Indonesia sees changes to financial reporting – what banks need to know

The Financial Services Authority (OJK) introduced Regulation 15/2024 on October 9, 2024, to improve transparency and accuracy in financial reporting for Indonesian banks. The regulation requires banks to implement stronger internal controls, establish dedicated work units for fraud prevention, and clarify the roles of stakeholders in overseeing compliance. Banks must also submit annual internal control reports to the OJK. Non-compliance could lead to fines of up to Rp 50 billion, with the deadline for compliance set for the first quarter of 2025. With over 15 years of expertise in Internal Control over Financial Reporting (ICFR), Crowe assists banks in implementing and testing these controls to ensure compliance and accuracy in financial disclosures.

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Originally published by Crowe Indonesia, 8 November 2024