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Perceptions of Practitioners, Auditors, and Academics on IFRS Convergence in Indonesia

In: Advanced Issues in the Economics of Emerging Markets

Author

Listed:
  • Sylvia Veronica Siregar
  • Chaerul Djusman Djakman
  • Aria Farah Mita
  • Agustin Setya Ningrum

Abstract

The purpose of this study is to examine the perception of practitioners, auditors, and academics about important issues on International Financial Reporting Standards (IFRS) convergence in Indonesia as well as the plan to fully adopt IFRS in Indonesia. Indonesia is one of the emerging countries with distinct features that could shed some lights on IFRS convergence issues. Total respondents of our study are 170 (consist of 43 practitioners, 50 auditors, and 77 academics). The authors find that the respondents are quite familiar with IFRS as well as IFRS convergence in Indonesia. There are several challenges in IFRS convergence in Indonesia, namely complexity to measure fair value, complexity of IFRS-based accounting standards, and tax and accounting standard differences. Regarding the plan to fully adopt IFRS, respondents in average agree that the most significant benefit of IFRS full adoption is IFRS create uniformity in global financial reporting. However, there are several obstacles: lack of education, understanding, and experience by preparers of financial reports with the use of IFRS based, coordination and collaboration among global regulators, and required changes in accounting standards. Majority of respondents do agree that Indonesia fully adopt IFRS, and they stated that it will take at least three to five years for Indonesia to fully adopt IFRS.

Suggested Citation

  • Sylvia Veronica Siregar & Chaerul Djusman Djakman & Aria Farah Mita & Agustin Setya Ningrum, 2020. "Perceptions of Practitioners, Auditors, and Academics on IFRS Convergence in Indonesia," International Symposia in Economic Theory and Econometrics, in: Advanced Issues in the Economics of Emerging Markets, volume 27, pages 127-146, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:isetez:s1571-038620200000027010
    DOI: 10.1108/S1571-038620200000027010
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    More about this item

    Keywords

    academics; auditors; convergence; full adoption; International Financial Reporting Standards; perception; practitioners; M41; G34;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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