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by the high level of FCCG with the purpose of raising and enhancing the awareness and practices of good corporate governance in Malaysia.

9.0 协调Harmonisation
Based on Nobes (1992), harmonization is a process of increasing the compatibility of accounting practices by setting bounds to their degree of variation. Even though Malaysia is considered as an Islamic country, the recent development of FRS to comply with IFRS had brought Malaysia closer to the process of harmonization. Furthermore, this can be explained through the announcement made by MASB on 17 November 2011 where the FRS will be replaced by Malaysian Financial Reporting standard (MFRS) from January 2012 onwards in order to converge with the IFRS standards issued by International Accounting Standard Board (IASB).(Geoffrey, 2011). However, these standards are poorly adopted and utilized by all the companies in Malaysia. For instance, some of the small and medium enterprises (SMEs) are still following their own accounting standards. In this case, relevant actions such as setting rules and regulations or provide workshop for these organisations should be taken by the accounting profession in Malaysia so that the harmonization is completely achieved.

10.0 结论Conclusion
To sum up, the accounting development in Malaysia over the last 15 years had change significantly since the year 2006 with the adoption of FRS to MFRS in 2012. Malaysia had made a lot of adjustments and changes relating to the accounting improvement while converging FRS with IFRS or IAS. After some times, it had also taken the full set of IFRS without hesitation by developing the MFRS which are word-by-word equivalent to IFRS issued by IASB. In other words, Malaysia had break through the obstacles to harmonization as it is getting closer to the road of achievement. Only when harmonization is achieved, some benefits such as greater transparency, greater understandability, ease to compare financial data across borders, lower susceptibility to political pressures than national standards as well as profitability of knowledge and education across national boundaries can be enjoyed by the user of financial report in Malaysia.
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