The Association of Chartered Certified Accountants (ACCA) and the Myanmar Institute of Certified Public Accountants (MICPA) have agreed a capacity building programme to develop the profession in Myanmar.

It will support MICPA in the development of a strategic plan to become a sustainable professional body. The project aims to strengthen MICPA in its role of serving the accountancy profession in Myanmar and achieve their objective of IFAC membership.

The project is part of the International Federation of Accountants (IFAC) Professional Accountancy Organisation Capacity Building Programme, funded with aid from the UK government through an agreement between IFAC and the Department for International Development (DFID). The investment in this project recognises the role of the profession in the economic growth of the country.

ACCA chief executive Helen Brand explained: “We will create an action plan for MICPA’s membership of IFAC, working closely with the Myanmar Accountancy Council and Office of the Auditor General throughout the project.”

MICPA CEO Tin Shein said: “Myanmar’s economy is continuing to grow and as such there is a clear need for a robust accounting profession that can drive and support the economic growth of both the private and public sectors. Myanmar is looking to be a market-based economy with a healthy investment climate, which needs private investment, both domestic and cross-border.”

IFAC Executive Director, quality & development, Alta Prinsloo commented: “IFAC believes an effective, modern accountancy profession advances economies and helps to create wealth. This project will contribute to Myanmar’s ongoing economic reform by working to modernise its accountancy profession.”