Philippine E-Journals

Power of Capitalism on Banking Accounting Practice in Indonesia

Nanang Shonhadji | Unti Ludidgo | Gugus Irianto | Ari Kamayanti

 

Abstract:

Marxists argue that the history of human civilization is based on economic interests or basic structure. The International Financial Reporting Standard (IFRS) in Indonesia is part of historical materialism, conceived in the form of ideas and concepts by the organic intellectuals of the respective social organization, economy, and international politics. This study explores the interest of the global society toward the IFRS implementation. This is done to promote the spirit of liberalism, which must be as more profitable for the capitalist class. Te bankers and accounting associations were interviewed. It was found that IFRS is the political and economic interest of the global society for making the banking practice in Indonesia. It was also found that the creation of capitalism hegemony is formed through the consensus of the interests of capitalist society.