::Companies Asked to Adopt International Accounting Reporting Standards>>

Go Finance Reporting in KUTA - All public companies both state and private sectors are expected to soon adopt international accounting reporting standards so that reporting could be more transparent and credible.

Total of 21 countries in the Asia-Oceania was gathered in Bali to discuss important issues in the application of international accounting reporting standards or International Financial Reporting Standards (IFRS).

Vice President Boediono said, diversion or Indonesian accounting standards convergence with international accounting standards is not easy.

"Convergence is not just a matter of IFRS accounting, but the main purpose of the convergence of IFRS is to improve the quality and transparency of financial statements of companies in Indonesia," Boediono said during a keynote speaker at the 5th International Finance (IFRS) in Kuta, Bali, on Monday (05/23/2011).

Boediono claim to be happy because of the convergence of IFRS is also supported by other regulators such as Bapepam, Institute of Finance, Bank Indonesia and the Ministry of SOEs. With that support, become imperative for companies under their supervision to use the IFRS-based GAAP.

"Hopefully, this support can also be followed by other regulators, so that business people in Indonesia can enjoy the synergy of these regulators," he hoped.

Within that framework, Boediono Indonesia declared immediately summon other regulators, to support initiatives by Indonesian Institute of Accountants in complete convergence of IFRS.

Boediono official opening IFRS regional policy forums fifth place from May 23 to 26 who followed 300 participants from 21 countries. Also present Deputy Minister of Finance Anny Ratnawati, officials of Bank Indonesia, Directorate General of Taxation and others.

Vice President added that this event is very important and strategic for Indonesia, because it can explain the world how to build a convergence of IFRS in Indonesia.

"Through this activity could be to convey a message to the world that the Indonesian government strongly supports the ongoing convergence of IFRS," said Chairman of the National Board of Indonesian Institute of Accountants Mardiasmo.

As is known, IFRS Regional Policy Forum is the only international meeting was attended not only the standard-makers, but also regulators and government officials from 21 countries.

Mardiasmo suggests, this event is an annual event in the Asia-Oceania. The meeting is important to set standards of financial accounting, policy makers, regulators and governments to jointly discuss issues about the broader role of each party in financial reporting.

Some interesting topics to be discussed include how the role of local council jurisdictions adopt IFRS accounting standards. (GoFinance)