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Accounting & Auditing Standards Board in Bhutan

28 Jul 2010

The lhengye zhungtshog (cabinet) of Bhutan has approved the formation of an accounting and auditing standards board of Bhutan (AASBB) on 26 July.

The board will set Bhutanese accounting and auditing standards in line with international standards. So far there is no defined Bhutanese GAAP. The provision of the Companies Act of Bhutan (2000) that listed companies must present their financial statements in compliance with GAAP is usually construed to mean India GAAP. The AASBB will also develop plans for the formation of chartered institutes and chartered accountants qualification in the country and harmonise financial reporting formats.