Business and accounting standards that only support the capitalist interest: Critical thinking with institutional theory

The interests of investors have become the attention and purpose of regulators of business regulation, especially accounting regulations. Through the development of IFRS-based accounting standards, accounting regulators place the results of capital market-based studies as the main reference in developing accounting standards in the World. This study tries to uncover the other side of IFRS that is changing the world and directing its goals towards achieving the goals of investors. Using an institutional theory approach, this study places a critical mind on how an organization will be contaminated with external factors. There is an institutional environmental pressure that causes institutionalization. Institutional theory encourages the institutionalization of an organization under external pressure, which is an idea that will form a symbol and eventually become the norm of truth in the organization as a common goal.