Private Company Accounting Drivers in Asia

Abstract

Private company accounting is gaining momentum
in all parts of the globe. Ever since the International Accounting
Standards Board (IASB) issued International Financial
Reporting Standards (IFRS) for Small & Medium Enterprises
(SMEs) or private / unlisted companies, there has been a
growing acceptance around the world for mandatory accounting
disclosures by the private sector. Some Asian countries have
made much headway and have already issued standards
mandatory for private companies. Others will have to follow
soon as part of good corporate governance practices to keep
alive the interest of foreign investors in mergers, acquisitions
and other projects.