ifrs convergence program for rocc revised2(2)

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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

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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


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:


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:

ifrs convergence program for rocc revised2(2)

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