Finance, Tax, and Investment Working Group Meeting

On 5 December 2019, EuroCham Finance, Tax, and Investment Working Group held a meeting, which was hosted by PwC, to exchange updates on the new Accounting Standards in Indonesia. Mr. Irwan Lau of PwC acting as speaker on the session. The new Statement of Financial Accounting Standards (PSAK) which has been ratified by the Indonesian Financial Accounting Standards Board (DSAK-IAI), covers: Financial Instruments (PSAK 71), Revenues from Contracts with Customers (PSAK 72), and Lease (PSAK 73). These new standards are as a result of adoption of the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). PSAK 71 is adopted from IFRS 9: Financial Instruments, PSAK 72 is adopted from IFRS 15: Revenue from Contracts with Customers, and PSAK 73 is adopted from IFRS 16: Leases. The overall meeting and discussion were chaired and moderated by the Head of the Working Group, Mr. Omar Abdulkadir of PwC, who also provided brief tax policy updates.

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