Frequently Asked Questions

Q1. Where can I obtain a copy of Bhutanese Accounting Standards (Phase I)?

The BAS book is available for purchase at printed cost from AASBB Secretariat office at the following rate:

Bhutanese Accounting Standards                            - Nu.550.00 per book (Discounted price: Nu.225 per book)

Bhutanese Accounting Standards for SMEs           - Nu.350.00 per book (Discounted price: Nu.175 per book)

Proposal for Implementation(BAS)                        - Nu.200.00 per book (Discounted price: Nu.100 per book)


Q2. What is the difference between BAS and IFRS?

The BAS is word to word same with IFRS, however the standards will be implemented in three phases viz BAS Phase I effective from 2013 till 2015,  BAS Phase II (2016 - 2017) and BAS Phase III (2018 - 2019) and will be called BAS untill the full adoption of IFRS by 2021.


Q3. Is the BAS for SMEs applicable to all entities classified as Small and Medium Industries in the Cottage, Small and Medium Industry Policy, 2012 of Department of Cottage and Small Industry, Ministry of Economic Affairs?

The BAS for SMEs is intended to apply to the general purpose financial statements of, and other financial reporting by, entities(Small and Medium-Sized Entities) that:

(a) do not have public accountability, and

(b) publish general purpose financial statements for external users. Examples of external users include owners who are not involved in managing the business, existing and potential creditors, and credit rating agencies.

 An entity has public accountability if:

(a) its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for trading in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets), or

(b) it holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses. This is typically the case for banks, credit unions, insurance companies, securities brokers/dealers, mutual funds and investment banks.

 General purpose financial statements are those directed to general financial information needs of a wide range of users for example, shareholders, creditors, employees and the public at large, who are not in a position to demand reports tailored to meet their particular information needs.