aasbb Divisions  

Secretariat Division

  1. Discharge of Administrative and Finance functions
    1. Administrative, Human Resource Accounting and Budgeting Functions and Procurement services
    2. Project management.
    3. TWC and Board meeting.
    4. Support for In-house professional development.
  2. Forge possible alliances with regional institute
  3. Liaison with the accounting and auditing institutions for capacity development
  4. Coordinate international events in the areas of Accounting and Auditing Standards
  5. Coordinate in preparing a strategy to put the AASBB on a self-sustaining basis
  6. Recommend the amendment of the roles and responsibilities and structure of the Board to the government from time to time.

Financial Reporting Standards Division

  1. Develop Bhutanese Accounting Standards (BAS) consistent with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)  
  2. Appoint Technical Working Committee to perform detailed research or other works related to Accounting & Auditing Standards
  3. Report to the Ministry on the new standards and amendments issued by International Accounting Standards Board (IASB, an independent, private-sector body that develops and approves IFRS) and recommend approval for the issuance new standards with effective dates for the implementation of the standards
  4. Notify the changes in  BAS
  5. Develop implementation guidelines on such matters of BAS as it may deem fit from time to time including its applicability for enterprises, companies or class of companies
  6. Provide interpretations and guidance on BAS and ISA
  7. Carry out necessary due diligence and conduct field study for impact assessment before introducing of any IAS/IFRS standards
  8. Review the existing and emerging auditing practices worldwide 
  9. Prepare and publish exposure drafts for public comment
  10. Ensure that the standards setting process is appropriate and responsive to the public interest.
  11. Assess the training needs of accounting professionals (BAS/IFRS) and arrange to impart training to them on any new standards/pronouncements. For this purpose, to engage, if necessary, external experts for the training on the specific matters of importance for the accounting profession.
  12. Seek guidance from international standard-setters and national standards-setters in the region to encourage high quality standards and their adoption in Bhutan
  13. Hold public consultations to discuss on the proposed standards
  14. Establish procedure for reviewing the comments received from various quarters within a reasonable period on the documents published for comments 
  15. Provide feedback and comments on issues related to Company Accounts
  16. Represent Bhutan in the international events in the areas of Accounting (BAS/IFRS) Standards
  17. Prepare a strategy to put the AASBB on a self-sustaining basis and submit it to MoF
  18. Recommend the amendment of the roles and responsibilities and structure of the Board to the MoF from time to time.

Audit and Assurance Standards Division

  1. Implement International Standards on Auditing (ISA) 
  2. Appoint Technical Working Committee to perform detailed research or other works related to Accounting & Auditing Standards
  3. Report to the Ministry on the new standards and amendments and recommend approval for the issuance new standards with effective dates for the implementation of the standards
  4. Notify the changes in ISA
  5. Develop implementation guidelines on such matters of auditing as it may deem fit from time to time including its applicability for enterprises, companies or class of companies
  6. Provide interpretations and guidance on ISA
  7. Carry out necessary due diligence and conduct field study for impact assessment before introducing of any IAS standards
  8. Review the existing and emerging auditing practices worldwide 
  9. Assess the training needs of auditing professionals and arrange to impart training to them on any new standards/pronouncements. For this purpose, to engage, if necessary, external experts for the training on the specific matters of importance for the audit and accounting profession.
  10. Seek guidance from international standard-setters and national standards-setters in the region to encourage high quality standards and their adoption in Bhutan
  11. Facilitate the establishment of Institute of Chartered Accountants of Bhutan (ICAB) and forge possible alliances with regional institutes
  12. Liaison with the educational institutions about the alignment of curriculum with Chartered Accountancy course 
  13. Provide feedback and comments on issues related to Audit
  14. Represent Bhutan in the international events in the areas of Auditing Standards
  15. Prepare a strategy to put the AASBB on a self-sustaining basis and submit it to MoF
  16. Recommend the amendment of the roles and responsibilities and structure of the Board to the MoF from time to time.

Public Sector Standards Division

  1. Implement International Public Sector Accounting Standards (IPSAS)
  2. Appoint Technical Working Committee to perform detailed research or other works related to Accounting & Auditing Standards
  3. Report to the Ministry on the new standards and amendments on IPSAS and  recommend approval for the issuance new standards with effective dates for the implementation of the standards
  4. Notify the changes in  IPSAS
  5. Develop implementation guidelines on such matters of accounting (IPSAS) as it may deem fit from time to time
  6. Provide interpretations and guidance on IPSAS
  7. Ensure that the standards setting process is appropriate and responsive to the public interest.
  8. Assess the training needs of accounting (IPSAS) professionals and arrange to impart training to them on any new standards/pronouncements. For this purpose, to engage, if necessary, external experts for the training on the specific matters of importance for the audit and accounting profession.
  9. Seek guidance from international standard-setters and national standards-setters in the region to encourage high quality standards and their adoption in Bhutan
  10. Hold public consultations to discuss on the proposed standards
  11. Establish procedure for reviewing the comments received from various quarters within a reasonable period on the documents published for comments 
  12. Provide feedback and comments on issues related to Public Finance, Company Accounts and Audit etc.
  13. Represent Bhutan in the international events in the areas of Accounting (IPSAS) Standards
  14. Prepare a strategy to put the AASBB on a self-sustaining basis and submit it to MoF
  15. Recommend the amendment of the roles and responsibilities and structure of the Board to the MoF from time to time.

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