Asia needs common accounting standards and improved corporate governance to sustain the region’s economic development, according to a white paper from the Asia Securities Industry Financial Markets Association Asifma.
The paper “Asia's Capital Markets Strategies for Sustained Growth” states that the evolution of capital markets in the region, outside of Japan, has not kept pace with its economic growth.
As a result, Asifma outlines several areas in need of improvement, with regional harmonisation principal among them.
“The historical tendency to compete between the region’s jurisdictions may no longer serve the best interests of market development,” the reports says.
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