Corporate Reporting Watch

The Indonesian Institute of Accountants (IAI) has declared its plan to “converge” Indonesian GAAP (PSAK) with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Except for a limited number of standards relating to accounting for financial instruments, the IAI has been in the process of adopting the IFRS as issued by IASB at 1 January 2009. It will make any necessary local amendments and issue them as PSAK that
will become effective in 2011 or 2012.

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