Analysis Of Implementation Sak Converged Ifrs For Financial Instruments (Psak 50, 55 And 60) In Banking Company

DOI

10.2991/icame-17.2017.8How to use a DOI?

Keywords

Fair Value Accounting, IFRS Convergence, Financial Instrument, Banking Company.

Abstract

IFRS is a set of global accounting regulations. IFRS uses a fair value accounting basis that provides a different perspective from previous standards based on historical cost. The use of fair value is considered to make the financial statements more transparent. Excess fair value accounting for historical cost has been accepted by the public which includes professional accountants and standard makers in various countries. Nevertheless, the fair value accounting of the historical cost is predominantly based on countries with efficient market conditions with good financial reporting environment. Indonesia is one of the developing countries that decided to converge IFRS with its main concept of fair value accounting as a commitment to enter G20 member countries. In 2011 all the necessary infrastructure in the context of convergence to IFRS is already at the completion stage. In 2012 began to be implemented in stages. In 2015 the adaptation process has entered the second period. However, there is still little research to reveal the extent to which the implementation of IFRS convergence in the process of preparing the company's financial statements and its impact on its financial statements. Therefore, in this research will reveal the level of convergence of IFRS primarily the concept of fair value accounting for financial instruments (as contained in PSAK 50, 55 and 60) in practice primarily in banking sector companies. This research is a descriptive qualitative research with triangulation technique. The results show that PT. Bank Negara Indonesia (Persero) Tbk has implemented IFRS converged PSAK for financial instruments (PSAK 50, 55, and 60) in accordance with the adaptation stage. Even companies have volunteered to make early adoptions before the effective date is enacted. In the comparative analysis of financial statements presented from 2009 to 2015 it was found that the application of IFRS converged IFRS has a positive impact on users of financial statements because the informations presented are more complete and informative so that no mistakes are expected in the process of making economic decisions.

Copyright

© 2017, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Download article (PDF)

TY  - CONF
AU  - Elly Astuti
AU  - Nur Wahyuning Sulistyowati
PY  - 2017/10
DA  - 2017/10
TI  - Analysis Of Implementation Sak Converged Ifrs For Financial Instruments (Psak 50, 55 And 60) In Banking Company
BT  - Proceedings of the 2nd International Conference on Accounting, Management, and Economics 2017 (ICAME 2017)
PB  - Atlantis Press
SP  - 97
EP  - 108
SN  - 2352-5428
UR  - https://doi.org/10.2991/icame-17.2017.8
DO  - 10.2991/icame-17.2017.8
ID  - Astuti2017/10
ER  -