Singapore to assist Myanmar's accountancy sector

The Institute of Singapore Chartered Accountants will also train accountants on micro accounting.

The Institute of Singapore Chartered Accountants (ISCA) signed a memorandum of understanding (MOU) with Myanmar Institute of Certified Public Accountants (MICPA) to co-develop Myanmar's accountancy profession.

According to a press release, capability-building programmes will be implemented.

The programmes will include training on Principles of Accounting, International Financial Reporting Standards (IFRS), IFRS for SMEs, and continuous professional education classes on topical issues and trends.

ISCA will also conduct training on the ISCA Audit Manual and Micro Accounting Model. ISCA developed the Micro Accounting Model (MAM) to provide micro entities in emerging and developing countries with a framework to transit from cash accounting to accrual accounting and to prepare reliable financial statements.

Myanmar and Singapore can also look forward to more new business opportunities as efforts have been made to help small and medium practices (SMPs) from both sides to interact and build professional networks, ISCA said.