Jakarta (ANTARA News) - The Indonesian Accountants Association (IAI) reported the Indonesian finance accountancy standards convergence (SAK) to International Financial Reporting Standards (IFRS) at its 51st anniversary.
An IAI Press release said that the IFRS converged accounting entity controlling treatment would be applied to entities financial reports as of January 1 2012.
Compliance to IFRS will give benefits to comparable financial reports and transparency enhancement. Thus, Indonesian company's financial reports would be comparable to other country's reports, to see which company has a better performance.
In addition, the convergence program is also useful to reduce the expenses, improve global investment and reduce the burden of finance reports.(*)