More than 100 countries on all five continents require or permit the use of IFRS. Major economies in Asia-Pacific, North America and Latin America have set out a time line towards the full adoption of IFRSs.
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.