Mrs Phousengthong Anoulakkham and Mr Van Le.

BCEL moves towards IFRS implementation, a new era for financial reporting in Laos

In a significant development for the Lao finance sector, the Banque pour le Commerce Extérieur Lao (BCEL), the largest bank in the market, has signed a partnership agreement with Ernst & Young Lao Co., Ltd. to implement the International Financial Reporting Standards (IFRS).
The signing ceremony, held on October 27, marks a pivotal moment in the bank’s commitment to enhancing financial transparency and accountability.
Developed by the International Accounting Standards Board (IASB), IFRS aims to enhance transparency and accountability by standardising how companies, particularly companies with publicly listed shares and securities, report their financial performance.
These standards have been adopted by 148 jurisdictions, accounting for 45.5 percent of the profiled jurisdiction’s GDP, and are applied to all or most domestic publicly accountable entities (listed companies and financial institutions).
Within the G20, the premier forum for international cooperation on global economic and financial issues, has 15 out of 20 members who have committed to the adoption of IFRS for all or most companies in their public capital markets.
Furthermore, according to the ASEAN Federation of Accountants, all 10 ASEAN Member States have either adopted, converged their local standards into IFRS Standards, or are on course to adopt and implement IFRS Standards.
In line with these global and regional trends, the Lao government is taking decisive steps to adopt IFRS, aiming to improve enhance the transparency, reliability, and comparability of financial reporting.
This initiative is designed to help businesses gain access to international capital markets and attract foreign investment.
To support this, the government has taken concrete legal steps, including the issuance of the Lao PDR Accounting Law No. 46/NA dated November 20, 2023, which requires Public Interest Enterprises (including commercial groups) to prepare financial statements in accordance with IFRS.
In parallel, the Bank of the Lao PDR has also made significant progress by establishing a clear implementation roadmap for banks in Laos. Under this plan, commercial groups are required to fully transition to IFRS no later than December 31, 2025.
As the financial landscape continues to evolve, the adoption of IFRS is crucial for BCEL to align with international best practices in financial reporting.
This initiative not only aims to improve the bank’s financial statements but also to foster greater trust among stakeholders, including investors, regulators, and customers.
The partnership with EY Lao, a leading global professional services firm, will provide BCEL with the necessary expertise and guidance throughout the implementation process.
EY Lao’s team of professionals will work closely with BCEL to ensure a smooth transition to IFRS, which is expected to enhance the bank’s operational efficiency and financial performance.
During the signing ceremony, Mrs Phousengthong Anoulackkham, Deputy Director of BCEL, said “This partnership not only focuses on the accounting framework but also aligns with our strategy to adopt international standards that will enhance our financial reporting. Meanwhile, it ensures compliance with the regulations.”
Mr Van Le, Partner at EY Lao, said “We are honoured to partner with BCEL on this important journey towards IFRS implementation. This initiative is not just about compliance; it is about fostering a culture of transparency and accountability in the financial sector. By adopting IFRS, BCEL is setting a strong example for other institutions in Laos, demonstrating a commitment to international standards that will ultimately benefit the entire economy.”
The implementation of IFRS is not just a regulatory requirement; it is a strategic move that reflects BCEL’s dedication to transparency and accountability in its operations. As the largest bank in Laos, BCEL’s transition to IFRS is expected to set a benchmark for other financial institutions in the country, encouraging them to follow suit.
The journey towards full IFRS implementation will involve comprehensive training and capacity-building initiatives for BCEL’s staff, ensuring that they are well-equipped to navigate the complexities of the new standards.
This initiative is expected to take place over the coming months, with EY Lao providing ongoing support and resources.
As BCEL embarks on this transformative journey, the partnership with EY Lao is poised to not only enhance the bank’s financial reporting but also contribute to the overall development of the finance sector in Laos. Stakeholders can look forward to a more transparent and accountable banking environment as BCEL leads the way in adopting international financial standards.

By Advertorial Desk
(Latest Update November 17, 2025)