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2012 IFRS Convergence Programin Indonesia
The Indonesian Institute of Accountants
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2012 IFRS Convergence Grand
Strategies
Accounting Standard Setter
Public Accountant
Regulatory Bodies
Companies
Universities
Other Profession
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Standard Setter (IndonesianAccounting Standard Board-
DSAK IAI)
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The Target of 2012 IFRS Convergence
in Indonesia
4
Revising PSAK to reach material compliance
with IFRS as per 1 January 2009, which will be
effective at year 2011/2012. There will always be a lag time between IFRS
and PSAK as we need to follow due process
before adopting any IFRS.
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INDONESIA IFRS CONVERGENCE
ROADMAP
Adoption Stage(2008-2010)
Adopting all IFRSto PSAK
Preparation fornecessaryinfrastructure
Evaluation andmanaging theadoption impact toSAK
Final PreparationStage (2011)
Finishing thestandardpreparation ornecessaryinfrastructure
ImplementationStage (2012)
The application ofthe standard
Evaluation of IFRSadoption impact tothe business
environment
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DSAK working Programs 2009-
2012
Revoke PSAK that are irrelevant to IFRS adopted standards
Revoke PSAK Industrial specific
Reformat PSAK which have adopted the IFRS (PSAK
numbering codified and consistent use of terms) Adopt IFRIC and SIC as of 1 January 2009
Provide comments and feedback for the Exposure Draft and
Discussion Paper IASB.
More effective cooperation with regulators, industryassociations and universities in the framework of IFRS
convergence.8
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DSAK Participation in AOSSG
DSAK IAI is member of Asian-Oceanian
Standard Setters Group, one of influential
voice of IASB standard process. DSAK-IAI is actively involved in five working
groups of AOSSG:
Revenue
Leases
Consolidation
Insurance Contracts
Financial Reporting Related to Islamic Finance
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EXPOSURE DRAFT ISSUED in
2008-2009
During 2008- 9 November 2009, IAI has issued:
11 new standards with IFRS reference
6 new interpretations with IFRIC/SIC reference Revoked 7 standards (industry specific standards or
standards with reference of US GAAP)
Revoked 1 interpretation that no longer relevant
due to adoption IAS 32 and IAS 39 Standard for Entity with no Public Accountability
with the reference from IASB IFRS for SME and
other references.
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ED Issued by DSAK
During July-Nov 2009, DSAK has issued: PSAK 1 : Penyajian Laporan Keuangan (PH 20 August 2009) from IAS 1
Presentation of Financial Statements
Public Hearing I 13 October
PSAK 5: Segmen Operasi (IFRS 8 Operating Segments)
PSAK 15: Investasi pada Entitas Asosiasi (IAS 28 Investments in
Associates)
PSAK 12: Bagian Partisipasi dalam Ventura Bersama (IAS 31 Interests in
Joint Ventures)
PSAK 25: Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan
Kesalahan (IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors)
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Continued
ED issued July-Nov 2009
Public Hearing I 13 October
PSAK 58: Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi
yang Dihentikan (IFRS 5 Non-current Asset Held for Sale and
Discontinued Operations)
PSAK 57: Kewajiban Diestimasi, Kewajiban Kontinjensi dan Aset
Kontinjensi (IAS 37 Provisions, Contingent Liabilities and Contingent
Assets)
ISAK 09: Perubahan atas Kewajiban Aktivitas Purna Operasi, Restorasi
dan Kewajiban Serupa (IFRIC 1 Changes in Existing Decommisioning,
Restoration, and Similar Liabilities)
ISAK 10: Program Loyalitas Pelanggan (IFRIC 13 Customer Loyalty
Programmes)
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Continued
ED issued July-Nov 2009:
Public Hearing I 13 October
ISAK 11: Distribusi Aset Nonkas Kepada Pemilik (IFRIC 17
Distribution of Non-cash Assets to Owners)
ISAK 12: Pengendalian Bersama Entitas: Kontribusi Nonmoneter
oleh Venturer (SIC 13 Jointly Controlled Entities Non-Monetary
Contribution by Venturers)
PPSAK 2: Pencabutan PSAK 41 : Akuntansi Waran dan PSAK 43:
Akuntansi Anjak Piutang (revoke Accounting for Warrants and
Accounting for Factoring)
PPSAK 3: Pencabutan PSAK 54: Akuntansi Restrukturisasi Utang
Piutang Bermasalah (revoke Accounting for troubled debts
restructuring
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Continued
During July-Nov 2009, DSAK has issued:
Public Hearing II 24 November
PSAK 48 Penurunan nilai Aset (IAS 36 Impairment of Assets)
PSAK 10 Pengaruh Perubahan Nilai Tukar Valuta Asing (IAS 21 The
Effect of Changes in Foreign Exchange Rates)
ISAK 13 Lindung Nilai Investasi Neto dalam Kegiatan Usaha Luar
Negeri (IFRIC 16 Hedges of a Net Investment in a Foreign Operation)
PPSAK 4 Pencabutan PSAK 31: Akuntansi perbankan, PSAK 42:Akuntansi Perusahaan Efek, dan PSAK 49: Akuntansi Reksa Dana
(Revoke Accounting for Banking, Accounting for Securities
Companies)
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Continued
During July-Nov 2009, DSAK has issued:
Public Hearing II 24 November
PPSAk 5 : Pencabutan ISAK 06: Interpretasi atas paragraph 12
dan 16 PSAK No. 55 (1999) tentang Instrumen Derivatif
Melekat pada Kontrak dalam Mata Uang Asing (Inherent
Derivative Instrument of Contract in Foreign Currency)
PSAK 4 Laporan keuangan Konsolidasian dan Laporan
Keuangan Tersendiri (IAS 27 Consolidated and Separate
Financial Statements)
PSAK 2 : Laporan Arus Kas (IAS 7 Statements of Cash Flow)
ED ISAK 7: Konsolidasi Entitas Bertujuan Khusus (SIC 12
Consolidation Special Purpose Entities)
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Public Hearing III 15 December 2009: IFRS 2 Share-based Payments
IFRS 3 Business Combination
IFRS 4 Insurance Contracts IAS 24 Related Party Disclosures
IAS 18 Revenue (minor revision)
IAS 19 Employee Benefits (minor revision)
IAS 36 Intangibles
SIC 32 : Web Site Cost
Public Hearing IV (January)
Public Hearing V (February)
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Working Program of DSAK
working groups 2010
Gr
I 9
I I IC 5
I IC 7
I IC
I IC I IC
IC 9
O G : L i
Gr
I 4
l i r tI 4
ki 44( ti f r r l
t t )
I IC 4
O G: I rC tr t
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Working Program of DSAK
working groups 2010 Gr 3
I 9
I I 4
I IC 9
li r ti i l
I tr t
O G:
Gr 4
I 3
I 34 I IC
I
I 33
O G:C li ti
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Public Accountant (IICPA)
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Adopting International Standard
of Auditing
DSAK has a strong liaison with Indonesian
Institute of Certified Public Accountant (IICPA)
and the Indonesian Auditing Standard Board.Regular coordination meetings are organized
to assure the auditing standards are in line
with IFRS convergence process
Currently Indonesian Auditing Standard Boardis revising the auditing standard to be in
compliance with ISA.
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Continuous Professional Training
DSAK and IICPA has a strong cooperation in
conducting continuous professional training for
public accountants in regards with the newIFRS based standard
Series of trainings and workshops have been
conducted to assure that public accountants
are ready to implement IFRS in due course.
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Regulatory Bodies :
Bapepam-LK,Indonesian Stock Exchange,
Indonesian Tax Office
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Bapepam-LK
Within the past 12 months, DSAK had built a strong
Liaison with Bapepam-LK, regulatory body for capital
market and non-bank financial institution to up date the
human resources within the Bapepam-LK with the fast-changing accounting standards
Series of limited hearings, seminar and workshops are
conducted to assure that regulators have sufficient
competency to enforce IFRS-based accounting standardsto their supervised entities.
Several key person in Bapepam are also invited to DSAK
meetings as observer as well as one representative from
Bapepam in the DSAK.
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Indonesian Stock Exchange
Several key persons from IDX are involved in
the discussion of DSAK working Groups.
DSAK had been conducted some limitedhearings with IDX in regards with revoking
some of Industry-specifics standards to assure
that industry (especially listed companies) are
aware of new accounting standards
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Indonesian Tax Office
DSAK has made research regarding the impact
of IFRS adoption to the tax rules and
regulation. Before the end of the year DSAK is scheduled
to have constructive meeting with ITO to
discuss several issues regarding the impact of
IFRS convergence and how ITO can support theIFRS convergence process in Indonesia.
09-11-2009
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Companies:
Entity with significant publicaccountability and Entity
without significant public
accountability
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Accounting Standards for Entity without
Significant Public Accountability
IFRS is a very sophisticated standard, therefore
DSAK issued SAK ETAP in August (Accounting
Standard for Entity without Significant PublicAccountability) which has less requirements
than IFRS.
DSAK and IAI are now socializing this standards
and promote it through many trainings andseminars.
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SAK-ETAP
Effective 1 January 2011, early adoption is
allowed
This standards should assist small and mediumenterprise in making general purpose financial
standards.
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Universities
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DSAK conducted various seminars and
workshops in Universities to prepare
academics towards IFRS convergence. Coordination with Indonesian Accounting
Academic Association to revise the accounting
education curriculum in compliance with IFRS
Liaision with international and local publisher
to adopt popular accounting text book in to
Indonesian business environment
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Other Professions
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DSAK is aware that IFRS convergence need a
lot of support from other profession such as
appraisers and business valuers. Indonesian Institute of Accountants is actively
involved in drafting the Bill of Appraisal Service
Legislation.
Several discussion has been made between IAI
and Indonesian Society of Appraisers to
address how IFRS convergence impact
appraisers profession.
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Other IAI Efforts for IFRS
Convergence Process
DSAK will also be supported by IFRS
Implementation team consists of 12
professionals from audit firms, MNCs andUniversities that supported DSAK in the IFRS
implementation challenges
Cooperation with ACCA to have joint-
examination for IFRS certification in Indonesia,ready to be implemented in early 2010.
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Thank You
The Indonesian Accounting Standard Board
GRHA AKUNTANJl. Sindanglaya No.1 Menteng, Jakarta Pusat
Telp. 021 31904232
Fax. 021 7245078
Email: