Govt needs to improve finance, accounting practices
Govt needs to improve finance, accounting practices
The Lao government should improve its finance and accounting practices in line with international standards, in order to improve probity and be regionally competitive as a business and investment destination.
It very important and necessary for government to build a reliable, transparent reporting system, which supports businesses to be more competent regionally and globally.
The matter was stressed by Deputy Minister of Finance, Mr Bounchom Ubonpaseuth during a professional workshop on related issues.
Mr Bounchom stressed the importance of responding in a timely manner in regards to the development of international standards in finance-accounting.
The government should also learn from the experience of international organisations in implementing legal frameworks on International Financial Reporting Standards (IFRS).
The workshop will play an important part in increasing public awareness on the necessity, benefits and challenges of IFRS implementation in Laos, Mr Bounchom noted.
As part of that effort, during the event, the President of the Lao Chamber of Professional Accountants and Auditors (LCPAA), Dr Phirany Phissamay signed a cooperation agreement with the Regional Head of Business Development, International Employer and Emerging Markets of CPA Australia, Mr Mark Chau.
The signing benchmarked a mutual commitment to the continual strengthening of professional and educational standards and promotes the common development of the accounting and auditing profession in Laos.
After the signing of the agreement, the event then continued with presentations by experts from Ernst and Young, LCPAA and CPA Australia, who shared their experience on recent IFRS developments, international experiences on IFRS implementation and also an overview of the legal framework and the practice of IFRS implementation in Laos.
The workshop on international financial reporting standards took place in Vientiane recently in the presence of Australia Ambassador to Laos, John Williams, Senior Partner, Global Assurance Leader, Banking and Capital Markets, Ernst and Young, Mr Keith Pogson, government officials and other invited guests.
The LCPAA, with Ernst and Young Lao Limited, and CPA Australia co-organised the professional workshop.
