Private Company Accounting Drivers in Asia

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.