To provide an organisation for ASEAN Accountants for the further advancement of the status of the profession in the region with the view to establishing an ASEAN philosophy on the accounting profession.
Micro Accounting Model
The Micro Accounting Model (MAM), developed by the Institute of Singapore Chartered Accountants (ISCA), is designed to facilitate micro, small and medium businesses (MSMEs) operating in ASEAN to adopt accrual accounting. The model contains significant simplifications to a number of areas, including accounting for financial instruments. But at the same time, it keeps within the confines of pervasive principles derived from the International Accounting Standards Board (IASB)s conceptual framework and full IFRSs. It also lays out principles that encourage the use of judgment in the particular circumstances of a transaction or event. In addition, it includes a set of illustrative financial statements and reconciliations to IFRS and IFRS for SMEs. This project would not have been possible without the inputs from ASEAN Federation of Accountants (AFA) Accounting Standards Group (AASG) members.