Lao FRS has been effective and its application will require enterprises to invest great efforts in improving their accounting system, including accounting and reporting process, procedures and IT support. In order to support non-public interest large enterprises to have a general view of this topic, the timeline and road map to implement Lao FRS as well as to witness the renew a signing ceremony for Cooperation Agreement between CPA Australia and Laos Chamber of Professional Accountants and Auditors (LCPAA), CPA Australia in collaboration with Ernst & Young Lao Co., Ltd (EY Lao) and Lao Chamber of Professional Accountants and Auditors (LCPAA), held a joint workshop on “Lao FRS and Accounting System Implementation’’ on 1 October 2019 at Laos Plaza Hotel
Mr. Sonexay Silaphet said “LCPAA is very proud, as the only professional accounting body in Laos, to play an important role in preparing and supporting regulators and accounting firms in Laos to implement the IFRS. It is our hope that full adoption if IFRS will produce transparent and accurate financial information that will be useful in the financial management and decision-making of investors and other suppliers in Laos and will ultimately lead to greater economic growth.”
Mr. Anh Hoang Trinh – Office Managing Partner of EY Lao said “Non-public interest large enterprises are likely to be facing significant challenges in reporting requirements under Lao FRS as well as management accounting and reporting. EY Lao is a leader in assurance, tax, transactions and advisory services in Lao PDR, we are committed to supporting large enterprises responding to these challenges strategically, there may also be an opportunity for enterprises to improve processes, policies, systems and human capacity, and perhaps even a transformed operating model”.
At the workshop CPA Australia renewed its Cooperation Agreement with the Laos Chamber of Professional Accountants and Auditors (LCPAA) at a signing ceremony held in Vientiane on 1 October. The original agreements, signed in 2016, set the legal framework for collaboration between the two bodies. Since then, CPA Australia and LCPAA have worked together to develop the accounting and auditing professions and to improve accounting and auditing education quality in Laos.
The agreement renewal will allow CPA Australia and LCPAA to enhance their relationship and deepen their cooperation in the context of increased international integration in Laos. It provides both organisations with the opportunity to exchange knowledge and ideas and enables CPA Australia to provide continued support to students and members in Laos.
CPA Australia Regional General Manager of Business Development Mark Chau said the agreement renewal was an important milestone in the relationship between CPA Australia and LCPAA. “The activities undertaken as part of our cooperation agreement with LCPAA help CPA Australia deliver on its goal of building the technical capabilities of accounting and finance graduates and advancing these professions in Laos. CPA Australia is committed to delivering the highest quality education program to support and improve the technical skills of local accounting and finance professionals.
“CPA Australia has had a presence in Laos for four years. During this time we have worked productively with our partners in Laos and we look forward to seeing these relationships go from strength to strength,” added Mr Chau.
The cooperation agreement signing ceremony was followed by a professional workshop hosted by CPA Australia, EY Lao and LCPAA. The topic of the workshop was “LFRS and Accounting System Implementation”. Mr. Sonexay presented on LFRS for non-public interest enterprises. Mr. Anthony L. Assassa from EY LAO delivered a presentation about how to setup and implement effective and efficient accounting system to meet with internal management and LFRS requirements. The workshop was attended by more than 100 accounting and finance professionals