The emminent economic crisis in the put decade - in
particular in Asia has signified a momentum for initiate
financial reform as imposed by industrialized countries,
with aims to promote resilience in international financial
system, to install a pre-warning signal, and to enable to
seek effective measures to resolve the financial turmoil
in the future. The preventive measures among others is
to encourage government policy makers to implement
international standards of governance in its financial
sector by method or regulation and best practices. Aside
of that, globalization of international financial system
inevitably brings the practice of trade and transactions
across countries within its outreach, which eventually
leads to domestic countries to absorb the international
standards, either way.