APPENDIX A Differences between SAK ETAP vs IFRS for SMEs (Written by Ersa Triwahyuni, Technical Division of Ikatan Akuntan Indonesia)
No.
Topic
IFRS for SMEs
SAK ETAP
1
Scope of
Small and medium entities
Entity with no
Section
public accountability
2
Concepts and pervasive
• Objective of financial statements • Qualitative characteristics of
principles information in financial statements • Elements of financial statements • Recognition of assets, liabilities,
Same with IFRSs for SMEs, except: • Measurement at initial recognition • Subsequent measurement
income and expenses • Measurement at initial recognition
These issues are omitted in SAK
3
Financial statement
• Subsequent measurement
ETAP.
• Fair presentation
Same with IFRSs
• Compliance with accounting standards
presentation
• Compliance 82
for SMEs.except:
83
• Going concern
with SAK
• Frequency of reporting
• Elements of
• Consistency of presentation
financial statement, using income
• Comparative information
statement, rather
• Complete set of financial statement
than comprehensive
• Identification of the financial statement income statement 4
Balance Sheet
• Information presented in balance sheet
Do not recognized:
• Current/non-current distinction
• Financial asset
• Information to be presented either in
• Investment
the statement of balance sheet or in
property measured
the notes
at fair value • Biological asset • Financial liability • Deferred tax asset and liability • Non-controlling interest
84
5
Income Statement
• Presentation of comprehensive income statement • Analysis of expense
6
Statement of
• Statement of changes in equity
Do not recognize comprehensive income statement
Same with IFRS for
changes in
SMEs. Except for
equity
several things connected to other comprehensive issues
7
Statement of cash flow
• Operating activities : direct and indirect method • Investing activities • Financing activities
Same with IFRS for SMEs except: • Cash flows for operating: indirect method
• Foreign currency cash flows • Foreign • Interest and dividends, income tax, non cash transaction.
currency cash flows are not arranged
8
Consolidated and Separate
• Requirements to present consolidated financial statement
Does not arranged
85
financial statement
• Special purpose entity • Consolidation procedure • Combined financial statement • Separate financial statement
9
Accounting policies, estimates and
• Selection and application of accounting Same with IFRS for policies • Accounting policy
errors
SMEs, except the selection of accounting policy
• Accounting estimation
and accounting
• Errors
treatment can refer to other country’s standards.
10
Basic financial instruments
• Scope : asset and liabilities
•
effect
• Basic financial instruments: •
Scope: certain
•
Trading
Measured with cost/amortized cost classification, with effective interest rate and fair held to maturity value and available
•
Impairment test using incurred
for sale, these
loss concept
issues are
86
• 11
Other financial instruments
Derecognition
• Fair value
pointing to PSAK 50
• Hedge accounting
issues 12
Inventories
• Cost of inventories • Cost of agricultural products
Same with IFRS for SMEs except did not arrange about
• Cost formulas
agriculture and commodities broker.
13
Investment in associates
• Scope: associates • Accounting policy selection • Cost model
• Scope: associates and subsidiaries • Accounting method
• Equity method • Associates: cost • Fair value model
model • Subsidiaries: equity method
14
Investments in
• Jointly controlled operation, asset, and
Same with IFRS for SMEs except the
87
joint ventures
entity • Accounting policy
accounting method only using cost model
15
Investment Property
16
Property, plant and equipment
•
Cost model
•
Equity method
•
Fair value model
• Accounting method
Accounting method: cost model
•
Fair value model
•
Cost model
• Use compensation approach • Measurement using cost model • Measurement using purchase price
Same with IFRS for SMEs, except: •
Not using compensation
• Measurement after initial recognition • Depreciation
approach •
Revaluation is permitted if
• No residual value recognition, depreciation method and useful life
agreed by
every ending period, only if there is
government
indication of change
•
Did not need to
88
review of residual value. 17
Intangible asset other tan
• General principle for recognition • Initial measurement, measurement
goodwill
Same with IFRS for SMEs, except intangible asset
after recognition from business • Amortization over useful life
combination
• Retirement and disposals 18
Business combinations and goodwill
19
Leases
• Accounted by applying purchase
Do not arranged
method • Goodwill • Manage agreements which consists of leasing • Classification are based on principle
• Did not arrange agreement which consist of leas (ISAK 8)
based • Financial statement from lessee and
• Classification of lease:
lessor combination of IFRS for SMEs and SFAS 13
89
• Financial statement for lessee and lessor using PSAK 30 : Accounting for lease for operation
20
Liabilities and equity
• Classification of an instrument as liability or equity • Equity components
Using PSAK 21 with several adjustments
• Non-controlling interest and transactions 21
Revenue
• Sale of goods • Sale of service
Same with IFRS for SMEs except there is no disclosures
• Construction contract • Dividends, interest, royalties • General disclosures about revenue
about revenue
90
22
Government
• Recognition and measurements
Does not arranged
• Classification of borrowing cost
The interest
grants 23
Borrowing cost
• Recognition of borrowing cost
calculation based on financial liability, where in IFRS for SMEs have to use effective interest rate.
26
Share-based payment
• Recognition when there are vesting
Does not arranged
conditions • Equity-settled share-based payment • Cash settled share-based payment
27
Impairment of asset
• Impairment of inventories • Impairment other than inventories • Impairment of goodwill
Same with IFRS for SMEs, except: •
The scope includes all types of asset
•
Does not arrange about
91
goodwill •
Addition impairment for receivables which used PSAK 31: Akuntansi Perbankan para 16 and 17
29
Income tax
• Deferred tax concept
•
concept
• Measurement of both current and deferred tax
Tax payable
•
Does not arrange the measurement and recognition of deferred tax
30
Foreign currency
• Functional currency • Reporting foreign currency
translation
Using PSAK 52 “Presentation currency”
transactions in the functional currency
92
• Change in functional currency • Use of a presentation currency other than the functional currency 31
Hyperinflation
•
Hyperinflation economy
•
Procedures for restating historical
Does not arranged
cost 33
Related party disclosures
•
Related party defined
•
Disclosures
Same with IFRS for SMEs, except definition of related party.
34
Specialized activities
35
Transition
•
Agriculture
•
Extractive
•
Service concession
•
First-time adoption
•
Procedures for preparing financial
Does not arranged by SAK ETAP
• Retrospective or prospective
statements at the date of transition
• Transition from and to SAK ETAP
93
36
Effective date
•
Does not disclosed
January 1st 2011, early application January 1st 2010
APPENDIX F Interview Session with PT. Tata Cipta Swara (February 25th 2010) On February 25th 2010, author interviewed the President Director of PT. Tata Cipta Swara, Mr. Papo Hermawan and the company’s accountant Ms. Netty Verawati. The interview covered the short history of the company, the business process and also the accounting process of the company. I.
Interview with the President Director, Mr. Papo Hermawan 1. Q: A:
Kapan dan bagaimana PT. Tata Cipta Swara berdiri? PT. Tata Cipta Swara pertama bernama Three Chord System yang berbasis di Medan. Pada tahun 2007, saya memutuskan untuk pindah ke Jakarta dan mendirikan PT. Tata Cipta Swara.
2. Q: A:
Bagaimana anda memulai bisnis ini? Bermain musik adalah hobby saya, dan setelah berdiskusi dengan istri saya, terlintas ide untuk mendirikan PT. Tata Cipta Swara, yang bergerak di industry rental alat-alat band dan rental sound system. Saya membeli alat-alat musik dan sound system dengan modal dari tabungan pribadi saya.
Dengan pengetahuan bisnis saya, saya mencoba menjalankan
sendiri usaha ini.
98
99
3. Q: A:
Berapa jumlah karyawan di PT. Tata Cipta Swara? Sekarang saya memperkejakan 8 orang karyawan tetap dan juga karyawan tidak tetap. Jumlah karyawan tidak tetap ini bergantung kepada ukuran acara yang diadakan oleh pihak penyewa.
4. Q: A:
Bagaimana proses bisnis yang anda kelola? Kami selalu berusaha untuk mampu memenuhi keinginan pelanggan. Pihak penyewa biasanya memiliki daftar alat-alat yang diperlukan untuk suatu acara.Dari list yang diberikan lalu kami cocokkan dengan alat yang kami miliki. Setelah itu kami akan memberikan kontrak persetujuan kepada klien yang berisi tanggal, waktu acara, dan alat-alat apa saja yang akan digunakan dalam acara tersebut.
5. Q: A:
Bagaimana proses akuntansi di dalam perusahaan anda? Proses
akuntansi
yang
sekarang
dijalankan
adalah
untuk
mendokumentasikan transaksi yang berjalan di dalam operasional perusahaan.
II.
Interview with company’s accountant Ms. Netty Verawati 1. Q: A: 2. Q:
Apakah perusahaan anda menerbitkan laporan keuangan? Iya, tiap tahunnya kami menerbitkan laporan keuangan Apakah proses akuntansi anda menggunakan standar akuntansi atau aturan-aturan tertentu?
100
A:
Pada dasarnya kami tidak menggunakan standar akuntansi tertentu, namun ada dasar-dasar aturan dari Dirjen Pajak yang kami pergunakan.
3. Q:
Apa saja peraturan dari Dirjen Pajak yang anda aplikasikan kepada pelaopran keuangan tahunan perusahaan?
A:
Kami menggunakan standar dari Dirjen Pajak untuk perhitungan penyusutan asset. Format pelaporan kami juga hanya untuk memenuhi ketentuan Dirjen Pajak yaitu laporan Neraca, Laba Rugi dan daftar asset.
CURRICULUM VITAE
PERSONAL INFORMATION Name
:
Triatmaji Setyonugroho.
Place/Date of Birth
:
Surabaya/10th April 1988.
Sex
:
Male.
Status
:
Single.
Religion
:
Moslem.
Address
:
Jl.Camar I Blok AB no.6, Bintaro Jaya Sektor III Tangerang, Banten.
Telephone (Home)
:
021 – 7353095.
Telephone (Mobile)
:
0815 13549579.
E-Mail
:
[email protected]
EDUCATIONAL BACKGROUND 1992 – 1993
:
International Primary School, Rome, Italy.
1994 – 1999
:
Harapan Ibu Primary School, Jakarta.
2000 – 2002
:
Al-Azhar Bintaro Secondary School, Jakarta.
2003 – 2006
:
High School at SMA Plus Pembangunan Jaya, Jakarta.
2006 – present
:
University of Bina Nusantara International,Jakarta. Majoring in Accounting and Applied Accounting Technology, 8th semester.
79
ADDITIONAL COURSES 2009
:
English Course at TBI, British Embassy, Jakarta.
2008
:
BREVET A&B
ADDITIONAL SKILLS o Microsoft Office : Word, Power Point, Excel o MYOB o E-SPT o Adobe Photoshop o SPSS o ACL WORKING EXPERIENCE o
Work as an intern in Unilever Indonesia Tbk as Tax Administrator
o
Work as an intern in PT. Tata Cipta Swara as an accounting staff
ORGANIZATIONAL EXPERIENCE SMA Plus Pembangunan Jaya o
Wakil Ketua OSIS (Non Academic).
o
Wakil Ketua Pelatihan Motivasi.
o
Public Relation for TOSCA 2005.
o
Ketua Panitia Buku Tahunan 2006
University of Bina Nusantara International o
Event Handler for BIMUS (Bina Nusantara Musician Society) 2008 – 2009. 80
o
President of BIMUS (Bina Nusantara Musician Society) 2009 – 2010.
o
Head of Documentation E-Com (English Competition) 2008.
HOBBY o
Music.
o
Photographic.
o
Sport.
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