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Purpose – The purpose of this paper is to examine the perceptions of professional accountants from three countries from the Association of South East Asian Nations (ASEAN) in order to evaluate their perceived benefits associated with the adoption of International Financial Reporting Standards (IFRS) in their respective nations as well as the implications of these standards for the accounting and auditing professions in their country of practice. It also explores the extent to which the adoption of IAS/IFRS accounting standards have been supported by the state, media and local professional accounting bodies. Design/methodology/approach – The study uses survey approach to seek perceptions of professional accountants in these three countries with a view to understanding their perceptions regarding the socio-economic issues related to the adoption of the IFRS and role of social institutions. The study also uses appropriate statistical tests for interpretation of the data. Findings – The analysis of the data shows that accounting professionals in Singapore, Malaysia and Indonesia strongly supported IFRS adoption; their opinions did not differ significantly by place of training, experience or professional qualifications. Respondents agreed that their countries benefited economically from harmonisation with global accounting standards. The surveyed accountants believed that pressure from international agencies was instrumental in the adoption of IFRS in the region. The findings also show that governments, the media and professional accounting bodies have supported the adoption, communication and application of IFRS. Originality/value – This is the first study examining the role of social and professional institutions in the adoption of the IFRS and one which also provides an inter-country comparison of accountant’s perspectives on adoption of the IFRS among three ASEAN countries.

This article concerns inter-disciplinary research on questions about the socio-economic impact of the adoption and convergence of International Financial Reporting Standards (IFRS) with local standards in selected countries. The article approaches the research in two stages. The first stage concerns the findings and analysis relating to the general impact of the IFRS standards on Singapore and Malaysia. Findings reveal that respondents expressed reservations about cited IFRS adoption benefits, including increases of foreign investment and equity cost reductions; and stakeholder confidence has been eroded by the complex harmonising of principles-based 'fair value' requirements. Debate continues on the application of IFRS regarding standards on financial instruments, real estate and agriculture. Our qualitative research methodology of survey uses institutional theory and stakeholder theory for analysis.The second stage posits further research for IAS12 Income Taxes, given accounting standards are one starting point for tax compliance, and that income taxes form part of financial statements. A test questionnaire was prepared and industry respondents were asked questions on the extent of IAS12's challenges to practitioners in Australia. Keywords IAS 12, income tax, IFRS, Singapore, MalaysiaThis article is available in Australasian Accounting, Business and Finance Journal: http://ro.uow.edu.au/aabfj/vol9/iss1/7 ASEAN countries 4 are being assisted by major development financing institutions, including the World Bank and the Asian Development Bank, mainly due to the development of global capital markets, the growth of multi-national enterprises and the Asian financial crisis in the mid-1990s (Briston 1990, 195-216). As investors and creditors require up-to-date financial statements and reports, the professional accounting practices of ASEAN countries are being increasingly scrutinised. ASEAN countries are thus under pressure to adopt a uniform set of accounting standards. Convergence of local accounting standards with IFRS is now one of the rising concerns among stakeholders with interests in ASEAN countries (Yapa 2012).In June 2011 a forum was held in Bali, Indonesia with the theme of, 'Towards One Global Standard: the challenges and opportunities of IFRS adoption in Asia-Oceania Region'. 5 Delegates from sixteen countries attended the forum to deliver papers and debate issues relating to adoption of IFRS. The presentations and panel discussions highlighted the importance of benchmarking, collegial work among standard setters with other regulatory bodies (including taxing authorities); and professionals to support for IFRS convergence/compliance in the region. Discussions covered the need for tax preparers to understand any differences between the Generally Accepted Accounting Principles (GAAP) and IFRS reporting methods. Thus, along with retraining financial accountants in a new accounting method, organisations will need to ensure other internal preparers, such as tax accountants, understand the different m...

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Australia has welcomed new business investment of $200 billion for integrated gas projects. However lower than expected tax receipts have tempered the early optimism of project benefits. In particular, petroleum resource rent tax (PRRT) revenues since the 2002–03 financial year have fallen. These reduced revenues have raised concerns about the effectiveness of petroleum taxation in Australia and pressured the Australian Government to call for a review of the PRRT in late 2016. Examined are the modifications necessary to the petroleum fiscal regime to address one of the PRRT Review's aims of providing an equitable return to the Australian community. Findings from a case study of an operational gas project include the need for PRRT modifications, and the addition of royalties for particular integrated natural gas projects in Commonwealth waters. The article is significant for its unique overview of Australia's petroleum taxation since the fall in oil prices from mid-2014 and the rise of gas export projects. This interdisciplinary and empirical research forms an important contribution to the current Commonwealth PRRT Review through its recommendations for change to the Petroleum Resource Rent Tax Assessment Act 1987 (Cth). It calls for more uniform federal legislation for the taxation of petroleum resource projects.