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Uniform Accounting Standards

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Accounting standard is one of the most important elements that are very much needed in every organization around the globe, this standard is to ensure a more uniform and fair accounting concepts are being practiced and had takes place in the organization. In other words, accounting standard are actually a guideline use by an organization to prepare and present its incomes, expenses, assets as well as liabilities. This is necessary due to without a proper accounting standard being applied or adopted, a comparative analysis will be almost impossible on any organization. Without comparative analysis, the financial statement would not be meaningful anymore and we will no longer able to evaluate the financial status and performance of the organization …show more content…

According to Clara Wang (2011), financial statement comparability has been recognized as an important characteristic of financial reporting, further improving the usefulness of accounting information. Therefore it is somewhat important for the financial statement to be comparable to another in order to derive a more meaningful and reliable conclusion. However, for this comparison to be successful and useful, a good uniform accounting standard is first need to be established. By establishing a good uniform accounting standard too, will make Malaysia’s accounting standard be at par with other developed …show more content…

This is essential to make sure Malaysia will not being left out from the globalization wave, since more than 100 countries like Singapore, China, Japan etc have converge with the IFRS. Compare to other generally accepted accounting practices, convergence with IFRS will provide greater credibility and transparency to the financial reporting in Malaysia. Thus, making it easier mainly for investors around the world to rely and understand the financial report from those Malaysian multinational

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