Seven Benefits of Application of International Finance Reporting Standard
IFRS Implementation Team Leader-Institute of Accountants (IAI) Dudi M Kurniawan said, by adopting IFRS, will get seven benefits as well.
First, improve the quality of financial accounting standards (GAAP).
Second, reduce the cost of SAK.
Third, enhance the credibility and usefulness of financial statements.
Fourth, improve the comparability of financial reporting.
Fifth, improve financial transparency.
Sixth, lowering capital costs by enabling the accumulation of funds through the capital market.
Seventh, improve the efficiency of the financial statements.
"The experience in Europe, there are some problems that arise in the implementation of IFRS, including planning a less mature and lack of support from top management," he said.
Head of Accounting Standards and Disclosure of Capital Market Supervisory Agency and Financial Institution Etty Retno Wulandari said, need to adopt IFRS as most countries in the world have adopted accounting standards.
Thus, IFRS could increase protection to capital market investors. "Bapepam requires issuers and public companies submit financial reports to Bapepam and make it available to the public. The report should be presented with a high-quality accounting standards, "he said.
Recomended Training: International Financial Reporting Standard (IFRS): discuss Concept, implementaion and Adjustment / Comparative IFRS with GAAP
IFRS Implementation Team Leader-Institute of Accountants (IAI) Dudi M Kurniawan said, by adopting IFRS, will get seven benefits as well.
First, improve the quality of financial accounting standards (GAAP).
Second, reduce the cost of SAK.
Third, enhance the credibility and usefulness of financial statements.
Fourth, improve the comparability of financial reporting.
Fifth, improve financial transparency.
Sixth, lowering capital costs by enabling the accumulation of funds through the capital market.
Seventh, improve the efficiency of the financial statements.
"The experience in Europe, there are some problems that arise in the implementation of IFRS, including planning a less mature and lack of support from top management," he said.
Head of Accounting Standards and Disclosure of Capital Market Supervisory Agency and Financial Institution Etty Retno Wulandari said, need to adopt IFRS as most countries in the world have adopted accounting standards.
Thus, IFRS could increase protection to capital market investors. "Bapepam requires issuers and public companies submit financial reports to Bapepam and make it available to the public. The report should be presented with a high-quality accounting standards, "he said.
Recomended Training: International Financial Reporting Standard (IFRS): discuss Concept, implementaion and Adjustment / Comparative IFRS with GAAP
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