Accounting Standards Act · s 10

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10.
Manner of making etc. accounting standards
(1) In making or formulating accounting standards, the Council shall have the following objects —
(a) the development of accounting standards that require the provision of financial information that —
(i) assist directors of companies and officers of other persons or classes of persons prescribed under section 9(1)(b) to discharge their duties and obligations in relation to financial reporting under the
Companies Act (Chapter 39) or any other written law;
(ii) is relevant to assessing performance, financial position, financing and investment;
(iii) is relevant and reliable;
(iv) facilitates comparability; and
(v) is readily understandable; and
(b) to maintain investor confidence in the Brunei Darussalam economy (including its capital markets).
(2) In making and formulating accounting standards, the Council —
(a) shall have regard to the suitability of a proposed accounting standard for companies and different classes of persons prescribed under section 9(1)(b);
(b) may apply different accounting requirements to the different types of persons; and
(c) shall ensure that there are appropriate accounting standards for each type of persons that must comply with accounting standards.
(3) A failure to comply with this Part in relation to the making or formulation of an accounting standard shall not affect the validity of the standard.

Accounting Standards

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s 10Manner of making etc. accounting standards

(1)

In making or formulating accounting standards, the Council shall have the following objects —

(a)

the development of accounting standards that require the provision of financial information that —

(i)

assist directors of companies and officers of other persons or classes of persons prescribed under section 9(1)(b) to discharge their duties and obligations in relation to financial reporting under the

Companies Act (Chapter 39) or any other written law;

(ii)

is relevant to assessing performance, financial position, financing and investment;

(iii)

is relevant and reliable;

(iv)

facilitates comparability; and

(v)

is readily understandable; and

(b)

to maintain investor confidence in the Brunei Darussalam economy (including its capital markets).

(2)

In making and formulating accounting standards, the Council —

(a)

shall have regard to the suitability of a proposed accounting standard for companies and different classes of persons prescribed under section 9(1)(b);

(b)

may apply different accounting requirements to the different types of persons; and

(c)

shall ensure that there are appropriate accounting standards for each type of persons that must comply with accounting standards.

(3)

A failure to comply with this Part in relation to the making or formulation of an accounting standard shall not affect the validity of the standard.

Accounting Standards