2012 IFRS Convergence Program in Indonesia

Transkripsi

1 2012 IFRS Convergence Program in Indonesia Rosita Uli Sinaga Chairman of The Indonesian Financial Accounting Standards Board (DSAK-IAI) The Indonesian Institute of Accountants IIA Congress 8 th -10 th December 2010

2 What is IFRS? 2

3 IASB Governance Structure IFRS Advisory Council IFRIC

4 The Target of 2012 IFRS Convergence 4 in Indonesia o Revising PSAK to reach material compliance with IFRS as of 1 January 2009, which will be effective at year 2011/2012. o We use gradual approach rather than Big Bang approach

5 Indonesia IFRS Convergence 5 Roadmap Adoption Stage ( ) Adopting all IFRS to PSAK Preparation for necessary infrastructure Evaluation and managing the adoption impact to SAK Final Preparation Stage (2011) Partial application of the standard Finishing the standard preparation or necessary infrastructure Implementation Stage (2012) The application of the standard Evaluation of IFRS adoption impact to the business environment Define strategy for full adoption

6 6 How We do it in Indonesia o Gradual approach not big bang approach o Establish IFRS implementation team to support DSAK on implementation challenges o Support from Ministry of SOE by establishing IFRS task force team to assist SOE in implementing IFRS o Improve the cooperation with industry associations o Support from the accountant academics in disseminating convergence updates through out Indonesia and research on IFRS implementation issues.

7 New Standards and 7 Interpretations Effective on new Accounting Standards (PSAK) Withdrawal of 9 Accounting Standards Withdrawal of 1 Interpretation Effective on New Accounting Standards (PSAK) 7 New Interpretations (ISAK) Effective on 2012 (estimated) 11 New Accounting Standards (PSAK) 5 Interpretations (ISAK) Please see the appendix for more details

8 The Progress of IFRS Adoption in 8 Indonesia % Jan Jan Jan Jan Jan-11 12/14/2010 IFRS Adopted Total IFRS Estimated

9 IFRSs which Are Still Under 9 Discussion for Adoption in 2012 o IFRS 1: First Time Adoption o IFRS 4 : Insurance Contract o IFRS 6 : Exploration and Evaluation Mineral Resources o IAS 41 : Agriculture The Board is observing the current development of IASB for those standards.

10 NON COMPARABLE PSAK No PSAK DSAK Position as of 1 Dec PSAK 21 Ekuitas (Equity) Will be Revoked 2 PSAK 27 Akuntansi Koperasi (Accounting for Cooperatives) Will be Revoked 3 PSAK 38 Restrukturisasi Ekuitas Sepengendali (Common Control Restructuring) Not Decided 4 PSAK 44 Aktivitas Pengembangan Real Estate (Real Estate Activity) Will be Revoked, Replaced by IFRIC 15 (ISAK 21) 5 PSAK 51 Kuasi Reorganisasi (Quasi) Not decided 6 PSAK 45 Akuntansi Entitas Nirlaba (Non Profit Revised Accounting) 7 PSAK 47 Akuntansi Tanah (Accounting for Land Not decided 8 PSAK 39 Akuntansi Kerja Sama Operasi (Accounting for Not decided Operational Cooperation)

11 The Accounting Standard Framework 11 in Indonesia > 2012 SAK UMUM IFRS based PSAK Shari ah Standards PSAK Non IFRS (including SAK for Non Profit) SAK-ETAP (PSAK for SME) SAK UMUM IFRS based PSAK PSAK NON IFRS (Including syari ah) SAK ETAP (PSAK for SME) SAK for Non profit

12 IFRS Active projects 2010 IFRS Target issuance Conceptual framework (8 phases) From Q to undetermined yet Consolidation, including SPE (to replace IAS 27) Q Derecognition (new IFRS) Q Amendments to IFRS 5 Q Emissions trading schemes (new IFRS) Q Fair value measurement guidance Q IFRS 9 (phase 2&3) Q Financial statement presentation (to replace IAS 1 & 7) Q Amendments to IAS 12 Q Insurance contract (phase 2) Q Amendments to IAS 31 (Joint ventures) Q Amendments to IAS 17 Q Amendments to IAS 37 (Provisions) Q Amendments to IAS 19 Q Amendments to IAS 18 Q2 2011

13 The gap 1 January 2012 IFRS PSAK 1 Jan

14 The gap after 1 January 2012 (an illustration only) IFRS PSAK 1 Jan ????????

15 Accountant Perception on the IFRS Convergence in Indonesia* Strongly Positive 6% Strongly Negative 1% Negative 21% Positive 72% *Research by Ersa Tri Wahyuni and Penny Lay, 2010, to the 143 accountant respondents in Jakarta. 53% works in accounting firm and 47% works in companies. 15

16 Survey to Bankers on the Implementation of Financial Instruments Standards Questions Response Total Response Does the key management support the implementation of IAS 32 and IAS 39? Does the implementation of the standards result the change in the bank s information system? Does the implementation of the standards provide more relevant information about bank s financial performance? Yes 96.43% Yes 92.6% Yes 89.8% Total Respondent is 56 bankers, survey was collected during the Central Bank s Seminar, 24 th November

17 17 Challenges of IFRS Convergence o The convergence process of relevant laws and regulations (BAPEPAM, Central Bank, Tax, etc) o Dissemination of IFRS Convergence information to all stakeholders through out Indonesia o IFRS is moving target o Readiness of other infrastructure (other specialists, lecturers, accounting syllabi and text books, auditing standards) o The mind set shift from rule based to principle based among all players (preparers, auditors and regulators)

18 18 Plans for The Future o More involvement in the international forum AOSSG (Asian Oceania Standard Setter Group) o Involve in 6 working groups: Revenue, Leases, Consolidation, Insurance Contract, Islamic Finance and Agriculture. IAI is the Host of The 5 th IFRS Regional Policy Forum o May 2011 in Bali Intensive communication with IASB. o Meetings with IASB representative (May and Oct 2010)

19 19 Plans for The Future o Financial Reporting Act is necessary to provide legal support of the Accounting Standards o Strategy for IFRS Convergence Wave II

20 20 Thank You Disclaimer: The views expressed in this presentation are those of the presenter. Official position of the DSAK-IAI on accounting matters are determined only after extensive due process and deliberation. The Indonesian Financial Accounting Standards Board (DSAK-IAI) GRHA AKUNTAN Jl. Sindanglaya No.1 Menteng, Jakarta Pusat Telp Fax Website:

21 21 Appendix: List of the Accounting Standards and Interpretation with their effective date

22 22 No PSAK/ISAK Ref Issued Effective date 1. PSAK 13 Properti Investasi IAS January PSAK 16 Aset Tetap IAS January PSAK 30 Sewa IAS January PSAK 14 Persediaan IAS January PSAK 26 Biaya Pinjaman IAS January PSAK 50 Instrumen Keuangan: Penyajian dan Pengungkapan 7. PSAK 55 Instrumen Keuangan: Pengakuan dan Pengukuran 8. ISAK 8 Penentuan Apakah Suatu Perjanjian Mengandung Suatu Sewa dan Pembahasan Lebih Lanjut Ketentuan Transisi IAS January 2010 IAS January 2010 IFRIC September 2008

23 No PPSAK Issued Effective 1. PPSAK No.1 Pencabutan PSAK 32: Akuntansi Kehutanan, PSAK 35: Akuntansi Pendapatan Jasa Telekomunikasi PSAK 37: Akuntansi Penyelenggaraan Jalan Tol 2. PPSAK No. 2 Pencabutan PSAK 41: Akuntansi Waran PSAK 43: Akuntansi Anjak Piutang 3. PPSAK No. 3 Pencabutan PSAK 54: Akuntansi Restrukturisasi Piutang Bermasalah Utang January January January PPSAK No. 4 Pencabutan PSAK 31 (revisi 2000) Akuntansi Perbankan, PSAK 42: Akuntansi Perusahaan Efek, dan PSAK 49: Akuntansi Reksa Dana 5. PPSAK No. 5 Pencabutan ISAK 06: Interpretasi Atas Paragraf 12 dan 16 PSAK No. 55 (1999) Tentang Instrumen Derivatif Melekat Pada Kontrak Dalam Mata Uang Asing January January 2010

24 24 No PSAK Reference 1. PSAK 1 Penyajian Laporan Keuangan IAS 1 Presentation of Financial Statement 2. PSAK 2 Laporan Arus Kas IAS 7 Statement of Cash Flow 3. PSAK 3 Laporan Keuangan Interim 4. PSAK 4 Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri IAS 34 Interim Financial Reporting IAS 27 Consolidated and Separated Financial Statement 5. PSAK 5 Segmen Operasi IFRS 8 Operating Segment 6. PSAK 12 Bagian Partisipasi dalam Ventura Bersama 7. PSAK 7 Pengungkapan Pihak-Pihak yang Berelasi 8. PSAK 15 Investasi Pada Entitas Asosiasi IAS 31 Interests in Joint Ventures IAS 24 Related Party Disclosures IAS 28 Investments in Associates

25 25 No PSAK Reference 9. PSAK 19 Aset Takberwujud IAS 38 Intangible Assets 10. PSAK 22 Kombinasi Bisnis IFRS 3 Business Combination 11. PSAK 23 Pendapatan IAS 18 Revenue 12. PSAK 25 Kebijakan Akuntansi, Perubahan Estimasi Akuntansi & Kesalahan IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 13. PSAK 48 Penurunan Nilai Aset IAS 36 Impairment of Assets 14. PSAK 57 Provisi, Liabilitas Kontijensi & Aset Kontijensi 15. PSAK 58 Aset Tdk Lancar Yg Dimiliki Untuk Dijual & Operasi Yg Dihentikan 16 PSAK 8 Peristiwa Setelah Tanggal Neraca IAS 37 Provisions, Contingent Liabilities IFRS 5 Non-current Assets Held for Sale and Discontinued IAS 10 Event after balance sheet date

26 26 No ISAK Reference 1. ISAK 7 Konsolidasi Entitas Bertujuan Khusus SIC 12 Consolidation Special Purposes Entities 2. ISAK 9 Perubahan atas Liabilitas Purna Operasi, Liabilitas Restorasi & Liabilitas Serupa 3. ISAK 10 Program Loyalitas Pelanggan 4. ISAK 11 Distribusi Aset Non Kas Kepada Pemilik 5. ISAK 12 Pengendalian Bersama Entitas: Kontribusi Nonmoneter oleh Venturer 6. ISAK 14 Aset Takberwujud; Biaya Situs Web 7. ISAK 17 Laporan Keuangan Interim dan Penurunan Nilai IFRIC 1 Changes in existing decommissioning, restoration and similar liabilities IFRIC 13 Customer Loyalty Programs IFRIC 17 Distributions of Non-cash Assets to Owners SIC 13 Jointly Controlled Entities Non Monetary SIC 32 Intangible Assets Web Site Costs IFRIC 10 Interim Financial Reporting and Impairment

27 27 No PSAK Reference 1 PSAK 10: Pengaruh Perubahan Kurs Valuta Asing 2. PSAK 18 Akuntansi dan Pelaporan Program Manfaat Purnakarya 3. PSAK 24 Imbalan Kerja 4. ED PSAK 34 Akuntansi Kontrak Konstruksi 5. ED PSAK 46 Akuntansi Pajak Penghasilan 6 PSAK 53 Pembayaran Berbasis Saham IAS 21: The Effect of Changes in Foreign Exchange Rates IAS 26 Accounting an reporting by retirement benefit plans IAS 19 Employee Benefits IAS 11 Construction Contract IAS 12 Income Taxes IFRS 2 Share-based payment

28 28 No PSAK Reference 7 PSAK 50 : Instrumen Keuangan: Penyajian 8. KED PSAK 56 (ED akan keluar Des 2010) Laba per saham 9. PSAK 60: Instrumen Keuangan:Pengungkapan 10. PSAK 61: Akuntansi Hibah Pemerintah Dan Pengungkapan Bantuan Pemerintah 11. ED PSAK 63: Pelaporan Keuangan dalam Ekonomi Hiperinflasi IAS 32: Financial Instruments: Presentation IAS 33 Earnings per share IFRS 7 Financial Instrument : Disclosure IAS 20 Accounting for government grants and disclosure of government assistance IAS 29 Financial Reporting in hyperinflationary economies

29 29 No ISAK Reference 1. ISAK 13 Lindung Nilai Investasi Neto dalam Kegiatan Usaha Luar Negeri 2. ISAK 16 Perjanjian Konsesi Jasa 3. ISAK 15 PSAK 24 - Batas Aset Imbalan Pasti, Persyaratan Pendanaan Minimum Dan Interaksinya 4 ISAK 18: Bantuan Pemerintah-Tidak Ada Relasi Specifik dengan Aktivitas Operasi IFRIC 16 Hedges of Net Investment in a Foreign Operation IFRIC 12 Service Concession Arrangements. IFRIC 14: IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction SIC-10 Government Assistance No Specific Relation to Operating Activities 5 ED ISAK 19: Penerapan Pendekatan Penyajian Kembali dalam PSAK 63: Pelaporan Keuangan dalam Ekonomi Hiperinflasi 6 ED ISAK 20: Pajak Penghasilan-Perubahan dalam Status Pajak Entitas atau Para Pemegang Sahamnya IFRIC 7: Applying the Restatement Approach under IAS 29: Financial Reporting in Hyperinflationary economies SIC-25 Income Taxes Changes in the Tax Status of an Entity or its Shareholders 7 ED ISAK 21: Perjanjian Konstruksi Real Estate IFRIC 15: Real Estate Construction Agreement

30 30 Pencabutan Berlaku 1 January 2012 No PPSAK 1. ED PPSAK 6: Pencabutan PSAK 21: Akuntansi Ekuitas, ISAK 1: Penentuan Harga Pasar Dividen, ISAK 2: Penyajian Modal dalam Neraca dan Piutang kepada Pemesan Saham, ISAK 3: Akuntansi atas Pemberian Sumbangan atau Bantuan 2 ED PPSAK 7: Pencabutan PSAK 44 Perjanjian Kontruksi Real Estate 3 ED PPSAK 8: Pencabutan PSAK 27: Akuntansi Koperasi