TGS Indonesia (AU Partners) has assisted the clients in the sector of energy, transportation, engineering, construction, trading, and service sector to perform gap analysis, assessment, implementation, including training to clients and calculation of affected items caused by the new standards. In this article discussion, written by Mikail Jaman, Managing Partner Audit & Assurance, KAP Agus Ubaidillah dan Rekan (TGS AU Partners).

For the companies that use PSAK for their accounting policy, financial statements for the year 2020 could be affected by these accounting standards “PSAK” 71 (Financial instrument), 72 (Revenue from Customer Contract), and 73 (Leases) which must be implemented for the accounting period starting from January 2020. Those accounting standards are adopted from IFRS 9, 15, and 16. Some significant changes are as follows:

PSAK 71 (Financial Instrument)

Changes of classification and different approaches on impairment of financial assets using the estimated credit loss, forward-looking approach.

PSAK 72 (Revenue from Customer Contract)

Using the 5 step models of revenue recognition, identification of contract, identification of performance obligation, defining the basis of allocating the price and recognize the revenue, and defining the financing component from the contract.

PSAK 73 (Leases)

Change from the transfer of risk and benefit model to transfer of control. PSAK 73 introduces the more rigid requirement for asset lease to become an operating lease asset. I explained more about PSAK 73 on youtube, view the video here.

keuangan finance accounting akuntansi

Recommendad Article.