Thursday, December 3, 2009

Accounting Bonanza

The next 3 years will be a bonanza for the accounting fraternity.

First, the fair value accounting regime under FRS 139 will come into force on 1st January 2010. Lots of additional compliance work there.

Second, in the next following year GST is expected to come onstream. So, 2010 will be a frenetic year with clients running helter-skelter to put in place additional compliance procedures.

There's several hundred million Ringgit worth of billable work there. Good times.

If only the Securities Commission and Bursa Malaysia can come up with a special "Services Board" to enable accounting firms to list some equity-type interests for the rest of the investing public to get in on the action...

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