Myanmar

Myanmar

Head of State :
U Win Myint

Capital :
Nay Pyi Taw

Language(s) :
Myanmar

Currency :
Kyat

ASEAN CPA

Download List : here

Profile of the Country

Information of The Country

Professional Associations

Qualifying as an Accountants

Generally, under the law, accountants can be classified as:
a. Apprentice Accountant; and
b. Certified Public Accountant

Apprentice Accountant means a person registered as an apprentice with the permission of the Council to qualify as a CPA. To register as Apprentice Accountant, a person who is admitted to the CPA course shall register with the MAC and pay the prescribed registration fees, tuition fees, and examination fees, and shall pursue studies during the period of apprentice service in accordance with the procedures. A certificate of CPA will be issued to any person who, after having passed the CPA examination, has satisfactorily completed his/ her practical training during the period of apprentice service.

To register as a CPA, the applicant, who must be a Myanmar citizen, must possess the following qualifications:

holder of a Certified Public Accountant certificate;
passed the Registered Accountant examination, has satisfactorily completed the practical training within the period of articleship;
holds an accountancy certificate or degree conferred by any foreign country and recognised by the MAC;
registered as a Registered Accountant under the Myanmar Accountancy Law, 1972 or a person who is entitled to be so registered.

This CPA certificate course could be attended by Bachelor of Commence (B.Com) or Bachelor of Accounting (B. Act) graduates from the Institute of Economics or Diploma in Accountancy graduates produced by MAC, who obtained satisfactory marks in the final examination.

The CPA training course is a 2-year post graduate program made up of class room teaching and practical training components. In order to be eligible for the CPA Certificate, all trainees (apprentices) are required to pass CPA Part I and CPA Part II examinations, and to complete two years of practical training.

The Non-Practicing CPA and Practicing CPA must obtain the Continuing Professional Education (CPE) hours 90 and 120 respectively within the continuous three years for extend the tenure of the Certificate as a CPA and PA. The person must obtain the prescribed CPE hours in the remaining years of continuous three year(s) if the person did not obtain the yearly CPE hour in early year(s). The CPE hour surplus and shortage can be adjusted to meet the respective prescribed hours within continuous three years and Continuing Professional Education has to be continuous. The minimum CPE hour is 9 hours per calendar year for Non-Practicing CPA and 12 hours for Practicing CPA.

The subjects for the 2-year course for CPAs are as follows:

For Part I course-

Advanced Accounting & Financial Reporting I,
Cost & Management Accounting I,
Practical Auditing I,
Business Mathematics & Statistics,
Financial/Service Regulations,
Commercial Laws.

For Part II course-

Advanced Accounting & Financial Reporting II,
Cost & Management Accounting II,
Practical Auditing II,
Taxation,
Data Processing & System Analysis. From CPA Part II course batch No. 38 which will be opened in August 2013, Data Processing & System Analysis subject will be replaced by Business Analysis and Strategic Information System.
Financial Knowledge & Current Economic Affairs.

Setting Up an Accountancy Practice

No person shall act as an auditor without holding a Certificate of Practice as a Practicing Accountant. Any CPA who wishes to practice accountancy as a profession must apply to the MAC for enrolment on the register of Practicing Accountants.

In order to register as Practicing Accountant, the person shall be the CPA. Under this law, only the citizens of the Union of Myanmar who hold the Certificates of Practice are allowed to practice Professional Auditing. Currently, MAC registers individuals Practising Accountants and the existing law does not allow registration of Accounting/ Auditing Firm.

Public Accountant firm

Business organisations such as partnership firms, and limited companies, which are formed in Myanmar, shall register with the Directorate of Investment and Company Administration.

The rights and obligations of a partnership firm are governed by the partnership agreement and the Partnership Act of 1932. Registration of a partnership firm is optional. However, if registered, it shall have the right to sue and to be sued.

Registration of limited companies is compulsory. The governing laws for the limited companies are the Myanmar Companies Act 1914; Myanmar Companies Rules 1940 Special Company Act 1950; Myanmar Companies (Amendment) Act 1955 and Myanmar Companies Regulations 1957.

Limited companies are classified into Myanmar companies, foreign companies and joint venture companies. Foreign companies are required to apply for a permit, before registration, under section 27A of the Myanmar Companies Act. A joint venture with the participation of the State capital shall be registered under the 1950 Special Company Act and the Myanmar Companies Act.

Law and Regulations on Accountancy Practice

The law governing accounting profession in Myanmar is The State Law and Order Restoration Council No. 1/94, The Myanmar Accountancy Council Law dated 8th March 1994. Accountancy encompasses functions pertaining to book keeping, accounting, auditing, settling of accounts, financial management and management information systems.

The objectives of this Law are as follows:

augmenting the work force of qualified accountants, who will contribute towards the economic development of the State.;
working for the advancement of Accountancy;
contributing towards the development of accounting principles and practices in government departments and organisations; and
ensuring that Apprentice Accountants, Certified Public Accountants, and Practicing Accountants observe their respective codes of ethics.

The Myanmar Accountancy Council (MAC) is the licensing body for the accountancy profession in Myanmar. MAC also functions to generate qualified accountants; contributing towards the development of accounting profession; and ensuring compliance with the codes of ethics in accounting profession. The MAC is constituted with the following persons:

the Auditor General as the Chairman;
not more that 10 citizen members of the accountancy profession;
not more than 4 suitable citizens; and
a person assigned by the Chairman as the Secretary. At the moment the Office of the Auditor-General acts as the secretariat for the MAC.

Under the law, the MAC has the following duties and powers:

giving advice to government departments and organisations on matters concerning Accountancy, if such advice is sought;
conducting, managing, and supervising training course in Accountancy conferring diplomas and certificates;
arranging for practical training pertaining to Accountancy, prescribing the period of apprentice service and recognising the accountants who can provide training;
scrutinising and recognising certificates and degrees in Accountancy from foreign countries, and stipulating requirements for citizens who hold such certificates or degrees to be registered;
appointing a suitable person as the Registrar and prescribing his duties and responsibilities;
communicating and cooperating with international accounting institutions with a view to promoting development of Accountancy;
forming the Apprenticeship and Training Supervisory Committee with Council members and other suitable citizens;
prescribing and/or altering the list of government departments and organisation which can provide training in Accountancy, and delegating such powers to the Apprenticeship and Training Supervisory Committee;
reviewing as may be necessary whether the training provided at the Accountancy courses conducted under this Law is up to specified standards;
forming necessary committees and boards and prescribing the duties thereof;
scrutinising and allowing the establishment of professional institutions for development of Accountancy profession and providing guidance and supervision thereon;
taking action against the Practicing Accountants who are negligent of their duties or who violate their code of professional ethics;
carrying out measures for successful fulfilment of the objectives of this Law.

As of May 2013, there were 448 individual practicing accountants operating in Myanmar. MAC registers practicing accountants individually and there is no registration as Associate or Firm in Myanmar according to the MAC Law

Specific Regulation

Monitoring Committee

Regulated Accounting Services

Public Practice

Statutory Audit (Including component auditor performance)
Financial Investigation (including Forensic Audit)
Review Engagement
Assurance Engagement
Agreed upon Audit Procedure (Including Independent Internal Audit)
Signing off as an external auditor for assurance on Account, Notification, prospectus, statement of account, report, cash-book and signature or form.

NAB Membership and/or PRA Registration

NAB Requirement:

Yes.

PRA Requirement:

Yes. Auditor must be registered as the Certified Public Accountant (CPA) (full-fledged) as well as registered as practising accountant (PA) with PRA (MAC) under personal or firm name.

NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)

NAB Requirement:

Membership with MICPA is required.

PRA Requirement:

Entry route of 2-year 12-paper CPA Qualification requiring 3-year apprenticeship.
Entry route of international qualification holders who pass 3-paper test, requiring 3- year apprenticeship. They must be Myanmar citizens.
CPA and PA require registration with PRA and NAB.
Firms need to register with PRA in their names, but not with NAB.

Citizenship Requirement

Auditor must be a Myanmar Citizen who practises in Myanmar. He/she stays within the country not less than 183 days within the calendar year for next year renewal of registration and license.

Remarks

Subject to domestic laws and regulations, such as Myanmar Accountancy Council Law and By-laws, the Myanmar Companies Law, Financial Institutions Law, Notifications issued by MAC, etc.

Eligibility requirement, where applicable (ASEAN CPA/RFPA)

ASEAN CPAs are not allowed to engage in regulated services.

Regulations for RFPA are in the process of being developed.

Currently, ASEAN CPAs/RFPAs are not allowed to practice auditing under the MAC Law; they can only engage in providing non-audit services, as mentioned above. Only Myanmar citizen Practicing Accountants are entitled to pursue public accounting
practice, as shown in the first column under Public Practice.

Non-Regulated Accounting Services

Professional Accountant in Business

Financial accounting
Booking
Cost and Management Accounting
Preparation, compilation or reporting of financial statements
Financial management consultancy
Investment consultancy
Tax consultancy, Tax Filing , Tax Calculation
Company registration and secretarial services
Liquidation, insolvency and receivership
Accounting system design, development and implementation
Accounting system review & analysis
Internal Audit
Accounting Education Establishment
Share Valuation
Business Valuation
Other accounting related services which shall be determined by PRA from time to time

NAB Membership and/or PRA Registration

NAB Requirement:

No.

PRA Requirement:

No.

NAB Membership and/or PRA Registration Requirement
(such as examination, test, recognised qualifications, etc)

NAB Requirement:

NAB membership is not required yet.

PRA Requirement:

PRA registration is not yet required and also there is no restriction on examinations, tests and recognised qualifications. However practising and non-practising CPA (who are registered at PRA) could perform those services.

Citizenship Requirement

No.

Remarks

No. Subject to domestic Laws and regulations, such as Myanmar Accountancy Council Law and By-laws, the Myanmar Companies Law, Financial Institutions Law, Notifications issued by MAC, etc.

Eligibility requirement, where applicable

Open to ASEAN CPA / RFPA.

ASEAN nationals officially recognized as ACPAs by ACPACC under MRA. At present, RFPAs are allowed to practice non-regulated services under MAC Law.

All About Registered Foreign Professional Accountant (RFPA)

Application Process

Fee

Download Documents

1. Assessment Statements
2. Accountancy Services