09 May 2007
Banks Compelled to Implement International Standard Financial Statement
Bank Indonesia (BI) will oblige banks to implement the International Financial Reporting Standards/IFRC) by 2010. The implementation of this international-scale international financial reporting standard will be carried out gradually starting next year. “The implementation is gradual, but in 2010 all banks must utilize it,” said Deputy BI Governor Siti Fadrijah in Jakarta yesterday (7/5).
The standard international financial statement are the accounting and reporting standards which are valid internationally. The financial standard accounting statement used by the Indonesian Accountants Association (IAI) is also based on the international provision.
The implementation of the standard international financial statement will influence the evaluation of companies’ or banks’ assets and liability. This affects both profit and loss. If the net difference is negative, the profit decreases automatically. Thus, he said, Bank Indonesia will analyze any concepts or components which will be included in the international standard financial statement analysis.
According to him, BI and IAI are also analyzing accounting standards which are to be included in the international financial statement component. “This (IFRS implementation) must be analyzed carefully so that it doesn't cause an upheaval.”
PT Bank Mandiri 's Director, Pahala N. Mansyuri, said that consistent IFRS implementation will benefit banks in the long term.
However, he is of the opinion that IFRS will face impediments if the international accounting standard component (IAS) 39 is included.
__________
tempo
The standard international financial statement are the accounting and reporting standards which are valid internationally. The financial standard accounting statement used by the Indonesian Accountants Association (IAI) is also based on the international provision.
The implementation of the standard international financial statement will influence the evaluation of companies’ or banks’ assets and liability. This affects both profit and loss. If the net difference is negative, the profit decreases automatically. Thus, he said, Bank Indonesia will analyze any concepts or components which will be included in the international standard financial statement analysis.
According to him, BI and IAI are also analyzing accounting standards which are to be included in the international financial statement component. “This (IFRS implementation) must be analyzed carefully so that it doesn't cause an upheaval.”
PT Bank Mandiri 's Director, Pahala N. Mansyuri, said that consistent IFRS implementation will benefit banks in the long term.
However, he is of the opinion that IFRS will face impediments if the international accounting standard component (IAS) 39 is included.
__________
tempo
Labels: Bank, Internet News, Money
