Under the supervision of the Ministry of Finance, the Accounting Council is
mandated by the Accounting Law to act as technical advisor, carrying out specific
research on accounting standards and other related regulations. However, the
Accounting Council meets irregularly and does not have a full-time staff. The
Accounting Council lacks any capacity to act in an effective oversight role. The 12
person Accounting Council is led by its current president who is an ex officio Vice
Minister of the MOF. The LICPA, Chamber of Commerce, and a commercial bank are
represented on the Council along with other members from various government
departments and the public sector.