Myanmar Report on Observance of Standards and Codes : Accounting and Auditing Module
Since launching fundamental political and economic reforms in 2011, Myanmar has been undergoing a major transformation aimed at increasing openness, empowerment and inclusion. The economic transition has witnessed an acceleration in growth, buoyed...
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| Format: | Report |
| Language: | English en_US |
| Published: |
Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/486091497260537835/Myanmar-Report-on-Observance-of-Standards-and-Codes-ROSC-accounting-and-auditing-module http://hdl.handle.net/10986/27144 |
| Summary: | Since launching fundamental political
and economic reforms in 2011, Myanmar has been undergoing a
major transformation aimed at increasing openness,
empowerment and inclusion. The economic transition has
witnessed an acceleration in growth, buoyed by improved
macroeconomic management, increased gas production and
exports, and stronger performance in the non-gas sectors as
the economy opened up. Medium-term economic growth is
projected to average 7.1 percent per year. The new
Government’s economic objectives envisage Myanmar’s economy
becoming more competitive and with the ability to attract
increased foreign direct investment. The objectives include
the development of an integrated capital market and a modern
financial sector. A fundamental foundation for any
market-based economy is high quality financial reporting and
auditing practices. This plays a vital role in promoting
improved transparency and accountability thereby ensuring a
level playing field and promoting investor confidence. The
Reports on the Observance of Standards and Codes (ROSC) are
a joint World Bank and International Monetary Fund (IMF)
initiative that helps member countries strengthen their
financial systems by improving compliance with
internationally recognized standards and codes. The ROSC was
developed in the wake of the financial crisis of the late
1990s as part of a series of measures to strengthen the
international financial architecture. The global financial
community believed the implementation of internationally
recognized standards and codes will provide a framework to
strengthen domestic institutions, identify potential
vulnerabilities, and improve transparency. |
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