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Accounting regulatory architecture in Asia

Author

Listed:
  • Linda True
  • Walter Yao

Abstract

Accounting regulatory regimes play a critical role in ensuring the reliability of financial data and the credibility of a company, and ultimately in supporting the stability of an economy. For the United States, the collapse of the Enron Corporation and the eruption of other financial statement related scandals a decade ago stand as clear reminders of the importance of reliable audit reviews and adequate regulatory oversight. These scandals led to the passage of the Sarbanes-Oxley Act of 2002 (Sarbanes- Oxley Act). This legislation created an independent accounting oversight board to supervise the U.S. accounting industry and instituted a number of new audit-related requirements. Prompted in part by these U.S. actions, many Asian economies have established similar regulatory bodies and standards for their domestic accounting industry.

Suggested Citation

  • Linda True & Walter Yao, 2012. "Accounting regulatory architecture in Asia," Asia Focus, Federal Reserve Bank of San Francisco, issue Apr.
    • Handle: RePEc:fip:fedfaf:y:2012:i:apr
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    Keywords

    Regulation;

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