Singapore gives boost to accountancy sector
Singapore gives boost to accountancy sector
The Lao Chamber of Professional Accountants and Auditors (LCPAA) and the Institute of Singapore Chartered Accountants (ISCA) have signed a Memorandum of Understanding to develop the accountancy profession in Laos through a capacity building programme.
The agreement was signed recently by ISCA President Mr Gerard Ee and Deputy Director General of the Accounting Department and LCPAA President, Dr Phirany Phissamay.
The signing was witnessed by the Director General of the Accounting Department under the Ministry of Finance, Mr Chanthasith Senaphan, and Singapore Ambassador to Laos, Mr Dominic Goh.
The programme will include the training of accounting technicians, continuous professional development and exchange of expertise, experiences and best practices between accountancy firms in Singapore and Laos.
As the national accountancy body of Singapore, we are privileged to contribute our expertise and experience towards the development of the accountancy sector in Laos. This collaboration also provides opportunities for small and medium practices in Singapore to explore collaborative opportunities with accountancy firms in Laos, said Mr Ee.
With the cooperation between the ISCA - an established professional accountancy body, and the LCPAA - a young professional accountancy body, in terms of sharing experiences and best pr actices, it will help Lao accountants to accelerate their acquisition of up-to-date professional knowledge and skills for the development of the accounting profession in Laos and Asean, said Dr Phirany.
According to the Institute of Singapore Chartered Accountants, there is a shortage of accountancy-trained professionals to support the growing Lao economy.
The Lao government has mandated t he adoption of the International Financial Reporting Standard (IFRS) to prepare and maintain its financial records. But the majority of accountants in Laos do not possess the necessary knowledge to do so as most are familiar with rules-based accounting and have little or no knowledge of principles-based accounting, which is the bedrock of the IFRS.
Under the Asean Economic Community Blueprint 2025, Asean will provide new emphasis on the development and promotion of micro, small and medium enterprises - the engine that powers the region, in its economic integration efforts.
With this, 30 senior Lao government officials, in batches of 15, will be attending a five-day leadership programme in Singapore covering areas such as the principles of accounting, tax mechanisms, and public sector financial management.
To enable Laos to implement the best practices learnt, 25 local government officials in Laos will be trained as specialists in the inaugural run. Each run will comprise three modules coving principles of accounting, tax mechanisms, and public sector financial management.
Laos and Singapore can also look forward to more new business opportunities as efforts have been made to help small and medium practices from both sides to interact and build professional networks.
With the Asean Economic Community promoting a free flow of trade, services, investment, capital, and skilled labour, this will help to create more economic opportunities for small and medium practices in both countries.
