31 October 2017, 8:30AM - 12:00PM, WIB Jakarta, Indonesia
KPMG Indonesia organized a briefing on IFRS changes on 31 October 2017 as part of the Board Governance Forum. The presenters for this briefing were Mr. Budi Susanto (Partner Audit and Head of Department Professional Practice) and Mr. Denny Hanafy (Partner and Head of Accounting Advisory Service).The briefing covered changes in IFRS 15 (PSAK 72) Revenue from Contracts with Customers that may change companies’ revenue and profitability profile; IFRS 16 (PSAK 73) Leases that may result in entities having larger asset and liabilities; and IFRS 9 (PSAK 71) Financial Instruments that adds complexity to provisioning for financial assets.
Although these standards are only effective locally in Indonesia in 2020, many participants were concerned with the complexity the standards will bring to their process, controls and even their tax implications. The participants had a lively discussion sharing their perspective of the potential impact to their entities, the presenters shared their implementation experiences and industry practices from other country’s adoption of similar standards.
Given the potential wide-spread implications, now is the time to start the journey to these IFRS standards adoption.
Head of Audit and Assurance Services