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

History and Journey of Adoption of IFRS in Myanmar -Contd: 2010 to Present Multi-parties System MFRS Mandatory adoption by 2022- 1988-2002 2023 by Notifications by Myanmar Accountancy Council Under Junta Government – GAAP /SSAP – Standards Setting committee 2003-2010 Preparation for Multi-parties System MAS

Challenges in adoption IFRS and Specific Areas of Focus in Myanmar • Notifications issued for adoption of IFRS • Awareness program for all stakeholders Professional Regulatory Authority • Understanding of application of IFRS • Monitoring Frameworks Program Regulators • Capacity Building Program for IFRS • Top management commitments PIEs • All departments participation for adoption of IFRS

Challenges in adoption IFRS and Specific Areas of Focus in Myanmar -Contd: • Prudential requirement is essential • Reporting GAP between IFRS and Prudential FIs • Lack of management commitments • Mechanism for PCAOB Listed Cos • Separation by owner and management • Overall lack of knowledge of application of IFRS Public Cos

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

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

Thank for your kind attention.