The Bridge To International Trade 1 - Presentations PDF

CIFRS Implementation in
Cambodia
8th Floor, VTRUST Tower, St. 196, Sangkat Veal Vong, Khan 7 Makara, Phnom Penh
T: 855 23 23 17 07, E: kicpaa@kicpaa.org; W: www.kicpaa.org
1
CONTENTS
2
INSTITUTIONAL DEVELOPMENT
3
REGULATORY BODIES OF ACCOUNTING AND AUDITING
4
KEY MILESTONES
5
CHALLENGES
ENTITY
 Big gaps between previous local GAAP (CAS) and CIFRS
 Extensive resources needed to implement CIFRS:
 People:
 Limited CIFRS knowledge amongst local stakeholders including accounting and finance team
 Most entities have to engage external consultant to help them with their CIFRS conversion
 Lack of local Subject Matter Expert in the country
 Process: Entities have to modify their processes in order align with CIFRS requirements
 System: Investment in system to cope with changes in the process and the data requirement for CIFRS numbers and reporting.
 Data extraction
 Function
 Modelling
 Reporting
6
CHALLENGES (CON’T)
REGULATORS
 Similar to entity: people, process and system
 Unfamiliar with the new accounting standards
 Need to balance between accounting standards and prudential requirements
 Impacts of new accounting standards requiring the update of regulations.
7
CHALLENGES (CON’T)
AUDITORS
 Cost challenging for CIFRS audit engagements
 Additional involvements and works due to client’s limited knowledge of application of CIFRS
 Lack of local resources, particularly CIFRS 9 implementation
 Additional training requirements
8
COOPERATION
 Various CIFRS training have been conducted through KICPAA, NAC and other firms
 Members of KICPAA including Big 4 firms have been working directly with regulators on the capacity building program and knowledge sharing
 CIFRS working committee as established by the NAC
 Member firms have actively participated in public consultation in relation to CIFRS updates.
9
OPPORTUNITY
 CIFRS compliance for listed companies, financial services, MNCs and so on
 Cambodia has a small number of qualified accountants with ACCA or CPA
 Industry specialists and certain complex accounting standards, i.e. IAS 19, IFRS 9, etc. which require the support from other counties having more
experience in implementation of IFRS.
10
THANK YOU
11
International Financial Reporting
Standards (IFRS) Implementation
Challenges in Lao PDR
AFA-ACCA CLMV IFRS Webinar
Tuesday, 8 December 2020
1:00pm-4:00pm
Present by: Sonexay Silaphet

Vice President of LCPAA
13
Contents
1. Introduction and overview of IFRS

implementation in Lao PDR
2. Key challenges in adopting and

implementing IFRS
3. Support that we received on IFRS

implementation
4. Further support needed

IFRS Implementation Challenges
14 in Lao PDR
Introduction and overview of IFRS implementation in Lao PDR
 Lao PDR is one of the emerging economies moving towards implementation of

IFRS in 2025.
 According to:
1) amended accounting law No. 47/NA dated 26 December 2013; and
2) Instruction on the implementation of the Accounting Law No. 531/MOF dated 26
February 2016 issued by Ministry of Finance.
Public Interest Entities (“PIEs”) such as listed companies, bank and financial institution,
securities companies and insurance companies are required to prepare IFRS financial
statements;
 According to the Notification No. 1137/MOF dated 27 April 2020 issued by
Minister, Ministry of Finance, PIEs are extended to prepare IFRS financial
statements from 2021 to 2025. The entities should prepare an action plan that
show how they will comply within the next 4 years by 2025. For the entities who
are already adopted IFRS shall be continued to adopt.
15 in Lao PDR
Introduction and overview of IFRS implementation in Lao PDR
Effective IFRS : IFRS in accordance to the pronouncement of

the IASB
Effective implementation year (for those PIEs ready to apply)
2021 2022 2023 2024 2025
IFRS transition roadmap (for those PIEs not Effective year

ready to apply in 2021)
16 in Lao PDR
Key challenges in adopting and implementing IFRS
The Key Challenges are:

 Lack of capacity building for regulators and preparers.
 Differences between regulations and IFRS.
Some examples noted:
 Tax regulations – complexity in dual record keeping; and
 Regulation 324/512 – loan provision.
 Lack of IFRS transition planning by individual entities and regulators in
a sector level.
 No Code of Corporate Governance.
 Absence of actuarial service providers.
 No oversight and monitoring arrangements for public interest entities
to review the PIE financial statements and audit quality review for PIE
Auditors.
17 in Lao PDR
Key challenges in adopting and implementing IFRS
 Lack of IT strategy to support IFRS implementation, and no approved budget.
 Main IFRS issues identified:
1) Preparation of the financial statements is mostly performed by auditors;
2) IFRS financial statements prepared by adjusting LAS financial statements.
3) Post of employee benefits are not regonised;
4) Financial instruments (classification, measurement, and disclosure) are not
fully comply with standards;
5) Property, Plant and Equipment (land valuation, useful lives, residual value,
and impairment);
6) Consolidation (assessment of control / joint control / significant influence);
7) Disclosures (related parties, assumptions used in preparation of financial
statements, risk management); and
8) Deferred tax (arising from timing differences) are not recognized in the
financial statements.
18 in Lao PDR
Support that we received on IFRS implementation
 Receive the funds support from World Bank Group on:

 Continuing Professional Development (CPD) Program for existing
Lao Accounting Consultants in order to upgrade themselves to
professional level;
 GAP Analysis report; and
 IFRS Transition Road Map.
 LCPAA organized number of IFRS workshops with:

 IFRS workshop with World Bank Group and MIA;
 IFRS workshop with FAP Thailand; and
 IFRS workshop with CPA Australia.
19 in Lao PDR
Further support needed
Capacity Building Needs for both preparers and regulators

1 (education and share learning programs)
Alignment of Regulatory Requirements with IFRS Regulators

Opportunities of 2 of PIEs work together with the accounting profession and
preparers to resolve key common issues
ASEAN
Accountants to Support for IFRS Compliance (absence of actuarial
provide the 3 capacity)
services on IFRS
Corporate Governance (Successful IFRS implementation will
implementation require more direct involvement of the Board of Directors
in Lao PDR 4 and senior management of preparers in the IFRS financial
statement preparation processes)
Public Oversight Arrangements (there are currently no public
5 oversight arrangements for PIEs to monitor compliance of financial
statements with accounting standards (LAS or IFRS) or to review the
quality of the external audits being conducted by auditors of PIEs)
20 Thank you – Khop Chai
Tin Latt
Vice Chairman – MICPA (MYANMAR)
Relevance of IFRS® in Myanmar Economy! - Opportunities
• Growing Economy; Growing FDI and Foreign JVs
• Emerging Market Sophistication with complex financial transactions
• Growing Sectors: Financial Institutions, Insurance Companies
• Developing Listed Companies Yangon Stock Exchange (YSX)
• Investors need Transparent and Reliable Financial Information
• IFRS ® help Users of FS: Regulators, Investors, TCWG and Board
• Becoming awareness of the importance of IFRS ®

IFRS® Adoption – Development Process History
• PRA -MAC approved to apply Selected Accounting Standards
5 March • Released Notification 10/2013 on application of Listed standards(MAS 1 – MAS 12)
2003
• Notification 2/2009
November • MAC approved SMEs to comply with IFRS for SMEs®
2009
• Notification 1/2010
• Adoption as MFRS (MFRS 1-8, MAS 1-41)
6 May
2010 • Requires Public Companies and Financial Institutions to comply with
• MAC Initiated Negotiation with IFRS® foundation on adoption process

April 2016 • Series of Discussion and Negotiation done till the end of 2017
• MAC signed Agreement with IFRS® foundation

January
• Adoption of IFRS® and Release of IFRS® materials
2018
• MAC Released Notifications: 18/2018 on Adoption of Full IFRS®, 19/2018 on adoption of IFRS for SMEs® 20/2018 on
Adoption of ISAs, ISQCs, ISREs, ISAEs and ISRSs
March-July
2018 • Organized and empowered IFRS® committee in March 2018
IFRS - Challenges
• Enforcement following 2018 Notifications
Professional
Regulatory Authority
• Making Awareness on Diverse stakeholders
(MAC)
• Understanding of application of IFRS

Regulators • Monitoring Frameworks Program – Capacity Building, PCAOB
(other than MAC)
• Commitments from TCWG/Senior Management

• Participation on Implementation IFRS
• Human Resources, Technical, and Financial Issues
Preparers
• Convergence with prudential regulations
PIEs
Road Map - Strategy
Enforcement
Awareness
Available
Extent of Success – On going
NAB-MICPA PIEs
Capacity Building FIs such as Banks
In collaboration with 3 Pilot Banks
Adoption
Local experts, and MNC
IFRS by 2022-2023
PAOs - ACCA, ICAEW, Listed Cos
By PRA ISCA, JICPA Public Cos
Funded by PPA, Non-PPA
WB,ADB,GIZ, DFID etc. Preparers
Extent of Success
• BFRIC –Banks Financial Reporting Implementation Committee (2017 ~)
• Waiver Agreement on the use of IFRS – Availability of Original IFRS (2019)
• Translation of IFRS for SMEs into Myanmar Language (Completed 2020)
• Translation of Full IFRS into Myanmar Language (Planned 2021)
• IFRS implementation and Enforcement Committee (Re-organized in 2020)
• Ongoing CPD programs by MICPA (Training/Workshops/Webinars)
• IFAC Associate Membership (November 2020)
• Nominated committees (implementation/Enforcement) – MICPA

THANK YOU FOR
YOUR TIME AND
ATTENTION
THE MINISTRY OF FINANCE
IFRS adoption roadmap in vietnam
Presenter:
Accounting and Auditing Supervisory Department
Ministry of Finance of Vietnam
IFRS adoption ROADMAP in vietnam
CONTENTS
1. IFRS ADOPTION ROADMAP IN VIETNAM;
2. THE EFFECT OF IFRS ADOPTION TO ACCOUNTANCY IN

VIETNAM;
3. KEY SOLUTIONS FOR ENTITIES TO APPLY IFRS

SUCCESSFULLY IN VIETNAM
IFRS adoption in vietnam
IFRS ADOPTION ROADMAP

IN VIETNAM
(Decision No. 345/2020/QD-BTC
dated March 16th , 2020)
I. Target
1. Overall objectives
● Overcoming the limitations of the current VAS;

● Completion to legal framework on accounting;
● Enhancing the transparency of financial statements and provide
more useful financial information;
● Increasing the accountability of the entity;
● Satisfying the demand of entities to access capital sources and to
be listed in the international markets;
● Vietnam will be recognized as a full market economy.
2. Specific goals
● To set up a plan, roadmap for IFRS adoption in Vietnam;

● Identification of the entity who adopt IFRS for their financial
statements;
● IFRS adopted to a large-scale entities such as public interest
entities, parent companies of large-scale the state-owned
economic groups and other entities that expect to adopt IFRS. In
the up-coming period, the adoption of IFRS towards to
voluntary entities, in the long run, will specify mandatory and
voluntary entities.
II. Object of IFRS adoption
(1) Entities are in accordance with the roadmap which full capacity
and resources expect to adopt IFRS (Except SMEs).
(2) Training and education institutions, professional associations
and service providers of accounting and auditing.
(3) State management agencies, including: the Ministry of Finance,
State Bank of Vietnam, Ministerial bodies and relevant
government agencies
III. IFRS adoption roadmap

1. Infrastructure preparation phase : From 2019 to the end of
2021, the Ministry of Finance prepares the necessary conditions
for the implementation of the Scheme, ensuring support for
entities to start adopting IFRS from 2022, such as:
● Translation of IFRS into Vietnamese: By December 2020.
● The Ministry of Finance promulgates the Circular to broadcast
the Vietnamese translation of IFRS: March 2021.
● The Ministry of Finance promulgates the Circular guiding the
application method of IFRS; Supplement, amend and promulgate
a number of new financial mechanisms related to IFRS adoption:
Before November 15, 2021.
● Human resource training and other jobs.
2. Phase 1, voluntary adoption (2022 to 2025)
(1) For consolidated financial statements:

● Parent company of big size state-owned economic groups or has
loans financed by international financial institutions;
● Listed parent companies;
● Other domestic parent companies that are big size interest public
companies;
(2) For separate financial statements: 100% FDI companies are
subsidiaries of the multi national companies
(3) Enterprises should notify the Ministry of Finance before
voluntarily adopting IFRS
3. Phase 2 (Compulsory phase): After 2025

a) For consolidated financial statements :
+ The parent company of a State economic group;
+ The parent company is a listed company; A large public company
is an unlisted parent company.
- The State Bank specifies the plan, the time for which IFRS is
mandatory to prepare the consolidated financial statements for
commercial banks and finance institutions.
- Other parent companies are not subject to the compulsory
adoption have demand and sufficient resources, notify the
Ministry of Finance before voluntarily adopting IFRS to prepare
the consolidated financial statements.
b) For separate financial statements :

- On the basis of the evaluation of the IFRS adoption of phase 1, the
Ministry of Finance shall base on the demand, readiness of
enterprises and the actual situation, to prescribe plans and time of
voluntary or mandatory adopting IFRS to prepare separate financial
statements for each target group, ensuring efficiency and feasibility.
- The State Bank stipulates the compulsory or voluntary adoption of
IFRS to prepare separate financial statements for each specific
object of the group of commercial banks and credit institutions.
- When adopting IFRS, enterprises must ensure full provision of
information and clear and transparent explanation with tax
authorities, regulators, supervisors and take responsibility before
the law for determining obligations to the State budget.
4. Scope and method of adoption of IFRS :

● Enterprises must present and explain in detail in the financial
statements for differences between accounting profit and taxable
income;
● Enterprises subject to IFRS adoption must adopt all effective IFRSs
at the same time. When the IASB has the amendment,
supplementation or replacement of the IFRS, the Ministry of
Finance shall promptly publish the translation for uniform
implementation.
● Enterprises adopt voluntarily or compulsorily adopt IFRS on a
consistent principle throughout the fiscal year.
● Enterprises that adopt IFRS to prepare their financial statements
will not be required to prepare their financial statements under
VFRS
THE EFFECT OF IFRS ADOPTION

ON THE ACCOUNTING AND
ACCOUNTANCY IN VIETNAM
CHANGE IN ACCOUNTING CONCEPT AND

ACCOUNTING PROFESSIONAL IN VIETNAM
● AN INTERNATIONAL BUSINESS LANGUAGE OTHER

THAN A MANAGEMENT TOOL;
● A PREPARER AND PRESENTOR OF THE FINANCIAL

STATEMENTS OTHER THAN A BOOKEEPER;
● PRIORITY TO THE OWNERS AND INVESTORS OTHER

THAN TAX AUTHORITY
SKILLS AND KNOWLEDGE OF ACCOUNTANT

TO MEET THE CHANGE IN ACCOUNTANCY
● IDENTIFICATION OF THE TRANSACTION: JUDGMENT

ON THE SUBSTANCE OVER FORM;
● MEASUREMENT AND ESTIMATIONS FOR ACCOUNTING

RELIABLY;
● RECOGNITION TO THE ITEMS OF FINANCIAL

STATEMENTS IN LINE WITH NATURE AND OPERATING
MECHANISM OF THE TRANSACTION
7 GROUP OF KEY SOLUTIONS
I. SETTING UP AN APPROPRIATE STRATEGY AND BUDGETTING

ARRANGEMENT;
II. HUMAN RESOURCE TRAINING;
III. ACCOUNTING DEPARTMENT RESTRUCTURING AND
ESTABLISHING COOPERATION BETWEEN INTERNAL DIVISIONS;
IV. BUILDING UP A MODERN INFORMATION TECHNOLOGY
SYSTEMS;
V. ORGANIZING A RELEVANT DATA BASE;
VI. BUILDING UP A CONVERTING FRAMEWORK OF FINANCIAL
STATEMENTS FROM VAS TO IFRS;
VII. ARRANGEMENT THE TECHNICAL ISSUES FOR FINANCIAL
STATEMENTS AND PRESENTATION
Thank you
Q&A
Implementation of
Malaysian Financial
Reporting Standards
(MFRS)
Bee Leng TAN

8 December 2020
Photo courtesy of Janice Chiang 45

Disclaimer
The views and opinions expressed herein do not represent the official views of the MASB
or necessarily represent the organisations that the participants belong to. Official positions
of the MASB on accounting matters are determined only after extensive deliberations and
due process. The materials presented are intended to convey the general information only
and they should not be taken as the official MASB view.
Neither the MASB nor any member of the MASB Secretariat accepts responsibility or
legal liability arising from or connected to the accuracy, completeness or reliability of the
materials and information contained herein.
Participants are hereby advised that entity specific matters concerning the application
of the MFRSs and the appropriate treatment should be addressed by the preparers
with their respective auditors and/or their independent accounting advisors.
46
 About FRF and MASB
 MASB’s Journey
 Local implementation support
 Regional collaboration: AOSSG
 International support
47
(1) About FRF and MASB
48
About
 1997, March - Parliament gazetted Financial Reporting Act 1997
 Birth of Financial Reporting Foundation (FRF) & Malaysian Accounting Standards Board (MASB)
 First time accounting standards have the force of law
 Structure in Malaysia is for accounting standards to be issued by an independent body, MASB.
49
About
Financial statements prepared / lodged with the following regulators are required to comply with
accounting standards issued by MASB:
 Securities Commission Malaysia (e.g. PLCs)

 Bank Negara Malaysia (e.g. Banks)
 Registrar of Companies (e.g. Private companies)
(Compliance of the Standards are monitored by the above regulators)
Foreign companies listed on Bursa Malaysia can apply either:

(a) standards issued by MASB; or
(b) international standards recognised by MASB, namely standards issued by IASB; ASB (UK);
FASB (USA) and AASB (Australia)
50
(2) MASB’s Journey
2016:
Closely aligned (MPERS =
IFRS for SME Standard)
Prior 2012 2012:

Full convergence (MFRS =
IFRS)
Prior 2012:
Pre-convergence
(Harmonisation)
51
MASB’s Journey
Single-tier framework 2-tier framework
FRS MFRS
MIA / MICPA Harmonisation
PERS MPERS
1978 1997 2005 2006 2007 2008 2009 2012 2016 2018
First End of single FRS made

adoption of framework identical to
IAS IFRS Issuance of
MPERS
SOP i-1
replaces PERS
Parliament Announcement of Adoption of MFRS* TEs adopt

established 2-tier financial convergence plan with = Convergence with MFRS
MASB reporting IFRS in 2012 IFRS
regime
Note:
Transitioning Entities are entities within the scope of: (i) MFRS 141 Agriculture (=IAS 41); (ii) IC 15 Agreements for the Construction of Real Estate (=IFRIC 15)
52
The Two Frameworks
Non-Private
Entities
Malaysian Financial
Reporting Standards
(MFRS = IFRS)
Private Entities
MASB Approved
Accounting Standards
Malaysian Private Entities
Reporting Standard Private Entities
(MPERS closely aligned with
IFRS for SMEs)
53
Topic for today
IFRSs are
Technically principles
demanding based:
world: Judgement in
May have limited application
News Alert:
technical resources In view of the above, MASB wishes to reassure constituents

to understand and
(may affect that the principle-based nature of the Malaysian Financial
apply the Standards consistency); Reporting Standards (MFRS) Framework requires and
allows for judgement in addressing the accounting
(&/to participate in understand the challenges arising from COVID-19.
the development of ‘why’ not just the
http://www.masb.org.my/pdf.php?pdf=MFRS9
the Standards) ‘what’ _ECL_COVID19_25Mar.pdf&file_path=pdf_file
Real Time:
MFRS effective date =
IFRS effective date, no
learning experience
from others
54
(3) Local Implementation Support
55
 To consider application and implementation issues raised by
users of MFRS. If the issue is PERVASIVE, the MAIC may
recommend to issue:
MFRS Application MAIC’s Question Any other form

Standard Implementation
-setting & Implementation & Answer (FAQ) of educational
Guide (MAIG) materials
which are …
Research ≠ Not amending or overriding respective MFRS

≠ Not to create an extensive rule-oriented environment
= Serving as a source of reference for identification of principles
56
Description of Issue Date submitted Status
1 Accounting for public infrastructure costs associated with property 28 Jan 2019 Q&A issued
development 30 Jan 2019
2 Accounting for affordable housing losses associated with property 28 Jan 2019 Q&A issued
development 30 Jan 2019
3 Fair Value of Agricultural Produce Growing on Bearer Plants − Oil Palm 1 Mar 2019 Closed
Bunches
4 Accounting for Restricted Investment Account ("RA") 1 Mar 2019 Closed
5 Presentation of income and expenses from Islamic banking operations in 1 Mar 2019 Closed
MAIC Issues the consolidated statement of income of the holding company
Considered 6 Accounting treatment for cancellation of treasury shares under the

Companies Act 2016
1 Mar 2019 MAIG 1 issued
30 Dec 2019
7 Scoping for loans from parent to subsidiary without written terms (i.e. no 1 Mar 2019 Closed
interest and no fixed repayment terms)
8 Disclosure of assets financed under Ijarah financing contract 1 Mar 2019 Closed
9 Acquisition of additional stake in a joint venture without change in control 3 Oct 2019 Closed
10 Recognition of deferred tax arising from notional purchase price allocation 25 Oct 2019 Closed
exercise of investment in an associate applying equity method
11 Computation of recoverable amount based on the value-in-use method of 27 Oct 2019 Closed
cash generating unit
12 Classification by the borrower of a term loan that contains a repayment on 13 Dec 2019 MAIG 2 issued
demand clause 2 Jul 2020
13 Computation of share of associate profit for interim financial reporting 11 Feb 2020 Closed
57
MAIC
- Sample of MAIC Q&As
- Items (1) & (2)
http://www.masb.org.my/pdf.php?pdf=2
019jan30-FAQ-CIC-and-property-
developmen-CS.pdf&file_path=pdf_file
MAIC
- Items (1) & (2)
- articles
http://www.masb.org.my/pdf.php?pdf=17Ja
n2019_Article%20_property-developer-
inventory-accounting.pdf&file_path=pdf_file
58
59
60
MAIC
- Items (1) & (2)
- articles
Source:
https://www.accaglobal.com/gb/en/technical
-activities/technical-resources-
search/2019/january/costing-property-
development-inventories.html
61
MAIC
- Sample of Basis of
Closing Issues
- Item (3)
62
Agriculture: Bearer Plants
(Amendments to IAS 16 and IAS 41)
63
http://www.masb.org.my/hpages.php?id=16&cid=13&page=1
When to recognise agriculture produce attached on BBA?

• At floral / bud initiation? Post pollination? When fruit reaches full size?
64
Extract of Feedback Statement on PIR of IFRS 13 (Dec 2018)
– page 16
Source: https://cdn.ifrs.org/-/media/project/pir-ifrs-13/published-documents/pir-ifrs-13-feedback-statement-dec-2018.pdf
65
MAIC
- Item (3)
- articles
http://www.masb.org.my The fact that the Level 3
/pdf.php?pdf=Oil%20Pal option is available and was
m%20Plantations- selected by 96% of entities
Accounting_for_Fresh_Fr in the sample (i.e. 27 of the
uit_Bunches.pdf&file_pat 28 companies) suggests it is
h=pdf_file reasonable for the
accountants to ask for fair
values and that it is
practicable to adhere to the
standard using observable
and unobservable inputs in
a similar way to the
harvester estimating FFB
maturity.
66
MAIC
- Sample of MAIG
- Item (6)
http://www.masb.org.my/pd
f.php?pdf=MAIG%201%20
Cancellation%20of%20Tre
asury%20Shares%20unde
r%20CA%202016_final%2
020191230.pdf&file_path=
pdf_file
67
Apart from MAIC http://www.masb.org.my/pages.php?id=339
- Staff Q&As
http://www.masb.org.my/pages.php?id=74
68
COVID-19
-related guidance
http://www.masb.org.my
/pages.php?id=350
69
COVID-19 -sample of Staff Q&As
70
(4) Regional Collaboration
Source: https://www.aossg.org/about-us
71
2009 April: Preparatory Meeting in Beijing, China
2009 Nov: AOSSG was borne. Malaysia was the inaugural chairman
Currently: 27 Jurisdictions
Australia  Bangladesh  Brunei  Cambodia  China  Dubai 

Hong Kong  India  Indonesia  Iraq  Japan  Kazakhstan 
Korea  Macao  Malaysia  Mongolia  Nepal  New Zealand
 Pakistan  Philippines  Saudi Arabia  Singapore  Sri
Lanka  Syria  Thailand  Uzbekistan  Vietnam
72
https://www.aossg.org/about-us
73
How do we help? E.g.

- Train-the-trainer in Nepal
- Workshop on IFRS Standards
- Working Group meetings
74
Source:
https://www.aossg.or
g/meetings-and-
events/annual-
meetings/12th-
annual-aossg-
meeting-november-
24-25-2020
75
(5) International
support
76
https://www.ifrs.org/supporting-implementation/supporting-materials-by-ifrs-standard/
TRG meeting
Articles
summaries
Interpretations
Webcasts and Committees
webinars agenda
decisions
Supporting
Education
Materials
materials for IFRS As well as other
Standards, resources ...
include
77
https://www.ifrs.org/about-us/consultative-bodies/
SME
Implementation
Group Islamic
Emerging
Finance
Economies
Consultative
Group
Group
IFRS
Global
Taxonomy
Preparers
Consultative
Forum
Group
Capital Standing World

Markets Standard-
Advisory Consultative Setters
Committee Groups Conference
78
SME
Implementation
Group Islamic
Emerging
Finance
Economies
Consultative
Group
Group
IFRS
Global
Taxonomy
Preparers
Consultative
Forum
Group

Markets Standard-
79
Source: https://www.ifrs.org/groups/emerging-economies-group/
80
Source: https://www.ifrs.org/groups/emerging-economies-group/#meetings
81
Source: https://cdn.ifrs.org/-/media/feature/meetings/2018/may/eeg/ap8a-ifrs-9-implementation-the-malaysian-experience.pdf
- Example of Implementation Issues discussed
Source: https://cdn.ifrs.org/-/media/feature/meetings/2018/may/eeg/ap8c-
ifrs-9-implementation-experience-in-korea.pdf
82
Source: https://cdn.ifrs.org/-/media/feature/groups/eeg/eeg-report-may-2018.pdf
Extract of ‘Report of the

Emerging Economies
Group Meeting’
–May 2018 [updated 22
October 2018]
83
Source: https://www.ifrs.org/news-and-events/calendar/2020/november/emerging-economies-group/?f1=2020&f2=November&f3=
https://cdn.ifrs.org/-/media/feature/meetings/2020/november/eeg/09a-
eeg-pir-ifrs11-change-in-jce-stake-masb-nov-2020.pdf
84
SME
Implementation
Group Islamic
Emerging
Finance
Economies
Consultative
Group
Group
IFRS
Global
Taxonomy
Preparers
Consultative
Forum
Group

Markets Standard-
85
Source: https://www.ifrs.org/groups/sme-implementation-group/
Source: https://www.ifrs.org/supporting-implementation/supporting-
materials-for-the-ifrs-for-smes/sme-qas/#english
86
Source: https://www.ifrs.org/supporting-implementation/supporting-materials-for-the-ifrs-for-smes/sme-qas/#english
Extract of SMEIG Q&A: Accounting for financial guarantee contract in

individual or separate financial statements of issuer
87
CONCLUDING REMARKS
Accounting standards are not a matter only for the

standard-setter
 Others in the corporate reporting chain need to understand
the implication of accounting standards
Success is the effort not of one but the joint efforts of

many!
 Stakeholders (local and international) play an important
role to the success.
88
Cambodia, Laos, Myanmar, Vietnam
8 December 2020
With you today
Yen San Chan

Partner, KPMG
© 2020 KPMG LLP (Registration No. T08LL1267L), an accounting limited liability partnership registered in Singapore under the Limited Liability Partnership Act (Chapter 163A) and a member firm of the KPMG global organization
of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
90
Document Classification: KPMG Confidential

IFRS implementation strategy
Identify accounting and Customised templates System development, Knowledge transfer

data gap to compute the impact testing and parallel run through trainings
Assess impact on Business requirements Accounting manual and Post-implementation

processes and controls document reporting package review
Create awareness within Select accounting and Full-fledged IFRS Monitor the impact of
finance and accounting, reporting options compliant financial the changes in IFRS
and other functions statements
91

IFRS implementation – Case study
 IFRS Conversion assistance to 18 banks and micro financial institutions in Cambodia
Project Description  Highlighting issues and limitations on the adoption of the IFRS
 Assistance on the submission to National Bank of Cambodia
What were the key issues? How were the issues addressed?
Lack of awareness or understanding of wider IFRS implications Targeted trainings for finance and accounts staff and
on business processes than just accounting customised workshops for business, operations functions
Difficulty in conveying the meaning of the complex IFRS Plan in advance, train the trainers and hire professional
principles / terms in local language translators
Identifying the right data to compute the IFRS adjustments and

Data may not have been prepared in the legacy GAAP
if not available, design and implement the next best solution
Plan in advance and identify the data that is ‘must to have’ and
Data may be available only in paper format
‘good to have’ to convert into electronic format in timely manner
Cost of infrastructure, software systems, testing and Determine the IFRS adjustments that can be resolved and
implementation implemented through the calculations using manual templates
92

kpmg.com/socialmedia
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individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such
information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on
such information without appropriate professional advice after a thorough examination of the particular situation.
© 2020 KPMG LLP (Registration No. T08LL1267L), an accounting limited liability partnership registered in Singapore under the
Limited Liability Partnership Act (Chapter 163A) and a member firm of the KPMG global organization of independent member
firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
The KPMG name and logo are registered trademarks or trademarks of KPMG International.

IFRS® Foundation
IFRS Standards – why, how

and what’s coming up?
Rika Suzuki
Member, International Accounting Standards Board
December 2020
The views expressed in this presentation are those of the presenter, not necessarily those of the International Accounting Standards Board or the IFRS Foundation.
Copyright © 2020 IFRS Foundation. All rights reserved.
About IFRS Standards
About the IFRS Foundation
Translations, Adoption and Copyright (TAC) team
Supporting application of IFRS Standards
IASB technical developments
96
About IFRS Standards
Our mission statement 98
Our mission is to develop IFRS Standards that bring transparency, accountability and efficiency to
financial markets around the world. Our work serves the public interest by fostering trust, growth
and long-term financial stability in the global economy.
Transparency
IFRS Standards bring transparency by enhancing international comparability

and quality of financial information, enabling informed economic decisions
IFRS Standards bring accountability by reducing information gap between

Accountability
capital providers and companies; enabling the former to hold management

to account – also supporting regulators
IFRS Standards bring efficiency by helping investors to identify opportunities/

Efficiency
risks thus improving capital allocation – also lowering cost of capital and
reporting costs for companies
98
Adoption of IFRS® Standards 99
144 of 166 jurisdictions

require IFRS Standards
for all or most publicly
accountable companies
87%
IFRS
Standards
required
99
Jurisdictions’ experiences 100
IFRS was successful in Voluntary adoption of IFRS Evidence suggests that IFRS
creating a common Standards in Japan Standards adoption has
accounting language for motivated by business largely been positive for listed
capital markets. efficiency, enhanced companies.
comparability and better
European Commission, communications with Australian Accounting
2015 international investors. Standards Board, 2016
Financial Services Agency

in Japan, 2015
100
Overview of the IFRS for SMEs Standard 101
250 pages
Tailored for small and medium-sized entities (SMEs) that are

not publicly accountable
Based on principles from full IFRS Standards
Focuses on information needs of lenders and other users

of SMEs’ financial statements
101
About the IFRS Foundation
Three-tier structure 103
Public accountability IFRS Foundation Monitoring

Board
Governance and oversight IFRS Foundation Trustees
International Accounting
Standards Board
Standard-setting and related activities
IFRS Interpretations Committee
103
Our people 104
150 staff
36 nationalities
104
Offices 105
HQ, London AO liaison office, Tokyo
105
Visit from Myanmar 106
106
Translations, Adoption and
Copyright (TAC) team
How the TAC team provides adoption support 108
• Support national standard-setters wishing to adopt IFRS Standards by:
Identifying the responsible Discussing roadmap to

entity and contact adoption
Explaining procedures and Working closely with

policies jurisdictions early on
Negotiating copyright contracts Offering guidance
108
Translation of IFRS Standards 109
Official translation process

• Translation is key to achieving our mission
• Comparability, transparency and access require IFRS Standards –
English
consistent, high quality and sustainable translations
• Translation process based on cooperation between
Professional translation
Foundation and suitable translation partner
• Foundation coordinates the translation process
Review by committee
• Only one official translation per language – for of accounting experts
languages spoken across jurisdictions, an
internationally-acceptable translation is sought IFRS Standards -
translated
109
Top tips 110
• Adopt the latest version of IFRS Standards
• Plan for regular updates to the Standards
• Prepare to adopt at the latest by the effective date
• Consider using translation memory software
110
Supporting application
Why we support consistent application
We… In order to… Because it…

protects IFRS Standards
help stakeholders obtain a
support consistent as a single set of global
common understanding
application of IFRS Standards for the benefit
of the requirements—ie
Standards of users of financial
what they are aiming for
statements
What’s the challenge?

Helpful Not undermine principle-based nature
Responsive Not disrupt practice
112
The Interpretations Committee’s process 113 113
Committee receives a question
Is matter widespread/expected to have a material effect?

Yes Agenda decision
Is it necessary to change IFRS Standards? No Reports decision and
often includes
Yes explanatory material*
Can matter be resolved efficiently and is it sufficiently
narrow in scope?
Yes * The publication of an agenda
decision is subject to IASB not
Narrow scope standard-setting objecting to its publication
(ie narrow scope amendment or Interpretation)
Discussed and approved by IASB

113
Resources on our website 114
• Articles
• Board papers
• Podcasts
• Snapshots
• Videos
• Webcasts
114
Technical developments
2017-2021 central theme 116
Better Communication in Financial Reporting

General
requirements Information outside the
and required Financial statements
financial statements
line items
Primary Financial Disclosure Management

Content Initiative Commentary
Statements
Specific
requirements
Delivery IFRS Taxonomy
116
Recent consultations
Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020
General Presentation and

Disclosures (Primary
Exposure Draft
Financial Statements)
(December 2019)
Second Comprehensive
Review of the IFRS for
Request for Information
SMEs Standard
(January 2020)
Business Combinations—
Disclosures, Goodwill and
Discussion Paper
Impairment
(March 2020)
117
Sustainability and climate-related disclosures 118
IFRS Foundation Trustees International Accounting Standards Board
Consultation
Existing
Paper on Management
IFRS
Sustainability Commentary
Standards
Reporting
118
IFRS Foundation Trustees’ consultation on sustainability
119
Is there demand for global sustainability standards?
Should the IFRS Foundation play a role?
What shape should its contribution take?
30 Sept 2020 Oct-Dec 2020 31 Dec 2020 Q1 2021
Consultation Paper Outreach Comment deadline Comment analysis &

published Trustee discussions
To comment, visit: ifrs.org/sustainability

119
Forthcoming consultations
Post-implementation
Business Combinations
Review of IFRS 10, Rate-regulated Activities
under Common Control
IFRS 11 and IFRS 12
Disclosure Initiative—
Disclosure Initiative—
Management Commentary Targeted Standards-level
Subsidiaries that are SMEs
Review of Disclosures
Narrow-scope amendments Narrow-scope amendments

to IAS 21 to IFRS 16
120
Defining the IASB work plan for 2022–2026
2019–2020 H1 2021 Q3 2021 H1 2022 2022–2026
Development of Expected Consultation Work plan Execution of

Request for publication of period ends and next five-year
Information Request for Feedback work plan
Information Statement
The purpose of an agenda consultation is to seek feedback on
Strategic direction and Criteria for assessing Priority of financial

balance of work plan projects to be added reporting issues
121
Find us online
www.ifrs.org
IFRS Foundation | International Accounting Standards Board
@IFRSFoundation
IFRS Foundation
IFRS Foundation
Join our team: go.ifrs.org/careers

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CIFRS Implementation in

Present by: Sonexay Silaphet

1. Introduction and overview of IFRS

2. Key challenges in adopting and

3. Support that we received on IFRS

4. Further support needed

Introduction and overview of IFRS implementation in Lao PDR

 Lao PDR is one of the emerging economies moving towards implementation of

Introduction and overview of IFRS implementation in Lao PDR

Effective IFRS : IFRS in accordance to the pronouncement of

2021 2022 2023 2024 2025

IFRS transition roadmap (for those PIEs not Effective year

The Key Challenges are:

 Receive the funds support from World Bank Group on:

 LCPAA organized number of IFRS workshops with:

Capacity Building Needs for both preparers and regulators

Alignment of Regulatory Requirements with IFRS Regulators

• Growing Economy; Growing FDI and Foreign JVs

• Emerging Market Sophistication with complex financial transactions

• Growing Sectors: Financial Institutions, Insurance Companies

• Developing Listed Companies Yangon Stock Exchange (YSX)

• Investors need Transparent and Reliable Financial Information

• IFRS ® help Users of FS: Regulators, Investors, TCWG and Board

• Becoming awareness of the importance of IFRS ®

• MAC Initiated Negotiation with IFRS® foundation on adoption process

• MAC signed Agreement with IFRS® foundation

• Understanding of application of IFRS

• Commitments from TCWG/Senior Management

• Waiver Agreement on the use of IFRS – Availability of Original IFRS (2019)

• Translation of IFRS for SMEs into Myanmar Language (Completed 2020)

• Translation of Full IFRS into Myanmar Language (Planned 2021)

• IFRS implementation and Enforcement Committee (Re-organized in 2020)

• Ongoing CPD programs by MICPA (Training/Workshops/Webinars)

• IFAC Associate Membership (November 2020)

• Nominated committees (implementation/Enforcement) – MICPA

IFRS adoption roadmap in vietnam

1. IFRS ADOPTION ROADMAP IN VIETNAM;

2. THE EFFECT OF IFRS ADOPTION TO ACCOUNTANCY IN

3. KEY SOLUTIONS FOR ENTITIES TO APPLY IFRS

IFRS ADOPTION ROADMAP

● Overcoming the limitations of the current VAS;

● To set up a plan, roadmap for IFRS adoption in Vietnam;

II. Object of IFRS adoption

III. IFRS adoption roadmap

2. Phase 1, voluntary adoption (2022 to 2025)

(1) For consolidated financial statements:

3. Phase 2 (Compulsory phase): After 2025

b) For separate financial statements :

4. Scope and method of adoption of IFRS :

THE EFFECT OF IFRS ADOPTION

CHANGE IN ACCOUNTING CONCEPT AND

● AN INTERNATIONAL BUSINESS LANGUAGE OTHER

● A PREPARER AND PRESENTOR OF THE FINANCIAL

● PRIORITY TO THE OWNERS AND INVESTORS OTHER

SKILLS AND KNOWLEDGE OF ACCOUNTANT

● IDENTIFICATION OF THE TRANSACTION: JUDGMENT

● MEASUREMENT AND ESTIMATIONS FOR ACCOUNTING

● RECOGNITION TO THE ITEMS OF FINANCIAL

7 GROUP OF KEY SOLUTIONS

I. SETTING UP AN APPROPRIATE STRATEGY AND BUDGETTING

Bee Leng TAN

Photo courtesy of Janice Chiang 45

 1997, March - Parliament gazetted Financial Reporting Act 1997