Dr. Supriyadi, M.Sc.

Why IFRS?Globalization The shift toward a more

integrated and interdependent world economy Three components:The globalization of markets The globalization of production The globalization of capital sources

Globalization of ProductionyVizio flat panel TV isy designed in a small office in

California y assembled in Mexico y Fromy y y

panels made in South Korea electronic components made in China microprocessors made in the U.S.

Not just manufacturing Globalization of production has historically been about manufacturing Increasingly companies are using modern communications to outsource service activities to low-cost nations

Globalization of marketsy In the past, each country had its own companies in many industries and its own products

What s the impact?yGlobalization (production, market,

and capital sources) needs better information flows and quality IFRS is the answer!!!

Alasan Perlunya Standar Akuntansi Internasionaly Peningkatan daya banding laporan keuangan dan

memberikan informasi yang berkualitas di pasar modal internasional y Menghilangkan hambatan arus modal internasional dengan mengurangi perbedaan dalam ketentuan pelaporan keuangan. y Mengurangi biaya pelaporan keuangan bagi perusahaan multinasional dan biaya untuk analisis keuangan bagi para analis. y Meningkatkan kualitas pelaporan keuangan menuju best practise .

Apakah IFRS itu?y Suatu rerangka akuntansi yang serupa dalam karakter

dan cakupan dengan PSAK(?) dan US GAAP(?) y Standar pelaporan keuangan berkualitas dan diterima secara global yang diterbitkan oleh IASB (sebelumnya IASC) y Principles-based rather than rules-based y The future of world-wide financial reporting

Tujuan IASBy Meningkatkan komparabilitas dan transparansi pelaporan keuangan y Mendorong konvergensi standar akuntansi di seluruh dunia y Memfasilitasi terciptanya biaya modal yang lebih murah karena peningkatan alokasi modal antar negara di seluruh dunia

Siapa Pengguna IFRSy Lebih dari 130 negara setelah telah menggunakan atau

menetapkan kebijakan untuk konvergensi ke IFRS y Peningkatan globalisasi pasar modal telah meningkatkan tekanan untuk harmonisasi standar akuntansi y Perusahaan multinasional merasa lebih mudah dan perlu menggunakan IFRS y Perusahaan publik asing yang menjual saham di NYSC boleh menggunkan IFRS

Manfaat Potensial Penggunaan IFRSy Mengeliminasi pelaporan ganda perusahaan anak di y y y y

negara lain Komparabilitas informasi keuangan dengan kompetitor asing Lebih mudah akses ke pasar modal asing Berpotensi memperoleh biaya modal lebih kecil Meningkatkan fleksibilitas pemilihan kebijakan akuntansi yang sesuai dengan substansi ekonomik

Tantangan Potensial Adopsi IFRSy Pelatihan y Perubahan Sistem Informasi Teknologi y Perubahan dalam kebijakan, prosedur, dan y y y y y

pengendalian Kewajiban hukum dan kontrak Perbedaan dalam professional judgment Komunikasi dengan pemakai Pengukuran kinerja dan skema kompensasi Isu pemilihan kebijakan akuntansi

Tantangan Potensial Adopsi IFRSy Divergent management, income tax, and inter-group y y y y

reporting bases Isu pengelolaan korporasi (corporate governance) Risiko penurunan kualitas pelaporan keuangan jangka pendek Peningkatan risiko misstatement, error, omission, and fraud Suatu proses learning curve

Kos Penggunaan IFRSy Kos akan berbeda-beda antar perushaan yang

mengadopsi IFRS y Kebutuhan sumberdaya di awal pengadopsian IFRS:y Sistem teknologi informasi y Pelatihan karyawan y Pembenahan kebijakan, proses, dan pengendalian y SDM y Konsultan y Pengelolaan risiko y Opportunity costs

Implikasi Adopsi IFRSy Perhatian auditor eksternal: y Modifikasi sistem y Kompilasi bukti-bukti audit y Keterlibtan dalam manajemen proyek y Diperlukan pengawasan terhadap BOD y Komite audit harus memahami IFRS y Diperlukan akses terhadap beberapa risiko: risiko

salah saji, keterlambatan pelaporan, dan kesalahan pemilihan kebijakan akuntansi

Konsep Nilai Wajar (Fair Value)y Apakah nilai wajar relevan dan handal? y Apakah perubahan nilai wajar dapat menyebabkan

kesalahan estimasi? y Apakah penerapan konsep ini membuka peluang manajemen untuk melakukan diskresi oportunistik? y Bagaimana dengan perubahan nilai wajar utang, pentingkah bagi investor?

Konsep Nilai Wajar (Fair Value)y Apakah penggunaan nilai wajar akan mempengaruhi

perilaku manajemen dan investor? y Apakah implikasi menggunakan ekspektasi yang lebih terhadap masa datang pada laporan keuangan sekarang? y Apakah arti sebenarnya dari laba dan rugi?

Siapkah Indonesia?y Ketua IAI sudah mencanangkan bahwa

INDONESIA WILL FULLY ADOPT AND IMPLEMENT IFRS IN 2012!y Negara tetangga? y Korea: 2009 (boleh pakai IFRS), 2011 (wajib IFRS) y Jepang, Cina, India, dan Kanada: 2011 konvergensi IFRS penuh y Brasil: wajib IFRS pada 2010 y Israel: 2008

Perkembangan SAK1973 1973 1 84 84 1994 1994 Prinsip Akuntansi Indonesia (PAI 1973) Prinsip Akuntansi Indonesia (PAI 1984) Dicanangkan program harmonisasi dengan IAS PAI diubah menjadi Standar Akuntansi Keuangan (SAK) Referensi pengaturan: US GAAP IAS Dikembangkan sendiri sesuai perundang-undangan di Indonesia dan kebutuhan bisnis Program konvergensi IFRS dicanangkan oleh IASB Indonesia melakukan program konvergensi secara bertahap (gradually approach) Double sets accounting standards era SAK Non-ETAP konvergen dengan IFRS1

2005

2011 2011 2012 2012

Standar Akuntansi di IndonesiaTransaksi konvensional SAK SA SAP Transaksi syariah SAK syariahDSAS IAI

SAK non-ETAPDSA K IAI

SAK ETAP

KSAP

20

Pemetaan Referensi Entitas Pengguna Standar AkuntansiPublic Accountability Entities Non Public Accountability Entities

SAK Non-ETAP (IFRS)

SAK (Local Standard) (Local Standard)

SAK ETAP SAP

Government Entities

21

Roadmap PSAK Konvergensi ke IFRSTahap adopsi (2008-2011)Adopsi seluruh IFRS ke PSAK Persiapan infrastruktur yang diperlukan Evaluasi dan kelola dampak adopsi terhadap PSAK yang berlaku

Tahap persiapan akhir (2011)Penyelesaian persiapan infrastruktur yang diperlukan

Tahap implementasi (2012)Penerapan pertama kali PSAK yang sudah mengadopsi seluruh IFRS Evaluasi dampak penerapan PSAK secara komprehensif

22

Kendala Adopsi & Implementasi IFRSy Program pelatihan dan universitas belum siap y Kesenjangan komunikasi antara DSAK, dunia y y y y

pendidikan, dan masyarakat akuntansi Kenjangan ahli IFRS Isu terkait dengan kebijakan akuntansi Risiko penurunan kualitas pelaporan keuangan jangka pendek Peningkatan risiko misstatement, error, omission, and fraud

Business and organisational considerations IFRS impact beyond financial statementsMost aspects of the business can be affected: o Processes and systems o Operations o Tax o Treasury Examples include impact on: y Debt covenants y Compensation plans y Revenue contracts y Joint ventures and alliances y Investor communicationThe adoption of IFRS affects more than a companys accounting policies, processes, and people. Ultimately, most aspects of a companys business and operations are affected potentially.

IFRS Implementation IssuesTreasury ManagementHedge Accounting Investments

ValuationFair valuation approach Fair valuation methodologies

Distribution2010-11 profit will change Dividend policy

Investor relationsChanges in EPS EU e perience

Debt CovenantsIAS 1 requirements

IT SystemsDisclosures (IFRS 7) Hedge accounting Data collection

ORGANISATION

Mergers & AcquisitionsControl Goodwill Capital reserve IFRS 1 option

HRraining Revised CTC

Management CompensationES P fair value argets not achieva le Director remuneration Investors

MISIncreased volatility Fluctuations outside control Fair value adjustment

Tax ImplicationFair value adjustment Most item will flow through P & L

PSAK yang telah Sama dengan IFRSEfektif

PSAK 14 (Rev.2008) PSAK 34 (Rev. 1994) PSAK 16 (Rev.2007) PSAK 30 (Rev.2007) PSAK 26 (Rev. 2008) PSAK 50 (Rev. 2006) PSAK 55 (Rev. 2006) PSAK 13 (Rev.2007)

IAS 2 Inventories IAS 11 Construction contracts IAS 16 Property, plant and equipment IAS 17 Leases IAS 23 Borrowing costs IAS 32 Financial instruments: presentation and disclosure IAS 39 Financial instruments: recognition and measurement IAS 40 Investment property

01-01-09

01-01-95

01-01-08

01-01-08

01-01-10

01-01-10

01-01-10 01-01-08

26

PSAK yang telah Sama dengan IFRSEfektif PSAK 1 (revisi 2009) PSAK 2 (revisi 2009) PSAK 4 (revisi 2009) PSAK 5 (revisi 2009) PSAK 12 (revisi 2009) PSAK 15 (revisi 2009) PSAK 25 (revisi 2009) PSAK 48 (revisi 2009) PSAK 57 (revisi 2009) PSAK 58 (revisi 2009)

IAS 1 Presentation of Financial Statements IAS 7 Cash Flow Statements IAS 27 Consolidated and Separate Financial Statements IFRS 8 Operating Segment IAS 31 Interests in Joint Ventures IAS 28 Investments in Associates IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities and Contingent Assets IFRS 5 Non-current assets held for sale and discontinued operations

01-01-11 01-01-11 01-01-11

01-01-11 01-01-11 01-01-11 01-01-11

01-01-11 01-01-11 01-01-11

27

PSAK yang telah Sama dengan IFRSEfektif PSAK 7 (revisi 2010) PSAK 22 (revisi 2010) PSAK 10 (revisi 2010) PSAK 19 (revisi 2010) PSAK 23 (revisi 2010)

IAS 24 Related party disclosures IFRS 3 Business combination IAS 21 The effects of changes in foreign exchange rates IAS 38 Intangible assets IAS 18 Revenue

01-01-1101-01-11 01-01-12 01-01-11 01-01-11

28

Program Adopsi 2010IFRS 2 Share-based payment IFRS 4 Insurance contracts IFRS 6 Exploration for and evaluation of mineral resources IFRS 7 Financial instruments: disclosures IAS 12 Income taxes IAS 19 Employee benefits IAS 26 Accounting and reporting by retirement benefit plans IAS 20 Accounting for government grants and disclosure of government assistance IAS 29 Financial reporting in hyperinflationary economies

29

Program Adopsi 2010IAS 33 Earning per share IAS 34 Interim financial reporting IAS 32 R2009 Financial Instrumens: Presentation IAS 10 Events after The End of Reporting Period IAS 41 Agriculture

30

Current ConditionBy the end of 2010: y 67 standards based on IAS/IFRS y 20 standards based on US GAAP y 8 standards self-developed y 1 standard in Shari a Banking (based on AAOIFI and Local Regulations)

Adopting IFRSy Adopting IFRS presents challenges that many people

underestimate y IFRS 1: First-time adoption of International Financial Reporting Standards. IFRS 1 is applied by any company that prepares its first IFRS financial statements for a period beginning on or after 1 January 2004. y The implications of adopting the standards (LFRS): when to apply IFRS; the opening balance sheet; the selection of accounting policies; the optional exemptions and mandatory exceptions; disclosures; and the interim financial statements.

The opening IFRS balance sheety includes all the assets and liabilities that IFRS requires; y excludes any assets and liabilities that IFRS does not

permit; y classifies all assets, liabilities and equity in accordance with IFRS; and y measures all items in accordance with IFRS.

The opening IFRS balance sheetThe opening IFRS balance sheet is the starting point for all subsequent accounting under IFRS. Companies should prepare an opening IFRS balance sheet at the date of transition to IFRS. This is the beginning of the earliest period for which full comparative information is presented in accordance with IFRS. The opening balance sheet need not be published in the first IFRS financial statements.

ImplicationsMany companies will recognize additional assets and liabilities, for example:y defined benefit pension plans y deferred taxation y assets and liabilities under finance leases y provisions where there is a legal or constructive

obligation y derivative financial instruments y acquired intangible assets y share-based payments (IFRS 2)

ImplicationsSome assets and liabilities recognized under a company s previous GAAP will have to be derecognized, for example: y provisions where there is no legal or constructive obligation y general reserves y internally generated intangible assets y deferred tax assets where recovery is not probable Assets and liabilities that might be reclassified include: y investments in accordance with IAS 39* y some financial instruments previously classified as equity y any assets and liabilities that have been offset where the criteria for offsetting in IFRS are not met for example, the offset of an insurance recovery against a provision y non-current assets held for sale (IFRS 5)

ImplicationsAssets and liabilities that might be measured differently include: y receivables (IAS 18) y employee benefit obligations (IAS 19) y deferred taxation (IAS 12) y financial instruments (IAS 39)* y provisions (IAS 37) y impairments of property, plant and equipment and intangible assets (IAS 36) y assets held for disposal (IFRS 5) y share-based payments (IFRS 2)