deloitte member firms operating in Brunei, Guam, Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam. The newsletter brings together recent updates on financial reporting developments both internationally and within the region, and features topical matters that would be of interest to our clients and our professionals. Many of our clients have asked for more information about the implications from recent pronouncements, industry-specific accounting issues, and differences between IFRSs and local GAAP. This newsletter is directed towards meeting these requests. You can access the newsletter on our Point of View Page. January 2001 Update 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. [2010 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.