The ASEAN Federation of Accountants (AFA) together with the Lao Chamber of Professional Accountants and Auditors (LCPAA) will be hosting the 20th AFA Conference in Vientiane on December 8, 2017. Read more
According to the guideline to accounting law implementation No 531 dated 26 February 2016, non public companies shall apply the Chart of Accounts (CoA) endorsed by the Ministry of Finance for their accounting systems.
After several years of implementation of CoA version 2009 and a series of meetings among stakeholders: government official from accounting department, tax department of Ministry of Finance, representative from technical schools and Lao National University, private accounting companies and commercial banks, on 17 August 2017, at accounting department, Lao Chamber of Professional Accountants and Auditors (LCPAA) organised a technical meeting to discuss and finalise the revised CoA. The participants to the meeting are representative from accounting departments, tax department, Pakpasak Technical School, Lao National University and accounting companies.
Lao PDR 0is one of the countries who regulate the companies to apply a standardised chart of accounts for better comparison among various company's accounting systems and better review by tax officers. The structure of the Lao CoA is based on version 2009, more elements are added in order to capture all main elements of the financial statements defined by International Financial Reporting Standards (IFRS).
The meeting received active feedback and comments from participants. After internal review and consideration within the accounting department, the revised CoA will be endorsed by authorised person from the Ministry of Finance before notice of their implementation.
By: Accmin team