May 2010
The Cabinet Approved the Establishment of AASBB.
“The Cabinet approved the establishment of the Accounting and Auditing Standards Board of Bhutan (AASBB) to enhance financial reporting and auditing standards in the country.”
May 2011
The First Board of AASBB was Appointed.
“The first Board of AASBB was appointed to oversee the development and implementation of accounting and auditing standards in Bhutan.”
February 2012
Bhutanese Accounting Standards Issued in Phased Manner
“Bhutanese Accounting Standards (BAS) were issued in a phased manner to ensure a smooth transition for stakeholders.”
February 2012
BAS for SMES Issued
“BAS for SMEs was issued to provide simplified accounting standards for small and medium enterprises in Bhutan.”
March 2015
Early adoption of BAS Phase III
“BAS 2015 was issued to enable implementers to go for early adoption of BAS Phase III Standards.”
July 2015
Adopted International Standards on Auditing
“International Standards on Auditing were adopted to strengthen audit quality and reliability in Bhutan.”
December 2021
Issue of BAS 2020
“BAS 2015 was revised to BAS 2020, capturing all the new standards/amendment/changes made to BAS 2015 standards. The BAS 2020 is IFRS 2020 edition.”
June 2022
Notification Issued for Implementation of Cash Basis IPSAS
“A notification was issued for the implementation of Cash Basis IPSAS to improve public sector financial reporting in Bhutan.”
January 2023
SOEs to Adopt BAS 2020
“Few of the SoEs that were implementing BAS for SMEs were mandated to implement BAS 2020”
November 2024
Asian-Oceanian Standard-Setters Group (AOSSG)
“The Cabinet approved the Memorandum of Understanding (MoU) for AOSSG.”