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CA Sri Lanka facilitates the setting up of a professional accountancy body in Bhutan

In an effort aimed at developing the accounting profession further in the South Asian region, President of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), Mr. Arjuna Herath, in his capacity as the President of the South Asian Federation of Accountants (SAFA), the apex accounting body of SAARC, along with a team of experts from CA Sri Lanka visited Bhutan recently to facilitate the setting up of a professional accountancy body and to also introduce International Financial Reporting Standards (IFRS) to public and corporate sectors in Bhutan.

Mr. Herath undertook this special visit on an invitation extended to him by the Accounting and Auditing Standards Board of Bhutan (AASBB) to assist them to discuss with the Government of Bhutan and other stakeholders on the setting up of a Professional Accountancy Organisation (PAO) and an Independent AASBB in Bhutan.

Mr. Herath was accompanied by Mr. Sanjaya Bandara, Mr. Tishan Subasinghe, Mr. Manil Jayesinghe, Mr. Nishan Fernando, and Mr. Uditha De Zoysa, who are top professional Chartered Accountants from CA Sri Lanka possessing expertise in implementing International Financial Reporting Standards where they conducted a training programme on IFRS for the benefit of corporates, public interest entities, and professionals in Bhutan. The training conducted by CA Sri Lanka experts will facilitate the implementation of IFRS/Bhutanese Accounting Standards in Bhutan. Approximately 100 professional accountants and accounting and finance personnel were trained at the programme.

During his visit, Mr. Herath, met with several high profile Bhutanese officials including Mr. Dasho Daw Tenzin, Governor of Royal Monitory Authority of Bhutan, Mr. Nim Dorji, Joint Secretary of Ministry of Finance in Bhutan, Mr. Ugen Chewang, Auditor General of Bhutan, who is also chairman of AASBB, and Mr. Karma Yeshey, Registrar of Companies in Bhutan. Mr. Herath also met with members of the Technical Working Committee who are developing the necessary legislation for the new PAO and for the Independent AASBB in Bhutan, where he discussed with them the required legislation, institutional framework, education and training, and standard setting and compliance Monitoring process in relation to the proposed PAO and Independent AASBB.

Mr. Herath’s visit to Bhutan is consequent to a visit undertaken by Mr. Ugen Chewang to Sri Lanka, in August last year to familiarize with the setting in which CA Sri Lanka operates, how it is structured and its operations.