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International Accounting and Reporting Issues - 2013 Review

image of International Accounting and Reporting Issues - 2013 Review
This volume is dedicated to the topic of human capacity development in relation to meeting the requirements for high-quality corporate reporting. Over the past four years, ISAR has been developing and refining a comprehensive approach to achieving high-quality corporate reporting: the Accounting Development Tool (ADT). The ADT dedicates one of its four pillars to the human capacity for achieving high-quality corporate reporting. There are a number of human capacity related challenges that countries face when implementing corporate reporting standards and codes developed at a global level. It also highlights trends such as the adoption and implementation of international standards and codes, the increasing regional and international cooperation among regulators of the accounting profession, and the emergence of education initiatives.

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Case study of Malaysia

Since independence from the British in 1957, Malaysia's economic record has been one of Asia's best (World Bank, 2012). Once heavily dependent on primary products such as rubber and tin, Malaysia today is a middle-income country with a multi-sector economy, primarily agriculture, mining, manufacturing, construction, and services. Arguably, Malaysia has reached a defining moment in its development path. It is recognized that Vision 2020 is not possible without economic, social and government transformation. Malaysia is said to be caught in the middle-income trap. In response, the Government has crafted a framework to drive change. The New Economic Model (NEM) and the Economic Transformation Programme (ETP) constitute the key pillar to propel Malaysia to being a developed nation with inclusiveness and sustainability in line with the goals set forth in Vision 2020. The ETP is driven by eight Strategic Reform Initiatives (SRIs), forming the basis of the relevant policy measures. The NEM takes a holistic approach, focussing also on the human dimension of development, specifically, in cultivating an enabling ecosystem for human capital excellence with creativity and innovation. Clearly, globalization has created a fierce competition for talent, forcing the Government to recognize that people are the most valuable assets. To compete on a regional and global scale, efforts are currently underway to enable Malaysia to attract and retain talent.

English

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