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 8th -10th December 2010
What is IFRS?
2
IASB Governance Structure
IFRS Advisory Council
IFRIC
The Target of 2012 IFRS Convergence 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
4
Indonesia IFRS Convergence Roadmap Adoption Stage (2008-2010)
Final Preparation Stage (2011)
Implementation Stage (2012)
• Adopting all IFRS to PSAK
• Partial application of the standard
• The application of the standard
• Preparation for necessary infrastructure
• Finishing the standard preparation or necessary infrastructure
• Evaluation of IFRS adoption impact to the business environment • Define strategy for full adoption
• Evaluation and managing the adoption impact to SAK
5
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.
New Standards and Interpretations Effective on 2010 • 3 new Accounting Standards (PSAK) • Withdrawal of 9 Accounting Standards
Effective on 2011
7
Effective on 2012 (estimated)
• 16 New Accounting Standards (PSAK)
• 11 New Accounting Standards (PSAK)
• 7 New Interpretations (ISAK)
• 5 Interpretations (ISAK)
• Withdrawal of 1 Interpretation Please see the appendix for more details
The Progress of IFRS Adoption in Indonesia 40
37
37
37
35
90%
37
37 33
30 25 23
20 15 9
10 5
10
2
0 01-Jan-07
12/14/2010
01-Jan-08
01-Jan-09
IFRS Adopted
01-Jan-10
Total IFRS
01-Jan-11
Estimated
8
IFRSs which Are Still Under 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.
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NON COMPARABLE PSAK No 1 2 3
PSAK PSAK 21 Ekuitas (Equity) PSAK 27 Akuntansi Koperasi (Accounting for Cooperatives) PSAK 38 Restrukturisasi Ekuitas Sepengendali (Common Control Restructuring)
4 PSAK 44 Aktivitas Pengembangan Real Estate (Real Estate Activity) 5 6 7 8
PSAK 51 Kuasi Reorganisasi (Quasi) PSAK 45 Akuntansi Entitas Nirlaba (Non Profit Accounting)
DSAK Position as of 1 Dec 2010 Will be Revoked Will be Revoked Not Decided Will be Revoked, Replaced by IFRIC 15 (ISAK 21) Not decided Revised
Not decided PSAK 47 Akuntansi Tanah (Accounting for Land PSAK 39 Akuntansi Kerja Sama Operasi (Accounting for Not decided Operational Cooperation)
The Accounting Standard Framework in Indonesia 2010-2012 SAK UMUM • IFRS based PSAK • Shari’ah Standards • PSAK Non IFRS (including SAK for Non Profit)
SAK-ETAP (PSAK for SME)
> 2012 SAK UMUM • IFRS based PSAK • PSAK NON IFRS (Including syari’ah)
SAK ETAP (PSAK for SME) SAK for Non profit
11
IFRS – Active projects 2010 IFRS
Target issuance
Conceptual framework (8 phases)
From Q2 2010 to undetermined yet
Consolidation, including SPE (to replace IAS 27)
Q4 2010
Derecognition (new IFRS)
Q4 2010
Amendments to IFRS 5
Q2 2010
Emissions trading schemes (new IFRS)
Q2 2011
Fair value measurement guidance
Q3 2010
IFRS 9 (phase 2&3)
Q4 2010
Financial statement presentation (to replace IAS 1 & 7)
Q2 2011
Amendments to IAS 12
Q2 2011
Insurance contract (phase 2)
Q2 2011
Amendments to IAS 31 (Joint ventures)
Q2 2010
Amendments to IAS 17
Q2 2011
Amendments to IAS 37 (Provisions)
Q4 2010
Amendments to IAS 19
Q2 2010
Amendments to IAS 18
Q2 2011
The gap – 1 January 2012 IFRS
PSAK
1 Jan 2009
2010
2011
2012
The gap after 1 January 2012 (an illustration only) IFRS
PSAK
1 Jan 2009
2010
2011
2012
2013
????????
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
Survey to Bankers on the Implementation of Financial Instruments Standards Questions
Response Total Response Does the key management support the Yes 56 implementation of IAS 32 and IAS 39? 96.43% Does the implementation of the standards Yes 54 result the change in the bank’s information 92.6% system? Does the implementation of the standards Yes 49 provide more relevant information about 89.8% bank’s financial performance? Total Respondent is 56 bankers, survey was collected during the Central Bank’s Seminar, 24th November 2010
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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)
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Plans for The Future o More involvement in the international forum n AOSSG (Asian Oceania Standard Setter Group) o Involve in 6 working groups: Revenue, Leases, Consolidation, Insurance Contract, Islamic Finance and Agriculture.
n IAI is the Host of The 5th IFRS Regional Policy Forum o 23-24 May 2011 in Bali
n Intensive communication with IASB. o Meetings with IASB representative (May and Oct 2010)
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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
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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. 021 31904232 Fax. 021 7245078 Email: Website::
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Appendix: List of the Accounting Standards and Interpretation with their effective date
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No
PSAK/ISAK
Ref
Issued
Effective date
1.
PSAK 13 Properti Investasi
IAS 40
2007
1 January 2008
2.
PSAK 16 Aset Tetap
IAS 16
2007
1 January 2008
3.
PSAK 30 Sewa
IAS 17
2007
1 January 2008
4.
PSAK 14 Persediaan
IAS 2
2008
1 January 2009
5.
PSAK 26 Biaya Pinjaman
IAS 23
2008
1 January 2010
6.
PSAK 50 Instrumen Keuangan: Penyajian dan Pengungkapan
IAS 32
2006
1 January 2010
7.
PSAK 55 Instrumen Keuangan: Pengakuan dan Pengukuran
IAS 39
2006
1 January 2010
8.
ISAK 8 Penentuan Apakah Suatu Perjanjian Mengandung Suatu Sewa dan Pembahasan Lebih Lanjut Ketentuan Transisi
IFRIC 4
2007
September 2008
No 1.
2.
3.
4.
5.
PPSAK PPSAK No.1
PPSAK No. 2
PPSAK No. 3
PPSAK No. 4
PPSAK No. 5
Issued
Effective
Pencabutan PSAK 32: Akuntansi Kehutanan, PSAK 35: Akuntansi Pendapatan Jasa Telekomunikasi PSAK 37: Akuntansi Penyelenggaraan Jalan Tol
2009
1 January 2010
Pencabutan PSAK 41: Akuntansi Waran PSAK 43: Akuntansi Anjak Piutang
2009
1 January 2010
2009
1 January 2010
2009
1 January 2010
2009
1 January 2010
Pencabutan PSAK 54: Akuntansi Restrukturisasi Piutang Bermasalah
Utang-
Pencabutan PSAK 31 (revisi 2000) Akuntansi Perbankan, PSAK 42: Akuntansi Perusahaan Efek, dan PSAK 49: Akuntansi Reksa Dana Pencabutan ISAK 06: Interpretasi Atas Paragraf 12 dan 16 PSAK No. 55 (1999) Tentang Instrumen Derivatif Melekat Pada Kontrak Dalam Mata Uang Asing
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No 1.
PSAK PSAK 1
Reference
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
IAS 34 Interim Financial Reporting
4.
PSAK 4 Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri
IAS 27 Consolidated and Separated Financial Statement
5.
PSAK 5 Segmen Operasi
IFRS 8 Operating Segment
6.
PSAK 12
IAS 31 Interests in Joint Ventures
Bagian Partisipasi dalam Ventura Bersama 7.
PSAK 7 Pengungkapan Pihak-Pihak yang Berelasi
8.
PSAK 15 Investasi Pada Entitas Asosiasi
IAS 24 Related Party Disclosures IAS 28 Investments in Associates
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
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
IAS 37 Provisions, Contingent Liabilities
15.
PSAK 58 Aset Tdk Lancar Yg Dimiliki Untuk Dijual & Operasi Yg Dihentikan
IFRS 5 Non-current Assets Held for Sale and Discontinued
16
PSAK 8 Peristiwa Setelah Tanggal Neraca
IAS 10 Event after balance sheet date
Pendapatan
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
IFRIC 1 Changes in existing decommissioning, restoration and similar liabilities
3.
ISAK 10 Program Loyalitas Pelanggan
IFRIC 13 Customer Loyalty Programs
4.
ISAK 11 Distribusi Aset Non Kas Kepada Pemilik
IFRIC 17 Distributions of Non-cash Assets to Owners
5.
ISAK 12 Pengendalian Bersama Entitas: Kontribusi Nonmoneter oleh Venturer
SIC 13 Jointly Controlled Entities – Non Monetary
6.
ISAK 14 Aset Takberwujud; Biaya Situs Web
SIC 32 Intangible Assets – Web Site Costs
7.
ISAK 17
IFRIC 10 Interim Financial Reporting and Impairment
Laporan Keuangan Interim dan Penurunan Nilai
27
No
PSAK
Reference
1
PSAK 10: Pengaruh Perubahan Kurs Valuta Asing
IAS 21: The Effect of Changes in Foreign Exchange Rates
2.
PSAK 18 Akuntansi dan Pelaporan Program Manfaat Purnakarya
IAS 26 Accounting an reporting by retirement benefit plans
3.
PSAK 24 Imbalan Kerja
IAS 19 Employee Benefits
4.
ED PSAK 34 Akuntansi Kontrak Konstruksi
IAS 11 Construction Contract
5.
ED PSAK 46 Akuntansi Pajak Penghasilan
IAS 12 Income Taxes
6
PSAK 53 Pembayaran Berbasis Saham
IFRS 2 Share-based payment
28
No
PSAK
Reference
7
PSAK 50 : Instrumen Keuangan: Penyajian
IAS 32: Financial Instruments: Presentation
8.
KED PSAK 56 (ED akan keluar Des 2010) Laba per saham
IAS 33 Earnings per share
9.
PSAK 60: Instrumen Keuangan:Pengungkapan
IFRS 7 Financial Instrument : Disclosure
10.
PSAK 61: Akuntansi Hibah Pemerintah Dan Pengungkapan Bantuan Pemerintah
IAS 20 Accounting for government grants and disclosure of government assistance
11.
ED PSAK 63: Pelaporan Keuangan dalam Ekonomi Hiperinflasi
IAS 29 Financial Reporting in hyperinflationary economies
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No 1.
ISAK ISAK 13 Lindung Nilai Investasi Neto dalam Kegiatan Usaha Luar Negeri
Reference IFRIC 16 Hedges of Net Investment in a Foreign Operation
2.
ISAK 16 Perjanjian Konsesi Jasa
IFRIC 12 Service Concession Arrangements.
3.
ISAK 15 PSAK 24 - Batas Aset Imbalan Pasti, Persyaratan Pendanaan Minimum Dan Interaksinya
IFRIC 14: IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction
4
ISAK 18: Bantuan Pemerintah-Tidak Ada Relasi Specifik dengan Aktivitas Operasi
SIC-10 Government Assistance—No Specific Relation to Operating Activities
5
IFRIC 7: Applying the Restatement Approach under ED ISAK 19: Penerapan Pendekatan Penyajian Kembali dalam IAS 29: Financial Reporting in Hyperinflationary PSAK 63: Pelaporan Keuangan dalam Ekonomi economies Hiperinflasi
6
ED ISAK 20: Pajak Penghasilan-Perubahan dalam Status Pajak Entitas atau Para Pemegang Sahamnya
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
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 ED PPSAK 7: Pencabutan PSAK 44 Perjanjian Kontruksi Real Estate ED PPSAK 8: Pencabutan PSAK 27: Akuntansi Koperasi
2 3
