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Economic system
According to Bozyk (2006), Malaysia is considered as an open state-orientated, newly industrialized market economy. Malaysia has a diversified and rapidly expanding manufacturing sector which contributes 35% of the GDP. On the other hand, service sector in Malaysia is contributing 49.7% of GDP. Based on Economy Watch (2010), Malaysia had an annual growth rate of 6.5% in GDP for more than 50 years and it is one of the Asia countries with best economic records
Legal system
Malaysia is a country which adopted a mixture of legal system. English common law is the main law in Malaysia as a result of Britain colonial in early 1800s to 1960s. Besides, Islamic law and customary law are also practiced in Malaysia. Islamic Law is compulsory to be follow by the Islam and customary law is generally applied to all as it is traditional rules which has become an accepted conduct in a community treated as a legal requirements.
Political
Political system practise in Malaysia is the parliamentary democracy. Since independence, Malaysia is led by the same coalition government of the National Front (Barisan National and the United Malays National Organisation (UMNO) and other parties representing other main etnic group in Penisular Malaysia. In addition, enhancing national unity and economic development with equity are the two main long term goals which are being focus by the political leadership. (EU-Malaysia Chamber of Commerce and Industry, n.d.)
Education
Education system in Malaysia is not well developed. According to National Economic Advisory Council (2010), the human capital in Malaysia is not improving and education system failed to deliver the required talent. For instance, 80% of Malaysia's workforce received education only up to Sijil Pelajaran Malaysia based the the Department of Statistic in 2007 and the government and they are not skilled anough.
Religion
Malaysia is a multi culture society in Asia. According to Census (2000), it is made up with 65% of malays and other bumiputra, 26% of Chinese follow by 8% of Indians. Consequently, the main religions in Malaysia are Islam, Buddhist and Hindu. People are freedom in practising their own religion without discriminatory to other religions.
Mueller and Gray Classification
Based on Mueller's classification of development patterns, Malaysia can be classified under independent discipline approach where
Accounting is viewed as a service function that derives its concepts and principles form the business process it serves, but not from a discipline such as economy. (Mueller, 1967). However, it is not always appropriate to use Mueller classification towards Malaysia accounting development. In this case, Gray's cultural framework for classifying accounting system has to be taking into account. (Gray, 1988). Refer to Gray's classification, Malaysia is categorized under Asian-Colonial with lower level of flexibility and high level of statutory control in terms of authority and enforcement. Besides, in terms of measurement and disclosure, Malaysia is grouped under low level of optimism and less transparency.
3.0 会计监管框架Regulatory framework of accounting
In Malaysia, every public listed company are required to presents their yearly financial report to the shareholders. This is because financial reports allowed the external users to obtain information
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