Accounting Standards Act · 2023 Revised Edition · Part · Accounting Standards for Companies and Other Persons
10. Manner of making etc. accounting standards
Official textFrom Attorney General's Chambers, unchanged
In making or formulating accounting standards, the Council shall have the following objects —
making or formulating
“making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard;
the development of accounting standards that require the provision of financial information that —
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;
is relevant to assessing performance, financial position, financing and investment;
is relevant and reliable;
facilitates comparability; and
is readily understandable; and
to maintain investor confidence in the Brunei Darussalam economy (including its capital markets).
In making and formulating accounting standards, the Council —
Council
“Council” means the Accounting Standards Council established under section 4;
shall have regard to the suitability of a proposed accounting standard for companies and different classes of persons prescribed under section 9(1)(b);
may apply different accounting requirements to the different types of persons; and
shall ensure that there are appropriate accounting standards for each type of persons that must comply with accounting standards.
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 standard
“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;
Accounting Standards
Terms defined in s 2
accounting standard
Defined · s 2“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;
Council
Defined · s 2“Council” means the Accounting Standards Council established under section 4;
making or formulating
Defined · s 2“making or formulating”, in relation to any accounting standard, includes amending and revoking the accounting standard;