1. Ades : What opportunities are offered by accounting standard setting?

Answer: The accounting standard setting is a political lobbying process and as such offers opportunities
for interested parties to influence its outcomes. With the accounting standard setting, there will be a
benchmark for assessing the outcome of the financial statements, so that users can be sure that the
financial statement is true if the outcome is in accordance with the accounting standard setting. And it
helps to making appropriate decisions for external parties. Also the standard setting will make it easy for
readers of financial statements to interpret and compare the financial statements of different entities
since the standards are the same.

2. Wardah: why does Indonesian accounting standard (PSAK) based on (convergence) IFRS?

Answer: It can be seen from the increasing number of foreign investment entering Indonesia. Where we
must be ready to compete with foreign workers, especially foreign accountants who will arrive due to
the high demand for international standard accountants. Indirectly, our country does not want to be left
behind in the competition, therefore we must immediately pursue the IFRS convergence target.
Indonesia itself adopted IFRS to PSAK as a form of harmonization with existing standards. The reason for
Indonesia adopting IFRS is so that the financial reports produced by companies can be compared and
relevant when faced with financial reports produced by other countries that also use / adopt IFRS. In
addition, it will be easier for Indonesian companies to expand to countries that are already using /
adopting IFRS so that the costs for adjusting financial statements are low.

3. Safira : Is there any problem faced in the implementation and adoption of IFRS?

Answer:

- International Standard Translation

- Non-conformity of International Standards with National Law
- Structure and Complexity of International Standards
- Frequency of Change and Complexity of International Standards For example, IFRS emphasizes
fair value and leaves historical value.

4. Annisa: Hello presenter, i would like to ask a question. In a case, a company adopt IFRS, but in
prepare the Financial Report, this company do some modification of accounting standard. Is it
legal or illegal? Thankyou.

Answer: In my opininon, if the modification that the company does deviated from the rules set by IFRS I
think its not allowed to do. Accounting standards ensure the financial statements from multiple
companies are comparable, so if the company do some modification to the it means there are some
parts that different to the IFRS so its not comparable again.

5. Eva: Between two approaches, free market approach and regulatory approach which one better
approach in making standard?
Answer: in my opinion the regulatory approach is preferable. Because the free market approach is
influenced by the forces of supply and demand in the market. In fact, market failure can occur due to
various factors, such as the existence of monopolistic control over information by management, naive
investor hypotheses, functional fixation, misleading numbers, diversity of procedures and lack of
objectivity. Which is where the regulatory approach is able to overcome these problems and more
effectively to improve accounting output.

6. Adibah : halo presenter, i wanna ask, in your resume there is “Generates principles and theories
for those interested in the accounting discipline”. can you explain more about this statement,
thank you:)

Answer: It is one of the standard setting important role, accounting systems are influenced by
environment where they used. If the environment changed, the principle also need to change.
So of course those who interested in the accounting discipiline will need a new principle to
adopt to this new environment. Someone that interested in the accounting principle is someone
who studies financial management and reports in order to develop and deal with various
developments and changes in the business environment.