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Brunei

State of Brunei Image

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.