The Indonesian Institute of Accountants hosted the 5th IFRS International Forum in Kuta, Bali on the 23rd and 24th of May 2011. This international event has previously been held in Sydney, Tokyo, Beijing and Singapore, and in 2011 was held in Bali with 300 participants from 21 jurisdictions in the Asia-Oceania region.

Participants from 21 jurisdictions represented the constituent bodies of accounting standards setters, central banks, money market regulators, tax regulators, government and stock exchanges. The 21 jurisdictions delegates attending this forum were Australia, New Zealand, Malaysia, Japan, China, Hong Kong, Singapore, Korea, Pakistan, Cambodia, India, Indonesia, Philippines, UK, USA, Iraq, Macau, Myanmar, Brunei Darussalam, Thailand and the Maldives. Chairman of IASB, Sir David Tweedie, as well as other IASB Members, Warren McGregor and Tatsumi Yamada, also attended this event.

Many jurisdictions in the Asia-Oceania region will be converging with the IFRS over coming years. Some jurisdictions have already adopted the IFRS since 2005, while others such as Malaysia, Indonesia and Singapore have set the year 2012 as the target year for the full adoption/convergence of IFRS. The 2011 year is the crucial year for these jurisdictions moving to IFRS, as it is the year of final preparation. Accordingly, regulators and accounting standard setters in the region face challenges in adopting the international standards.

Press release