Indonesia Integrates Financial Reporting
By the end of 2019 Indonesia aims to better integrate nation-wide financial reporting, strengthening the coordination between different financial services with an initiative that will mandate digital reporting and data sharing.
The Metadata Based Reporting initiative was announced in October 2018, with the Bank of Indonesia, the Financial Services Authority (OJK), and the Deposit Insurance Cooperation (LPS) preparing to build an integrated means of information exchange.
Integrating bank reporting is the starting point for ensuring better quality data. Data sharing is more efficient, as there is no need for information repetition, and also leads to more consistency and clarity. With more accurate data it will be easier for Indonesia’s financial service authorities to make well informed policy decisions, supporting the country’s financial stability.
We applaud this move to further simplify reporting in Indonesia. By coordinating reporting efforts, the potential for digital reporting to simplify, speed up and reduce the cost of reporting and analysis will be more fully realised.
Currently the initiative is in progress, with a taxonomy in development and reporting expected to begin in November 2019. The Bank of Indonesia are seeking XBRL vendors interested in joining the initiative.
Read more here.