<![CDATA[This study delves into the phenomenon of multi-interpretation in financial reporting, using Garuda Indonesia's annual financial statements as a case study, inspired by the Rashomon effect – a concept from Akira Kurosawa's film depicting varied perspectives on a single event. Stakeholders, including auditors, academicians, regulators, and users, offer diverse interpretations of financial transactions, primarily due to the influence of principle-based accounting standards. To gain insights, we conducted in-depth interviews with these groups, employing qualitative research techniques.Our study uncovers parallels to the Rashomon effect, as each stakeholder group presents distinct viewpoints. Auditors emphasize compliance and the need for clearer guidelines, while academicians point to subjectivity within principle-based accounting. Regulators voice concerns about misinterpretation and advocate for standardized accounting rules. Users seek transparency for informed decision-making. The adoption of principle-based standards is identified as the core driver of these disparities.Implications stress the importance of ongoing collaboration among stakeholders to enhance accounting literacy and tackle multi-interpretation issues. Addressing principle-based standards' limitations and fostering a shared understanding are crucial. The potential transition to rule-based standards is proposed as a structured framework for financial reporting.This research contributes by applying the Rashomon effect framework to financial reporting, offering holistic insights from auditors, academicians, regulators, and users. The proposal to shift from principle-based to rule-based standards presents an innovative solution to mitigate multi-interpretation challenges in financial reporting, impacting the field significantly.]]>
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