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Adoption and implementation of IFRS Accounting Standards and IFRS for SMEs Accounting Standard (the ‘Standards’) continues to be an important agenda for ASEAN stakeholders, including businesses and policymakers in CLMV (Cambodia, Lao PDR, Myanmar, and Vietnam) jurisdictions. Whilst the jurisdictions remain committed towards adoption of the Standards, technical capacity issues and various implementation challenges continue to hinder full implementation of the Standards. With Cambodia (5.5%), Lao PDR and Myanmar (3%), and Vietnam (6.2%) expected to gain stronger growth momentum in 2023 , there is a growing urgency to elevate their adoption and implementation efforts to promote better transparency, accountability, and effective financial reporting, to attract global investors.
In 2022, AFA organised the first webinar on IFRS Accounting Standards adoption and implementation opportunities and challenges in the CLMV. The webinar highlighted how a stable and reliable financial reporting framework such as IFRS Accounting Standards helps mitigate the risk associated with market investment, suggesting economies applying IFRS Accounting Standards might benefit from increased foreign direct investment and wider international economic participation. The webinar also identified the often-wide gap between local financial reporting standards and IFRS Accounting Standards that can make harmonisation a lengthy process. Whilst recognising that adopting IFRS Accounting Standards is not the simplest of processes, experts at the webinar agreed that the challenges are surmountable and that the benefits of adopting far outweighed the costs.
The ASEAN Federation of Accountants (AFA) and the Lao Chamber of Professional Accountants and Auditors (LCPAA) are organising the CLMV Reporting Conference 2023: The Latest Development in Financial Reporting – CLMV Perspective, to provide a platform for further discussion on CLMV-focused issues in adoption and implementation of the Standards. The Conference aims to provide updates on recent developments in the IFRS Accounting Standards, with emphasis on select implementation challenges from the perspective of CLMV Public Interest Entities (PIEs), as well as implementation of the IFRS for SMEs Accounting Standard by Micro, Small, and Medium Enterprises (MSMEs).
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