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why some Asean countries adpot Internationa accounting standard and some not?

Recent economic upheavals, such as the Asian economic crisis, have demostrated the important of accounting for the world wide economy.more and more countries are supporting Internatioinal Accounting Standards, either by introducing International Accounting Standards(IAS's) into national laws, or by adporting IAS's as the basis for local standards, For these countries IAS's are seen as the best means available t enhance the credibility of financial report.

Identify two Asean countries rely on IAS's and one that does not rely on IAS's and what factors that have motivated them to adpot/non-adopt approach to financial report? what is the effect of divergent practices between them and are their result due to differenct accounting requrements?
Chew Bee Lau


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By admin
19th May 2000 01:01

No Brainer
I was involved in introducing A/c'g Stds in Malaysia and HK.
In Malaysia we recognised v. early (before even HK) that we needed A/c'g Stds...but which ones?
UK---No for National/ethnic sensitivity etc.reasons;
USA--No. Far too complicated and legalistic ..seem to work only in a v. complex GAAP soup;
Aust.--No. Then in a shambles, too few and too Aussie...not used anywhere else.
So?.......IAS.....Plus IAS were then simply written in plain English and could be used for education.
Local--No. why re-invent wheel? Resources better spent writing local Stds for local issues and use IAS for generic issues.
S'pore and HK (eventually)followed same path for similar reasons.
Which are the SE Asian countries most successful/ least affected by the Asian crash?.....main reason is UK based legal/compliance systems plus workable, understandable A/c'g Stds....COMPLIANCE much more important than details of actual Stds.

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