anf-psak70-accounting-for-assets-liabilities-taxamnesty | KPMG | ID

Accounting News Flash: PSAK 70 – Accounting for Assets and Liabilities of Tax Amnesty

Accounting News Flash: PSAK 70

PSAK 70 has been released by Indonesian Financial Accounting Standards Board – IAI which is effective immediately since Tax Amnesty Law was approved.

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This pronouncement sets out the accounting for assets and liabilities arising from tax amnesty, and it is to be applied by entities that, as a result of participating in Tax Amnesty program as so defined in the Tax Amnesty Law, recognize assets and/or liabilities in their financial statements.

They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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