Asian countries require financial statements prepared in accordance with domestically accepted accounting and auditing standards. Many Asian domiciles are shifting toward international accounting standards such as the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (US GAAP).

The London-based International Accounting Standards Board (IASB) compiles the IFRS, while the Financial Accounting Standards Board (FASB) sets the GAAP in the US.

The ASEAN Federation of Accountants (AFA) serves as the umbrella organization for the national associations of accounting professionals of the member countries of the Association of South East Asian Nations (ASEAN).

For Islamic markets, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) sets standards on accounting, auditing, governance, ethical and Shari'a compliance for its members. AAOIFI is a self-regulatory organization with members composed of market participants as well as regulatory and supervisory bodies from 24 countries. The mechanism for using AAOIFI's standards vis-à-vis other standards, including IFRS and GAAP, is provided at the link below.

A summary of local accounting standards is also detailed in the table below. For more specific information on local accounting and audit standards, please refer to the market home pages.