Common use of Specific Regulations Clause in Contracts

Specific Regulations. In order to conduct audit of banks, finance companies, insurance companies and takaful operators, an auditor requires approval from Autoriti Monetari Brunei Darussalam (AMBD), which acts as the central bank in Brunei Darussalam. Whilst for the audit of mutual funds and security firms, an auditor needs to notify the authority. As of the date of writing, tax services are not regulated in Brunei, as such, any audit or corporate services firms can provide tax services in Brunei. The Brunei Darussalam Accounting Standards Council (BDASC) has been established since 1st August 2011 with the main functions of developing and formulating statements of standard accounting practice and accounting standards. A directive policy has been issued on 2nd July 2012 that all public accounting entities as defined by International Accounting Standards Board (IASB) must adopt full International Financial Reporting Standards (IFRS) starting 1st of January 2014. The BDASC is currently working on the appropriate accounting standards for Small Medium Enterprises (SMEs). Foreign nationals are required to obtain an Employment Visa, which application for an Employment Visa may be lodged either by the sponsor or employer to the Department of Immigration and National Registration in Brunei ▇▇▇▇▇▇▇▇▇▇.▇▇ take up employment in Brunei Darussalam.