IFRS Temperature Check
Are you ready for IFRS implemention?
The process of adoption of the latest versions of International Financial Reporting ("IFRS") Standards or IFRS for SMEs Standard can be a challenging process with many companies often not knowing where or how to begin. We purpose to be a trusted partner in your IFRS convergence journey.
IFRS are a set of common rules that companies follow when preparing and publishing their financial statements which enable consistency, transparency and comparability amongst organizations around the world. The standards are the consequence of the growing occurrence of international shareholding and global trade.
Most domestic companies are using the Myanmar Financial Reporting Standards (MFRS) or MFRS for SMEs, which are identical to the 2010 versions of IFRS Standards or the 2009 version of the IFRS for SMEs Standard respectively. In July 2018, the Myanmar Accountancy Council announced the adoption of the latest versions of IFRS Standards or IFRS for SMEs Standard for financial reporting periods beginning from the 2022–2023 financial year.
As companies in Myanmar seek to attract more foreign investment, the accurate presentation of IFRS-compliant financial statements is more important than ever before. Thus the "IFRS Temperature Check" serves to help assess where you stand in terms of readiness to embark on this convergence process. The key benefits are as follows:
1) Cost Effective - Assess company’s readiness to adopt IFRS at a lower cost due to limited scope – no huge upfront outlay;
2) Scalability - Results are quick and can be leveraged upon should a need for a full-scope IFRS gap analysis arise subsequently; and
3) Ease of communication - Gap analysis interviews would be conducted in Burmese with gap reports presented in both English and Burmese.
The IFRS Temperature Check workflow is as follows: