NEW accounting standards drafted by the Myanmar Accountancy Council were implemented April 1 in a bid to eliminate problems caused by the use of inconsistent systems.

The Myanmar Accounting Standards will enable government departments, private companies, accounting firms and certified public accountants to work under the same regulations, which will streamline the auditing process in the country, said U Thein Myint, the secretary of the council.

Before the Myanmar standards were drafted, the government and private organisations relied on a variety of systems used by the United States, Britain and the International Accounting Standard Committee based in Geneva, Switzerland, said U Thein Myint, who is also the director of the Office of the Auditor General.

The new standards are based on those set by the IASC, which are widely accepted in Europea and Southeast Asia, U Thein Myint said. The Myanmar Accounting Standards Committee, under the council, began drafting the new standards in January 2002. The first 12 of 35 sections were completed by late 2002 and took effect in March 2003.