This is also
consistent with the aims of the ASEAN Federation of Accountants (AFA)
that was established in 1997 as an umbrella organisation for the national
associations of accounting professionals of its member countries. Among
its objectives is to advance the status of professional accountants in the
region. AFA also advocates the same accounting standards to be used in
all ASEAN member countries and the standards recommended are those
of the IFRS (AFA, 2010).