Background

Myanmar Accountancy Council (MAC) is responsible for setting accounting standards in Myanmar, which is headed by the Union Auditor General of the Republic of the Union of Myanmar. With regard to accounting standards, the MICPA is an advisory body to the MAC.

Accounting Standards

In July 2018, the MAC announced the adoption of IFRS Accounting Standards and the IFRS for SMEs Standard, respectively, for financial reporting periods beginning on or after the 2022–2023 financial year. Early adoption of IFRS Accounting Standards and of the IFRS for SMEs Standard is permitted.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.