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Brunei: Global accounting standards adopted.
International Accounting Standards (IAS) will be officially adopted and implemented in Brunei Darussalam with effect from Jan.1,2002, the Brunei Darussalam Institute of Certified Public Accountants (BICPA) announced.
BICPA said the move has the strong and active participation and support from the Ministry of Finance.
All financial statements for financial years ending after Jan. 1, 2002 must be prepared in accordance with IAS, BICPA said Brunei Darussalam authorised auditors will be required to qualify their audit reports on any financial statement not in compliance with IAS, it said.
In the two-year transition period commencing Jan. 1, 2000, all …
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