Experience might be the best teacher, but when it comes to new accounting standards everyone is in uncharted territory. CT asked Indonesia’s largest telco how it was managing the transition to IFRS15
Corporates that failed to take advantage of recent tax amnesty may have to pay up to 50% income tax on assets that were not declared during a 20-year period.
*Korea to allow securities firms to raise more funds for corporate financing
*ASX opens RMB-denominated securities clearing
*HKMA promotes bank liquidity with new ratio
Indonesian accounting bodies have reaffirmed their commitment to fully converge with international reporting standards, but a lack of qualified accountants in the country could pose problems.
*Safe regulates capital outflow for inter-bank bond investment
*Thailand plans reporting exemptions for foreign issuers
*CFTC adopts X-border approach for uncleared swaps
*Indonesia moves to full IFRS convergence
Banking integration is widely seen as an obstacle to a truly united Asean economic community, but Indonesia, Malaysia and the Philippines have made progress on the issue.