Search This Bitch


Share |

Monday, December 28, 2009

Securities company accounting standard to be amended

photograph of Etty Retno Wulandari, Accounting Standards and Disclusure Bureau Chief of Bapepam-LK

as published in Bisnis Indonesia daily newspaper
Monday, 28/12/2009 00:00 WIB
Securities company accounting standard to be amended

JAKARTA: Capital Market and Finance Institution Supervisory Agency (Bapepam-LK) plans to change the existing securities company accounting standards (pedoman akuntansi perusahaan efek/PAPE). The capital market authority intends to issue the new standard by 2011.

Accounting Standard and Disclosure Bureau Chief of Bapepam-LK Etty Retno Wulandari said the PAPE so far has been deemed the product of IDX and has never been renewed since 1998.

“We want to replace it with the new one and will be the product of Bapepam-LK instead of IDX [Indonesian Stock Exhange/Bursa Efek Indonesia] so as to have stronger legal basis,” she said to Bisnis last week.

Etty who also include in the Finance Accounting Standard Boards members said the PAPE replacement is done also for replacing accounting basis used by securities companies thus far, namely the transparence and accounting standard statement (pernyataan standar akuntansi keuangan/PSAK) No.42 on Securities Company Accounting.

PSAK 42 has just been revoked by the Finance Accounting Standard Boards this week with some other PSAKs.

The PAPE has been drafted with initial discussion with IDX management. The issuance still waits for the issuance of some statement of accounting standard and transparence which will become the reference of PAPE formation.

“Some PSAK will serve as the PAPE basis and the publication is scheduled next year.”

One of the points to be included in the new PAPE is the procedure of net adjusted working capital (modal kerja bersih disesuaikan/MKBD) calculation. PAPE also waits for the IDX approval of regulation for MKBD.

Formerly the capital market authority expected the IDX and Bapepam-LK regulations on MKBD could be issued this year but none has been issued so far .

Besides PSAK 42, the Finance Accounting Standard Boards chairperson Rosita Uli Sinaga added the institution also revoked PSAK 49 of the Mutual Fund Accounting last week.

Bapepam-LK predicted the revocation is done jointly with the issuance of capital market authority regulation on the mutual fund accounting. So far the new regulation No. VIII.G.10 on procedure of report presentation of mutual fund in the forms of collective investment contract has not been deliberated.

So there is legal gap particularly stipulating capital market investment product accounting record.

The capital market authority does not worry about the absence of special regulation on mutual fund accounting and finance statement of investment manager as industry players could use the former regulations. It has been written in the PSAK 1 that just have been launched by the Dewan Standar Akuntansi Keuangan IAI.

In addition to PSAK 1, Rosita said IAI also deliberated nine other PSAK with full enactment by 2011.

This is done to adjust and converge with the international financial reporting standards (IFRS). Convergence of IFRS will be fully covered by 2012. (21)



Bisnis Online Free Automatic Backlink Investing Blogs - BlogCatalog Blog Directory