Good Governance Implementation in Public Sector: Exploratory Analysis of Government Financial Statements Disclosures Across ASEAN Countries

The purpose of this research is to investigate the disclosure level in the Association of South East Asian Nations (ASEAN) governmental financial statement for year ended 2012-2013.The research method employed is exploratory quantitative. Data collected using disclosure checklist provided by International Public Sector Accounting Standard (IPSAS). Two countries in ASEAN, Indonesia and Malaysia was selected as a sample. Data analysed using descriptive statistics.The research indicated that although Indonesia's government financial statements provide more disclosure rather than Malaysia's, but generally, disclosure level in both countries is low, indicate that both countries still has to increase their disclosure level in the future.