The Gelephu Mindfulness City Authority (GMCA) and, Accounting and Auditing Standards Board of Bhutan (AASBB) have entered into a Memorandum of Understanding (MOU) to advance collaborative and cooperative efforts in the area of accounting and auditing standards. This Memorandum of Understanding marks a significant milestone in aligning Bhutan’s accounting standards with international best practices.
Under the MOU, AASBB will assist in issuance of accounting standards for use by the GMCA which will be in compliance with the latest version of the International Financial Reporting Standards (IFRS) or any other standards.