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ISAK 32 Definition and Hierarchy of Indonesian Financial Accounting Standards
Hadori Sugiarto Adi & Rekan A member of HLB International
Vol. 21 April 2017
Table of contents 1. Foreword 2. ISAK 32 Definition and Hierarchy of Indonesia Financial Accounting Standards 3. Key Contacts
Foreword Welcome to the 21st (twenty-first) issue of Inspired! For this edition, we would like to inform you on recently issued ISAK 32: Definition and Hierarchy of Indonesian Financial Accounting Standards. In practice, there are potential inconsistencies between capital market regulatory regulations and Indonesian Financial Accounting Standards or “Pernyataan Standar Akuntansi Keuangan (PSAK)” or Interpretations of Indonesian Financial Accounting Standards or “Interpretasi Standar Akuntansi Keuangan (ISAK)”. There may be differences in accounting treatment as regulated by regulatory regulation with PSAK or ISAK for a similar transaction. Therefore, the Financial Accounting Standards Board of the Indonesian Institute of Accountants (DSAK IAI) approved ISAK 32 which provides arrangements for entities when capital market regulations inconsistent with certain PSAK or ISAK. 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 April 2017
“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 19 partners and more than 225 professionals. Hadori is a member of HLB International.”
ISAK 32 Definition and Hierarchy of Indonesian Financial Accounting Standards Pada tanggal 10 Maret 2017, Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (DSAK IAI) telah mengesahkan ISAK 32 mengenai Definisi dan Hierarki Standar Akuntansi Keuangan.
On March 10, 2017, the Financial Accounting Standards Board of Indonesian Institute of Accountants or “Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (DSAKIAI)” has approved ISAK 32 regarding the Definition and Hierarchy of Financial Accounting Standards.
Dalam PSAK 1 “Penyajian Laporan Keuangan” paragraf 07 dan PSAK 25 “Kebijakan Akuntansi, Perubahan Estimasi Akuntansi dan Kesalahan” paragraf 05, mendefinisikan Standar Akuntansi Keuangan (SAK) adalah Pernyataan dan Interpretasi yang diterbitkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (DSAK IAI) dan Dewan Standar Akuntansi Syariah Ikatan Akuntan Indonesia (DSAS IAI) serta peraturan regulator pasar modal untuk entitas yang berada di bawah pengawasannya. Definisi tersebut diadopsi dari IAS 1 “Presentation of Financial Statements” dan IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” dengan tambahan pernyataan “serta peraturan regulator pasar modal untuk entitas yang berada di bawah pengawasannya”.
In PSAK 1 "Presentation of Financial Statements" paragraph 07 and PSAK 25 "Accounting Policies, Changes in Accounting Estimates and Errors" paragraph 05, define Financial Accounting Standards (SAK) are Statements and Interpretations issued by the Indonesian Accounting Standards Board (DSAK IAI) and the Sharia Accounting Standards Board of the Indonesian Institute of Accountants (DSAS IAI) as well as regulations of the capital market regulators for the entities under its oversight. The definition is adopted from the IAS 1 "Presentation of Financial Statements" and the IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors" with the addition of a statement "as well as regulations of the capital market regulators for the entities under its oversight ".
Akan tetapi dalam praktiknya, terdapat potensi inkonsistensi antara peraturan regulator pasar modal dengan PSAK atau ISAK. Dapat terjadi perbedaan perlakuan akuntansi yang diatur dalam peraturan regulator dengan PSAK atau ISAK atas suatu transaksi yang sama. Oleh karena itu, Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (DSAK IAI) mengesahkan ISAK 32 yang memberikan pengaturan bagi entitas ketika peraturan pasar modal bertentangan dengan PSAK atau ISAK tertentu.
In practice, however, there is potential for inconsistencies between capital market regulatory regulations and PSAK or ISAK. There may be differences in accounting treatment as regulated by regulatory regulation with PSAK or ISAK for a similar transaction. Therefore, the Financial Accounting Standards Board of the Indonesian Institute of Accountants (DSAK IAI) approved ISAK 32 which provides arrangements for entities when capital market regulations inconsistent with certain PSAK or ISAK.
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RUANG LINGKUP
SCOPE
Ruang lingkup ISAK 32 adalah menjelaskan dan menegaskan hierarki Pernyataan Standar Akuntansi Keuangan (PSAK), Interpretasi Standar Akuntansi Keuangan (ISAK) dan peraturan regulator pasar modal untuk entitas yang berada di bawah pengawasannya.
The scope of ISAK 32 is to clarify and affirm the hierarchy of Statements of Financial Accounting Standards (PSAK), Interpretations of Financial Accounting Standards (ISAK) and capital market regulatory regulations for entities under its oversight.
HIERARKI STANDAR AKUNTANSI KEUANGAN/HIERARCHY OF FINANCIAL ACCOUNTING STANDARD
PSAK 25 par. 07 Jika suatu PSAK secara spesifik berlaku untuk suatu transaksi, peristiwa atau kondisi, kebijakan akuntansi yang diterapkan untuk pos tersebut menggunakan PSAK tersebut./ If a PSAK specifically applies to a transaction, other event or condition, the accounting policies applied to that item shall be determined by applying the PSAK.
PSAK 25 par. 10-12 Jika tidak ada PSAK yang spesifik mengatur suatu transaksi, peristiwa atau kondisi, manajemen menggunakan pertimbangannya dalam mengembangkan dan menyusun kebijakan akuntansi dengan urutan sebagai berikut:/ In the absence of a PSAK that specifically applies to a transaction, other event or condition, management shall use its judgment in developing and applying accounting policy in order are as follows:
1. SAK yang berhubungan dengan masalah serupa dan terkait; / SAK relating to similar and related issues;
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2. Definisi, kriteria pengakuan, konsep pengukuran untuk aset, liabilitas, penghasilan, dan beban dalam Kerangka Konseptual Pelaporan Keuangan (KKPK);/ Definition, recognition criteria, measurement concepts for assets, liabilities, income, and expenses in the Conceptual Framework of Financial Reporting (KKPK);
3. Standar akuntansi terkini yang dikeluarkan oleh badan penyusun standar akuntansi lain yang menggunakan kerangka dasar yang sama untuk mengembangkan standar akuntansi, literatur akuntansi, dan praktik akuntansi industri yang berlaku, sepanjang tidak bertentangan dengan SAK dan KKPK./ Current accounting standards issued by other accounting standards governing institute that use the same basic framework for developing accounting standards, accounting literature and prevailing industrial accounting practices, to the extent not incompatible with SAK and KKPK.
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INTERPRETASI
INTERPRETATION
Dalam PSAK 25 telah diatur mengenai hierarki SAK seperti yang telah dijelaskan di atas. Ketika suatu PSAK secara spesifik berlaku untuk suatu transaksi, peristiwa atau kondisi lain, kebijakan akuntansi yang diterapkan untuk pos tersebut menggunakan PSAK tersebut. ISAK 32 memberikan penjelasan bahwa PSAK yang dimaksudkan dalam PSAK 25 paragraf 07 merujuk pada PSAK dan ISAK. Hal ini sejalan dengan pembahasan dalam Dasar Kesimpulan IAS 8 paragraf BC15, yang menjadi rujukan PSAK 25, yang menjelaskan bahwa dalam kaitannya dengan hierarki, ISAK memiliki status yang sejajar dengan PSAK.
In PSAK 25, Hierarchy of SAK has been regulated as described above. When a PSAK specifically applies to a transaction, other event or condition, the accounting policies applied to that item shall be determined by applying the PSAK. ISAK 32 provides an explanation that the PSAK referred to in PSAK 25 paragraph 07 refers to PSAK and ISAK. This is in line with the discussion in the Basis for Conclusion (BC) of IAS 8 “Accounting Policies, Changes in Estimates and Errors” paragraph BC15, which is the reference of PSAK 25, explains that in relation to the hierarchy ISAK has the same status to the PSAK.
Peraturan regulator pasar modal diantaranya mengatur tentang perlakuan akuntansi tertentu atas suatu transaksi, kejadian atau kondisi. Peraturan tersebut tidak bertentangan dengan perlakuan akuntansi spesifik yang telah diatur dalam suatu PSAK atau ISAK jika perlakuan akuntansi yang diatur dalam peraturan tersebut tidak bertentangan dengan prinsip yang menjadi dasar perlakuan akuntansi yang telah diatur dalam suatu PSAK dan ISAK. Sebagai contoh, peraturan tersebut membatasi opsi perlakuan akuntansi yang diperkenakan dalam suatu PSAK atau ISAK, atau pengaturan tersebut menambahkan ketentuan pengungkapan yang telah diatur dalam suatu PSAK atau ISAK untuk memenuhi prinsip keterbukaan informasi yang diterapkan di pasar modal.
Regulation of capital market regulators among others regulates certain accounting treatment of a transaction, event or condition. The regulation is not inconsistent with the specific accounting treatment which has been regulated in a PSAK or ISAK if the accounting treatment set forth in the regulation is not contrary to the principle under which the accounting treatment has been arranged in a PSAK and ISAK. For example, the regulation limits the option of accounting treatment which is allowed in the PSAK or ISAK, or the arrangement adds to the disclosure provisions that have been arranged in the PSAK or ISAK to fulfill the disclosure principle applied in the capital market.
Dalam perkembangannya dapat terjadi peraturan regulator mengatur perlakuan akuntansi yang berbeda dengan PSAK atau ISAK atas suatu peristiwa yang sama, sehingga dalam hal peraturan regulator pasar modal bertentangan dengan PSAK atau ISAK yang spesifik, contoh PSAK/ISAK menganut prinsip substansi mengungguli bentuk, sedangkan peraturan pasar modal menganut prinsip bentuk mengungguli substansi. ISAK 32 mensyaratkan entitas untuk menerapkan PSAK atau ISAK yang spesifik tersebut.
In its development, regulatory regulations may regulate the different accounting treatments of PSAK or ISAK on the same event, so in the case of capital market regulatory regulation contrary to specific PSAK or ISAK, for example, PSAK/ISAK requires the use of substance over form principles, while the capital market regulation requires the use of form over substance principles. ISAK 32 requires the entity to apply the specific PSAK or ISAK.
TANGGAL EFEKTIF
SCOPE
Entitas menerapkan interpretasi ini untuk periode pelaporan tahunan yang dimulai pada atau setelah tanggal 1 Januari 2017.
The Entities shall apply this interpretation to annual reporting periods beginning on or after January 1, 2017.
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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]
Yudianto P. Silianto Partner
[email protected]
Velix Sogen Partner
[email protected]
Riza Manalo Paguio Senior Technical Advisor
[email protected]
Feny Indah S. Partner
[email protected]
Contributors: Sri Agustina
[email protected] Cover Photo: Savitri Rahayu
Cover Photo Location: Lengkuas Island, Belitung
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. © 2017 Hadori Sugiarto Adi & Rekan
