APPENDIX A. Differences between SAK ETAP vs IFRS for SMEs

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Written by Ersa Triwahyuni, Technical Division of Ikatan Akuntan Indonesia)

No. Topic IFRS for SMEs SAK ETAP

1 Scope of Section

Small and medium entities Entity with no public accountability

2 Concepts and pervasive

principles

• Objective of financial statements

• Qualitative characteristics of

information in financial statements

• Elements of financial statements

• Recognition of assets, liabilities, income and expenses

• Measurement at initial recognition

• Subsequent measurement

Same with IFRSs for SMEs, except:

• Measurement at initial recognition

• Subsequent measurement

These issues are omitted in SAK ETAP. 3 Financial statement presentation • Fair presentation

• Compliance with accounting standards

Same with IFRSs for SMEs.except:

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• Going concern

• Frequency of reporting

• Consistency of presentation

• Comparative information

• Complete set of financial statement

• Identification of the financial statement

with SAK • Elements of financial statement, using income statement, rather than comprehensive income statement

4 Balance Sheet • Information presented in balance sheet

• Current/non-current distinction

• Information to be presented either in the statement of balance sheet or in the notes Do not recognized: • Financial asset • Investment property measured at fair value • Biological asset • Financial liability

• Deferred tax asset and liability

• Non-controlling interest

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5 Income Statement

• Presentation of comprehensive income statement • Analysis of expense Do not recognize comprehensive income statement 6 Statement of changes in equity

• Statement of changes in equity Same with IFRS for SMEs. Except for several things connected to other comprehensive issues 7 Statement of cash flow

• Operating activities : direct and indirect method

• Investing activities

• Financing activities

• Foreign currency cash flows

• Interest and dividends, income tax, non cash transaction.

Same with IFRS for SMEs except:

• Cash flows for operating: indirect method

• Foreign currency cash flows are not arranged

8 Consolidated and Separate

• Requirements to present consolidated financial statement

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financial statement

• Special purpose entity

• Consolidation procedure

• Combined financial statement

• Separate financial statement

9 Accounting policies, estimates and errors

• Selection and application of accounting policies

• Accounting policy

• Accounting estimation

• Errors

Same with IFRS for SMEs, except the selection of accounting policy and accounting treatment can refer to other country’s standards.

10 Basic financial instruments

• Scope : asset and liabilities

• Basic financial instruments:

• Measured with cost/amortized cost with effective interest rate and fair value

• Impairment test using incurred loss concept • Scope: certain effect • Trading classification, held to maturity and available for sale, these issues are

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• Derecognition pointing to PSAK 50 11 Other financial instruments issues • Fair value • Hedge accounting

12 Inventories • Cost of inventories

• Cost of agricultural products

• Cost formulas

Same with IFRS for SMEs except did not arrange about agriculture and commodities broker. 13 Investment in associates • Scope: associates

• Accounting policy selection

• Cost model

• Equity method

• Fair value model

• Scope: associates and subsidiaries • Accounting method • Associates: cost model • Subsidiaries: equity method

14 Investments in • Jointly controlled operation, asset, and Same with IFRS for SMEs except the

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joint ventures entity

• Accounting policy

• Cost model

• Equity method

accounting method only using cost model

15 Investment Property

• Accounting method

• Cost model

Accounting method: cost model

16 Property, plant and equipment

• Use compensation approach

• Measurement using cost model

• Measurement using purchase price

• Measurement after initial recognition

• Depreciation

• No residual value recognition, depreciation method and useful life every ending period, only if there is indication of change

Same with IFRS for SMEs, except: • Not using compensation approach • Revaluation is permitted if agreed by government

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review of residual value.

17 Intangible asset other tan goodwill

• General principle for recognition

• Initial measurement, measurement after recognition

• Amortization over useful life

• Retirement and disposals

Same with IFRS for SMEs, except intangible asset from business combination 18 Business combinations and goodwill

• Accounted by applying purchase method

• Goodwill

Do not arranged

19 Leases • Manage agreements which consists of leasing

• Classification are based on principle based

• Financial statement from lessee and lessor

• Did not arrange agreement which consist of leas (ISAK 8) • Classification of lease: combination of IFRS for SMEs and SFAS 13

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• Financial statement for lessee and lessor using PSAK 30 : Accounting for lease for operation 20 Liabilities and equity • Classification of an instrument as liability or equity • Equity components

• Non-controlling interest and transactions

Using PSAK 21 with several adjustments

21 Revenue • Sale of goods

• Sale of service

• Construction contract

• Dividends, interest, royalties

• General disclosures about revenue

Same with IFRS for SMEs except there is no disclosures about revenue

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22 Government grants

• Recognition and measurements Does not arranged

23 Borrowing cost

• Classification of borrowing cost

• Recognition of borrowing cost

The interest

calculation based on financial liability, where in IFRS for SMEs have to use effective interest rate.

26 Share-based payment

• Recognition when there are vesting conditions

• Equity-settled share-based payment

• Cash settled share-based payment

Does not arranged

27 Impairment of asset

• Impairment of inventories

• Impairment other than inventories

• Impairment of goodwill

Same with IFRS for SMEs, except: • The scope includes all types of asset • Does not arrange about

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goodwill • Addition impairment for receivables which used PSAK 31: Akuntansi Perbankan para 16 and 17

29 Income tax • Deferred tax concept

• Measurement of both current and deferred tax • Tax payable concept • Does not arrange the measurement and recognition of deferred tax 30 Foreign currency translation • Functional currency

• Reporting foreign currency transactions in the functional currency

Using PSAK 52 “Presentation currency”

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• Change in functional currency

• Use of a presentation currency other than the functional currency

31 Hyperinflation • Hyperinflation economy

• Procedures for restating historical cost

Does not arranged

33 Related party disclosures

• Related party defined

• Disclosures

Same with IFRS for SMEs, except definition of related party. 34 Specialized activities • Agriculture • Extractive • Service concession

Does not arranged by SAK ETAP

35 Transition • First-time adoption

• Procedures for preparing financial statements at the date of transition

• Retrospective or prospective

• Transition from and to SAK ETAP

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36 Effective date • Does not disclosed January 1st 2011, early application January 1st 2010

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98

Interview Session with PT. Tata Cipta Swara

(February 25

th

2010)

On February 25th 2010, author interviewed the President Director of PT. Tata Cipta Swara, Mr. Papo Hermawan and the company’s accountant Ms. Netty Verawati. The interview covered the short history of the company, the business process and also the accounting process of the company.

I. Interview with the President Director, Mr. Papo Hermawan

1. Q: Kapan dan bagaimana PT. Tata Cipta Swara berdiri?

A: PT. Tata Cipta Swara pertama bernama Three Chord System yang berbasis di Medan. Pada tahun 2007, saya memutuskan untuk pindah ke Jakarta dan mendirikan PT. Tata Cipta Swara.

2. Q: Bagaimana anda memulai bisnis ini?

A: Bermain musik adalah hobby saya, dan setelah berdiskusi dengan istri saya, terlintas ide untuk mendirikan PT. Tata Cipta Swara, yang bergerak di industry rental alat-alat band dan rental sound system. Saya membeli alat-alat musik dan sound system dengan modal dari tabungan pribadi saya. Dengan pengetahuan bisnis saya, saya mencoba menjalankan sendiri usaha ini.

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3. Q: Berapa jumlah karyawan di PT. Tata Cipta Swara?

A: Sekarang saya memperkejakan 8 orang karyawan tetap dan juga karyawan tidak tetap. Jumlah karyawan tidak tetap ini bergantung kepada ukuran acara yang diadakan oleh pihak penyewa.

4. Q: Bagaimana proses bisnis yang anda kelola?

A: Kami selalu berusaha untuk mampu memenuhi keinginan pelanggan. Pihak penyewa biasanya memiliki daftar alat-alat yang diperlukan untuk suatu acara.Dari list yang diberikan lalu kami cocokkan dengan alat yang kami miliki. Setelah itu kami akan memberikan kontrak persetujuan kepada klien yang berisi tanggal, waktu acara, dan alat-alat apa saja yang akan digunakan dalam acara tersebut.

5. Q: Bagaimana proses akuntansi di dalam perusahaan anda?

A: Proses akuntansi yang sekarang dijalankan adalah untuk mendokumentasikan transaksi yang berjalan di dalam operasional perusahaan.

II. Interview with company’s accountant Ms. Netty Verawati 1. Q: Apakah perusahaan anda menerbitkan laporan keuangan?

A: Iya, tiap tahunnya kami menerbitkan laporan keuangan

2. Q: Apakah proses akuntansi anda menggunakan standar akuntansi atau aturan-aturan tertentu?

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A: Pada dasarnya kami tidak menggunakan standar akuntansi tertentu, namun ada dasar-dasar aturan dari Dirjen Pajak yang kami pergunakan. 3. Q: Apa saja peraturan dari Dirjen Pajak yang anda aplikasikan kepada

pelaopran keuangan tahunan perusahaan?

A: Kami menggunakan standar dari Dirjen Pajak untuk perhitungan penyusutan asset. Format pelaporan kami juga hanya untuk memenuhi ketentuan Dirjen Pajak yaitu laporan Neraca, Laba Rugi dan daftar asset.

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PERSONAL INFORMATION

Name : Triatmaji Setyonugroho.

Place/Date of Birth : Surabaya/10th April 1988.

Sex : Male.

Status : Single.

Religion : Moslem.

Address : Jl.Camar I Blok AB no.6, Bintaro Jaya Sektor III

Tangerang, Banten.

Telephone (Home) : 021 – 7353095. Telephone (Mobile) : 0815 13549579.

E-Mail : [email protected]

EDUCATIONAL BACKGROUND

1992 – 1993 : International Primary School, Rome, Italy. 1994 – 1999 : Harapan Ibu Primary School, Jakarta. 2000 – 2002 : Al-Azhar Bintaro Secondary School, Jakarta.

2003 – 2006 : High School at SMA Plus Pembangunan Jaya, Jakarta. 2006 – present : University of Bina Nusantara International,Jakarta.

Majoring in Accounting and Applied Accounting Technology, 8th semester.

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2008 : BREVET A&B

ADDITIONAL SKILLS

o Microsoft Office : Word, Power Point, Excel o MYOB o E-SPT o Adobe Photoshop o SPSS o ACL WORKING EXPERIENCE

o Work as an intern in Unilever Indonesia Tbk as Tax Administrator o Work as an intern in PT. Tata Cipta Swara as an accounting staff

ORGANIZATIONAL EXPERIENCE SMA Plus Pembangunan Jaya

o Wakil Ketua OSIS (Non Academic). o Wakil Ketua Pelatihan Motivasi. o Public Relation for TOSCA 2005. o Ketua Panitia Buku Tahunan 2006

University of Bina Nusantara International

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81 HOBBY o Music. o Photographic. o Sport.