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

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dc.contributor.authorWorld Bank
dc.date.accessioned2012-03-19T17:24:24Z
dc.date.available2012-03-19T17:24:24Z
dc.date.issued2009-05-26
dc.description.abstractBhutan 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.en
dc.identifierhttp://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.doi10.1596/3095
dc.identifier.urihttps://hdl.handle.net/10986/3095
dc.languageEnglish
dc.publisherWorld Bank
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNT
dc.subjectACCOUNTABILITY
dc.subjectACCOUNTANCY
dc.subjectACCOUNTANT
dc.subjectACCOUNTANTS
dc.subjectACCOUNTING
dc.subjectAUDITING STANDARDS
dc.subjectACCOUNTING FRAMEWORK
dc.subjectACCOUNTING POLICIES
dc.subjectACCOUNTING PRINCIPLES
dc.subjectACCOUNTING RECORDS
dc.subjectACCOUNTING REFORM
dc.subjectACCOUNTING RULES
dc.subjectACCOUNTING STANDARD
dc.subjectACCOUNTING TREATMENT
dc.subjectACCOUNTS
dc.subjectADB
dc.subjectARREARS
dc.subjectASSET BASE
dc.subjectASSOCIATED COMPANIES
dc.subjectAUDIT COMMITTEE
dc.subjectAUDIT COMMITTEES
dc.subjectAUDIT REPORTS
dc.subjectAUDITED ACCOUNTS
dc.subjectAUDITED FINANCIAL STATEMENTS
dc.subjectAUDITING
dc.subjectAUDITING PROCEDURES
dc.subjectAUDITING PROFESSION
dc.subjectAUDITING STANDARDS
dc.subjectAUDITORS
dc.subjectAUDITS
dc.subjectBALANCE SHEET
dc.subjectBANK CREDIT
dc.subjectBANKING SECTOR
dc.subjectBANKS
dc.subjectBID
dc.subjectBIDS
dc.subjectBUDGETING
dc.subjectBUSINESS ADMINISTRATION
dc.subjectBUSINESS ETHICS
dc.subjectCAPITAL EXPENDITURES
dc.subjectCAPITAL MARKETS
dc.subjectCASH FLOW
dc.subjectCASH FLOWS
dc.subjectCENTRAL DEPOSITORY
dc.subjectCERTIFIED PUBLIC ACCOUNTANTS
dc.subjectCOMPETITIVE BIDDING
dc.subjectCORPORATE BONDS
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORPORATE LAWS
dc.subjectCREDIBILITY
dc.subjectCREDIT RATING
dc.subjectCREDIT RATING AGENCIES
dc.subjectCREDIT SALES
dc.subjectCREDITOR
dc.subjectCREDITOR RIGHTS
dc.subjectCREDITORS
dc.subjectCURRENCY
dc.subjectCUSTOMER SERVICE
dc.subjectDEBT
dc.subjectDEBT SECURITIES
dc.subjectDEBTORS
dc.subjectDEFAULTS
dc.subjectDEPOSITORS
dc.subjectDEPOSITS
dc.subjectDEPRECIATION
dc.subjectDERIVATIVES
dc.subjectDEVELOPMENT BANK
dc.subjectDEVELOPMENT FINANCE
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDOMESTIC MARKET
dc.subjectDUE DILIGENCE
dc.subjectEARNINGS PER SHARE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC STABILITY
dc.subjectEMPLOYMENT
dc.subjectENFORCEMENT MECHANISMS
dc.subjectENTREPRENEURSHIP
dc.subjectEQUIPMENT
dc.subjectEXCHANGE COMMISSION
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXTRAORDINARY ITEMS
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL HEALTH
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL REPORTING
dc.subjectFINANCIAL REPORTING STANDARDS
dc.subjectFINANCIAL REPORTS
dc.subjectFINANCIAL SECTOR DEVELOPMENT
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STATEMENT
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL YEARS
dc.subjectFIXED ASSETS
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN INVESTMENTS
dc.subjectGAAP
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL FINANCIAL STABILITY
dc.subjectGOVERNMENT SUBSIDY
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROSS OPERATING INCOME
dc.subjectHOLDING
dc.subjectHUMAN RESOURCE
dc.subjectINCOME TAX
dc.subjectINSIDER TRADING
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE CORPORATION
dc.subjectINTANGIBLES
dc.subjectINTEREST BURDEN
dc.subjectINTEREST INCOME
dc.subjectINTEREST PAYMENT
dc.subjectINTERNAL AUDIT
dc.subjectINTERNAL CONTROLS
dc.subjectINTERNATIONAL ACCOUNTING STANDARDS
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINVENTORIES
dc.subjectINVENTORY
dc.subjectINVESTING
dc.subjectINVESTMENT CLIMATE
dc.subjectIRREGULAR EXPENDITURE
dc.subjectISSUANCE
dc.subjectLABOR MARKET
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL PROVISION
dc.subjectLEGISLATION
dc.subjectLIABILITY
dc.subjectLIEN
dc.subjectLIQUIDITY
dc.subjectLOAN
dc.subjectLOAN AMOUNTS
dc.subjectMANDATES
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET CONDITIONS
dc.subjectMARKET PRICES
dc.subjectMARKETING
dc.subjectMICRO ENTERPRISES
dc.subjectMONETARY AUTHORITY
dc.subjectMONETARY FUND
dc.subjectMORTGAGE
dc.subjectMORTGAGE DEED
dc.subjectNATIONAL BANK
dc.subjectNET REALIZABLE VALUE
dc.subjectNON-PERFORMING LOANS
dc.subjectOPERATING INCOME
dc.subjectORDERLY TRADING
dc.subjectOUTSTANDING ADVANCES
dc.subjectOUTSTANDING AMOUNTS
dc.subjectPENSION
dc.subjectPORTFOLIO
dc.subjectPROCUREMENT
dc.subjectPROFITABILITY
dc.subjectPRUDENTIAL REGULATIONS
dc.subjectPUBLIC OFFERINGS
dc.subjectQUALITY ASSURANCE
dc.subjectQUALITY CONTROL
dc.subjectREGULATORY CONSTRAINTS
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY FRAMEWORKS
dc.subjectREPAYMENT
dc.subjectREPORTING
dc.subjectRESERVES
dc.subjectRETAINED EARNINGS
dc.subjectRETURNS
dc.subjectSALES
dc.subjectSECONDARY MARKET
dc.subjectSECURITIES
dc.subjectSECURITIES EXCHANGE
dc.subjectSECURITIES MARKET
dc.subjectSETTLEMENT
dc.subjectSHAREHOLDERS
dc.subjectSOLVENCY
dc.subjectSTATUTORY AUDITORS
dc.subjectSTATUTORY REQUIREMENTS
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCKS
dc.subjectSUBSIDIARIES
dc.subjectSUBSIDIARY
dc.subjectTAX
dc.subjectTAX RATE
dc.subjectTAXATION
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTERM DEPOSITS
dc.subjectTRADE SECTORS
dc.subjectTRANSPARENCY
dc.subjectTURNOVER
dc.subjectVALUATION
dc.subjectWARRANTS
dc.titleBhutan - Report on the Observance of Standards and Codes : Accounting and Auditingen
dspace.entity.typePublication
okr.crosscuttingsolutionareaPublic-Private Partnerships
okr.date.disclosure2009-08-17
okr.date.doiregistration2025-05-07T12:33:13.626835Z
okr.doctypeEconomic & Sector Work::Accounting and Auditing Assessment (ROSC)
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20090820005844
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid202401468017438110
okr.identifier.externaldocumentum000333037_20090820005844
okr.identifier.internaldocumentum10970534
okr.identifier.report49577
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2009/08/20/000333037_20090820005844/Rendered/PDF/495770ESW0BT0P1C0Disclosed081171091.pdfen
okr.region.administrativeSouth Asia
okr.region.countryBhutan
okr.region.geographicalSouth Asia
okr.region.geographicalAsia
okr.sectorFinance :: General finance sector
okr.themeStandards and financial reporting
okr.themeOther human development
okr.themeOther financial and private sector development
okr.themeLegal institutions for a market economy
okr.themeFinancial and private sector development
okr.themeRule of law
okr.themeHuman development
okr.topicPrivate Sector Development::Competitiveness and Competition Policy
okr.topicPrivate Sector Development::Business Environment
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicPrivate Sector Development::Business in Development
okr.unitFinancial Management Unit (SARFM)
okr.volume1 of 1
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