Bhutan - Report on the Observance of Standards and Codes : Accounting and Auditing

World Bank

dc.contributor
dc.creator	World Bank
dc.date	2012-03-19T17:24:24Z
dc.date	2012-03-19T17:24:24Z
dc.date	2009-05-26
dc.date.accessioned	2023-02-17T20:47:12Z
dc.date.available	2023-02-17T20:47:12Z
dc.identifier	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
dc.identifier	http://hdl.handle.net/10986/3095
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/243432
dc.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.
dc.language	English
dc.publisher	World Bank
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCOUNT
dc.subject	ACCOUNTABILITY
dc.subject	ACCOUNTANCY
dc.subject	ACCOUNTANT
dc.subject	ACCOUNTANTS
dc.subject	ACCOUNTING
dc.subject	AUDITING STANDARDS
dc.subject	ACCOUNTING FRAMEWORK
dc.subject	ACCOUNTING POLICIES
dc.subject	ACCOUNTING PRINCIPLES
dc.subject	ACCOUNTING RECORDS
dc.subject	ACCOUNTING REFORM
dc.subject	ACCOUNTING RULES
dc.subject	ACCOUNTING STANDARD
dc.subject	ACCOUNTING TREATMENT
dc.subject	ACCOUNTS
dc.subject	ADB
dc.subject	ARREARS
dc.subject	ASSET BASE
dc.subject	ASSOCIATED COMPANIES
dc.subject	AUDIT COMMITTEE
dc.subject	AUDIT COMMITTEES
dc.subject	AUDIT REPORTS
dc.subject	AUDITED ACCOUNTS
dc.subject	AUDITED FINANCIAL STATEMENTS
dc.subject	AUDITING
dc.subject	AUDITING PROCEDURES
dc.subject	AUDITING PROFESSION
dc.subject	AUDITING STANDARDS
dc.subject	AUDITORS
dc.subject	AUDITS
dc.subject	BALANCE SHEET
dc.subject	BANK CREDIT
dc.subject	BANKING SECTOR
dc.subject	BANKS
dc.subject	BID
dc.subject	BIDS
dc.subject	BUDGETING
dc.subject	BUSINESS ADMINISTRATION
dc.subject	BUSINESS ETHICS
dc.subject	CAPITAL EXPENDITURES
dc.subject	CAPITAL MARKETS
dc.subject	CASH FLOW
dc.subject	CASH FLOWS
dc.subject	CENTRAL DEPOSITORY
dc.subject	CERTIFIED PUBLIC ACCOUNTANTS
dc.subject	COMPETITIVE BIDDING
dc.subject	CORPORATE BONDS
dc.subject	CORPORATE GOVERNANCE
dc.subject	CORPORATE LAWS
dc.subject	CREDIBILITY
dc.subject	CREDIT RATING
dc.subject	CREDIT RATING AGENCIES
dc.subject	CREDIT SALES
dc.subject	CREDITOR
dc.subject	CREDITOR RIGHTS
dc.subject	CREDITORS
dc.subject	CURRENCY
dc.subject	CUSTOMER SERVICE
dc.subject	DEBT
dc.subject	DEBT SECURITIES
dc.subject	DEBTORS
dc.subject	DEFAULTS
dc.subject	DEPOSITORS
dc.subject	DEPOSITS
dc.subject	DEPRECIATION
dc.subject	DERIVATIVES
dc.subject	DEVELOPMENT BANK
dc.subject	DEVELOPMENT FINANCE
dc.subject	DISCLOSURE REQUIREMENTS
dc.subject	DOMESTIC MARKET
dc.subject	DUE DILIGENCE
dc.subject	EARNINGS PER SHARE
dc.subject	ECONOMIC DEVELOPMENT
dc.subject	ECONOMIC STABILITY
dc.subject	EMPLOYMENT
dc.subject	ENFORCEMENT MECHANISMS
dc.subject	ENTREPRENEURSHIP
dc.subject	EQUIPMENT
dc.subject	EXCHANGE COMMISSION
dc.subject	EXPENDITURE
dc.subject	EXPENDITURES
dc.subject	EXTRAORDINARY ITEMS
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL HEALTH
dc.subject	FINANCIAL INFORMATION
dc.subject	FINANCIAL INSTITUTION
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL MANAGEMENT
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL PERFORMANCE
dc.subject	FINANCIAL REPORTING
dc.subject	FINANCIAL REPORTING STANDARDS
dc.subject	FINANCIAL REPORTS
dc.subject	FINANCIAL SECTOR DEVELOPMENT
dc.subject	FINANCIAL SERVICES
dc.subject	FINANCIAL STATEMENT
dc.subject	FINANCIAL STATEMENTS
dc.subject	FINANCIAL YEARS
dc.subject	FIXED ASSETS
dc.subject	FOREIGN CAPITAL
dc.subject	FOREIGN DIRECT INVESTMENT
dc.subject	FOREIGN INVESTMENTS
dc.subject	GAAP
dc.subject	GLOBAL ECONOMY
dc.subject	GLOBAL FINANCIAL STABILITY
dc.subject	GOVERNMENT SUBSIDY
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	GROSS OPERATING INCOME
dc.subject	HOLDING
dc.subject	HUMAN RESOURCE
dc.subject	INCOME TAX
dc.subject	INSIDER TRADING
dc.subject	INSURANCE
dc.subject	INSURANCE COMPANIES
dc.subject	INSURANCE COMPANY
dc.subject	INSURANCE CORPORATION
dc.subject	INTANGIBLES
dc.subject	INTEREST BURDEN
dc.subject	INTEREST INCOME
dc.subject	INTEREST PAYMENT
dc.subject	INTERNAL AUDIT
dc.subject	INTERNAL CONTROLS
dc.subject	INTERNATIONAL ACCOUNTING STANDARDS
dc.subject	INTERNATIONAL FINANCIAL INSTITUTIONS
dc.subject	INTERNATIONAL STANDARDS
dc.subject	INVENTORIES
dc.subject	INVENTORY
dc.subject	INVESTING
dc.subject	INVESTMENT CLIMATE
dc.subject	IRREGULAR EXPENDITURE
dc.subject	ISSUANCE
dc.subject	LABOR MARKET
dc.subject	LEGAL FRAMEWORK
dc.subject	LEGAL PROVISION
dc.subject	LEGISLATION
dc.subject	LIABILITY
dc.subject	LIEN
dc.subject	LIQUIDITY
dc.subject	LOAN
dc.subject	LOAN AMOUNTS
dc.subject	MANDATES
dc.subject	MARKET CAPITALIZATION
dc.subject	MARKET CONDITIONS
dc.subject	MARKET PRICES
dc.subject	MARKETING
dc.subject	MICRO ENTERPRISES
dc.subject	MONETARY AUTHORITY
dc.subject	MONETARY FUND
dc.subject	MORTGAGE
dc.subject	MORTGAGE DEED
dc.subject	NATIONAL BANK
dc.subject	NET REALIZABLE VALUE
dc.subject	NON-PERFORMING LOANS
dc.subject	OPERATING INCOME
dc.subject	ORDERLY TRADING
dc.subject	OUTSTANDING ADVANCES
dc.subject	OUTSTANDING AMOUNTS
dc.subject	PENSION
dc.subject	PORTFOLIO
dc.subject	PROCUREMENT
dc.subject	PROFITABILITY
dc.subject	PRUDENTIAL REGULATIONS
dc.subject	PUBLIC OFFERINGS
dc.subject	QUALITY ASSURANCE
dc.subject	QUALITY CONTROL
dc.subject	REGULATORY CONSTRAINTS
dc.subject	REGULATORY FRAMEWORK
dc.subject	REGULATORY FRAMEWORKS
dc.subject	REPAYMENT
dc.subject	REPORTING
dc.subject	RESERVES
dc.subject	RETAINED EARNINGS
dc.subject	RETURNS
dc.subject	SALES
dc.subject	SECONDARY MARKET
dc.subject	SECURITIES
dc.subject	SECURITIES EXCHANGE
dc.subject	SECURITIES MARKET
dc.subject	SETTLEMENT
dc.subject	SHAREHOLDERS
dc.subject	SOLVENCY
dc.subject	STATUTORY AUDITORS
dc.subject	STATUTORY REQUIREMENTS
dc.subject	STOCK EXCHANGE
dc.subject	STOCKS
dc.subject	SUBSIDIARIES
dc.subject	SUBSIDIARY
dc.subject	TAX
dc.subject	TAX RATE
dc.subject	TAXATION
dc.subject	TECHNICAL ASSISTANCE
dc.subject	TERM DEPOSITS
dc.subject	TRADE SECTORS
dc.subject	TRANSPARENCY
dc.subject	TURNOVER
dc.subject	VALUATION
dc.subject	WARRANTS
dc.title	Bhutan - Report on the Observance of Standards and Codes : Accounting and Auditing
dc.type	Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
dc.coverage	South Asia
dc.coverage	South Asia
dc.coverage	Asia
dc.coverage	Bhutan