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
- Participant in the Asian-Oceanian Standard-Setters Group (AOSSG)
Financial Reporting Framework in Brunei
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.