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IFRS Adoption & Implementation in Myanmar

17th, September 2020

Domestic public companies are required to use Myanmar Financial Reporting Standards (MFRS), which are identical to the 2010 versions of IFRS Standards. In July 2018, the MAC announced the adoption of the latest versions of IFRS Standards for financial reporting periods beginning in or after the 2022–2023 financial year. Early adoption of IFRS Standards is permitted.

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Challenges in adoption IFRS and Specific Areas of Focus in Myanmar

Professional Regulatory Authority
  • Notifications issued for adoption of IFRS
  • Awareness program for all stakeholders
  • Understanding of application of IFRS
  • Monitoring Frameworks Programs
Public Interest Entities (PIEs)
  • Capacity building program for IFRS
  • Top management commitments
  • All depts. Participation for adoption of IFRS
Financial Institutions
  • Prudential requirement is essential
  • Reporting GAP between IFRS and Prudential
Listed Companies
  • Lack of Management commitments
  • Mechanism for Public Company Accounting Oversight Board (PCAOB)
Public Companies
  • Separation by owner and management
  • Overall lack of knowledge of application of IFRS

With support from ADB, MICPA Board is actively working on translation of IFRSs for SMEs as first priority, which is targeted to complete by Dec-2020.

5 Benefits to Outsource Accounting and Bookkeeping Services

Cost –saving Accounting services.
  • Companies that are outsourcing accounting is willing to reduce their expenses but most importantly, without reducing the quality.
Eliminate Time and Costs of Hiring Processes
  • Recruitment process is a rigorous job. It takes resources to manage it, from creating a recruitment strategy, selecting applicants to interview them. And time is equally correlating with costs.
Saving Time
  • Outsourcing administrative tasks will help you to focus your time, energy and resources on creating the business strategies. It will be bringing more revenue, as well as networking and building relationships with your customers.
Expert Accountants and Bookkeepers
  • Outsourcing to an accounting firm is giving you access to the team of Accountants. Choosing the outsourcing company wisely, you can be sure that your accounting is in the reliable and knowledgeable company’s hands.
Scaling Accounting Easily
  • The accounting service providers has the amount of availability to scale your services significantly without any lag.

Ref: AFA-ISCA-IFRS FRC Conference, Nov 2019, MICPA

Catalyst Myanmar is happy to assist you to begin IFRS journey. Please feel free to contact us at siva.prakash@catalystmyanmar.com.com; chochothet@catalystmyanmar.com.mm; nwayyunaing@catalystmyanmar.com.mm; maymyatcho@catalystmyanmar.com.mm

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