... examines the relation between accounting numbers and firm market values in six Asian countries with diverse accounting practices: Indonesia, Korea, Malaysia, the Philippines, Taiwan, and Thailand ... was the primary basis for accounting standards in Indonesia, Malaysia, and Thailand (although Thailand has also been influenced by US GAAP) US GAAP, on the other hand, was the primary basis in the ... assess whether they differ in their value relevance under the residual earnings model The countries selected: Indonesia, Korea, Malaysia, the Philippines, Taiwan, and Thailand, differ in the conservatism...