Accounting In Malaysia In The Post-New Economic Policy (NEP) Era

Azham Md. Ali


Following the economic recession in 1985-86 but prior to the Asian Financial Crisis in the third quarter 1997, accounting in Malaysia appeared to have been energised with major amendments of the Companies Act 1965, activation of the statutory accounting body Malaysian Institute of
Accountants (MIA) and talks over the setting up the Malaysian Accounting Standards Board (MASB). This study attempts to find out the reality of these changes and the reasons behind this reality. By applying the political economic approach to accounting (Cooper & Sherer, 1984) and with data obtained from primary and secondary source documentation and in-depth
interviews, it is found that superficial accounting changes had taken place: Companies Act amendment on additional auditor reporting duty was lacking in enforcement, the revived MIA acted inadequately as accounting regulator; and, the MASB was established with no enforcement capability.
These changes were consistent with and stemmed from Malaysia's social,
economic and political attributes which were supported by the elite class.


Accounting, Malaysia, post-NEP era, elite, environmental attributes

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