To provide an organisation for ASEAN Accountants for the further advancement of the status of the profession in the region with the view to establishing an ASEAN philosophy on the accounting profession.
AIMING AT THE ENHANCEMENT OF THE QUALITY OF FINANCIAL REPORTING IN LAO PDR, REPRESENTATIVES OF PROFESSIONAL ACCOUNTANCY BODIES FROM ALL TEN ASEAN MEMBER STATES ATTENDED THE 20th AFA CONFERENCE
Vientiane: The ASEAN Federation of Accountants (AFA) together with the Lao Chamber of Professional Accountants and Auditors (LCPAA) hosted the 20th AFA Conference at the Crowne Plaza Hotel, Vientiane on December 8, 2017.
Taking the spirit of local focus, regional experiences, and global exposures, the Conference focused on the theme of IFRS Adoption and Financial Reporting Quality: Regional and International Experiences for Local PIEs and SMEs. Around 200 confirmed participants consisted of prominent Lao PDR leaders, the AFA leadership, representatives of the AFA member organisations representing all ten ASEAN member states and the AFA members who are regional and global professional accountancy bodies, representatives of the International Federation of Accountants, the International Accounting Standards Board, and the World Bank Group, and Lao PDR accountants participated in the Conference.
The 20th AFA Conference was officiated by the Vice Minister of Finance of Lao PDR, H.E. Adsaphangthong Siphandone.
In his message, the Vice Minister of Finance highlighted the importance for the Lao PDR stakeholders to learn from other countries in the region, particularly on adoption and implementation of IFRS. Further highlighting the importance of this topic, the International Accounting Standards Board (IASB) actively participated in and contributed to the discussion, represented by its Board Member, Takatsugu Ochi.
The President of AFA, Sonexay Silaphet, and the President of LCPAA, Dr Phirany Phissamay, in their messages also highlighted the importance of stakeholders in the country to work together in building the capacity of the profession to support the national economy.
Also highlighted in the Conference is the role of Small and Medium-sized Enterprises as a major foundation of Lao PDR and indeed most of the Southeast Asia countries’ economy. Participants agreed on the need to focus more efforts to assist SMEs and also micro entities in particularly enhancing the quality of their financial reporting
Close to 20 national, regional, and global speakers shared their thoughts, insights, and experiences focusing on updates of and key issues affecting the accountancy profession today. These issues encompass transition into adoption and implementation of IFRS, legal and institutional structure in enhancing the quality of financial reporting, for both Public Interest Entities (PIEs) and SMEs, and 3) the role of Professional Accountancy Organisations (PAOs) in supporting the enhancement of the quality of financial reporting.
The 20th AFA Conference, a Celebration of AFA’s 40th Anniversary.
The hosting of the 20th AFA Conference also coincides with the 125th AFA Council Meeting hosted by LCPAA in December 9, 2017, and is part of the celebration of AFA’s 40th anniversary.
Throughout its journey, AFA has successfully raised the importance for PAOs in the region to work together and collaborate, to contribute to the development of the accountancy profession in Southeast Asia. Cooperation with key stakeholders such as The World Bank Group is also important, in further elevating the efforts to continue in the build up process. As such, AFA and LCPAA will be supporting the hosting of the World Bank Group International IFRS Conference, to be hosted at the Crowne Plaza Hotel, Vientiane on December 11, 2017.
Highlighted in the President of AFA’s presentation, throughout the years AFA has work together with its members and key stakeholders in the region to conduct activities and initiatives that benefit accountants in the region.
The 20th AFA Conference was proudly supported by the Association of Chartered Certified Accountants and the Chartered Accountants Australia and New Zealand as the event’s gold partners, and the Japanese Institute of Certified Public Accountants and KPMG Lao PDR as the silver partners. Ernst & Young Lao PDR was also a supporter of the event.