Over the years, many Asian countries have reformed their national accounting standards by adopting IFRS/IAS issued by International Accounting Standard Board (IASB). The convergence of IFRS/IAS emerged substantially after the Asia financial crisis in 1997. Although it has been difficult to determine the cause of the crisis, the issue of transparency of
financial reporting was identified as a factor that stimulated the collapse.Subsequent the crisis, the region gained much attention from international organizations, especially International Monetary Fund (IMF), World Bank, all of which later became a key influencer to accounting and auditing reform in many countries. In addition, the countries themselves expressed its strong intention to restore their economies. These forces have brought them to the improvement in the business infrastructures, financial reporting standards, auditing standards and regulations to create the transparency and have a better monitoring mechanism at the end.