Compliance with new accounting standards. Most bankers don’t want to deal with such dry issues. They would rather strategize how to develop new markets.
And in Indonesia, Southeast Asia’s largest economy, that’s enough to chew on. But with International Financial Reporting Standard 9 (IFRS 9), it is an issue they cannot run away from.
On May 25, 2016, Indonesia agreed to achieve full convergence with the IFRS standards. The Trustees of the IFRS Foundation, the Indonesia Financial Services Authority (OJK) and the Institute of Indonesia Chartered Accountants (IAI) agreed to full convergence, reaffirming Indonesia’s commitment to the G20-endorsed goal of a single set of global accounting standards.
They also highlighted the importance of IFRS standards in achieving the ASEAN Economic Community Blueprint 2025 by increasing ASEAN’s attraction to investors thro...