|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||No stock exchange. IFRS Standards required for financial institutions.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||No stock exchange.|
|The IFRS for SMEs Standard is required or permitted||No.|
|The IFRS for SMEs Standard is under consideration||Yes.|
Profile last updated: 08 February 2017
By command of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, the Brunei Darussalam Accounting Standard Council (BDASC) has announced a prescription on the adoption of IFRS Standards issued by IASB for publicly accountable entities in Brunei Darussalam with effect from 1 January 2014.
As a starting point, the full IFRS adoption is only required for public accountable entities such as banks, financial institutions, insurance companies, and takaful companies. (Takaful companies are similar to mutual insurance companies.)
The BDASC states that the effective date of 1 January 2014 was chosen by taking into account the transition period needed to give ample time to the affected parties to undertake the necessary actions towards adoption of IFRS Standards, including time to understand and interpret the IFRS practices as well as technical considerations such as information systems re-engineering.
The BDASC was established under Accounting Standards Order 2010, which was an Order made under Article 83(3) of the Constitution of Brunei. Consequently, standards adopted by the BDASC are authoritative.