Furthermore, there is PSAK-Syariah, an accounting guideline that can be used by institutions that have Sharia policies in their business activities. You could say that PSAK-Syariah is a new type of financial accounting standard. Different from the previous type of PSAK, the PSAK-Syariah is stipulated by the Islamic Accounting Board.
The purpose of the PSAK-Sharia is to hold a variety of institutions that have a Sharia basis in Indonesia. For example, Sharia-based institutions in Indonesia are Zakat bodies, Sharia Banks, and also Sharia Pawnshops. The development of PSAK-Sharia was compiled by referring to the fatwa made by MUI.
The contents of PSAK-Sharia are a conceptual framework for the purposes of preparing and disclosing reports, both for the standard presentation of financial statements, as well as specific standards for Sharia transactions. PSAK-Sharia can be implemented with general PSAK if necessary.
For example, it is not uncommon for Islamic banks to use different accounting standards to prepare financial statements. Because Islamic banks have public accountability, their financial statements must be prepared using public PSAK first. Then later, adhere to PSAK-Sharia for all transactions that have a Sharia basis.
Furthermore, there are SAK-EMKM that have been prepared to meet the needs of financial statements in Micro, Small and Medium Enterprises. The reference for SAK-EMKM is Law Number 20 Year 2008 concerning micro, small and medium enterprises.
SAK-EMKM is intended for entities that have not been able to meet accounting requirements in accordance with SAK-ETAP. An entity that uses SAK-EMKM as a guide for preparing financial statements can make it explicit and without exception, regarding compliance with SAK-EMKM in the financial statement notes.
Of course, compliance with the preparation of the financial statements can be seen when the entity complies with all the requirements that exist in SAK-EMKM. This can be seen when the entity consistently records similar transactions, events and conditions in the financial statements prepared.
The last type of Financial Accounting Standards in Indonesia is the Government Accounting Standards. As the name implies, SAP is applied to government entities and established by the Government Accounting Standards Committee.
SAP becomes the entity’s standard in preparing Central Government Financial Statements or LKPP and Regional Government Financial Statements or LKPD.
The making of SAP aims to have government entities have participation, transparency, and also accountability in the management of state finances. So that a cleaner and better government can be realized. This SAP has been designated as PP No. 24 of 2005.
Making Financial Statements Must Follow the Applicable PSAK
SFAS 71, 72, and 73 must be implemented in 2020. Financial instruments will be regulated by PSAK 71, income from contracts with consumers will also be regulated by PSAK 72, and for leases will be stated in PSAK 73.
SFAS are mandatory to make. Because when the financial statements are prepared in accordance with PSAK, users of financial statements will be easier to compare with previous reports or others.
Therefore, the preparation of financial statements needs to be adjusted to the applicable PSAK.