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Singapore chartered accountants body to co-develop accountancy sector in Myanmar

THE Institute of Singapore Chartered Accountants (ISCA) signed a Memorandum of Understanding (MOU) with the Myanmar Institute of Certified Public Accountants (MICPA) to co-develop the accountancy sector in Myanmar through capability-building programmes.

These programmes will include training on Principles of Accounting, International Financial Reporting Standards (IFRS), IFRS for small and medium-sized enterprises (SMEs), and continual professional education classes on topical issues and trends. ISCA will also conduct training on the ISCA Audit Manual and Micro Accounting Model (MAM).

The MOU was signed on Monday by ISCA chief executive officer Lee Fook Chiew and MICPA chairman Wan Tin.

"As the national accountancy body of Singapore, we are honoured to contribute to the development of the accountancy sector in Myanmar. In particular, we hope that the MAM can be a helpful framework for businesses, especially micro-business entities to take the step up from cash to accrual accounting, and eventually adopt international accounting standards, thereby raising financial reporting quality and enhancing investor confidence in the country," said Mr Lee.

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According to ISCA, there are about 30,0000 companies in Myanmar, of which about 90 per cent are SMEs.