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Consulting PSAK 71 - PSAK 74
The Financial Accounting Standards Board of the Indonesian Accountants Association (DSAK IAI) has ratified two Statements of Financial Accounting Standards and one Amendment to the Statement of Financial Accounting Standards at its meeting on July 26, 2017,
PSAK 71
PSAK 71: The new standards for revenue and leases are not the only new standards to worry about for 2020 there is PSAK 71, Financial instruments, to consider as well.
PSAK 72
PSAK 72: In 2017 the DSAK-IAI issued PSAK 72, new standard for revenue recognition. PSAK 72 is adapted from IFRS 15 Revenue Contracts with customers.
PSAK 73
PSAK 73: New standard-setting for lease accounting treatment. The scope of the arrangements consists of identifying contracts that contain leases, measuring use rights assets and lease liabilities, and presenting lease-related accounting.
PSAK 74
PSAK 74: Insurance Contracts, IFRS 17 is a financial accounting standard issued by the IASB (International Accounting Standard Board), which regulates internationally agreed accounting treatment. IFRS 17 currently replaces IFRS 4, which has existed since 2005. The Financial Accounting Standards Board (DSAK) adopted IFRS 17 by issuing PSAK 74 Insurance Contracts, which replaces PSAK 62 in Indonesia with effective implementation on January 1, 2025. PSAK 74 Insurance Contracts refines the deficiencies of the previous standard by providing a more useful and consistent accounting model for insurance contracts issued by insurance companies to improve the comparability of financial statements. PSAK 74 Insurance Contracts establishes the principles for recognizing, measuring, presenting and disclosing insurance contracts. The main purpose of PSAK 74 Insurance Contracts is to ensure that a company provides relevant information and truly describes the contract so that it can provide a basis for users of financial statements to assess the effect of insurance contracts (reinsurance) on the company's financial position, financial performance and cash flows.