Globalization happens largely as a results of aware choices to liberalize cross-border transactions in cash, product, services, individuals and information. In alternative words, it's a concept of free flow of capital and trade in product and services while not regulation barriers among countries.
This forms the idea for the provisions of the World Trade Organization's General Agreement on Tariffs and Trade of which Malaysia is a signatory member.
The WTO agreements enable countries to introduce changes gradually, through progressive liberalization. Developing countries are usually given longer time to fulfill their obligations.
The use of the Internet and E-commerce technology has been identified as the catalyst to reduce and eliminate trade barriers among nations. The elimination of trade barriers has been found in turn to greatly facilitate the movement of products and services across national borders. In line with the WTO, the services sector has grown tremendously during the recent decades.
Indeed several researches showed that exporting skilled services in the worldwide market was a possible growth section that would increase a rustic's GDP and produce more job opportunities.
As for Malaysia, professional services has accounted for 3.three% and 4.seven% only of the entire job opportunities for the year 2000 and 2003 respectively within the country. Although Malaysia's services sector continues to move at an upward trend, the entire export services value proportion of the whole export as discussed earlier remains way below than that of developed countries.
Therefore, it is timely that the Malaysian professional services sector views the potential for this sector seriously now. This includes the accounting profession that is the subject of this article.
At intervals the accounting services sector, the bookkeeping, accounting and auditing services have been liberalized. With Malaysia being a member of WTO GATT, it is solely a matter of your time when other services like consultancy and advisory to be liberalized.
Accounting firms and Business Consulting Services in Malaysia are competing with not only foreign accounting companies in the accounting services sector, but also the non-accounting service-suppliers like Certified Money Planners and Chartered Monetary Analyst.
With the liberalization of accounting services, native accounting firms can face greater competition and challenges in the international market for skilled services. Consistent with Analysts, a native accounting firm should read the liberalization of the services sector as a great challenge particularly for those which are well prepared, since the liberalization process will enable them to reap sizeable benefits.
Those unprepared should take the opportunity to organize themselves. With the inevitable trend toward globalization, an accounting firm in Malaysia basically has two choices:
1. They either keep contented with rendering traditional services while not innovating new services needed by the international market that may end in their losing their shoppers, or
2. They'll expand overseas and develop new growth opportunities to fulfill clients' changing needs.
In brief, corporations that fail to reply adequately to strategic imperatives in the liberalized surroundings could gradually deteriorate and ultimately collapse.
Indeed it is imperative to require stock of the level of readiness of Secretarial Service providers and Accounting firm Malaysia in meeting globalization challenges. - 31821
This forms the idea for the provisions of the World Trade Organization's General Agreement on Tariffs and Trade of which Malaysia is a signatory member.
The WTO agreements enable countries to introduce changes gradually, through progressive liberalization. Developing countries are usually given longer time to fulfill their obligations.
The use of the Internet and E-commerce technology has been identified as the catalyst to reduce and eliminate trade barriers among nations. The elimination of trade barriers has been found in turn to greatly facilitate the movement of products and services across national borders. In line with the WTO, the services sector has grown tremendously during the recent decades.
Indeed several researches showed that exporting skilled services in the worldwide market was a possible growth section that would increase a rustic's GDP and produce more job opportunities.
As for Malaysia, professional services has accounted for 3.three% and 4.seven% only of the entire job opportunities for the year 2000 and 2003 respectively within the country. Although Malaysia's services sector continues to move at an upward trend, the entire export services value proportion of the whole export as discussed earlier remains way below than that of developed countries.
Therefore, it is timely that the Malaysian professional services sector views the potential for this sector seriously now. This includes the accounting profession that is the subject of this article.
At intervals the accounting services sector, the bookkeeping, accounting and auditing services have been liberalized. With Malaysia being a member of WTO GATT, it is solely a matter of your time when other services like consultancy and advisory to be liberalized.
Accounting firms and Business Consulting Services in Malaysia are competing with not only foreign accounting companies in the accounting services sector, but also the non-accounting service-suppliers like Certified Money Planners and Chartered Monetary Analyst.
With the liberalization of accounting services, native accounting firms can face greater competition and challenges in the international market for skilled services. Consistent with Analysts, a native accounting firm should read the liberalization of the services sector as a great challenge particularly for those which are well prepared, since the liberalization process will enable them to reap sizeable benefits.
Those unprepared should take the opportunity to organize themselves. With the inevitable trend toward globalization, an accounting firm in Malaysia basically has two choices:
1. They either keep contented with rendering traditional services while not innovating new services needed by the international market that may end in their losing their shoppers, or
2. They'll expand overseas and develop new growth opportunities to fulfill clients' changing needs.
In brief, corporations that fail to reply adequately to strategic imperatives in the liberalized surroundings could gradually deteriorate and ultimately collapse.
Indeed it is imperative to require stock of the level of readiness of Secretarial Service providers and Accounting firm Malaysia in meeting globalization challenges. - 31821
About the Author:
YL CHEE provides accountancy and business services to companies, professionals, business house owners, people and non-profit organizations. Our highly-skilled and well-trained staff are well versed in all side of accountancy.
