Therefore, it is so important to set new accounting standards and regulations that can be used in all ASEAN member countries. From this perspective, ASEAN has set up an accounting organization in 1977, namely the ASEAN
Federation of Accountants (AFA) that is looking after the ASEAN accounting professionals.
AFA aims to use the same accounting standards for all ASEAN member countries.
They use accounting standards following the International Financial Reporting Standards (IFRS).
Moreover, some countries already use the international accounting standards (Malaysia,
Thailand, the Philippines, and Singapore), but the other countries are preparing for the IFRS
(Indonesia, Brunei, Cambodia, Lao, and Myanmar).