(from left) Mr Van Le, Ms Fongchinda Sengsoulivong,and representative of Certified Practicing Accountants, Ms Nguyen Thi Bich Hien, co-chair Ms Nguyen Thi Bich Hienthe seminar on Dec 12 in Vientiane.

EY Lao, partners discuss compliance with international financial reporting standards

One of the biggest and fastest-growing consulting firms in Laos, Ernst & Young Lao Co., Ltd., better known as EY Lao, on Tuesday hosted a seminar alongside the Lao Securities Commission Office and Certified Practicing Accountants (CPA Australia, North Vietnam Office), on the topic “International Financial Reporting Standards implementation in Laos”.
The seminar aimed to strengthen capacity building for entities that have been encouraged to join the securities market, and for which they will need to prepare themselves to be standardised in various areas, especially in International Financial Reporting Standards compliance.
Those attending the seminar included guests from entities in various sectors including securities companies, audit and accounting firms, commercial banks, asset valuation companies, credit rating agencies, and business professionals.

Seminar will strengthen government and enterpreneurs to be standardised in various areas.

In her opening remarks at the seminar, the Secretary General of the Lao Securities Commission Office, Ms Fongchinda Sengsoulivong, thanked the co-hosts (EY Lao and CPA) for an incredible seminar focusing on capacity building for Lao markets.
As part of the regulators’ plan to drive markets, on the one hand entities are encouraged to join the securities market, but on the other hand they will need to prepare themselves to be standardised in various areas, especially in International Financial Reporting Standards compliance, which will help improve their operational systems and meet requisite international standards.
The Audit Director of EY Lao, Mr Van Le, as the co-chair, spoke about the significance of the implementation process for which success would depend on a number of factors, including having a proper roadmap for the market as well as detailed roadmaps for individual entities, enormous time and efforts by entities, and determination from regulators.
The seminar was well received and featured comprehensive presentations by speakers and active participation by the audience during the panel discussion led by EY Lao and the Lao Securities Commission Office, with questions and answers on International Financial Reporting Standards, with particular regard to complex standards such as IFRS3, IFRS9 and IFRS17.

International Financial Reporting Standards implementation in Laos were present and discuss with participants at the seminar.

Officials join invited guests for a photo after the seminar in Vientiane.

By Advertorial Desk
 (Latest Update December 18, 2023)