Process & Overview of IFRS Convergence Progress and PSAK IndonesiaEsika Wahasri, SE, Ak, MM, CPA, CPSAK, CA.

Tujuan yang ingin dicapai :Setelah mempelajari materi ini, diharapkan mampu: Memahami proses konvergensi IFRS di IndonesiaMemahami karateristik IFRSMemahami kerangka PSAK IndonesiaMemahami perubahan paradigma Laporan Keuangan serta dampak bagi entitas bisnis di Indonesia Mengetahui Informasi terbaru proses konvergensi IFRS di Indonesia

Process of IFRS Convergence in Indonesia :

Proses konvergensi IFRS di Indonesia dilakukan secara bertahap melalui tiga tahapan, yaitu:

tahap adopsi, tahap persiapan akhir, tahap implementasi.

Tahapan Konvergensi IFRS di Indonesia:

Tahap Adopsi (2007 2010)Tahap Persiapan Akhir (2011)Tahap Implementasi (2012)Adopsi seluruh IFRS ke PSAKPenyelesaian persiapan infrastruktur yang diperlukanPenerapan PSAK berbasis IFRS secara bertahapPersiapan infrastruktur yang diperlukanPenerapan secara bertahap beberapa PSAK berbasis IFRSEvaluasi dampak penerapan PSAK secara komprehensifEvaluasi dan kelola dampak adopsi terhadap PSAK yang berlaku

IFRS Convergence Roadmap stages of adoption2007-2010 Adoption of all IFRS into the SAKFinal preparation of supporting infrastructure Final Preparation Phase 2011implementation phase in 2012 application of SAK that have adopted IFRS in 2012 IFRS Convergence SAK 2012 = IFRS January 1 2009

Istilah dan contoh Adapsi, Konvergensi, dan Adopsi penuh:

IstilahAdoptionConvergenceFull AdoptionArti harfiahStandart AkuntansiAdopsi/PemakaianPenggunaan standar baruPertemuan pada suatu titik antara standar lama dengan standar baru dengan mempertimbangkan keadaan yang berlakuAdopsi penuh/pemakaian menyeluruhPenggunaan standar baru secara menyeluruhContoh NegaraIndonesia sebelum 2012Indonesia setelah 2012Australia, Hongkong

1994harmonization ????2012adoption convergence The Evolution of Financial Accounting Standards in Indonesia

PSAK and IFRS

IFRS

PSAK

2006 2007 2008 2009 2010 2011 2012 2013 2014 ????

IFRSs are not Adopted - IFRS 1 : First Time Adoption - IAS 41 : Agriculture

IFRS 1 not be adopted until the adoption of Indonesia will fully IFRS whereas IAS 41 will wait until the IASB has revised

financial accounting standards PILAR 1PILAR 2SAK BasedIFRSSAK ETAPPSAK SYARIAH*NONPROFIT*governmental accounting standards SAK BasedIFRS*depending on the context of related transactions Framework of Accounting Standards in Indonesia

IFRS Characteristics PRINCIPAL-based >> more emphasis on the interpretation and application of accounting principles than detailed rules

Emphasis on the substance of the transaction and evaluation of the accounting reflect economic reality

Many professionals need to reach a conclusion judgment accounting

Much use of fair value

Relevant vs Conservatism

Forward Looking/Intuitive vs Accountability

Substance vs Legal Form

Entity Concept vs Parent Concept

Beyond Financial Accounting Disclosure

Paradigm Change in Financial Reporting

Impact on Entities business transformation, process, system and control Future Earning Forecastearnings and financial ratios changed loan covenants should be re-evaluated Dividends, EPS and Taxes KPI adaptation

PSAK 1 Presentation of Financial Statements PSAK 2 Statement of Cash FlowsPSAK 3 Interim Financial ReportingPSAK 4 Consolidated and Separate Financial Statements PSAK 5 Operating Segments PSAK 7 Related Party DisclosuresPSAK 8 Events After the Reporting Period PSAK 12 Interests in Joint VenturePSAK 15 Investments in Associates PSAK 19 Intangible Assets PSAK 22 Business Combinations PSAK 23 Revenue PSAK 25 Accounting Policies, Changes in Accounting Estimates and Errors PSAK 48 Impairment of AssetsPSAK 57 Provisions, Contingent Liabilities and Contingent AssetsPSAK 58 Non-current Assets Held For Sale and Discontinued OperationsISAK 7, 9, 10, 17, PPSAK 6.

STATEMENT OF FINANCIAL ACCOUNTING STANDARDS, EFFECTIVE on JANUARY 1, 2011

PSAK 10 The Efects of Changes in Foreign Exchange RatesPSAK 13 Investment PropertyPSAK 16 Fixed AssetsPSAK 18 Accounting And Reporting Of Program Benefits PurnakaryaPSAK 24 Employee BenefitsPSAK 26 Borrowing CostPSAK 28 Accounting for Loss InsurancePSAK 30 LeasingPSAK 33 Stripping Activities and Enviromental Management on General MiningPSAK 34 Construction Contract PSAK 45 Nonprofits Entitys Financial StatementsPSAK 46 Income Taxes PSAK 50 Financial Instrument : PresentationPSAK 53 Share Based PaymentPSAK 55 Financial Instruments: Recognition and MeasurementPSAK 56 Earning per SharePSAK 60 Financial Instruments : DisclosuresPSAK 61 Accounting Of Government Grants And Disclosure of Government AssistancePSAK 62 Insurance ContractPSAK 63 Financial Reporting in Hyperinflation EconomyPSAK 64 Exploration for and Evaluation of Mineral ResourcesISAK 15, 16, 20, 22, 23, 24, 25, 26, PPSAK 11 STATEMENT OF FINANCIAL ACCOUNTING STANDARDS, EFFECTIVE on JANUARY 1, 2012

UPDATES ON IFRS CONVERGENCE STATUS IN INDONESIA

As of 1 December 2012, DSAK IAI has published 40 Standards, 20 interpretations, and 11 revocationsDSAK IAI has performed significant revision towards the local GAAP on accounting standards for insurance (PSAK 28 and PSAK 36), and PSAK 62 (based on IFRS 4 phase 1)

DSAK brought up local accounting issues (implementation and interpretation) to regional and global forum (among others EEG, AOSSG, IFRIC, IASB)Actively participated in various regional and global standard setting forums such as EGG, AOSSG, IFASS, WSS, and active and constuructive communication with IFRIC and IASB

UPDATES ON THE DISCUSSION ON ACCOUNTING FOR LAND AND TELENCOMMUCATION TOWER ISSUE

Accounting for LandAcoounting for Telecommunication TowerIFRIC has made the decision not to include the issue on its agenda, on the basis that it is a jurisdictional specifiec issue, and that based on the specific fact pattern, it bears the characteristics of a lease (IAS 17)IFRIC is Looking at avenues to amend the scope of IAS 40, to Include properties other than land and building, which will include telecommucation tower. It has acknowledged that this issue is relevant to other assets with similiar characteristicsDSAK IAI Continue to communicate with IASB, to discuss possibilities of looking at the new ED leases, and how to ensure that the concept would include the pattern of land transaction in IndonesiaThe concept of property is also used in the discussion of the new ED Leases, thus IFRIC communicates with IASB to ensure clarity and consistency in the concept used.The issue is on how to define what constitues as a leaseThe issue is on how to expand the scope af IAS 40 Base on the nature of the assets. This however might potentially lead to another multi interpretation issue, on where to limit the type of assets that can be covered by IAS 40

SUMBER

IKATAN AKUNTAN INDONESIA (IAI) Rosita Uli Sinaga, Ketua DSAK,Seminar Internasional IFRS, JW Mariot, 6-7 Maret 2013Seminar Pasar Modal, 2012Berbagai Sumber, Internet.

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