Bhutan - Report on the Observance of Standards and Codes : Accounting and Auditing
Bhutan has registered rapid economic growth in the recent past. But the private sector's contribution to this growth has not been significant. Recognizing that the private sector can play an important role as an engine of growth, the Royal Gov...
| Main Author: | |
|---|---|
| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English |
| Published: |
World Bank
2012
|
| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20090820005844 http://hdl.handle.net/10986/3095 |
| id |
okr-10986-3095 |
|---|---|
| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANT ACCOUNTANTS ACCOUNTING AUDITING STANDARDS ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING REFORM ACCOUNTING RULES ACCOUNTING STANDARD ACCOUNTING TREATMENT ACCOUNTS ADB ARREARS ASSET BASE ASSOCIATED COMPANIES AUDIT COMMITTEE AUDIT COMMITTEES AUDIT REPORTS AUDITED ACCOUNTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROCEDURES AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK CREDIT BANKING SECTOR BANKS BID BIDS BUDGETING BUSINESS ADMINISTRATION BUSINESS ETHICS CAPITAL EXPENDITURES CAPITAL MARKETS CASH FLOW CASH FLOWS CENTRAL DEPOSITORY CERTIFIED PUBLIC ACCOUNTANTS COMPETITIVE BIDDING CORPORATE BONDS CORPORATE GOVERNANCE CORPORATE LAWS CREDIBILITY CREDIT RATING CREDIT RATING AGENCIES CREDIT SALES CREDITOR CREDITOR RIGHTS CREDITORS CURRENCY CUSTOMER SERVICE DEBT DEBT SECURITIES DEBTORS DEFAULTS DEPOSITORS DEPOSITS DEPRECIATION DERIVATIVES DEVELOPMENT BANK DEVELOPMENT FINANCE DISCLOSURE REQUIREMENTS DOMESTIC MARKET DUE DILIGENCE EARNINGS PER SHARE ECONOMIC DEVELOPMENT ECONOMIC STABILITY EMPLOYMENT ENFORCEMENT MECHANISMS ENTREPRENEURSHIP EQUIPMENT EXCHANGE COMMISSION EXPENDITURE EXPENDITURES EXTRAORDINARY ITEMS FINANCIAL CRISES FINANCIAL HEALTH FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL YEARS FIXED ASSETS FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENTS GAAP GLOBAL ECONOMY GLOBAL FINANCIAL STABILITY GOVERNMENT SUBSIDY GROSS DOMESTIC PRODUCT GROSS OPERATING INCOME HOLDING HUMAN RESOURCE INCOME TAX INSIDER TRADING INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CORPORATION INTANGIBLES INTEREST BURDEN INTEREST INCOME INTEREST PAYMENT INTERNAL AUDIT INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTING INVESTMENT CLIMATE IRREGULAR EXPENDITURE ISSUANCE LABOR MARKET LEGAL FRAMEWORK LEGAL PROVISION LEGISLATION LIABILITY LIEN LIQUIDITY LOAN LOAN AMOUNTS MANDATES MARKET CAPITALIZATION MARKET CONDITIONS MARKET PRICES MARKETING MICRO ENTERPRISES MONETARY AUTHORITY MONETARY FUND MORTGAGE MORTGAGE DEED NATIONAL BANK NET REALIZABLE VALUE NON-PERFORMING LOANS OPERATING INCOME ORDERLY TRADING OUTSTANDING ADVANCES OUTSTANDING AMOUNTS PENSION PORTFOLIO PROCUREMENT PROFITABILITY PRUDENTIAL REGULATIONS PUBLIC OFFERINGS QUALITY ASSURANCE QUALITY CONTROL REGULATORY CONSTRAINTS REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REPAYMENT REPORTING RESERVES RETAINED EARNINGS RETURNS SALES SECONDARY MARKET SECURITIES SECURITIES EXCHANGE SECURITIES MARKET SETTLEMENT SHAREHOLDERS SOLVENCY STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCKS SUBSIDIARIES SUBSIDIARY TAX TAX RATE TAXATION TECHNICAL ASSISTANCE TERM DEPOSITS TRADE SECTORS TRANSPARENCY TURNOVER VALUATION WARRANTS |
| spellingShingle |
ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANT ACCOUNTANTS ACCOUNTING AUDITING STANDARDS ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING REFORM ACCOUNTING RULES ACCOUNTING STANDARD ACCOUNTING TREATMENT ACCOUNTS ADB ARREARS ASSET BASE ASSOCIATED COMPANIES AUDIT COMMITTEE AUDIT COMMITTEES AUDIT REPORTS AUDITED ACCOUNTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROCEDURES AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK CREDIT BANKING SECTOR BANKS BID BIDS BUDGETING BUSINESS ADMINISTRATION BUSINESS ETHICS CAPITAL EXPENDITURES CAPITAL MARKETS CASH FLOW CASH FLOWS CENTRAL DEPOSITORY CERTIFIED PUBLIC ACCOUNTANTS COMPETITIVE BIDDING CORPORATE BONDS CORPORATE GOVERNANCE CORPORATE LAWS CREDIBILITY CREDIT RATING CREDIT RATING AGENCIES CREDIT SALES CREDITOR CREDITOR RIGHTS CREDITORS CURRENCY CUSTOMER SERVICE DEBT DEBT SECURITIES DEBTORS DEFAULTS DEPOSITORS DEPOSITS DEPRECIATION DERIVATIVES DEVELOPMENT BANK DEVELOPMENT FINANCE DISCLOSURE REQUIREMENTS DOMESTIC MARKET DUE DILIGENCE EARNINGS PER SHARE ECONOMIC DEVELOPMENT ECONOMIC STABILITY EMPLOYMENT ENFORCEMENT MECHANISMS ENTREPRENEURSHIP EQUIPMENT EXCHANGE COMMISSION EXPENDITURE EXPENDITURES EXTRAORDINARY ITEMS FINANCIAL CRISES FINANCIAL HEALTH FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL YEARS FIXED ASSETS FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENTS GAAP GLOBAL ECONOMY GLOBAL FINANCIAL STABILITY GOVERNMENT SUBSIDY GROSS DOMESTIC PRODUCT GROSS OPERATING INCOME HOLDING HUMAN RESOURCE INCOME TAX INSIDER TRADING INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CORPORATION INTANGIBLES INTEREST BURDEN INTEREST INCOME INTEREST PAYMENT INTERNAL AUDIT INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTING INVESTMENT CLIMATE IRREGULAR EXPENDITURE ISSUANCE LABOR MARKET LEGAL FRAMEWORK LEGAL PROVISION LEGISLATION LIABILITY LIEN LIQUIDITY LOAN LOAN AMOUNTS MANDATES MARKET CAPITALIZATION MARKET CONDITIONS MARKET PRICES MARKETING MICRO ENTERPRISES MONETARY AUTHORITY MONETARY FUND MORTGAGE MORTGAGE DEED NATIONAL BANK NET REALIZABLE VALUE NON-PERFORMING LOANS OPERATING INCOME ORDERLY TRADING OUTSTANDING ADVANCES OUTSTANDING AMOUNTS PENSION PORTFOLIO PROCUREMENT PROFITABILITY PRUDENTIAL REGULATIONS PUBLIC OFFERINGS QUALITY ASSURANCE QUALITY CONTROL REGULATORY CONSTRAINTS REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REPAYMENT REPORTING RESERVES RETAINED EARNINGS RETURNS SALES SECONDARY MARKET SECURITIES SECURITIES EXCHANGE SECURITIES MARKET SETTLEMENT SHAREHOLDERS SOLVENCY STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCKS SUBSIDIARIES SUBSIDIARY TAX TAX RATE TAXATION TECHNICAL ASSISTANCE TERM DEPOSITS TRADE SECTORS TRANSPARENCY TURNOVER VALUATION WARRANTS World Bank Bhutan - Report on the Observance of Standards and Codes : Accounting and Auditing |
| geographic_facet |
South Asia South Asia Asia Bhutan |
| description |
Bhutan has registered rapid economic
growth in the recent past. But the private sector's
contribution to this growth has not been significant.
Recognizing that the private sector can play an important
role as an engine of growth, the Royal Government of Bhutan
(RGoB) mapped out strategies to encourage the private sector
to participate in the Kingdom's growth. An important
strategy outlined under Bhutan's Tenth Five-Year-Plan
(10FYP) is to enhance employment opportunities by
encouraging private sector development, which will broaden
the employment base. This strategy is also in line with
another major 10FYP objective of vitalizing industry, in
which the private sector is envisaged to play a major role.
Bhutan's financial sector has hitherto been very small
and underdeveloped, owing to the lack of adequate
development in the private sector and the small size of the
economy. The RGoB assessed that the lack of a clear
institutional framework is one the major factors responsible
for the slow growth and weak performance of industries in
Bhutan, notably in the manufacturing and trade sectors. It
is against this backdrop that the World Bank at the
invitation of the RGoB has undertaken an assessment of
accounting and auditing practices in the Kingdom of Bhutan
with respect to the International Financial Reporting
Standards (IFRS) issued by the International Accounting
Standards Board (IASB) and the International Standards on
Auditing (ISA) issued by the International Federation of
Accountants (IFAC). This assessment is positioned within the
broader context of the country's institutional
framework and capacity needed to ensure compliance with
international standards and to improve the quality of
financial reporting in the country. These recommendations
are aimed at achieving corporate financial reporting
practices of international standards and to help create a
world-class working environment for professional accountants
and auditors in Bhutan. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Bhutan - Report on the Observance of Standards and Codes : Accounting and Auditing |
| title_short |
Bhutan - Report on the Observance of Standards and Codes : Accounting and Auditing |
| title_full |
Bhutan - Report on the Observance of Standards and Codes : Accounting and Auditing |
| title_fullStr |
Bhutan - Report on the Observance of Standards and Codes : Accounting and Auditing |
| title_full_unstemmed |
Bhutan - Report on the Observance of Standards and Codes : Accounting and Auditing |
| title_sort |
bhutan - report on the observance of standards and codes : accounting and auditing |
| publisher |
World Bank |
| publishDate |
2012 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20090820005844 http://hdl.handle.net/10986/3095 |
| _version_ |
1764386454857842688 |
| spelling |
okr-10986-30952021-04-23T14:02:07Z Bhutan - Report on the Observance of Standards and Codes : Accounting and Auditing World Bank ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTANT ACCOUNTANTS ACCOUNTING AUDITING STANDARDS ACCOUNTING FRAMEWORK ACCOUNTING POLICIES ACCOUNTING PRINCIPLES ACCOUNTING RECORDS ACCOUNTING REFORM ACCOUNTING RULES ACCOUNTING STANDARD ACCOUNTING TREATMENT ACCOUNTS ADB ARREARS ASSET BASE ASSOCIATED COMPANIES AUDIT COMMITTEE AUDIT COMMITTEES AUDIT REPORTS AUDITED ACCOUNTS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROCEDURES AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEET BANK CREDIT BANKING SECTOR BANKS BID BIDS BUDGETING BUSINESS ADMINISTRATION BUSINESS ETHICS CAPITAL EXPENDITURES CAPITAL MARKETS CASH FLOW CASH FLOWS CENTRAL DEPOSITORY CERTIFIED PUBLIC ACCOUNTANTS COMPETITIVE BIDDING CORPORATE BONDS CORPORATE GOVERNANCE CORPORATE LAWS CREDIBILITY CREDIT RATING CREDIT RATING AGENCIES CREDIT SALES CREDITOR CREDITOR RIGHTS CREDITORS CURRENCY CUSTOMER SERVICE DEBT DEBT SECURITIES DEBTORS DEFAULTS DEPOSITORS DEPOSITS DEPRECIATION DERIVATIVES DEVELOPMENT BANK DEVELOPMENT FINANCE DISCLOSURE REQUIREMENTS DOMESTIC MARKET DUE DILIGENCE EARNINGS PER SHARE ECONOMIC DEVELOPMENT ECONOMIC STABILITY EMPLOYMENT ENFORCEMENT MECHANISMS ENTREPRENEURSHIP EQUIPMENT EXCHANGE COMMISSION EXPENDITURE EXPENDITURES EXTRAORDINARY ITEMS FINANCIAL CRISES FINANCIAL HEALTH FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL YEARS FIXED ASSETS FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENTS GAAP GLOBAL ECONOMY GLOBAL FINANCIAL STABILITY GOVERNMENT SUBSIDY GROSS DOMESTIC PRODUCT GROSS OPERATING INCOME HOLDING HUMAN RESOURCE INCOME TAX INSIDER TRADING INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CORPORATION INTANGIBLES INTEREST BURDEN INTEREST INCOME INTEREST PAYMENT INTERNAL AUDIT INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL STANDARDS INVENTORIES INVENTORY INVESTING INVESTMENT CLIMATE IRREGULAR EXPENDITURE ISSUANCE LABOR MARKET LEGAL FRAMEWORK LEGAL PROVISION LEGISLATION LIABILITY LIEN LIQUIDITY LOAN LOAN AMOUNTS MANDATES MARKET CAPITALIZATION MARKET CONDITIONS MARKET PRICES MARKETING MICRO ENTERPRISES MONETARY AUTHORITY MONETARY FUND MORTGAGE MORTGAGE DEED NATIONAL BANK NET REALIZABLE VALUE NON-PERFORMING LOANS OPERATING INCOME ORDERLY TRADING OUTSTANDING ADVANCES OUTSTANDING AMOUNTS PENSION PORTFOLIO PROCUREMENT PROFITABILITY PRUDENTIAL REGULATIONS PUBLIC OFFERINGS QUALITY ASSURANCE QUALITY CONTROL REGULATORY CONSTRAINTS REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REPAYMENT REPORTING RESERVES RETAINED EARNINGS RETURNS SALES SECONDARY MARKET SECURITIES SECURITIES EXCHANGE SECURITIES MARKET SETTLEMENT SHAREHOLDERS SOLVENCY STATUTORY AUDITORS STATUTORY REQUIREMENTS STOCK EXCHANGE STOCKS SUBSIDIARIES SUBSIDIARY TAX TAX RATE TAXATION TECHNICAL ASSISTANCE TERM DEPOSITS TRADE SECTORS TRANSPARENCY TURNOVER VALUATION WARRANTS Bhutan has registered rapid economic growth in the recent past. But the private sector's contribution to this growth has not been significant. Recognizing that the private sector can play an important role as an engine of growth, the Royal Government of Bhutan (RGoB) mapped out strategies to encourage the private sector to participate in the Kingdom's growth. An important strategy outlined under Bhutan's Tenth Five-Year-Plan (10FYP) is to enhance employment opportunities by encouraging private sector development, which will broaden the employment base. This strategy is also in line with another major 10FYP objective of vitalizing industry, in which the private sector is envisaged to play a major role. Bhutan's financial sector has hitherto been very small and underdeveloped, owing to the lack of adequate development in the private sector and the small size of the economy. The RGoB assessed that the lack of a clear institutional framework is one the major factors responsible for the slow growth and weak performance of industries in Bhutan, notably in the manufacturing and trade sectors. It is against this backdrop that the World Bank at the invitation of the RGoB has undertaken an assessment of accounting and auditing practices in the Kingdom of Bhutan with respect to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the International Standards on Auditing (ISA) issued by the International Federation of Accountants (IFAC). This assessment is positioned within the broader context of the country's institutional framework and capacity needed to ensure compliance with international standards and to improve the quality of financial reporting in the country. These recommendations are aimed at achieving corporate financial reporting practices of international standards and to help create a world-class working environment for professional accountants and auditors in Bhutan. 2012-03-19T17:24:24Z 2012-03-19T17:24:24Z 2009-05-26 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20090820005844 http://hdl.handle.net/10986/3095 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) South Asia South Asia Asia Bhutan |