Research On The Lao Commercial Bank’s International Accounting Standards Convergence Problems And The Counter-measurements

In today’s continuous development of capital market economy era, the world economic integration trend of expanding, the economic cooperation between the countries more closely, the trade is increasing, which makes the international financial reporting standards (IFRS) brought to the attention of more and more countries. With the development of science and technology revolution, especially the application of the Internet is more and more popular, makes use of accounting information is more and more popular, is becoming more and more widely. Accounting information is an important factor in the financial system information, the financial system is one of the basic structure of the national economic development, improve the national financial system, and makes the country’s economic development. Therefore, in today’s world economy development so rapidly, more needs to countries in financial criteria for compliance with international standards.Since the reform and opening, Laos has begun attaches great importance to the construction enterprise accounting system.1979 Laos unified enterprise accounting system, and using the enterprise accounting method. Before 2008, Laos commercial bank accounting system doesn’t accord with the requirement of international accounting, especially in terms of financial reporting standards documents compiling. But after 2008, due to the central bank also realized that Laos rule of commercial bank and the international accounting standards convergence of the seriousness of the problem, to the accounting system of commercial Banks adjust and modify, this work makes Laos commercial Banks of financial reporting standards closer and conform to the requirements of international financial reporting standards.Accounting department in 2013 on behalf of Laos, the central bank issued the accounting department notice no.332, issued in 2013 on July 2nd, inform Lao commercial Banks should prepare financial reports in accordance with international financial reporting standards, at the same time, the accounting department will be responsible for translation, research, international financial reporting standards (IAS and IFRS) and to the central bank and commercial bank of staff training, in order to make them more in-depth understanding of international financial reporting standards, can be in the implementation of references and get more good effect. In early 2014, issued about Lao accounting business of the relevant law (amendment) notice, no.47/ department under the state council, issued in 2013 on December 26, paragraph 2 in article 14 of this law explicitly pointed out that, in the Laos within the jurisdiction of the central bank and other financial services unit must implement international financial reporting standards and use Lao central bank financial report form, thus it can be seen that the Lao attaches great importance to the internationalization of accounting development. But because of the international accounting standards in the continuous development of every year, many criteria have been adjusted, the newly revised standards gradually replace the old standard, the resulting Laos appeared the some principles of the central bank is not in conformity with the international accounting principles of the revised issue.Based on a large number of Laos, on the basis of domestic and foreign literature, comparing the development background of international financial reporting analysis of Laos’s current situation, using comparative analysis methods to analyze the differences between accounting standards and international accounting standards, Analysis of the implementation of the difficult problems caused by the rule of two difference and the inconvenience for bringing the accounting workers; In addition, this article also in for-profit businesses such as commercial Banks as investigation object, through the way of questionnaire, survey the Laos commercial Banks facing the problems in application of international financial standards, found the cause of national accounting standards hard to carry out in Laos has the following two points: First, the international accounting standards and international financial reporting standards are not stipulated in the relevant study of a financial and accounting professional courses, leading to many scholars, bank staff to these rules is vague; Second, the current international financial reporting standards is not a complete version of Laos, only in English, and English level is limited, Laos bank staff do not fully understand the content of the standards. In view of this, the author puts forward the following Suggestions and countermeasures to these problems:First, it is suggested that the central bank Laos attaches great importance to the international standards and the preparation of relevant rules and translate the Lao version of relatively complete, in order to reference for researchers and scholars engaged in the work of this aspect, the central bank should also give Lao commercial bank staff to provide consulting, to help explain and the useful way to solve the problem. Second, it is suggested that the central bank we regularly organize training activities in a row, imparting relevant accounting standards, in order to improve the knowledge of the bank staff. In addition, commercial Banks can hold conversations between and federation, provide staff communication platform. Finally, the bank can hold the annual foreign exchange bank, this can effectively improve the reputation of Banks and employee’s knowledge ability.The internationalization of accounting development is a big problem in many countries attaches great importance to today, it is also profoundly affects the development of national economy, therefore, the Lao’s economic development, cannot leave the effective development of accounting internationalization, and the key to the development of accounting internationalization, lies in Laos accounting standards and international convergence of accounting standards, it is important to note that in the international accounting standards implementation problems in the process of accounting internationalization, especially the problem of international financial report is an important problem that cannot be ignored.