CORPORATE ANNUAL FINANCIAL INFORMATION (Government Regulation No. 24/1998, dated February 14, 1988)
THE PRESIDENT OF THE REPUBLIC OF INDONESIA Considering :
a. that in the context of increasing the efficiency and competitiveness in the
national economy, it is deemed necessary to provide facilities for obtaining
corporate annual financial information;
b. that in relation thereto, it is necessary to stipulate a provision on Corporate
Annual Financial Information;
In view of:
1. Article 5, paragraph (2), of the 1945 Constitution;
2. Law No. 3/1982 on the Obligation of Corporate Registration (Statute Book
No. 7/1982, Supplement to Statute Book No. 3214)
DECIDES:
To stipulate :
GOVERNMENT REGULATION ON CORPORATE ANNUAL FINANCIAL INFORMATION
Article 1
In this Government Regulation, what is meant by:
1. Company is any form of business undertaking, which operates permanently and
by an individual or corporation forming a legal body or non-legal body,
established and domiciled in the territory of Indonesia.
2. Minister is the Minister accountable in the field of trade.
Article 2
(1) All companies shall submit an Annual Financial Report to the Minister.
(2) The Annual Financial Report as meant in paragraph (1) shall be a general
Document that can be known by the public.
Article 3
(1) The Annual Financial Report as meant in Areticle 2, paragraph (1) shall
cover:
a. Corporate Balance of Sheet
b. Corporate Profit/Loss Report
c. Cash Flow Report
d. Debts and Receivables including Bank Credits
a. List of Capital Participation
(2) A description and breakdown of the Annual Financial Report as meant in
paragraph (1) shall be further stipulated by the Minister after receiving
consideration from the Finance Minister.
Article 4
(1) Upon the enforcement of this Government Regulation, the obligation as
meant in paragraph (2) shall apply to limited liability company:
b. whose line of business is related to public funds raising
c. which issues an acknowledgment of indebtedness, or
d. whose minimum assets are at least Rp 50,000,000,000.00 (fifty billion
rupiah).
(2) The Annual Report of the company as meant in paragraph (1) shall be a
report already audited by a Public Accountant.
Article 5
For a company which is not included in the companies as meant in Article 4,
paragraph (1), the obligation of submitting Annual Financial Report. shall be
stipulated by the Minister.
Article 6
(1) The Minister or appointed official shall provide corporate financial
information services to the public.
(2) The services on corporate financial services as meant in paragraph (1) shall
be subject to a charge, the amount of which is stipulated in a separate
Government Regulation, and it shall constitute a Non-Tax State Revenue
(PNBP).
Article 7
A further provision required for the implementation of this Govornment
Article 8
This government regulation comes into force on the date of stipulation.
For public cognizance. let this government regulation be announced by publishing
it in the Statute Book of the Republic of Indonesia.
Stipulated in Jakarta on February 14, 1998
THE PRESIDENT OF THE REPUBLIC OF INDONESIA
Sgd
SOEHARTO
Promulgated in Jakarta on February 14, 1998
THE MINISTER/STATE SECRETARY Sgd
ELUCIDATION ON GOVERNMENT REGULATION NO. 24/1998 ON CORPORATE ANNUAL FINANCIAL INFORMATION GENERAL
In the endeavours of supporting the continuation and leverage of the implementation of development, it is deemed necessary to take steps which are capable of pushing the increase of efficiency in the national economy and the competitive power in the business world. To this end, one of the means to increase efficiency is the availability of corporate financial information. With the existence of opportunity for the public and business circles to obtain financial information, it is expected that the process for decision making in the business world can be carried out more accurately, which in turn will enable the levering of business efficiency.
The availability of a more reliable financial information is also an important factor to support the leverage of efficiency and business performance, and to support the implementation of the principles of prudence in the management and utilization of public funds. This is in line with the endeavours to increase efficiency in the allocation of public funds so as to give more support to an even development.
ARTICLE BY ARTICLE Article 1
Letter 1
Sufficiently clear
Letter 2
Sufficiently clear
Article 2
Paragraph (1)
The company submitting the Annual Financial Report shall have a TOP and NPWP (Tax Payer's Registration No.). The obligation for the submission of financial report in this Government Regulation, is the implementation of Law No. 3/1982 on the Obligation of Corporate Registration, which bears a general characteristic, without prejudice to the reporting obligation stipulated in other regulations and legislation, which apply to the lines of business and types of company concerned, such as regulations and legislation in the fields of banking, insurance, and capital market.
Paragraph (2)
Article 3
Paragraph (1)
The submission of this Annual Financial Report is aimed at furnishing corporate financial information. Therefore, a financial information originating from Corporate Balance of Sheets, Corporate Profit/Loss Report, Cash Flow
Report, Debts and Receivables including Bank Credits, and List of Capital Participation and the records concerned, will be sufficient as an information available to the public.
Paragraph (2)
For the uniformity of furnishing the financial information, a description and detail of the Annual Financial Report. is required. In stipulating the description and detail. a consideration needs to be required from the Finance Minister who acts as the Cultivator of Public Accountant. The description and detail of the Annual Financial Report can change in accordance with the need for economic development.
Article 4
Paragraph (1)
Basically, according to this Government Regulation, all companies have the obligation to sumbit an Annual
Financial Report. However, considering the readiness of corporate management and administration, in the first phase, such obligation shall only be carried out by the following types of company :
a. An open incorporated Limited Liability Company, as meant in Article 1, point 6, of Law No. 1/1995 on the Limited Liability Company.
c. A company issuing an acknowledgment of indebtedness, which constitutes a document containing a statement promising to pay back a loan or another financing obligation by a company to the public at large;
Letter d
A company owning total assets in the amount of at least Rp 50,000,000,000.00 (fifty billion rupiah).
Paragraph (2)
Sufficiently clear.
Article 5
Sufficiently clear
Article 6
Paragraph (1)
People wanting an information on annual corporate financial report, can ask it to KPP.
Paragraph (2)
The Government Regulation intended is Government Regulation on the Implementation of Law No. 20/1997 on
Article 7
Sufficiently clear
Article 8
Sufficiently clear
