On 14 July 2020, the Ministry of Finance ("MOF") issued a Decision on the management of the accounting software No.1835/MOF ("Decision"), which was published in the Lao Official Gazette on 13 July 2021 and came into force on 28 July 2021. This Decision sets out the principles, rules, and measures in relation to the promotion of the use of modern tools in management-accounting activities. The Decision applies to individuals, legal entities, accounting units, and relevant departments/agencies using and developing accounting software in Lao PDR, and replaces the Decision No.0210/MOF dated 1 February 2010.
The types of accounting software developed for use in management-financing and accounting activities include the following:
- Accounting software used for the unit holding a state account; and
- Accounting software used for the unit holding an enterprise account.
The accounting software used for the unit holding a state account may be used for loans and grants programmes such as foreign loans programmes, foreign grants programmes, and those that relate to social organisations, foundations, non-profit funds, and entities. The accounting software used for the unit holding an enterprise account or specific account may be permitted by MOF for use by fund providers.
The accounting software used in budget-treasury work and the accounting software of banks and other financial institutions under the management of the Bank of the Lao PDR must comply with the specific regulations of the Bank of Lao PDR.
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