Professional Documents
Culture Documents
3
To transform ASEAN into a stable, prosperous
and highly competitive region with
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ASEAN MRA ASEAN MRAs for Professionals
13 14
November 2015.
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3.1 This Arrangement shall cover the provision of 3.2 Notwithstanding paragraph 1, cross-border
accountancy services covered under Central movement of Professional Accountants
Product Classification (hereinafter referred to as providing external auditing services and
CPC) 862 of the Provisional CPC of the United other accountancy-related services that
Nations, except for signing off of the independent requires domestic licensing in ASEAN
auditors report and other accountancy services Member States may continue to be facilitated
that requires domestic licensing in ASEAN Member through bilateral and/ or multilateral MRAs
States. between or among the Member States.
Creation of ASEAN Chartered Professional At least one appointed representative from each MC
Accountants Coordinating Committee will compose the ACPACC
(ACPACC) Functions include authority to confer ACPA title and
promoting the acceptance of ACPA.
Report progress of work to ASEAN Coordinating
Committee on Services (CCS)
The ASEAN Chartered Professional Accountant (6) Acceptance of a Recognized Foreign Professional
Register is where all ACPA are emplaced upon Accountant (RFPA) by the host country through
acceptance of the application by the ACPACC and NAB/PRB
payment of the necessary fees.
NAB and/or PRA Country of Origin
37 38
MC assesses the
professional
Responsibility of NAB and/or PRA
accountant in 42
accordance with
NAB/PRA approves NAB/PRB rules and
application after submit to ACPACC ACPACC receives and
assessment of ACPA evaluates application
to be permitted to
work as RFPA
if applicant has
complied fully with the
Consider application and authorize ACPA to
requirements apply as Registered Foreign Professional
Accountants (RFPA)
ACPA submits
Monitor and assess the professional practice
Successful candidates
application to NAB/ to pay ACPA of the RFPA
PRA (host country) subscription fees to
to become an be listed on the
ACPAR
RFPA
Brunei Per British Commonwealth PAOs requirements Brunei IFAC Code of ethics (CoE)
Cambodia - 40 hours per one year Cambodia KICPAA CoE
Indonesia 120 hours per 3 years Indonesia Various rotation rules/various cooling period
Laos 120 hours per 3 years Laos LICPA CoE based IFAC CoE
Malaysia 120 hours per 3 years Malaysia MIA based on IFACs CoE
Myanmar 120 hours per 3 years Myanmar - MAC law in line with IFACs CoE
Philippines 60 hours per 3 years Philippines Code of Ethics based on 2010 IFACs CoE
Singapore 120 hours per 3 years Singapore ISCAs is based on IFACs CoE
Thailand 18 hours per 1 year Thailand Code of Ethics based on 2012 IFACs CoE
Vietnam 40 hours per 1 year Vietnam Code of Ethicsbased on IFACs CoE
Brunei Brunei D. Accounting Standard Council Brunei IFRS for PIEs since 2014
Cambodia National Accounting Council Cambodia CIFRS for listed, insurance since 2012
Indonesia IAI Financial Accounting Standards Board Indonesia IFAS based on 2009 IFRS, excl IAS 1,41,15
Laos Accounting Dept of the MoF Laos - IFRS for listed Cos starts 2017
Malaysia Malaysian Accounting Standards Board Malaysia MFRS for listed Cos, banks,insurance
Myanmar MAC Myanmar MFRS for public Cos, financial institutions
PhilippinesPhil Financial Reporting Standards Council Philippines PFRS large/publicly accountable entities
Singapore Accounting Standards Council Singapore SFRS for Cos
Thailand Thai Acctg Standards Setting Committee Thailand TFRS based on 2013 IFRS for PAEs
Vietnam Ministry of Finance Vietnam VAS developed based on IFRS
Brunei Brunei GAAP for Non-PIEs Brunei No legally required auditing standards;
Cambodia CFRS for SMEs beginning 2010 Cambodia CISA which is the same as ISA
Indonesia SAK-ETAP for Non-PIEs Indonesia SPAP which is fully consistent with ISA
Laos LFRS for SMEs beginning 2017 Laos would promulgate in line with ISA
Malaysia Msian Private Entity Reporting Standards Malaysia- ISA adopted as MASA
Myanmar MFRS for SMEs adopted Myanmar ISA adopted as MSA
Philippines PFRs for SMEs beginning 2010 Philippines ISA adopted as PAS
Singapore SFRS for qualifying SMEs Singapore ISA adopted as SSA
Thailand - TFRS for SMEs to start in 2017 Thailand ISA translated into Thai with no modification
Vietnam IFRS for SMEs not adopted yet Vietnam VSA closely aligned with ISA
10. Oversight /Quality Assurance
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Brunei PAOC/planned for 2014
Cambodia QCC of KICPAA/adopted ISQC in 2010
Indonesia- PPJAP of Supreme Audit Board
Lao PDR MoF in-charge of QAR
Malaysia MIA Practice Review Program for Non-PIEs Are we ready for it?
auditors; Audit Oversight Board for PIEs auditors
Myanmar - Compliance Review Committee
Philippines BOA; with court injunction deferring QAR
Singapore- ACRA for PIEs/ISCA for non-PIEs
Thailand SEC for listed/FAP for non-listed
Vietnam A Dept of MOF implements QAR
Singapore Indonesia Thailand Malaysia Vietnam Philippine Philippines Cambodia Myanmar Laos PDR Brunei
2012 60,980 19,138 10,699 9,400 8,368 2,797 2012 2,797 1557 1,354 294 865
2013 56,138 18,443 12,999 12,297 8,900 3,859 2013 3,859 1,274 2,621 427 726
2014 72,098 22,276 11,538 10,714 9,200 6,200 2014 6,200 1,726 946 913 568
Share 53% 16.4% 8.5% 7.9% 6.8% 4.6% Share 4.6% 1.3% 0.7% 0.7% 0.4%
Source: ASEAN Foreign Direct Investment Database as of 26 May, 2015 Source: ASEAN Foreign Direct Investment Database as of 26 May, 2015
Source: All figures are from IMF 2014 published in April 2015
Challenges73 for ASEAN Challenges
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for AFA
Implementation of MRAs
Providing assistance to ASEAN member bodies
on capacity building of accountants through
Harmonization of qualifications of professionals exchange of knowledge and best practices
through AQRF
Coordinate with each member bodies to
Commitment to achieve the free flow of trade in update the information contained in
services by 2015 as outlined in the AEC Blueprint. (1) The AFAs Easy Guide to Setting up
Accountancy Practices in ASEAN Countries; and
Need to enhance its effort on services facilitation (2) The 2014 AFA World Bank Report on
and cooperation activities, to complement the Accountancy and Auditing Practices in ASEAN
liberalization efforts.
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Membership of AFA Member Bodies
Membership of Member Bodies As of October 1, 2014
As of October
77 1,2014 78
Challenges for
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Government Challenges for
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Accountants
End
of
Presentation
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