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March 19, 2013

IASB chairman tells Indonesia to embrace IFRS

Speaking at an international seminar, IFRS Dynamics 2012 and Beyond: Beyond Impact to Indonesia, Hans Hoogervorst, chairman of the International Accounting Standards Board (IASB), encouraged Indonesia to fully embrace IFRSs.

Indonesia currently maintains its own Indonesian accounting standards, however this has been gradually aligned to be as close to IFRS as issued by the IASB on 1 January 2009, as possible.

Hoogervorst congratulated the "huge progress" Indonesia had made in moving towards IFRS, but pointed out "the road to full adoption still needs to be completed."

He also suggested only full adoption would grant Indonesia the full benefits of IFRS, suggesting "for foreign investors it is very difficult to discern small differences from big ones. If a jurisdiction cannot state that it has fully adopted IFRS, investors are likely to think the differences are much bigger than they really are."

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The International Accounting Standards Board

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