AASBB Background

Pursuant to Section 25 of the public Finance Act 2007, the Ministry of Finance embarked on the process of developing the Bhutanese Accounting Standards (BAS) and Bhutanese Standards on Audit (BSA). Recognizing the importance, the Royal Government has approved the establishment of Accounting and Auditing Standards Board of Bhutan (AASBB) vide order No. C-3/2033 dated 6th May 2010 which has reference to the 69th session of the Lhengye Zhungtshog held on 30th April 2010. The current office was formally established in May 2010 replacing the Accounting and Auditing Standards Committee established earlier by the Ministry of Finance with a four-member Accounting and Auditing Standards Committee (AASC) and a ten-member Bhutan Accounting Standards Technical Committee (BASTC) in the process of Improving Accounting & Auditing Standards.