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.