AASBB Mission: To promote high quality financial reporting and auditing standards that are consistent with international best practices through the development and implementation of Bhutanese Accounting Standards (BAS) and Bhutanese Standards on Auditing (BSA).
Upcoming Events
AASBB SIte Visitors
Flag Counter
Currently viewing the comment posted by user's .   |   Back to Topic  |     Login  
 
Reader Comments on ::   Listed Companies
Certain standards only apply if the entity is a listed company or has listed debt. Examples are BAS 27 Consolidated Financial Statements and BFRS 8 Operating Segments. We have been chasing the Royal Stock Exchange of Bhutan for a clear definition of "listed"
Their response is that a company's shares and/or debt are listed if the RSEB has issued permission for the shares or debt to be transacted using the RSEB's facilities. The RSEB has Rules on how to apply for listing.

Please note that the RSEB also operates a custody service for debt. This is just a custody service and the debt isn't available for the public to buy and sell. The issuer of such debt doesn't have listed debt and so isn't obliged to implement BAS 27 or BFRS 8.

The standard says listed or intending to list. It doesn't give a time limit on "intending to issue." Does this mean the company has already made an application to the RSEB to list or is likely to do so within 2-3 years? The standards don't provide clarification. DHI is in the 2-3 year category and has decided to apply the standards.

Please note that financial institutions borrow from the public (current accounts, savings accounts and deposits) but these aren't listed and tradable. The standards do not apply to them. The test is "listed", not "borrowing from the public"
Posted By: Roy Whittington      Posted on: 2018-05-15 11:57:13

  You must be logged in to create new topics and to make comment on others comments.   Login  

  Your comments will be read, verified and approved by Administrator