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
- Prudential requirement is essential
- Reporting GAP between IFRS and Prudential
- Lack of Management commitments
- Mechanism for Public Company Accounting Oversight Board (PCAOB)
- 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.
- 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.