The accounting profession is required to be adaptive in maintaining public trust and accountability for effective management of the state budget amid increasingly complex global economic dynamics.

Accurate financial reporting also encourages the government to play a strategic role in the future to realize a developed Indonesia.

"The biggest challenge is that we continue to strive to make our economy trustworthy. We produce, we conduct economic activities, and we report them properly and with a high degree of reliability. Then, with these reliable reports, we can ensure that all stakeholders, including investors, the public, and policy makers, understand and trust them as part of their decision-making process," said Deputy Minister of Finance Suahasil Nazara in a discussion attended by journalists in Jakarta on Wednesday (3/12).

In addition, accountants can facilitate sustainable economic growth by helping to integrate environmental, social, and governance (ESG) data into financial reports to support decision-making focused on long-term sustainability and help achieve inclusive economic development goals.

"The biggest challenge is how to create a fair and equitable economy that benefits all members of society," he said.

In addition, inclusive economic sustainability requires accountants who can provide accurate and transparent data and analysis, which are essential for better development planning and more efficient budget management.

Protected professions

Suahasil said that the government is very concerned about the accounting profession and protects it through regulatory support and supervision.

"The government has enacted laws to regulate licensing, scope of services, and ethical standards for public accountants, as well as to provide legal protection," said Suahasil.

The government oversees accounting practices to prevent manipulation and ensure compliance with financial reporting standards, professional ethics, and transparency.

The government also plays a role in setting accounting standards that serve as a reference for companies in recording, measuring, and reporting financial information.

The government works with professional organizations such as the Indonesian Institute of Accountants (IAI) on accountant governance and professional development to improve the quality of accountants in Indonesia. 

On the same occasion, Ardan Ardiperdana, Chairman of the National Board of the Indonesian Institute of Accountants (IAI), said that the accounting profession is very important and serves as a pillar of economic stability.

Accountants are involved in the planning of the state budget, so their function and role in the economy cannot be underestimated.

The main functions of accountants in the state budget include financial recording and management. Accountants record all state revenues, expenditures, assets, and liabilities in accordance with applicable regulations.

Accountants analyze financial data to compile accurate reports and provide information that aids decision-making.

"Accountants also provide accurate data and analysis to help the government plan the state budget in a targeted manner," he said.

Another function of accountants in the state budget is to prepare financial data and reports so that they are easy to audit, enabling auditors to ensure compliance with existing standards.

Ensuring that the state budget is used transparently and is accountable to the public, and helping the government manage the budget more efficiently and effectively to achieve its stated objectives.

AI Becomes a Challenge

President of the International Federation of Accountants (IFAC) Jean Bouquot said that the accounting profession still faces challenges in adapting to technological developments such as artificial intelligence (AI) and automation.

Accountants must adapt to technological advances such as AI, machine learning, blockchain, and accounting information systems (including new system migration). The challenge is to learn and apply these technologies effectively and improve digital skills.

"Accountants must keep up with the times and learn new technologies because in developed countries, many jobs have been replaced by AI," he said.

In addition, another challenge is that regulations such as tax regulations, accounting standards, and business policies are constantly changing, so accountants must continue to learn and update their knowledge to ensure compliance and avoid mistakes.

With more and more data being processed digitally, accountants face cybersecurity risks and must ensure the protection of company financial data.

In order for accountants to compete globally, they can improve their professional competencies and obtain professional certifications such as Certified Public Accountant (CPA) or Chartered Accountant (CA) to demonstrate their advanced expertise. This can increase job opportunities and salaries.