On 23 December 2008, the Indonesian institute of Accountants, being the professional body in Indonesia, mandated with the promulgation of accounting standards issued a formal statement announcing its plan to have Indonesian GAAP fully convergent with the International Financial Reporting Standards (‘IFRS’) by 1 January 2012.
Indonesian companies should consider:
- First annual set of IFRS account - December 31, 2012
- Comparative information to be translated - year to December 31, 2011
- Opening balance sheet required - January 1, 2011 (effectively December 31, 2010)
- Using a gradual strategy, some IFRS should be implemented in the current year.
Whether you are already compliant or planning to adopt IFRS, Mazars can help you.
At Mazars, we developed a comprehensive knowledge of IFRS. Our approach is practical and focused on the substance of the transactions. We always favour the economic view.