Background

The Ministry of Finance of Laos is the government’s executive authority responsible for the macro-management of national economic and social development, including the formulation of the national budget, government investment plans, and the development of the national statistical system. The Ministry of Finance of Laos, as the accounting standard-setting body of Lao PDR and with the Accounting Regulatory Department serving as its secretariat, prioritizes the improvement of financial reporting quality and the promotion of global economic integration.

To further enhance financial reporting quality, the Ministry of Finance of Laos prescribes and enforces regulations related to accounting, independent auditing, financial reporting standards, auditing standards, and audit quality control systems. It also develops supporting guidance, training courses, and manuals. To support this mandate, the Ministry has assigned the Lao Chamber of Professional Accountants and Auditors to assist the Accounting Regulatory Department in researching and developing professional accounting and auditing curricula in line with international education standards, as well as in delivering training courses that encourage the consistent application of these standards.

Accounting Standards

The Lao Government has approved the adoption of the IFRS Accounting Standards for public interest entities (PIEs), as stipulated in the amended Law on Accounting.

*The above is based on the information provided by the Ministry of Finance of Laos.