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Accounting Standards

Introduction


Most counties in the Mekong sub-region apply International and United States Accounting Standards viz International Accounting Standards (ISA) and Generally Accepted Accounting Principles (GAAP) UK. However, some countries have developed their  own accounting standards for both private and public sectors. China, Vietnam and Thailand have adopted different systems in  harmony with IAS and GAAP (UK). China's and Vietnam's accounting systems are used by both the private and public sectors while the Thailand Accounting Standards is used only by the public sector. 

   Cambodia Lao PDR Myanmar Thailand Vietnam Yunnan, China
Authorized by Established a New Accounting Committee Ministry Of Finance Myanmar Accountancy Council & Auditor General's Office Ministry of Commerce and Institute of Certified Accountants and Auditors of Thailand (ICAAT) Ministry of Finance. Division of Administration of Accounting Affairs (DAAA), Ministry of Finance
Accounting Principles International Accounting System (IAS) UK GAAP
 
International Accounting System International Accounting System or UK GAAP International Accounting System International Accounting System IAS and Accounting Standards for Business Enterprises
Name of New Accounting Standards Not established Not established not promulgated accounting standards Thai Accounting Standards (TAS) Vietnamese Accounting Standards (VAS) Accounting Standards for Business Enterprises (ASBE)
Applied by non-public Companies -- -- -- Voluntarily Yes Yes
Year enacted New Accounting Standards -- -- -- 2000 2000 1993
Segment Reporting IAS14 
1997 
IAS14 
1997
IAS14 
1997
TAS 24, Applied to public sector VAS  applied to enterprises of all economic sectors ASBE applied to enterprises of all economic sectors
Inventory IAS2 IAS2 IAS2 TAS Applied to public sector VAS 02 applied to enterprises of all economic sectors ASBE applied to enterprises of all economic sectors
Tangible Fixed assets IAS IAS IAS TAS applied to public sector VAS 03 applied to enterprises of all economic sectors ASBE applied to enterprises of all economic sectors
Intangible Fixed assets      IAS38  IAS38 IAS38 TAS applied to public sector      VAS 04 applied to enterprises of all economic sectors ASBE applied to enterprises of all economic sectors
Leases IAS17
2003
IAS17 
2003
IAS17 
2003
IAS17 
2003
VAS 06 applied to enterprises of all economic sectors ASBE applied to enterprises of all economic sectors
Revenue & Other Incomes IAS 18 
1993
IAS 18
1993
IAS 18
1993
TAS applied to public sector VAS 14 applied to enterprises of all economic sectors ASBE applied to enterprises of all economic sectors
Construction Contracts IAS 11 
1993
IAS 11
1993
IAS 11 
1993
TAS 49 applied to public sector VAS 15 applied to enterprises of all economic sectors ASBE applied to enterprises of all economic sectors
Borrowing Costs IAS IAS IAS TAS applied to public sector 16 VAS applied to enterprises of all economic sectors ASBE applied to enterprises of all economic sectors
Cash Flow Statement IAS 7 IAS7 IAS7 TAS 25 applied to public sector   VAS 24 applied to enterprises of all economic sectors ASBE applied to enterprises of all economic sectors
Implications Intends to issue standards base on IAS IAS The Council does not promulgate accounting standards For financial reporting purposes, non public companies voluntarily agree    VAS applied to both public and private sectors in harmony with IAS China has announced a policy of developing new Accounting Standards in harmony with IAS
  
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