Implementation in Myanmar Presented By: Myanmar Institute of - - PowerPoint PPT Presentation

IFRS Adoption and Implementation in Myanmar

Presented By: Myanmar Institute of Certified Public Accountants (MICPA) 26th November 2019 AFA-ISCA-IFRS FRC Conference

Contents of Presentation:

 1; Introduction  2;History and Journey of Adoption of IFRS in Myanmar  3; Challenges in adoption IFRS and Specific Areas of Focus in Myanmar  4; Support in adoption of IFRS and opportunity for ASEAN Accountants in Myanmar  5; Conclusion

History and Journey of Adoption of IFRS in Myanmar

Before 1948 Under British Colonial- GAAP 1948-1962 Under Multi-parties System - GAAP Between 1962-1988 Under Socialism GAAP

History and Journey of Adoption of IFRS in Myanmar -Contd:

1988-2002 Under Junta Government – GAAP /SSAP 2003-2010 Preparation for Multi-parties System MAS 2010 to Present Multi-parties System MFRS Mandatory adoption by 2022- 2023 by Notifications by Myanmar Accountancy Council –Standards Setting committee

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

Regulators

• Understanding of application of IFRS
• Monitoring Frameworks Program

PIEs

• Capacity Building Program for IFRS
• Top management commitments
• All departments participation for adoption of IFRS

Challenges in adoption IFRS and Specific Areas of Focus in Myanmar -Contd:

FIs

• Prudential requirement is essential
• Reporting GAP between IFRS and Prudential

Listed Cos

• Lack of management commitments
• Mechanism for PCAOB

Public Cos

• Separation by owner and management
• Overall lack of knowledge of application of IFRS

Support in adoption of IFRS and opportunity for ASEAN Accountants in Myanmar

PRA Issued the notifications to adopt IFRS by 2022-2023 in supporting by Regulators such as CBM, SECM, FRA NAB-MICPA Capacity Building In collaboration with Local experts , Organizations, International Accounting Organizations and Institutions such as BIG 4, Second Tires as well as ACCA, ICAEW, ISCA, JICPA, GIZ and Donors Funded Org; WB,ADB, Especially for RFPA under MRA among the ASEAN members states accountants PIEs FIs such as Banks etc; MNC Listed Cos Public Cos Voluntary compliant Ents PPA, Non-PPA Preparators

Conclusion:

Journey Financial Year 2020-21 To be reported by IFRS compliance financial statements (it is not easy task, however for opportunity for local PA and well as ASEAN accountants could participate in transaction processes) Financial Year 2022- 23 is target year for fully adopted by IFRS

Thank for your kind attention.