Background

The Myanmar Accountancy Council (MAC), was established according to the Myanmar Accountancy Council Law (1972) which was enacted and amended by 1994 and 2015 respectively, is the regulatory body of Myanmar Accountancy Sector in the Republic of the Union of Myanmar and formed eight committees including the Accounting Standards Committee and the Accounting Monitoring Committee etc.., for the development of Myanmar Accountancy Sector which has to be promoted for participation to take place in the regional and global accounting areas.

As the national accounting standard-setting body of Myanmar, the Myanmar Accountancy Council (MAC) has promulgated notifications for the application of the International Financial Reporting Standards (IFRS) for Public Interest Entities (PIEs), the IFRS for SMEs for Small and Medium-Sized Entities (SMEs), as well as the International Standards on Auditing and the Professional Codes of Ethics for Accountants so on.

Furthermore, the MAC authorizes, manages, and supervises the training programmes conducted at the Institute of Advanced Accounting and Auditing in Nay Pyi Taw and Yangon. These programmes include the Diploma in Accountancy (DA) (Accounting Technician), the Certified Public Accountant (CPA) (Accounting Professional), the Diploma in International Public Sector Accounting Standards, and the Diploma in International Financial Reporting Standards. Private accounting training schools are also allowed to offer DA and CPA courses under the supervision of the MAC.

In addition, the MAC lays down the program and regulations for practical training of Apprentice Accountants for pre-qualification and post-qualification training in line with International Education Standards (IES), and allows CPA (Full-fledged) for registration to practice the public sector accounting.

Myanmar Institute of Certified Public Accountants (MICPA) is a national accountancy body established under the Myanmar Accountancy Council Law, and

MICPA collaborates with the MAC to promote the development of accounting and auditing sector in Myanmar.

Accounting Standards

MAC has already announced the adoption of International Financial Reporting Standards (IFRS) for which Public Interest Entities (PIEs) such as financial institutions, insurance and listed entities etc., are required to apply for preparing their financial statements from the financial year 2022-2023 fiscal year, through MAC's Notification No.18/20 18. MAC also published the Notification No.19/20 18, relating to International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs); Notification No.20/2018, on International Standards on Auditing (ISA); and Notification No.10/2019, concerning International Code of Ethics. Early adoption of IFRS for SME is permitted. However, in 2024, MAC republished Notification No.22/2024, revising and specifying the financial year for the commencement of IFRS adoption as the 2027-2028 fiscal year instead of financial year 2023-2024.

Furthermore, MAC is willing to cooperate and collaborate with regional and global accountancy regulatory bodies for Myanmar accountancy sector development and advancement.

Sustainability Disclosure Standards

In accordance with Section 17(d) of the Myanmar Accountancy Council Law, the Myanmar Accountancy Council (MAC) has the authority to prescribe and adopt the international accounting standards. Therefore, the Council is currently arranging to establish a Task Force for Sustainability Reporting (TFRS) to facilitate the adoption and issuance of Sustainability Standards (IFRS S1 and S2) in line with those issued by the International Sustainability Standards Board (ISSB).