Financial Reporting Standards in Lao PDR

Enterprises operating in Laos are required to prepare their financial statements in accordance with applicable financial reporting standards as specified in Ministry of Finance Guidance No. 531/MoF, dated February 26, 2016. The requirements are outlined in the chart below.

Government entities are required to apply the Cash Basis International Public Sector Accounting Standards (IPSAS) for Financial Reporting under the Cash Basis of Accounting. This implementation serves as preparation for the eventual transition to accrual basis International Public Sector Accounting Standards, as mandated by Ministry of Finance Decree No. 529/MoF, dated February 26, 2016, concerning the adoption and implementation of cash basis IPSAS.

​Accounting and Financial Management 

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Accounting System Set Up

Bookkeeping and Reporting

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Budgeting and Financial Management

Accounting and Financial Management Services​​

Accounting is simple as long as a proper system is set up at the start!

We provide comprehensive accounting services for both enterprises and government agencies, with a particular focus on establishing robust accounting systems that support organizational success.

Accounting System Setup
A properly designed accounting system is the foundation of effective financial management. Without the right system in place, accounting functions cannot operate smoothly, ultimately impacting the entire organization's performance. Our comprehensive accounting setup package includes:

System Assessment and Design

• Thorough review and assessment to identify current weaknesses and gaps
• Development of detailed accounting procedure manuals that document all accounting processes and best practices

Technology Solutions

• Implementation of appropriate accounting tools and systems:
  • Web-based accounting systems for government agencies
  • Lao accounting software solutions
  • QuickBooks Online and Xero (see Overview of QuickBooks Online)
  • Lao Public Accounting System

​Training and Support

• Creation of customized training materials
• Comprehensive staff training on accounting procedures, software, and tools
• Ongoing support and follow-up during the 3-12 month implementation period to ensure successful adoption

Our systematic approach ensures that your accounting system is not only properly implemented but also sustainable for long-term organizational success. Our main implementation steps are outlined in the figure below:

Accounting Software Configuration

Our software setup service ensures that your accounting system is fully operational and tailored to your specific business needs from day one. We configure all essential functions so you can begin your accounting operations immediately upon completion.
Our comprehensive setup includes:

Core System Configuration

• Complete company or organization profile setup with all relevant information
• Activation of functions specific to your operational requirements

Custom Forms and Templates

• Creation and customization of invoices, quotes, purchase orders, and data entry forms
• Design of templates that reflect your organization's branding and workflow needs

Chart of Accounts Development

• Development of a comprehensive chart of accounts that aligns with Lao accounting standards
• Customization for both enterprise and government agency requirements

​Data Migration and Integration

• Review and import of existing customer databases
• Integration of supplier information and product/service catalogs
• Seamless transfer of historical data where applicable

​This thorough configuration process ensures that your accounting software is not just installed, but optimized for your specific operational needs and regulatory requirements.
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Basic Accounting Setup

We provide foundational accounting setup services using Lao accounting software. While the software includes a standard chart of accounts, most businesses require detailed customization to meet their specific operational needs and regulatory requirements.

Our Comprehensive Setup Process

Business Analysis and Code Mapping To ensure your account codes are adequate and appropriate, we conduct a thorough review of your business operations, including:

• Internal policies and regulations
• Related party agreements and contracts
• Head office reporting requirements
• Existing expense codes and expenditure categories
• Identification of additional codes needed for proper disclosure and reconciliation in accordance with Lao tax law requirements

​Chart of Accounts Development Based on our analysis, we create a detailed, customized chart of accounts that satisfies both Lao accounting standards and your internal reporting needs. This ensures comprehensive coverage of all business transactions while maintaining compliance with local regulations.

Training and Implementation Support We provide practical guidance and hands-on training covering:

• Proper use of the chart of accounts
• Daily journal entry procedures
• Transaction booking and recording processes
• Supporting document filing and organization systems

​This training ensures your team can correctly assign and utilize the customized account codes, maintaining accuracy and consistency in your accounting practices.

Bookkeeping and Reporting Services

Since 2016, the Ministry of Finance has endorsed the adoption of International Financial Reporting Standards (IFRS) for companies operating in Lao PDR. Public entities such as listed companies, banks, and insurance companies must apply full IFRS, while non-public entities follow Lao Financial Reporting Standards (LFRS), which are adapted from IFRS for SMEs. However, implementation remains challenging, and during this transition period, the existing Lao accounting system continues to be used, particularly for annual tax filing purposes.

​Our Comprehensive Bookkeeping Services Include:
Transaction Processing and Documentation

• Thorough review of accounting transactions with supporting documentation
• Clarification of transactions with clients when necessary
• Proper assignment of account codes to each transaction
• Data entry into various accounting platforms including Lao accounting software, QuickBooks Online, and Xero

Financial Reporting and Compliance

• Production of monthly, quarterly, semi-annual, and annual financial reports
• Review of expenditures to calculate allowed and non-allowed expenses according to Lao tax law percentages
• Recalculation of profit tax amounts based on compliance requirements

​Budgeting and Financial Management
We provide specialized technical assistance in budget preparation, particularly for new project proposals. Additionally, we offer short-term project financial management support to help organizations effectively manage their financial resources and maintain fiscal accountability throughout project implementation.

​Please contact us for quote price​

Our Clients

Development Projects and International Organizations We provide accounting and consulting services to government-implemented projects funded by major international donors, including:

• The Swedish International Development Agency (SIDA)
• The Global Fund to Fight AIDS, Tuberculosis and Malaria
• The Asian Development Bank (ADB)
• The World Bank
• Swiss Red Cross

Private Sector Enterprises Our client portfolio spans diverse industries, including:

• Mining operations
• Legal and environmental consulting firms
• Food and beverage services
• Agriculture and manufacturing companies
• Representative offices
• Cosmetic import and export businesses
• Advertising agencies
• Automobile spare parts suppliers
• Healthcare facilities

Government Agencies and Public Institutions We serve various public sector organizations, including:

• Ministry of Health offices in Sekong, Saravan, and Attapeu provinces
• National University of Laos

​This diverse client base demonstrates our expertise in serving organizations across multiple sectors, from international development projects to local enterprises and government institutions.
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Our Service Fee

Service Fees
Our pricing structure is based on several key factors to ensure you receive appropriate expertise and value:
Primary Considerations:

• Staff qualifications and expertise level required
• Time investment needed for your specific service requirements

Additional Factors:

• Organization size and complexity
• Organizational structure and reporting needs
• Nature of business activities
• Volume and frequency of accounting transactions

These factors help us determine the appropriate time allocation and team composition to deliver optimal results for your organization.
For a customized quote tailored to your specific needs, please contact us directly.
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Accounting System Set Up	​Bookkeeping and Reporting
200-4,000	125-750
per system	per month
-	-
Ask for price quote	Ask for price quote