ENDONEZYA’DAKİ VE TÜRKİYE’DEKİ UFRS UYGULAMASI: BİR LİTERATÜR İNCELEMESİ

Year 2022, Volume: 6 Issue: 21, 345 - 356, 30.09.2022

Tuba Derya Baskan , Tri Damayanti

https://doi.org/10.31455/asya.1079658

Abstract

Bu çalışmanın amacı, Uluslararası Finansal Raporlama Standartlarının (UFRS) Türkiye ve Endonezya’da benimsenmesini etkileyen belirleyicilere ilişkin olarak literatür taraması yöntemini kullanarak her iki ülkede de uygulanması ve zorluklarının tespit edilmesidir. Küreselleşmenin yaygınlaşması ve gelişen teknoloji ile dünyanın küçülmesi işletmeleri de etkilemiştir. İşletmeler küresel iş yatırımının önündeki engeli en aza indirmek için IFRS geliştirme hedefini öncelikleri arasına almıştır. Küresel yatırımı yaygınlaştırmak için küresel yatırımın önündeki engellerin azaltılabilmesi için uluslararası yatırımcılar tarafından uluslararası düzeyde kabul edilen uluslararası standartlarının önemi anlaşılmıştır. Ülkelerin sözleşme tarafları ve uluslararası ilişkilere ilişkin anlaşmaları ile ilgili kendi hukuk sistemi ve ekonomik sorunları olmasından kaynaklı UFRS’nın uygulanması kolay olmamaktadır. Bu sebeple standartlar ülkelerdeki UFRS’den sorumlu yetkili merciler tarafıından ülkelerin kendi mevzuatlarına uygun bir şekilde uygulamaktadır. Bu kapsamda Endonezya ve Türkiye’de UFRS uygulamalarındaki literatür çalışmaları incelenmekte ve UFRS uygulamalarındaki farklılıklar tespit edilmeye çalışılmaktadır. Çalışmanın bulgusu olarak Endonezya'da UFRS-14 Düzenlemeye Dayalı Erteleme Hesapları’nın uygulanamadığı tespit edilmiştir. UFRS 14, Endonezya yasaları tarafından UFRS 14'te düzenlenen işlemlere yasal olarak izin verilmediğinden Endonezya'da uygulanamaz. Bu yasa, devletin su, doğal gaz, elektrik ve diğer devlet doğal kaynakları gibi doğal kaynakları kamuya ait bir şirkette toplum yararına yönetmekten tamamen sorumlu olduğunu belirtir. Ayrıca, UFRS 14'ün Endonezya'da uygulanamamasının etkisi, UFRS 1'in Endonezya'da da uygulanmamasına neden olduğu tespit edilmiştir. Çünkü UFRS 1'in uygulanmasının temeli, UFRS 14 dahil tüm UFRS'lerin tam olarak uygulanmasıdır. Bu durum UFRS'yi tam olarak uygulamayan ülkeler arasına Endonezya'yı gruba dahil eder. Diğer taraftan her iki ülkedeki düzenlemelerden/yasalardan kaynaklanan engeller ve farklılıklarından dolayı yetkili mevzuatlarca standartlar revize edilerek uygulamaya geçildiği tespit edilmiştir.

Keywords

Endonezya Muhasebe Standardı, Raporlama Kalitesi, Türkiye Muhasebe Standardı, UFRS, Ülke Düzenlemeleri

IFRS IMPLEMENTATION IN INDONESIA AND TURKEY: A LITERATURE REVIEW

Abstract

The aim of this study is to apply the International Financial Reporting Standards (IFRS) in both countries by using the literature review method regarding the determinants affecting the adoption in Turkey and Indonesia and to identify the difficulties. The spread of globalization and the shrinking of the world with developing technology have also affected businesses. Businesses have prioritized the IFRS development target to minimize the barrier to global business investment. The importance of international standards accepted by international investors at the international level has been understood in order to reduce the barriers to global investment in order to expand global investment. The implementation of IFRS is not easy because countries have their own legal system and economic problems related to the contracting parties and international relations agreements. For this reason, the standards are implemented by the competent authorities responsible for IFRS in the countries in accordance with their own legislation. In this context, literature studies on IFRS applications in Indonesia and Turkey are examined and differences in IFRS applications are tried to be determined. As a finding of the study, it was determined that IFRS-14 Regulatory Deferral Calculations could not be applied in Indonesia. IFRS 14 is not applicable in Indonesia as transactions regulated in IFRS 14 are not legally permitted by Indonesian law. This law states that the government is fully responsible for managing natural resources such as water, natural gas, electricity and other government natural resources in a publicly owned company for the benefit of society. Also, the impact of IFRS 14 not being applied in Indonesia results in IFRS 1 not being applied in Indonesia as well, because the basis for applying IFRS 1 is the full application of all IFRSs, including IFRS 14. This includes Indonesia in the group. Countries that have not fully implemented IFRS. This is what makes IFRS implementation different in Indonesia and Turkey, both of which have legal background/laws in their respective countries. On the other hand, it has been determined that the standards have been revised and implemented by the authorized legislation due to the obstacles and differences arising from the regulations/laws in both countries.

Keywords

Indonesia Accounting Standard, Reporting Quality, Turkey Accounting Standard, IFRS, Country Regulations

References

• Agça, A. and Aktaş, R. (2007). First Time Application of IFRS and Its Impact on Financial Ratios: A Study on Turkish Listed Firms. Problems and Perspectives in Management, 5(2), 99-112.
• Ahmed, S. N. and Wang, D. (2013). Does Mandatory Adoption of IFRS Improve Accounting Quality? Preliminary Evidence. Contemporary Accounting Research, 0(30), 1334-1372.
• Akgün, A. İ. (2016). Quality of The Financial Reporting within The IFRS: Research on Determining The Attitudes and Evaluations of Financial İnformation Users. Muhasebe ve Finansman Dergisi, 0(69), 169-188.
• Armstrong, C. S.; Barth, M. E. and Jagolinzer, A. D. (2010). Market Reaction To The Adoption of IFRS in Europe. The Accounting Review, 8(1), 31-61.
• Bahadır, O.; Demir, V. and Oncel, A. G. (2016). IFRS Implementation in Turkey: Benefits and Challenges. Accounting and Management Information Systems, 15(1), 5-26.
• Ball, R. (2006). International Financial Reporting Standards (IFRS): Pros and Cons for Investors. Accounting and Business Research, 36(1S), 5-27.
• Ball, R.; Kothari, S. P. and Robin, A. (2000). Incentives Versus Standards: Properties of Accounting Income in Four East Asian Countries. Journal of Accounting and Economics, 0(36), 235-270.
• Barth, M. E.; Landsman, W. E. and Lang, M. H. (2008). International Accounting Standards and Accounting Quality. Journal of Accounting Research, 0(46), 467-498.
• Daske, H.; Hail, L.; Leuz, C. and Verdi, R. (2008). Mandatory IFRS Reporting Around the World: Early Evidence on The Economic Consequences. Journal of Accounting Research, 0(46), 1085-1142.
• Florou, A. and Pope, P. F. (2012). Mandatory IFRS Adoption and Institutional Investment Decisions. The Accounting Review, 87(6), 1993-2025.
• Gray, S. J. (1988). Towards A Theory of Cultural Influence in the Development of Accounting System Internationally. Abacus, 0(24), 1-15.
• Hail, L.; Leuz, C. and Wysocki, P. (2010). Global Accounting Convergence and The Potential Adoption of IFRS by the US (Part I): Conceptual Underpinnings and Economic Analysis. Accounting Horizons, 4(3), 355-394.
• Hodgdon, C.; Tonkar, R. H.; Adhikari, A. and Harless, D. W. (2008). Compliance with IFRS Disclosure Requirements and Individual Analysts Forecast Errors. Journal of International Accounting, Auditing, and Taxation, 17(1), 1-13.
• Hofstede, G. (1980). Culture’s Consequences: International Differences in Work-Related Values. London: Sage Publications.
• Horton, J.; Serafeim, G. and Serafeim, I. (2013). Does Mandatory IFRS Adoption Improve The Information Environment?. Contemporary Accounting Research, 30(1), 388-423.
• Hosal-Akman, N.; Simga-Mugan, C. and Arikboga, D. (2009). Winds of Change in Accounting Practice in Emerging Market: Some Observations and Though. Journal of Global Business Advancement, 2(1/2), 54-75.
• IASB. (2015). The IASB’s Conceptual Framework of Financial Reporting. https://www.accaglobal.com/content/dam/acca/global/pdf/sa_mar11_f7pdf. (Access: 20.01.2022).
• IFAC (2015). Action Plan Developed by Institute of Indonesia Chartered Accountant. https://www.ifac.org/system/files/complianceassessment/part_3/201509-Indonesia-IAI.pdf (Access: 20.01.2022).
• Jasiniak, M. (2018). Determinants of Investment Decisions on The Capital Market. Financial Internet Quarterly, 14(2), 1-8.
• Jiao, T.; Koning, M.; Mertens, G. and Roosenboom, P. (2012). Mandatory IFRS Adoption and Its Impact on Analysts’ Forecast. International Review of Financial Analysis, 0(21), 56-63.
• Jones, S. and Higgins, A. D. (2006). Australia’s Switch to International Financial Reporting Standards: A Perspective from Account Preparers. Accounting and Finance, 0(46), 629-652.
• Juhmani, O. (2017). Corporate Governance and The Level of Bahraini Corporate Compliance with IFRS Disclosure. Journal of Applied Accounting Research, 18(1), 22-41.
• Kapellas, K. and Siougle, G. (2018). The Effect of IFRS Adoption on Investment Management: A Review of the Literature. Technology and Investment, 0(9), 1-23.
• Kombate, B. and Bandi. (2016). Extra-Financial Analysis of IFRS Adoption and Application in Developing Country: The Case of Indonesia. Chinese Business Review, 15(11), 507-523.
• Krismiaji, K. and Surifah, S. (2020). Corporate Governance, Compliance Level of IFRS Disclosure and Value Relevance of Accounting Information–Indonesian Evidence. Journal of International Studies, 13 (2), 191-211.
• Lasmin, D. (2012). The Unwanted Effects of International Financial Reporting Standards (IFRS) Adoption on International Trade and Investments in Developing Countries. Journal of Economics and Economic Education Research, 13(1), 1-14.
• Laupe, S. (2018). Role of Culture and Law Enforcement in Determining The Level of IFRS Adoption. European Research Studies Journal, 21(1), 52-64.
• Lenger, S.; Ernsberger, J. and Stiebale, J. (2011). The Impact of IFRS on Firms’ Investment Efficiency European Evidence on Private and Public Firms, The Illinois International Journal of Accounting Symposium – June 23-25, Porto Carras: Halkidiki.
• Li, S. (2010). Does Mandatory Adoption of International Financial Reporting Standards in The European Union Reduce The Cost of Equity Capital?. The Accounting Review, 85(2), 607-636.
• Limijaya, A. (2017). IFRS Application in Southeast Asia Countries: Where Does Indonesia Stand?. Proceedings of the 12rd Asia-Pacific Conference on Global Business, Economics, Finance, and Social Sciences (AP17 Indonesia Conference).
• Maulana, A. O. (2019). Legitimacy Dynamics of Accounting Standards Setting: The Case of Indonesia, (Unpublished Ph.D thesis), University of Reading, May. https://www.semanticscholar.org/paper/Legitimacy-dynamics-of-accounting-standards-setting-Maulana/fbb6619f32ab8861ae4572ccf0f4a605a7e1c400 (Access: 25.01.2022).
• Mouck, T. (2004). Institutional Reality, Financial Reporting and The Rules of The Game. Accounting, Organizations and Society, 29(5–6), 525–541.
• Munawarah, W. C.; Muharram, H. and Din, M. (2017). State Ownership and Corporate Governance: An Empirical Study of State Owned Enterprises in Indonesia”, Interational Journal of Civil Engineering and Technology, 8(7), 951-960.
• Özkaya, H. (2018). Effect of Mandatory IFRS Adoption on Cost of Debt in Turkey. Business and Economics Research Journal, 9(3), 579-588.
• Pacter, P. (2003). Interational Financial Reporting Standards. International Finance and Accounting, (Handbook 3th Edition). Wiley.
• Price Water House Coopers (PWC). (2020). IFRS and Indonesian (GAAP) Similarities and Differences. https://www.pwc.com/id/en/publications/assurance/psak-vs-ifrs-2020.pdf (Access: 24.01.2022).
• Renders, A. and Gaeremynck, A. (2007).The Impact of Legal and Voluntary Investor Protection on the Early Adoption of IFRS. De economist, 0(155), 49-72.
• Roberts, C.; Weetman, P. and Gordon, P. (2002). International Financial Accounting, (2 ed.). Essex: Prentice Hall.
• Shara, A., and Mita, A. F. (2017). The Effect of IFRS Convergence on Ownership of Foreign Investors in Indonesia. Advances in Economics, Business and Management Research (AEBMR), 55, 13-17.
• Simga-Mugan, C. and Hosal-Akman, N. (2005). Convergence to International Financial Reporting Standards: The Case of Turkey. International Journal of Accounting, Auditing, and Performance Evaluation, 2(1-2), 127-139.
• Snyder, H. (2019). Literature Review as a Research Methodology: An Overview and guidelines. Journal of Business Research, 0(4), 333–339.
• Soderstrom, N. S. and Sun, K. J. (2007). IFRS Adoption and Accounting Quality: A Review. European Accounting Review, 16(4), 675-702.
• Uddin, S. (2005). Global Acceptance of IASs/IFRSs. The Cost and Management, 3(4), 22-33.
• UNTAD. (2008). Practical of Implementation of International Financial Reporting Standard: Lessons Learned, Case Study on IFRS. Switzerland: UN Publication
• Verriest, A.; Gaeremynck, A. and Thornton, D. B. (2013). The Impact of Corporate Governance on IFRS Adoption Choices. European Accounting Review, 0(1), 39-77.
• Zakari, M. A. (2014). Challenges of International Financial Reporting Standards (IFRS): Adoption in Libya. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2538220 (Access: 05.01.2021).