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Joint Statement on the use of IFRSs in Indonesia

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25 May 2016

In connection with the IFRS Foundation Trustees’ meeting currently held in Jakarta, the Trustees, the Indonesia Financial Services Authority (OJK) and the Institute of Indonesia Chartered Accountants (IAI) have signed a joint agreement that is aimed at a deepened cooperation as Indonesia furthers the convergence of its national GAAP with IFRSs.

Indonesia's current approach to IFRS adoption is to maintain its national GAAP (Indonesian Financial Accounting Standards, IFAS) and converge it gradually with IFRSs as much as possible while for the moment keeping a one year difference with IFRSs.

The joint statement reaffirms Indonesia’s commitment to the G20-endorsed goal of a single set of global accounting standards and highlights the importance of IFRSs for increasing the attractiveness of the ASEAN region to investors.

All parties agree that IFRSs must be capable of being applied on a globally consistent basis across both emerging and developed economies and must be relevant to all types of financial transactions.

As a follow up of the agreement, the OJK and the IAI intend to establish a joint working group to further explore the use of IFRSs in Indonesia.

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