Support implementation of IFRS in Pilot Banks

The Project aims at improving the transparency of the banking sector in Myanmar and making it more accessible for small and medium-sized enterprises, which are important for the continuous growth of the country’s economy. The objective of the technical assistance is

  • to enable 3 Pilot Banks to prepare a complete set of annual IFRS financial statements;
  • to facilitate the exchange of implementation challenges for the benefit of the whole banking sector.

This will be achieved by:

Ensuring full scope banks reporting transformation to IFRS (at each Pilot Bank):

  • assessment of current accounting standards;
  • designing of necessary tools for full scope transformation to IFRS;
  • implementation of full scope transformation to IFRS;
  • monitoring of implementation of full scope transformation to IFRS.

Training of Trainers (within each Pilot Bank):

  • identify specific IFRS Training areas for ToT;
  • identify trainers in each bank;
  • develop IFRS ToT training material;
  • implement IFRS ToT.

Facilitating the exchange of implementation challenges with Banking Sector Financial Reporting Standards Implementation Committee (BFRIC):

  • develop BFRIC Roadmap for implementation of IFRS in Myanmar banking sector;
  • provide Central bank of Myanmar more detailed secondary regulations for IFRS adoption in Myanmar and for impairment procedures and loan impairment identification.