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bruneilawsby aturio
In force2023 Revised Edition
Contents

Act

Accounting Standards Act

Setting accounting standards for companies and public bodies

Part

Preliminary

Official textFrom Attorney General's Chambers, unchanged

s 1Citation

This Act may be cited as the Accounting Standards Act.

s 2Interpretation

In this Act, unless the context otherwise requires —

“accounting standard” means —

(a)

an accounting standard made or formulated by the Council under Part 4; or

(b)

an accounting standard for statutory bodies established by the Authority under Part 5;

“Authority” means such person as is appointed by His Majesty the

Sultan and Yang Di-Pertuan under section 3(1) to be the Authority for the purposes of this Act;

“Chairman” means the Chairman of the Council appointed under section 5(1)(a), and includes any temporary Chairman of the Council if so appointed;

“company” means any company registered or incorporated under the

Companies Act (Chapter 39) and includes any company registered or incorporated outside Brunei Darussalam which establishes a place of business in Brunei Darussalam and continues to have an established place of business within Brunei Darussalam;

Accounting Standards 6

“Council” means the Accounting Standards Council established under section 4;

“making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard;

“member”, in relation to the Council, means a member of the Council and includes the Chairman thereof;

“Minister” means the Minister of Finance and Economy;

“statutory body” means a body established or constituted by or under any written law.

Part 2

Read on from Part 2

Part

Accounting Standards Council

Read on from Part

Part

Accounting Standards for Companies and Other Persons

Read on from Part

Part

Accounting Standards for Statutory Bodies

Read on from Part

Part

General

Read on from Part

Schedules