The Evolution of Institutional Environments in the Development of Accounting Regulations and Practices in Malaysia

Corina, Joseph and Esmie Obrin, Nichol and Mariamin, Rahmat and Josephine Avelind, Noyem (2023) The Evolution of Institutional Environments in the Development of Accounting Regulations and Practices in Malaysia. In: History of Accounting, Management, Business and Economics. Springer, Singapore, Singapore, pp. 61-81. ISBN 978-981-99-3346-4

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Abstract

This paper presents several important institutional issues comprising economic and governmental pressures, the legal system category, cultural backgrounds and global pandemic crisis to offer understanding into Malaysia’s accounting practices since 1957. The isomorphism conception under the institutional theory is used to provide a grasp of the position of institutional factors which explain the development of Malaysian accounting regulations and practices. An archival review is made on the websites of accounting professional bodies, journal articles, accounting reference books and other related documents from 1957 until present. This paper adds to offering an overall view of Malaysia’s political, economic, and regulatory atmosphere and accounting and financial reporting framework. Utilizing the isomorphism conception, this review adds on to the worldwide accounting research literature by explaining institutional factors which explain the development of accounting regulations and practices in Malaysia. This whole-inclusive approach would help to understand the current practices and assist to steer the reformation of accounting regulatory in the future. This paper would be useful to academics, practitioners and higher authorities, who strive to improve accounting practices, disclosures and regulations.

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