The International Financial Reporting Standards (IFRS) are changing how financial reporting is done in Indonesia. The shift towards fair value accounting means historical cost is becoming less important. This change will impact accountants and controllers, as well as financial reporting accuracy. While fair value accounting can make reports more relevant, it may also cause financial results to fluctuate more. The new standards are pushing for a 'true and fair view' of a company's financial position and operations. This shift will affect how accounting is practiced and taught in educational institutions.