This report covers the technical assessment of the voluntary submission of Bhutan on its proposed forest reference emission level (FREL) and forest reference level (FRL) in accordance with decision 13/CP.19 and in the context of results-based payments. The FREL and FRL proposed by Bhutan cover the activities reducing emissions from deforestation, sustainable management of forests, conservation of forest carbon stocks and enhancement of forest carbon stocks, which are among the activities included in decision 1/CP.16, paragraph 70. For its submission, Bhutan developed a national FREL and a national FRL. The FREL and FRL presented in the original submission, for the reference period 2005–2014, correspond to 553,668 and –8,761,000 tonnes of carbon dioxide equivalent per year, respectively. As a result of the facilitative process during the technical assessment, the FREL and FRL were modified to 505,837 and –8,539,085 tonnes of carbon dioxide equivalent per year, respectively. The assessment team notes that the data and information used by Bhutan in constructing its FREL and FRL are transparent, complete and in overall accordance with the guidelines contained in the annex to decision 12/CP.17. This report contains the assessed FREL and FRL and a few areas identified by the assessment team for future technical improvement in accordance with the provisions on the scope of the technical assessment contained in the annex to decision 13/CP.19.