Financial reporting regulation in ASEAN: Features and prospects

Abstract This paper analyses similarities and differences in the financial reporting regulation practices of the six countries comprising the Association of South East Asian Nations (ASEAN). Similarities are observed in the objectives of financial reporting regulation and in the participation of the private sector in accounting standards setting and enforcement. Differences are discerned in each country's companies law requirements, securities market regulations, accounting standards-setting procedures and accounting standards content. Factors influencing regulatory approaches are discussed. They include previous colonial linkages, official efforts to develop a securities market, and the effects of increasing economic integration in ASEAN. An increased understanding emerges of the forces shaping the past and future development of financial reporting in ASEAN.