Role of Accountancy Profession to Build a Progressive and Sustainable Economy

On 4rth August 2013, Myanmar Finance leader Summit was hosted by MICPA (the Myanmar Institute of certified Public accountants) and ACCA (the Association of Chartered Certified accountants) in Yangon. This conference consisted of over 300 leaders in Finance, accountancy, corporate governance and capital markets.

The upcoming years will be very exciting for Myanmar as it is growing progressively in economic sector. The interests in the country are high. The country could quadruple and increase the size of its economy from USD 45 billion to more than USD 200 billion in 2030 as reported by McKinsey Global Institute. In 2015 the Yangon Stock exchange will be launched by Myanmar. This will be a great step towards the country’s access to finance and this will provide firm to country’s finance.

The Conference which was hosted by MICPA and ACCA addressed the following points:

· How to build a strong finance and accountancy framework

· Role of accountancy profession in delivering effective public financial management.

· How the developing economy can create greater access to finance

· What social role will be played by this finance in eliminating poverty?

· How greater opportunities can be provided to the people of Myanmar

International Speakers were invited at the conference that had a great experience in finance, policy, capital markets, public financial management and international development. In January 2013, a Memorandum of Understanding (MoU) was signed by MICPA and ACCA. ACCA is the first global Accounting body to sign a MoU with MICPA. The purpose of this Memorandum was to achieve and promote the highest professional, ethical and governance standards and support it in Myanmar.

U Kyaw Tin, Chairman,MICPA stated that , MICPA is pleased to working with ACCA. The Myanmar Finance leader summit is one of the many activities that MICPA and ACCA will undertake to advance the accounting and Finance profession in Myanmar.

Mr. Reza Ali, Head of emerging markets-Asia, ACCA stated that, ACCA looks forward to working closely with MICPA to support and advance the profession in Myanmar. Capital markets play an important role in in promoting economic activity in Markets.