Globalization occurs largely as a results of acutely aware choices to liberalize cross-border transactions in money, product, services, people and information. In alternative words, it's a concept of free flow of capital and trade in goods and services while not regulation barriers among countries.
This forms the basis for the provisions of the World Trade Organization's General Agreement on Tariffs and Trade of that Malaysia could be a signatory member.
The WTO agreements allow countries to introduce changes gradually, through progressive liberalization. Developing countries are typically given longer time to satisfy their obligations.
The utilization 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 goods and services across national borders. Consistent with the WTO, the services sector has grown tremendously during the recent decades.
Indeed several researches showed that exporting professional services in the world market was a possible growth section that might increase a rustic's GDP and produce a lot of job opportunities.
As for Malaysia, professional services has accounted for 3.3% and 4.7% solely of the total job opportunities for the year 2000 and 2003 respectively in the country. Though Malaysia's services sector continues to maneuver at an upward trend, the entire export services price proportion of the overall export as discussed earlier is still way below than that of developed countries.
So, 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 topic of this article.
Inside the accounting services sector, the bookkeeping, accounting and auditing services are liberalized. With Malaysia being a member of WTO GATT, it's solely a matter of your time when different services like consultancy and advisory to be liberalized.
Accounting companies and Taxation Services in Malaysia are competing with not only foreign accounting firms in the accounting services sector, but also the non-accounting service-providers like Certified Financial Planners and Chartered Financial Analyst.
With the liberalization of accounting services, local accounting companies will face greater competition and challenges within the international market for skilled services. In line with Analysts, a native accounting firm should read the liberalization of the services sector as a great challenge especially for those which are well prepared, since the liberalization method will enable them to reap sizeable benefits.
Those unprepared ought to take the chance to organize themselves. With the inevitable trend toward globalization, an accounting firm in Malaysia primarily has 2 choices:
1. They either keep contented with rendering traditional services without innovating new services needed by the international market that might result in their losing their purchasers, or
2. They'll expand overseas and develop new growth opportunities to fulfill clients' changing needs.
In short, companies that fail to reply adequately to strategic imperatives within the liberalized environment may gradually deteriorate and ultimately collapse.
Indeed it is imperative to require stock of the extent of readiness of Secretarial Service providers and Accounting firm Malaysia in meeting globalization challenges. - 29969
This forms the basis for the provisions of the World Trade Organization's General Agreement on Tariffs and Trade of that Malaysia could be a signatory member.
The WTO agreements allow countries to introduce changes gradually, through progressive liberalization. Developing countries are typically given longer time to satisfy their obligations.
The utilization 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 goods and services across national borders. Consistent with the WTO, the services sector has grown tremendously during the recent decades.
Indeed several researches showed that exporting professional services in the world market was a possible growth section that might increase a rustic's GDP and produce a lot of job opportunities.
As for Malaysia, professional services has accounted for 3.3% and 4.7% solely of the total job opportunities for the year 2000 and 2003 respectively in the country. Though Malaysia's services sector continues to maneuver at an upward trend, the entire export services price proportion of the overall export as discussed earlier is still way below than that of developed countries.
So, 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 topic of this article.
Inside the accounting services sector, the bookkeeping, accounting and auditing services are liberalized. With Malaysia being a member of WTO GATT, it's solely a matter of your time when different services like consultancy and advisory to be liberalized.
Accounting companies and Taxation Services in Malaysia are competing with not only foreign accounting firms in the accounting services sector, but also the non-accounting service-providers like Certified Financial Planners and Chartered Financial Analyst.
With the liberalization of accounting services, local accounting companies will face greater competition and challenges within the international market for skilled services. In line with Analysts, a native accounting firm should read the liberalization of the services sector as a great challenge especially for those which are well prepared, since the liberalization method will enable them to reap sizeable benefits.
Those unprepared ought to take the chance to organize themselves. With the inevitable trend toward globalization, an accounting firm in Malaysia primarily has 2 choices:
1. They either keep contented with rendering traditional services without innovating new services needed by the international market that might result in their losing their purchasers, or
2. They'll expand overseas and develop new growth opportunities to fulfill clients' changing needs.
In short, companies that fail to reply adequately to strategic imperatives within the liberalized environment may gradually deteriorate and ultimately collapse.
Indeed it is imperative to require stock of the extent of readiness of Secretarial Service providers and Accounting firm Malaysia in meeting globalization challenges. - 29969
About the Author:
YL CHEE provides accountancy and business services to corporations, professionals, business house owners, people and non-profit organizations. Our highly-skilled and well-trained staff are well versed in all side of accountancy.
