A Broad Analysis of United States Generally Accepted Accounting Principles and the Malaysian Accounting Standards Board Approved Accounting Standards

17 Pages Posted: 19 Sep 2003

See all articles by Takiah Mohd Iskandar

Takiah Mohd Iskandar

National University of Malaysia (UKM) - School of Accounting

David C. Yang

University of Hawaii at Manoa - School of Accountancy

Norman Mohammed Saleh

National University of Malaysia (UKM) - School of Accounting

Terry Gregson

University of Hawaii at Manoa - School of Accountancy

Abstract

In response to rapid development in the economy, the Malaysian Accounting Standards Board (MASB) was established in 1997. The board is responsible for developing accounting standards and continually improving the quality of external reporting in Malaysia. In the development process, constant reference is made to the work of national standard setters of other countries and the International Accounting Standards Committee. This paper highlights major similarities and differences between United States Generally Accepted Accounting Principles (GAAP) and Malaysia approved accounting standards, and offer some suggestions as to how Malaysia might effectively continue with the further development and restatement of its accounting standards. This study finds no significant difference in the basic accounting principles, assumptions and reporting format between U.S. GAAP and MASB standards. However, some differences in rules regarding specific accounting elements have been identified. Hence, further research is needed in order to understand differences and similarities between accounting standards of the two countries in greater detail.

Keywords: GAAP, Malaysian Accounting Standards

JEL Classification: M41, M44, M48

Suggested Citation

Iskandar, Takiah Mohammed and Yang, David C. and Saleh, Norman Mohammed and Gregson, Terry, A Broad Analysis of United States Generally Accepted Accounting Principles and the Malaysian Accounting Standards Board Approved Accounting Standards. Available at SSRN: https://ssrn.com/abstract=420269 or http://dx.doi.org/10.2139/ssrn.420269

Takiah Mohammed Iskandar (Contact Author)

National University of Malaysia (UKM) - School of Accounting ( email )

Bangi, Selangor
Malaysia

David C. Yang

University of Hawaii at Manoa - School of Accountancy ( email )

College of Business Administration
Honolulu, HI 96822
United States

Norman Mohammed Saleh

National University of Malaysia (UKM) - School of Accounting ( email )

Bangi, Selangor
Malaysia

Terry Gregson

University of Hawaii at Manoa - School of Accountancy ( email )

College of Business Administration
Honolulu, HI 96822
United States

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
783
Abstract Views
6,684
Rank
58,861
PlumX Metrics