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Indonesia IFRS Convergence Update PSAK 69: Agriculture
Hadori Sugiarto Adi & Rekan A member of HLB International
Vol. 11 June 2016
Table of contents 1
Foreword
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Indonesia IFRS Convergence Update
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PSAK 69: Agriculture
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Key Contacts
Foreword Welcome to the eleventh issue of Inspired! For the month of June 2016, we would like to share the current status of the International Financial Reporting Standards (“IFRS”) Convergence in Indonesia. The improvements, revisions and additions in IFRS have been rampant each year. As we are aware, the Indonesian Financial Reporting Standards (“Pernyataan Standar Akuntansi Keuangan” or “PSAK”) has been converged to IFRS since January 1, 2012. However, there is still a gap between these two standards brought about the changes in IFRS. To acknowledge such changes,the representatives from Dewan Standar Akuntansi Keuangan – Ikatan Akuntan Indonesia (DSAK-IAI), Otoritas Jasa Keuangan (or Financial Services Authority) and IAI National Council had signed a joined statement last May 25, 2016 during the IAI IFRS International Conference held at the Ritz Carlton Hotel, Mega Kuningan, South Jakarta. The joined statement signifies the respective regulatory bodies’ commitment and full support on the IFRS Convergence which implementation is expected to cease on January 1, 2019. We have received various inputs/comments from our readers on the prior issues. This creates a room for discussion on practical and relevant issues to our clients. Since we want the journal to be as relevant as possible to your business’ needs, we look forward to hearing your inputs on each issue. If you wish us to write an article on topics relevant to your business needs, please e-mail us. Contact details are furnished at the last part of this journal.
Adi Wirawan Senior Partner June 2016
“Hadori Sugiarto Adi & Rekan (Hadori) is a registered public accounting and business advisers firm, established in 1973, with offices located in Jakarta, Surabaya, Yogyakarta and Semarang, and comprises of 13 partners and more than 225 professionals. Hadori is a member of HLB International.”
INDONESIA IFRS CONVERGENCE UPDATE STATUS KONVERGENSI 1 JANUARI 2015
IFRS
PER
CONVERGENCE IFRS STATUS AS OF JANUARY 1, 2015
Pada tanggal 1 Januari 2012, Indonesia sudah mulai melakukan konvergensi (Pernyataan Standar Akuntansi Keuangan atau "PSAK") dengan International Financial Reporting Standards ("IFRS"). Disajikan dalam diagram berikut:
On January 1, 2012, Indonesia had started to convergence the Indonesian Financial Accounting Standards (Pernyataan Standar Akuntansi Keuangan or “PSAK”) with International Financial Reporting Standards (“IFRS”). Presented below is the diagram:
SAK per 1 Januari 2012/ SAK as of January 1, 2012
IFRS per 1 Januari 2009/ IFRS as of January 1, 2009
Hal ini tercatat terdapat 3 (tiga) tahun kesenjangan antara IFRS dan PSAK per 1 Januari 2012. Namun, dapat disimpulkan bahwa PSAK secara substansial sejalan dengan jumlah pengecualian. Pengecualian utama meliputi: IFRS 1: Adopsi Pertama dari International Financial Reporting Standards IAS 41: Agrikultur; dan IFRIC 15: Perjanjian Konstruksi Real Estate.
It can be noted there was a 3 (three) years gap between IFRS and PSAK as of January 1, 2012. However, it can be inferred that the PSAKs are substantially in line with number of exceptions. Main exceptions include: IFRS 1: First-time Adoption of International Financial Reporting Standards IAS 41: Agriculture; and IFRIC 15: Agreements for the Construction of Real Estate.
Pelaksanaan konvergensi IFRS menghasilkan kelancaran transisi sebagai hasil dari berbagai seminar, lokakarya dan konsultasi yang diberikan oleh Dewan Standar Akuntansi Keuangan - Ikatan Akuntansi Indonesia (DSAK-IAI) dan berbagai kantor akuntan publik.
The implementation of the IFRS convergence resulted to a smooth transition as a result of the various seminars, workshops and consultations provided by Dewan Standar Akuntansi Keuangan – Ikatan Akuntansi Indonesia (DSAK-IAI) and various public accounting firms.
Selama kurun waktu 2013 - 2014, DSAK-IAI telah menerbitkan (termasuk PSAK baru dan revisi): 13 PSAK dan 4 Interpretasi Standar Akuntansi Keuangan ("ISAK") bersama dengan perbaikan tahunan SAK.
During 2013 – 2014, DSAK-IAI had issued (including new and revision): 13 PSAK and 4 Interpretasi Standar Akuntansi Keuangan (“ISAK”) along with annual improvements of SAK.
Selama tahun 2015, DSAK-IAI telah menerbitkan (termasuk PSAK baru dan revisi): 11 PSAK dan 2 ISAK bersama dengan perbaikan tahunan SAK.
During 2015, DSAK-IAI had issued (including new and revision): 11 PSAK and 2 ISAK along with annual improvements of SAK.
PSAK 69 Agrikultur adalah standar baru yang dirilis pada 16 Desember 2015 yang berlaku efektif pada 1 Januari 2018. PSAK 69 diadopsi dari IAS 41 Agrikultur yang efektif pada 1 Januari 2016. Diskusi mengenai standar baru ini disajikan sebagai bagian dari HLB Inspired edisi Juni 2016.
PSAK 69 Agriculture was the new standard released on December 16, 2015 which is effective on January 1, 2018. PSAK 69 was adopted from IAS 41 Agriculture which was effective on January 1, 2016. A separate discussion on this new standard is part of this June 2016 edition of Inspired.
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SAK efektif per 1 Januari, 2015 setara dengan IFRS efektif pada tanggal 1 Januari 2014. Hal ini mengakibatkan kesenjangan 1 (satu) tahun.
SAK effective as of January 1, 2015 is at par with IFRS effective as of January 1, 2014. This resulted to a 1 (one) year gap.
Perbaikan, revisi dan penambahan dalam IFRS telah konstan sejak saat itu. Perwakilan dari DSAK-IAI, Otoritas Jasa Keuangan dan Dewan Nasional IAI telah menandatangani joined statement terakhir pada 25 Mei 2016 selama Konferensi International IFRS IAI yang digelar di Ritz Carlton Hotel, Mega Kuningan, Jakarta Selatan. Joined statement tersebut menandakan komitmen masing-masing badan pengawas dan dukungan penuh pada Konvergensi IFRS yang pelaksanaannya diharapkan berakhir pada tanggal 1 Januari 2019.
Improvements, revisions and additions in IFRS have been constant since then. Representatives from DSAK-IAI, Otoritas Jasa Keuangan (or Financial Services Authority) and IAI National Council had signed a joined statement last May 25, 2016 during the IAI IFRS International Conference held at the Ritz Carlton Hotel, Mega Kuningan, South Jakarta. The joined statement signifies the respective regulatory bodies’ commitment and full support on the IFRS Convergence which implementation is expected to cease on January 1, 2019.
PROYEK KONVERGENSI SAAT INI
CURRENT CONVERGENCE PROJECTS
Standar saat ini yang berada dalam lingkup proyek konvergensi pada 2016-2017 mencakup:
The current standards under convergence projects in 2016-2017 include:
No.
IFRS
Tanggal efektif IFRS/ IFRS Effective Date
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IFRS 15: Pendapatan Kontrak dengan Pelanggan/ IFRS 15: Revenue from Contracts with Customers IFRS 9: Instrumen Keuangan/ IFRS 9: Financial Instruments IFRS 16: Sewa/ IFRS 16: Leases
1 Januari 2018/ January 1, 2018
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1 Januari 2018/ January 1, 2018 1 Januari 2019/ January 1, 2019
Target Tanggal Efektif pada SAK Indonesia/ Target Effective Date in Indonesia’s SAK 1 Januari 2019/ January 1, 2019
1 Januari 2019/ January 1, 2019 1 Januari 2020/ January 1, 2020
Beberapa pengecualian dari konvergensi IFRS antara lain:
Some exceptions from IFRS convergence, amongst others, are as follows:
1. IFRS 1: Adopsi Pertama dari International Financial Reporting Standards 2. IFRS 14: Regulasi Akun Tangguhan 3. IFRIC 12: Saham Anggota pada Entitas Koperasi dan Instrumen Sejenis 4. IFRIC 5: Hak untuk Kepentingan Transaksi Purna Operasi, Restorasi dan Dana Rehabilitasi Lingkungan 5. IFRIC 6: Kewajiban Transaksi Berpartisipasi dalam Pasar Khusus-Limbah Listrik dan Peralatan Elektronik 6. SIC 7: Pengenalan Euro 7. SIC 31: Pendapatan – Transaksi Barter Melibatkan Jasa Periklanan
1. IFRS 1: First-time Adoption of International Financial Reporting Standards 2. IFRS 14: Regulatory Deferral Accounts 3. IFRIC 12: Members’ Shares in Cooperative Entities and Similar Instruments 4. IFRIC 5: Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds 5. IFRIC 6: Liabilities Arising from Participating in a Specific Market-Waste Electrical and Electronic Equipment 6. SIC 7: Introduction of the Euro 7. SIC 31: Revenue – Barter Transactions Involving Advertising Services
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TANTANGAN PADA KONVERGENSI IFRS
CHALLENGES ON IFRS CONVERGENCE
Entitas di Indonesia dihadapkan pada beberapa tantangan untuk adopsi penuh IFRS. Hal tersebut mencakup: Struktur legal Konsistensi interpretasi/ isu implementasi
The entities in Indonesia are exposed to several challenges to fully adopt IFRS. These include: Legal structure Consistency of interpretation/ implementation issues Sharia-based transactions Stakeholder engagement Supporting professions Public Education Translation of IFRS into local language
Transaksi berbasis syariah Keterlibatan pemangku kepentingan Profesi penunjang Edukasi publik Translasi IFRS ke bahasa lokal
Entitas memiliki waktu yang cukup untuk mempersiapkan adopsi dari standar yang akan datang dengan menentukan dampak pada laporan keuangan mereka. Mulai membuat daftar keuntungan dan kerugian dari adopsi tersebut. Jika Anda merasa ragu pada proses implementasi yang tepat, tim kami dapat memberikan pendampingan khusus untuk tim Anda.
The entities have ample time to prepare on the adoption of the forthcoming standards by determining the impact on their financial statements. Start to list down the benefits and disadvantages of such adoption. If you are in doubt on the proper implementation process, our team can be of special assistance to your team.
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PSAK 69: AGRICULTURE ADOPSI IAS 41 (REVISI 2014): AGRIKULTUR
ADOPTION OF IAS 41 (REVISED 2014): AGRICULTURE
PSAK 69 – Agrikultur diadopsi secara signifikan dari ketentuan yang diatur dalam IAS 41 Agrikultur (Revisi 2014) yang berlaku efektif pada tanggal 1 Januari 2016.
PSAK 69 – Agriculture adopted significantly the provisions set forth in IAS 41 Agriculture (Revision 2014) which was effective on January 1, 2016.
PSAK 69 akan berlaku efektif pada tanggal 1 Januari 2018.
PSAK 69 will be effective on January 1, 2018.
Berdasarkan PSAK 69, persyaratan akuntansi untuk aset biologis yaitu memenuhi definisi dari tanaman produktif (misalnya pohon berbuah).
Based on PSAK 69, the accounting requirements for biological assets that meet the definition of bearer plants (e.g., fruit trees).
Tanaman produktif saat ini berada pada ruang lingkup PSAK 16 Aset tetap, dan akan dikenakan semua persyaratan di dalamnya. Hal ini termasuk kemampuan untuk memilih antara model biaya dan model revaluasi untuk pengukuran berikutnya.
Bearer plants will now be within the scope of PSAK 16 Property, Plant and Equipment and will be subject to all of the requirements therein. This includes the ability to choose between the cost model and revaluation model for subsequent measurement.
Produk agrikultur tumbuh pada tanaman produktif (misalnya buah yang tumbuh di pohon) akan tetap berada pada ruang lingkup PSAK 69 Agrikultur. Hibah Pemerintah yang terkait dengan tanaman produktif akan dicatat sesuai dengan PSAK 61 Akuntansi Hibah Pemerintah dan Pengungkapan Bantuan Pemerintah, bukan sesuai dengan PSAK 69.
Agricultural produce growing on bearer plants (e.g., fruit growing on a tree) will remain within the scope of PSAK 69 Agriculture. Government grants relating to bearer plants will now be accounted for in accordance with PSAK 61 Accounting for Government Grants and Disclosure of Government Assistance, instead of in accordance with PSAK 69.
DEFINISI TANAMAN PRODUKTIF
DEFINITION OF BEARER PLANT
Tanaman produktif didefinisikan sebagai tanaman hidup yang: Digunakan dalam produksi atau penyediaan produk agrikultur; Diharapkan untuk menghasilkan produk untuk jangka waktu lebih dari satu periode; dan Memiliki kemungkinan yang sangat jarang untuk dijual sebagai produk agrikultur, kecuali untuk penjualan sisa yang insidental.
A bearer plant is defined as “a living plant that:
Semua kriteria di atas harus terpenuhi untuk aset biologis agar dapat dianggap sebagai tanaman produktif.
All of the above criteria need to be met for a biological asset to be considered a bearer plant.
Definisi tersebut menggambarkan tanaman yang akan secara intuitif dianggap sebagai tanaman produktif, misalnya, anggur. Selain itu, beberapa tanaman yang tampak consumable, seperti sistem akar tanaman tahunan (misalnya, tebu atau bambu) diharapkan dapat memenuhi definisi tanaman produktif.
The definition captures plants that would intuitively be considered to be bearers, for instance, grape vines. In addition, some plants that may appear to be consumable, such as the root systems of perennial plants (e.g., sugar cane or bamboo) are expected to meet the definition of a bearer plant.
is used in the production or supply of agricultural produce; is expected to bear produce for more than one period; and has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales.
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Tanaman semusim dan tanaman lainnya yang ditanam hanya untuk dipanen sebagai produk agrikultur (misalnya, beberapa tanaman pertanian tradisional seperti jagung, gandum dan kedelai, serta pohon-pohon yang ditanam untuk diambil kayunya), tidak diharapkan untuk memenuhi definisi tanaman produktif. Selain itu, tanaman yang memiliki penggunaan ganda, yaitu, baik produk yang dihasilkan dan tanaman itu sendiri yang dijual baik sebagai tanaman hidup atau produk agrikultur (di luar penjualan sisa yang insidental), tidak akan memenuhi definisi tersebut. Hal ini mungkin terjadi ketika, misalnya, suatu entitas memiliki pohon karet untuk dijual getah karetnya sebagai hasil pertanian dan pohonpohonnya sebagai kayu potong.
Annual crops and other plants that are held solely to be harvested as agricultural produce (e.g., many traditional arable crops such as maize, wheat and soya, as well as trees grown for lumber), are not expected to meet the definition of a bearer plant. In addition, plants that have a dual use, that is, both bearing produce and the plant itself being sold as either a living plant or agricultural produce (beyond incidental scrap sales), will not meet the definition. This may be the case when, for example, an entity holds rubber trees to sell both the rubber milk as agricultural produce and the trees as lumber.
Tabel di bawah ini menyediakan beberapa contoh aset biologis, produk agrikultur dan produk yang merupakan hasil pemrosesan setelah panen:
The table below provides examples of biological assets, agricultural produce and products that are the result of processing after harvest:
Tebu panen/Harvested cane Daun tembakau/Picked leaves
Produk yang merupakan hasil pemrosesan setelah panen/Products that are the result of processing after harvest Benang, karpet/Yarn, carpet Kayu gelondongan, potongan kayu/Logs, lumber Keju/Cheese Sosis, ham (daging asap)/Sausages, cured hams Benang, pakaian/Thread, clothing Gula/Sugar Tembakau/Cured tobacco
Daun the/Picked leaves Buah anggur/Picked grapes
Teh/Tea Minuman anggur/Wine
Buah petikan/Picked fruit
Buah olahan/Processed fruit Minyak kelapa sawit/Palm oil Produk olahan karet/Rubber products
Aset Biologis/Biological Assets Domba/Sheep
Produk Agrikultur/Agricultural Produce Wol/Wool
Pohon dalam hutan kayu/Trees in a timber plantation Sapi perah/Dairy cattle Babi/Pigs
Pohon tebangan/Felled trees
Tanaman kapas/Cotton plants Tebu/Sugarcane Tanaman tembakau/Tobacco plants Tanaman teh/Tea bushes Tanaman anggur/Grape vines Tanaman buah-buahan/Fruit trees Pohon kelapa sawit/Oil palms Pohon karet/Rubber trees
Kapas panen/Harvested cotton
Susu/Milk Daging potongan/Carcass
Buah kelapa sawit/Picked fruit Getah karet/Harvested latex
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Beberapa tanaman, sebagai contoh, tanaman teh, tanaman anggur, pohon kelapa sawit, dan pohon karet, biasanya memenuhi definisi tanaman produktif dan termasuk dalam ruang lingkup PSAK 16. Namun, produk yang tumbuh pada tanaman produktif, sebagai contoh, daun teh, buah anggur, buah kelapa sawit, dan getah karet, termasuk dalam ruang lingkup PSAK 69. Some plants, for example, tea bushes, grape vines, oil palms and rubber trees, usually meet the definition of a bearer plant and are within the scope of PSAK 16. However, the produce growing on bearer plants, for example, tea leaves, grapes, oil palm fruit and latex is within the scope of PSAK 69. Hewan produktif, sama seperti tanaman produktif, dapat diadakan semata-mata untuk menghasilkan produk yang mereka hasilkan.
Bearer animals, like bearer plants, may be held solely for the produce that they bear.
Namun, hewan produktif yang dicatat atas dasar PSAK 69 model pengukurannya akan menjadi lebih kompleks jika diterapkan pada aset tersebut.
However, bearer animals are to be accounted for under PSAK 69 on the basis that the measurement model would become more complex if applied to such assets.
PSAK 69 mengharuskan untuk membagi tanaman dan produknya menjadi dua aset (yaitu dua unit akun), dengan model pengukuran yang berbeda. Tanaman produktif akan disajikan sebagai aset tidak lancar. Produk agrikultur biasanya akan disajikan menjadi aset lancar, kecuali dibutuhkan lebih dari satu tahun untuk menghasilkan.
PSAK 69 requires to split the plant and the produce into two assets (i.e. two units of account), with different measurement models. Bearer plants will be presented as non-current assets. Agricultural produce will usually be a current asset, unless it takes more than a year to mature.
PENGUKURAN TANAMAN PRODUKTIF
MEASUREMENT OF A BEARER PLANTS
Tanaman produktif merupakan subyek untuk semua persyaratan pengakuan dan pengukuran pada PSAK 16 termasuk antara lain:
Bearer plants is subject to all the recognition and measurement requirements of PSAK 16, including the following:
Sebelum menghasilkan, tanaman produktif akan diukur pada akumulasi biayanya, sama seperti perlakuan untuk aset tetap yang dikonstruksi sendiri dan sebelum dapat digunakan. Setelah tanaman produktif menghasilkan, entitas akan memiliki pilihan kebijakan untuk mengukur tanaman produktif mengunakan model biaya atau model revaluasi.
Before maturity, bearer plants will be measured at their accumulated cost, similar to the accompanying treatment for a selfconstructed item of plant and equipment before it is available for use. After the bearer plants mature, entities will have a policy choice to measure the bearer plants using either the cost model or the revaluation model.
Persyaratan Pengukuran untuk Tanaman Produktif/Measurement Requirements for Bearer Plants Persyaratan/Requirements Pada saat pengakuan awal/ At initial recognition
Diukur secara terpisah dari beberapa produk agrikultur yang melekat (yaitu dua unit akun)/ Measured separately from any agricultural produced attached (i.e., two units of account) Diukur pada biaya, terakumulasi sampai menghasilkan/ Measured at cost, accumulated until maturity
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Persyaratan pengukuran setelahnya/Subsequent measurement requirements
Diukur pada/Measured at: Biaya, dikurangi akumulasi penyusutan dan penurunan nilai, dengan perubahannya diakui pada laporan laba rugi/ Cost, less any subsequent accumulated depreciation and impairment, with changes recognized in profit or loss ATAU/OR Nilai wajar pada setiap tanggal revaluasi, dikurangi akumulasi penyusutan dan penurunan nilai. Penyesuaian revaluasi (dan penurunan nilai, sejauh itu membalikkan kenaikan revaluasi sebelumnya) diakui sebagai pendapatan komprehensif lain; semua perubahan lainnya diakui pada laporan laba rugi./ Fair value at each revaluation date, less any subsequent accumulated depreciation and impairment. Revaluation adjustments (and impairment, to the extent it reverses previous revaluation increases) recognized in other comprehensive income; all other changes recognized in profit or loss.
Persyaratan Pengukuran Produk Agrikultur/Measurement Requirements of Agricultural Produce Persyaratan/Requirements Pada akhir setiap periode pelaporan sebelum panen/At the end of each reporting period prior to harvest
Diukur secara terpisah dari tanaman produktif pada nilai wajar dikurangi biaya untuk menjual/Measured separately from the bearer plant at fair value less costs to sell
Pada saat panen/At the point of harvest
Diukur secara terpisah dar tanaman produktif pada nilai wajar dikurangi biaya untuk menjual/Measured separately from the bearer plant at fair value less costs to sell
Tantangan dalam Praktik Identiikasi biaya yang dapat dikapitalisasi menurut PSAK 16 dan PSAK 69 Menelusur tanaman produktif dan produk yang tidak dipanen secara terpisah Jika model revaluasi diterapkan, entitas harus menentukan metodologi pengukuran nilai wajar yang sesuai (misalnya teknik discounted cash flow) untuk mengukur nilai wajar aset tersebut secara terpisah dari tanaman produktif dimana mereka tumbuh, yang dapat meningkatkan kompleksitas dan subyektivitas pengukuran.
Challenges in Practice Identifying costs that can be capitalized under PSAK 16 and PSAK 69 Tracking bearer plants and unharvested produce separately If revaluation model is to be applied, entities need to determine the appropriate fair value measurement methodologies (e.g. discounted cash flow techniques) to measure the fair value of these assets separately from the bearer plants on which they are growing, which may increase the complexity and subjectivity of the measurement.
Pelaksanaan awal PSAK 69 memerlukan pertimbangan cermat atas tantangan-tantangan di atas. Untuk memastikan penerapan PSAK 69 yang sesuai, tim kami dapat membantu Anda untuk mengatasi permasalahan Anda.
Initial implementation of PSAK 69 entails careful consideration of the above challenges. To ensure proper application of PSAK 69, our team can assist you to address your concerns.
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Key Contacts Should you need further clarification on the information included in this issue, or would require any assistance in the implementation of the new accounting standards, taxation, regulation, and any other inquiries on our advisory services, kindly send us an email at
[email protected] or call us at +62-21-5761667. Adi Wirawan Senior Partner
[email protected]
Wahyu Wibowo Partner
[email protected]
Yulianti Sugiarta Partner
[email protected]
Wijanarko Partner
[email protected]
Riza Manalo Paguio Senior Technical Advisor
[email protected]
Velix Sogen Partner
[email protected]
Contributors: Riza Manalo Paguio
[email protected] Sri Agustina
[email protected] Cover Photo: Riza Manalo Paguio
Cover Photo Location: Istana in Botanical Garden, Bogor
HLB International is a leading global network of independent professional accounting firms and business advisers. We are present in 130 countries worldwide, with our member firms providing a comprehensive array of audit & accounting, tax and advisory services to a broad range of clients of all industry sectors. A member of the International Federation of Accountants Forum of Firms, HLB International is committed to the highest quality standards in financial reporting and auditing practices with all our members meeting specific quality criteria both nationally and internationally. With member firms well established in their markets, HLB International offers an ideal combination of local expertise and international skills. Our member firms support you as you grow regionally by becoming and globally, ensuring the same partner-led high-quality and personalised service wherever you operate. About Hadori Sugiarto Adi & Rekan Hadori & Rekan is a registered public accounting and business advisers firm. We have been established since 1973, with offices located in Jakarta, Surabaya, Yogyakarta and Semarang. The firm represents a group of specialist providing business advices and services to a wide range of business organizations, including private, public, stateowned enterprises and not-for-profit organizations. Since 1988, Hadori & Rekan joined HLB International, a worldwide accounting firms and business advisers. Having this membership each member firm has the right to use HLB in their name to present a blend of international and local name. It emphasizes the strength of both the international organization and the local firm whilst, at the same time, demonstrating the close bond between the two. Accordingly, the brand name Hadori & Rekan change to Hadori & Rekan (currently Hadori Sugiarto Adi & Rekan). Such change has been approved by the Ministry of Finance. As a member of HLB International, Hadori Sugiarto Adi & Rekan is part of a worldwide network of respected public accounting and business advisory firms in 130 countries, with 1,900 partners and 17,000 staffs in 600 offices worldwide. This publication contains general information only and is not intended to be comprehensive or to provide specific accounting, business, financial, investment, legal, tax or other professional advice or services. This publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any Verdict or action that may affect you or your business. Before making any Verdict or taking any action that may affect you or your business, you should consult a qualified professional advisor. Whilst every effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed, and neither HLB International nor any related entity shall have any liability to any person or entity that relies on the information contained in this publication. Any such reliance is solely at the user’s risk. © 2016 Hadori Sugiarto Adi & Rekan
