- The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") has issued Regulation No. 26 of 2023 on Users of International Financial Accounting Standards Within the Capital Market in an effort to simplify general-purpose financial reporting. The main focus of this regulation is to provide greater legal certainty for public companies that are listed in more than one country as regards the preparation of their financial statements. This step also represents a follow-up to the Indonesian Government’s G20 Forum commitment to improving the country’s ranking at the international level.
- The new framework contains various definitions and general provisions, including accounting references for public companies that are listed in more than one country. The framework also includes the option of using International Financial Accounting Standards (Standar Akuntansi Keuangan – "SAK") and the effective date of application, as well as mandatory disclosure requirements. The new regulation also allows companies to use International SAK in order to override the relevant applicable OJK regulations by setting out various disclosure requirements that must be met by companies. This regulation also stipulates a number of transitional provisions for International SAK users who are no longer listed as companies in more than one country. (ANT)
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