LECTURE 2

ECONOMIC AND
ACCOUNTING
DEVELOPMENT IN
MALAYSIA
UKAF4023 ACCOUNTING THEORY AND PRACTICE
LECTURE OUTCOMES
At the end of this lecture, the student should be able to:
• Historical perspective of economic and accounting development in Malaysia.
• Role of the State in the economic and accounting development in Malaysia.
• Relationship between the State and the various interest groups within the economy
• Development of accounting along the stages of economic development

2
ECONOMIC AND ACCOUNTING DEVELOPMENT
• Patterns of accounting development can be traced to stages of economic growth
• Role of state is crucial for accounting and economic development.
• Malaysia - colonial impact, ethnic group occupation and post colonial era.
• Malaysia has pursued an active policy of economic development since independence,
consisting of economic growth, structural, social and economic changes

3
STAGES OF ECONOMIC GROWTH
• The economic growth of Malaysia is discussed along the stages of the Five Year
Economic Plans
• The planning horizon involves three stages of planning

Medium Term
Long Term Plan Short Term Plan
Plan

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MALAYSIA:
COLONIAL
BACKGROUND
PERSPECTIVE
LECTURE 2
ECONOMIC AND ACCOUNTING DEVELOPMENT IN MALAYSIA
UKAF4023 ACCOUNTING THEORY AND PRACTICE
5
THE COLONIAL IMPACT
• Developments during the colonial era is to understand the nature of new economic
framework and the accompanying set of values the British colonialists brought to the
Malay world
• The indigenous Malays were marginal in an economy dominated by Europeans
(mainly British) and the large Chinese immigrant group

MALAYSIA – A BACKGROUND PERSPECTIVE 6

MALAYSIA COLONIAL BACKGROUND
Population by Ethnic Group, Peninsular Malaysia, 1911-1957 (in millions)
Year Malays Chinese Indians Total (including other minority races)
1911 1.22 0.69 0.24 2.34
1921 1.38 0.85 0.4 2.91
1931 1.57 1.27 0.58 3.79
1947 2.16 1.89 0.54 4.92
1957 2.80 2.42 0.68 6.28

MALAYSIA – A BACKGROUND PERSPECTIVE 7

MALAYSIA COLONIAL BACKGROUND
Occupational Distribution by Ethnic Group, 1957 (in thousands)
Industry Malays Chinese Indians
Agriculture, fishing, forestry 749 310 174
Rice 381 9 0.5
Market gardening 23 54 1
Rubber 260 200 150
Mining, manufacturing 36 136 16
Commerce 32 127 32
Other industries and services 180 174 80
Government service 17 5 8
Police, Home guard 43 4 2
Armed Forces 15 2 3

MALAYSIA – A BACKGROUND PERSPECTIVE 8

MALAYSIA COLONIAL BACKGROUND
• Under the colonial regime, manufacturing was never considered a serious option for
the country.
• The colonial officials subscribed to an international division of labour in which the
colonies would produce commodities, and the metropole would manufactured goods.
• The concern of British was to modify the structure of the Malayan economy
– away from one focused on subsistence agriculture and localist and regional trade
– towards one focused upon the export economy (to Britain and USA) of raw
material (tin, rubber and timber) and importation of consumer goods

MALAYSIA – A BACKGROUND PERSPECTIVE 9

MALAYSIA COLONIAL BACKGROUND
• The primary beneficiaries of this transition were the European commercial interests
and the colonial administrative themselves.
• 2 critical problems surfaced:
– The rudimentary manufacturing base
– The minuscule development of Malay commerce and industry

MALAYSIA – A BACKGROUND PERSPECTIVE 10

ECONOMIC DEVELOPMENT ACTIVITY

• Rural Industrial Development Authority (RIDA) was established by the British

colonial administration in 1951
• It was created as a program to provide economic assistance and support to Malay
farmers and rural inhabitants – promoting economic development and assisting the
country’s rural population to improve its living condition.
• This organisation was expanded in scope and became the MARA in 1966.

MALAYSIA – A BACKGROUND PERSPECTIVE 11

DRAFT DEVELOPMENT PLAN (1950–1955)
• The plan was developed as part of broader initiatives to support development in
former British colonies under the Colombo Plan for Cooperative Economic
Development
• Goals:
– Social services, infrastructure, trade and development
• Challenges
– Emergency, 1948–60 First elections, 1955

12
MALAYSIA’S POST
COLONIAL ECONOMIC
DEVELOPMENT
LECTURE 2
ECONOMIC AND ACCOUNTING DEVELOPMENT IN MALAYSIA
UKAF4023 ACCOUNTING THEORY AND PRACTICE
13
MALAYSIA FIVE-YEAR PLAN
(RANCANGAN MALAYSIA)

1956-1960 1961-1965 1966-1970 1971-1975 1976-1980

• First Five-Year • Second Five-Year • First Malaysia • Second Malaysia • Third Malaysia
Plan Plan Plan (RMK1) Plan (RMK2) Plan (RMK3)

1981-1985 1986-1990 1991-1995 1996-2000 2001-2005

• Fourth Malaysia • Fifth Malaysia • Sixth Malaysia • Seventh Malaysia • Eighth Malaysia
Plan (RMK4) Plan (RMK5) Plan (RMK6) Plan (RMK7) Plan (RMK8)

2006-2010 2011-2015 2016-2020 2021-2025

• Ninth Malaysia • Tenth Malaysia • Eleventh Malaysia • Twelfth Malaysia
Plan (RMK9) Plan (RMK10) Plan (RMK11) Plan (RMK12)

14
FIRST MALAYA FIVE-YEAR PLAN (1956-1960)
• It was called the General Plan of Development
• Spanned momentous years of political progress resulted with the achievement of
Independence
• Significant economic advancement was achieved despite the financial and
administrative burdens of the Emergency and the world-wide recession 1957-1958

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 15

FIRST MALAYA FIVE-YEAR PLAN (1956-1960)
The focus of this plan was in agricultural productivity and rural development
• The plan allocated substantial resources to agricultural and rural improvement, and
was administered by the Prime Minister's Department
• Aims and goals of the plan includes:
– Rural development, rubber industry, emergency expenditure, defense, security
– Diversify the revenue and income of the country to not rely heavily on economic
sector
• Challenges:
– Independence, 1957
– Global recession, 1957–58

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 16

FIRST MALAYA FIVE-YEAR PLAN (1956-1960)
KEY ESTABLISHMENT AND DEVELOPMENT:
1958: Formation of MACPA (Malayan Association of Certified Public Accountants)
Known as Malaysian Institute Of Certified Public Accountants: MICPA since 2002
• Incorporated under the Companies Ordinances (1940 – 1946) as a self-regulatory accountancy
body
• Objectives: provide an organisation for accountants to advance the status as well as the
theory and practice of accountancy
• Is the first to institute a system of training and examination leading to a professional accounting
qualification
• Played a key role in the setting of accounting standards and technical advisory for the Malaysian
regulatory bodies responsible for carving out the business and financial landscape of this nation.

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 17

FIRST MALAYA FIVE-YEAR PLAN (1956-1960)
KEY ESTABLISHMENT AND DEVELOPMENT:
1959: Establishment of Bank Negara Malaysia
• as Central Bank of Malaya (Bank Negara Tanah Melayu)
• Its main purpose is to issue currency, act as banker and adviser to the Government of
Malaysia
• It is also to regulate the country's financial institutions, credit system and monetary
policy

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 18

FIRST MALAYA FIVE-YEAR PLAN (1956-1960)
KEY ESTABLISHMENT AND DEVELOPMENT:
1960: Formation of Malayan Stock Exchange (now Bursa Malaysia)
• Public trading of shares began on 9 May
• In 1961, the Board system was introduced whereby two trading rooms, one each in
Singapore and Kuala Lumpur, were linked by direct telephone lines into a single
market with the same stocks and shares listed at a single set of prices on both boards.

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 19

SECOND MALAYA FIVE-YEAR PLAN (1961-
1965)
The focus of this plan was rural development and to reduce income disparity
between rural and urban areas
• Goals:
– Rural development, employment generation, economic growth, economic
diversification, social services
• Challenges
– Formation of Malaysia, 1963
– Separation of Singapore from Malaysia, 1965

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 20

SECOND MALAYA FIVE-YEAR PLAN (1961-
1965)
KEY ESTABLISHMENT AND DEVELOPMENT:
• 1961: Developments in MACPA
– MACPA in February 1961 instituted the examination and articleship system of
training accountants and registered its first batch of students
– This was the only avenue for obtaining an accounting education in Malaysia during
the time
– The first examination under this scheme was conducted in 1963

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 21

SECOND MALAYA FIVE-YEAR PLAN (1961-
1965)
KEY ESTABLISHMENT AND DEVELOPMENT:
• 1964: Formation of Stock Exchange of Malaysia
• 1965: With the secession of Singapore from Malaysia, the common stock exchange
continued to function under the name Stock Exchange of Malaysia and Singapore
(SEMS).

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 22

SECOND MALAYA FIVE-YEAR PLAN (1961-1965)
KEY ESTABLISHMENT AND DEVELOPMENT:
• Companies Act 1965
– The principal legislation governing the formation and operation of companies
– Repealed the earlier Companies Ordinance 1940
– Provides formal rules on accounting and requirement for true and fair view reporting
– Protects the rights and interest of shareholders in particular and investors in general,
provides facilities for incorporation of companies, its constitution, relation to members
and creditors, management and winding up
– Requires every company incorporated in Malaysia to keep proper accounting and other
records to sufficiently explain the transactions and the financial position of the
company
MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 23
FIRST MALAYSIA PLAN (1966-1970)
The plan's objectives were to promote the welfare of all citizens, and improve the
living conditions in rural areas, particularly among low-income groups
• First Malaysia Plan were introduced in 1966 and was the first economic plan to
include Sabah and Sarawak.
• The plan is presented in two parts:
– Part One – sets out position and problems of the economy sector progrtammes and
strategy of the Plan
– Part Two contains the detailed sector programmes, including the development
expenditure and policies to be undertaken by the Government in each area of
activity

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 24

FIRST MALAYSIA PLAN (1966-1970)
• Goals
– Racial harmony, economic growth, employment generation, economic
diversification, population planning
• Challenges
– May 13 Riot, 1969

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 25

FIRST MALAYSIA PLAN (1966-1970)
KEY ESTABLISHMENT AND DEVELOPMENT:
• Income Tax Act 1967
– Mainly concerned with ascertaining of chargeable income and tax payable under the
act
– Although more relevant to taxation, it has significant impact on financial accounting
and reporting (taxation is a business expense reflected in income statement)

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 26

FIRST MALAYSIA PLAN (1966-1970)
KEY ESTABLISHMENT AND DEVELOPMENT:
• Accountants Act 1967
– Established the Malaysian Institute of Accountants (MIA)
– MIA confined itself to playing a regulatory role to complement the functions of
MACPA

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 27

SECOND MALAYSIA PLAN (1971-1975)
The Plan was designed to eradicate poverty among all Malaysians, irrespective of
race and to restructure Malaysian society in order to correct racial economic
imbalance
• The Plan looks into the context of an expanding economy, leading towards the
creation of a dynamic and just society
• The Plan is the First Long Term Framework Plan under the framework of the New
Economic Policy (NEP)

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 28

SECOND MALAYSIA PLAN (1971-1975)
• Goals:
– 1st Phase of NEP:
• Eradication of poverty, restructuring of society
• OPP1, 1971–90
• Challenges:
– New Economic Policy, 1971–90
– Oil shock, 1973

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 29

SECOND MALAYSIA PLAN (1971-1975)
KEY ESTABLISHMENT AND DEVELOPMENT:
• Several government agencies that had been included:
– Malaysian Industrial Development Authority (MIDA)
– Majlis Amanah Rakyat (MARA)
– Perbadanan Nasional (PERNAS, or the National Trading Corporation)
– State Economic Development Corporation
– Urban Development Authority (UDA)

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 30

SECOND MALAYSIA PLAN (1971-1975)
KEY ESTABLISHMENT AND DEVELOPMENT:
• 1973: Kuala Lumpur Stock Exchange
– With the termination of currency interchangeability between Malaysia and Singapore,
the SEMS was separated into The Kuala Lumpur Stock Exchange Bhd (KLSEB) and
The Stock Exchange of Singapore (SES)
– Malaysian companies continued to be listed on SES and vice versa.

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 31

THIRD MALAYSIA PLAN (1976-1980)
The plan had similar aims with the RMK2 eradicate poverty among all
Malaysians, irrespective of race and to restructure Malaysian society
• Goals:
– 2nd Phase of NEP — eradication of poverty, restructuring of society Private sector-
driven
• Challenges:
– Oil shock, 1979

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 32

THIRD MALAYSIA PLAN (1976-1980)
KEY ESTABLISHMENT AND DEVELOPMENT:
• Adoption of International Accounting Standards (IAS)
– IAS are important to fulfil duty of public accountability better, more consistently
and in a more meaningful way (Deputy Governor of Bank Negara, 1980)
– A total of 13 IASs were adopted during the period 1979-1986
• 1978: IAS1 to IAS 4 were adopted by MACPA
• 1979: IAS 5 to IAS 10 were adopted

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 33

THIRD MALAYSIA PLAN (1976-1980)
KEY ESTABLISHMENT AND DEVELOPMENT:
• 1978: Establishment of Permodalan Nasional Berhad (PNB)
– As one of the instruments of the Government's New Economic Policy (NEP).
– It is one of the largest fund management companies in Malaysia.
– PNB is the holding company of Amanah Saham Nasional Berhad (ASNB) that
operates several trust fund schemes,

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 34

FOURTH MALAYSIAN PLAN (1981-1985)
• The Fourth Malaysia Plan (FMP), inaugurates the second decade of the OPP.
• It further elaborates and refines policy measures and programmes embodied in the
Second and Third Malaysia Plan (SMP and TMP) to ensure that the socio- economic
objectives of eradicating poverty irrespective of race and of restructuring society to
eliminate the identification of race with economic functions, are achieved.
• Goals:
– Revitalize agriculture sector
– Privatization
– Heavy industry

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 35

FOURTH MALAYSIA PLAN (1981-1985)
KEY ESTABLISHMENT AND DEVELOPMENT:
• 1981: The Amanah Saham Nasional (National Unit Trust Scheme) was launched
• 1983: Introduction of Privatisation Policy
• 1984: Companies Act Amended - include Accounts as Profit and Loss Account and
Balance Sheet
• 1984: Issuance of Malaysian Accounting Standards (MASs)
• 1985: Introduction of Malaysia’s first national car, Proton Saga

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 36

FIFTH MALAYSIAN PLAN (1986-1990)
• The main emphasis of the Plan was
– To enhance the industrial sector by loosening the regulation of company's
ownership and licensing in the private sector
– The condition of foreign capital investment is loosen to increase export-oriented
industrial sector investment
– To improve its agency management efficiency in order to work with the private
sector more effectively

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 37

FIFTH MALAYSIAN PLAN (1986-1990)
KEY ESTABLISHMENT AND DEVELOPMENT:
• Privatisation
– To reduce strains during recession
– Malaysian government outlined five objectives of privatisation in the Guidelines
On Privatisation issued by EPU, one of which to relieve the financial and
administrative burden of the government

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 38

FIFTH MALAYSIAN PLAN (1986-1990)
KEY ESTABLISHMENT AND DEVELOPMENT:
• 1985 - 1986: Amendments of Companies Act 1965
– The Ninth Schedule was amended to incorporate almost all IAS disclosure
requirements
– Statement of Changes in Financial Position was introduced
– All public accounting firms and the individual partners of such firms to register
with the Registrar of Companies

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 39

FIFTH MALAYSIAN PLAN (1986-1990)
KEY ESTABLISHMENT AND DEVELOPMENT:
• 1987: Activation of Malaysian Institute of Accountants (MIA)
– The priority to track down bogus accountants, accountants who were not registered
with MIA and who were providing accounting services
– Voiced out problem of shortage of accountants
– MIA adopted all standards hereto adopted by MACPA, MACPA continued to issue
guidelines and standards

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 40

FIFTH MALAYSIAN PLAN (1986-1990)
KEY ESTABLISHMENT AND DEVELOPMENT:
• 1988: MACPA issued the Malaysia Auditing Standard
• 1990: Malaysian Association of Accounting Technicians (MAAT)
– Now known as The Malaysian Association of Accounting Administrators (MAAA)
– All those who had been practising in the accounting field, albeit, as "unqualified"
accountants by virtue of Sections 22 & 23 of the Accountants Act 1967, were urged
to join the MAAA, as it was sponsored by the MIA, the regulatory body for the
accountancy profession in Malaysia.

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 41

SIXTH MALAYSIAN PLAN (1991-1995)
• The first phase in the implementation of Second Outline Perspective Plan (OPP 2)
1991-2000 which set the broad objectives, strategies and targets that would guide the
development of the nation in the nineties
• The Plan aimed at sustaining the rapid economic growth of the country after the
recession in 1985-1986.
• Crucial policy: National Development Policy (NDP) emphasised growth with
equity to enable Malaysians to participate in mainstream of economic activities,
ensure political stability and national unity

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 42

SIXTH MALAYSIAN PLAN (1991-1995)
KEY ESTABLISHMENT AND DEVELOPMENT:
• 1991: Formation of Malaysian Institute of Taxation
– Now Chartered Tax Institute of Malaysia (CTIM)
– Incorporated under Companies Act 1965 (Section 16 (4))
– Main objectives:
• Providing an organisation for persons interested in or concerned with taxation
matters in Malaysia
• Advancing the status and interest of the taxation profession in close cooperation
with MIA
• 1992: Issuance of MACPA Guidelines for Accounting in Public Sector

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 43

SIXTH MALAYSIAN PLAN (1991-1995)
KEY ESTABLISHMENT AND DEVELOPMENT:
• 1993: Establishment of Securities Commissions
– A statutory body entrusted with the responsibility of regulating and systematically
developing the capital markets in Malaysia
– Formed to:
• Foster orderly development of capital market
• Safeguard interests of investing public and minority shareholders
• Maintain market integrity and efficiency
• Ensures adequate standards are observed for a viable capital market through issuance of
new guidelines

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 44

SEVENTH MALAYSIAN PLAN (1996-2000)
• The Plan retains and reemphasizes the concept of balanced development
• A Productivity-driven growth that continued to give serious attention to strategies
for generating sustained rapid economic growth as well as ensuring that the benefits
of economic growth are equitably shared among Malaysians of all ethnic groups and
among states
• The second phase of the OPP2

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 45

SEVENTH MALAYSIAN PLAN (1996-2000)
KEY ESTABLISHMENT AND DEVELOPMENT:
• 1997: Setting up of MASB
– Accounting standards are issued by the Malaysian Accounting Standards Board
(MASB) by virtue of the power conferred by the Financial Reporting Act, 1997
– The Financial Reporting Act also establishes the Financial Reporting Foundation,
which is the body that is responsible to oversee MASB's performance and financial
arrangement.

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 46

EIGHTH MALAYSIAN PLAN (2001-2005)
• The first phase in the implementation of the Third Outline Perspective Plan (OPP3),
2001- 2010.
• The OPP3, which embodies the National Vision Policy (NVP), will chart the
development of the nation in the first decade of the 21st century.
• The Eighth Plan, a knowledge-based economy incorporated the strategies,
programmes and projects designed to achieve the NVP objectives of sustainable
growth and strengthen economic resilience as well as create a united and equitable
society

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 47

NINTH MALAYSIAN PLAN (2006-2010)
• Ninth Malaysia Plan's documents encompass the strategies, programmes and required
allocation to realise the National Mission and make Malaysia a country that is
more advanced, fair and united.
• The plan included five thrusts:
– To move the economy up the value chain
– To raise the capacity for knowledge and innovation and to nurture a 'first class
mentality'
– To address socio-economic inequalities constructively and productively
– To improve the standard and sustainability of quality life
– To strengthen institutional and implementation capacity

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 48

TENTH MALAYSIAN PLAN (2011-2015)
• The Tenth Malaysia Plan houses the aspirations of both the Government
Transformation Programme and the New Economic Model
• The plan included five basics to achieve a higher income country:
– Increase the value in country economy.
– Improve knowledge abilities and innovation, and inculcate first-world minded.
– Handle continuously socioeconomic inequalities.
– Improve level and ability of living quality.
– Strengthen the institution and country's implementation.

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 49

ELEVENTH MALAYSIAN PLAN (2016-2020)
• The plan focuses on the development of people-based economy and capital-based
economy with the implementation of high impact projects
• The plan has six sores:
– Strengthening Inclusive Into the Right People
– Increasing People's Prosperity
– Enhancing Human Capital Development for Developed Countries
– Sustainability and Development Resilience Through Green Growth
– Strengthening Infrastructure to Support Economic Growth
– Engineered Economic Growth for Increasing Prosperity

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 50

TWELFTH MALAYSIAN PLAN (2021-2025)
• The Twelfth Malaysia Plan (12MP) will be aligned with the shared prosperity initiative
encompassing three dimensions, namely economic empowerment, environmental
sustainability and social re-engineering.
• The economic empowerment dimension will include new sources of growth, including
Industrial Revolution 4.0, digital economy, aerospace industry, integrated regional
development as well as growth enablers such as sustainable energy sources and infrastructure
connectivity.
• The environmental sustainability dimension, among others include the blue economy, green
technology, renewable energy as well as adaptation and mitigation of climate change.
• The social re-engineering dimension comprises enhancing societal values, improving
purchasing power of the people, building resilient Bumiputera community, strengthening
social security networks and improving the wellbeing of the people.

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 51

MALAYSIA’S OTHER
DEVELOPMENT POLICIES
AND PLANS
LECTURE 2
ECONOMIC AND ACCOUNTING DEVELOPMENT IN MALAYSIA
UKAF4023 ACCOUNTING THEORY AND PRACTICE
52
NEW ECONOMIC POLICY (1971-1990)
• NEP was a social re-engineering and affirmative action program
• It was conceived as a two-pronged strategy for eradicating poverty for all Malaysians
as well as reducing and subsequently eliminating identification of race by economic
function and geographical location.
• NEP had three main objectives, namely:
– To achieve national unity, harmony and integrity
– Socio-economic restructuring (of the society)
– To minimize the level of poverty in the country (poverty eradication)

MALAYSIA’S POST COLONIAL ECONOMIC DEVELOPMENT 53

DEVELOPMENT POLICIES
National
New Economic National Vision
Development
Policy (1971- Policy (2001 –
Policy (1991 –
1990) 2010)
2000)

Government
Vision 2020 (1991
Transformation
– 2020)
Programme (2010)

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END OF LECTURE
THANK YOU 
LECTURE 2
ECONOMIC AND ACCOUNTING DEVELOPMENT IN MALAYSIA
UKAF4023 ACCOUNTING THEORY AND PRACTICE
55