The Significant Laws and Regulations Changes
  • SIGNIFICANT ACCOUNTING POLICIES CHANGES

    In connection with the Government's policy to provide facilities in the context of accelerating and increasing investment and business in Indonesia, in 2018 the Government of the Republic of Indonesia issued Government Regulation (PP) No. 24/2018 dated 21 June 2018 concerning Services of Business Licensing that Electronically Integrated. In the PP businesses should have a Business License Number (NIB), which was published by the Online Single Submission (OSS) Institution, and one of the requirements to obtain the NIB, businesses must fill in the data of business field in accordance with the Standard Classification of Indonesia Business Field (KBLI) 2017 which was issued in regulation of the Head of the Central Bureau of Statistics No. 19 of 2017 dated March 8, 2018.

    Related to that matters and in accordance with the Joint Announcement of the Ministry of Law and Human Rights and the Coordinating Ministry of Economic Affairs of the Republic of Indonesia dated October 11, 2018, which states that currently there are differences in the data of Limited Liability Companies in the Legal Entity Administration System (SBAH) with OSS systems, and to overcome that differences the Limited Liability Company within of 1 (one) year period must adjust its intention and purposes and also business activities to KBLI 2017, through changes to the Company's Articles of Association as referred to in the provisions of Article 21 paragraph 2 of Law No. 40 of 2007 concerning Limited Liability Companies. Where the changes in the intention and purposes are changes to the Articles of Association which must be approved by the Minister of Law and Human Rights.

    In July 2017, the Ministry of Finance issued regulation of PMK-107 which revising the previous regulation PMK No.256/PMK.03/2008. PMK-107 set the Stipulation of Dividend Acquisition and the Basis of Calculation by Domestic Taxpayers for Equity Participation in Business Entities Abroad Other than Business Entities Selling Stock at the Stock Exchange. PMK-107 also provides rules on timing of deemed dividend, the availability of foreign tax credits and a mechanism to offset cash dividends received against deemed dividends already included in taxable income. PMK-107 is effective starting on fiscal year 2017.

    SIGNIFICANT ACCOUNTING POLICIES CHANGES

    The consolidated Financial Statements have been prepared in accordance with Indonesian Financial Accounting Standards (SAK), with comprise the statement and interpretation issued by the Board of Financial Accounting Standards of the Indonesian Institute of Accountants and Regulation No, VIII.G.7 on Guidelines on Financial Statements Presentation and Disclosures Issued for Public Company issued by the Indonesia Financial Services Authority (Bapepam dan LK). The accounting standards that are issued up to the date of issuance of the Group's consolidated financial statements, but not yet effective are disclosed below. The management intends to adopt these standards that are considered relevant to the Group when they become effective, and the impact to the consolidated financial position and performance of the Group is still being estimated up to March 27, 2019.

    • ISAK No. 33: Foreign Currency Transaction and Advance Consideration, effective January 1, 2019, with earlier adoption is permitted.

    This amendment clarifies the use of the transaction date to determine the exchange rate used in the initial recognition of the related asset, expense or income at the time the entity has received or paid in advance consideration in the foreign currency.

    • PSAK No. 71: Financial Instruments, effective January 1, 2020, with earlier adoption is permitted.

    This accounting standard provides for classification and measurement of financial instruments based on the characteristics of contractual cash flows and business model of the entity; expected credit loss impairment model that resulting information more timely, relevant and understandable to users of financial statements; accounting for hedging that reflect the entity's risk management better by introduce a more general requirements based on management's judgement.

    • PSAK No. 72: Revenue from Contracts with Customers, effective January 1, 2020, with earlier adoption is permitted.

    This accounting standard is a single standard that a joint project between the International Accounting Standards Board ("IASB") and the Financial Accounting Standards Board ("FASB"), which provides revenue recognition from contracts with customer, and the entity is expected to have an analysis before recognizing the revenue.

    • PSAK No. 73: Leases, effective January 1, 2020, with earlier adoption is permitted, but not before an entity adopts PSAK No. 72.

    PSAK No. 73 establishes the principles of recognition, measurement, presentation, and disclosure of the lease by introducing a single accounting model with the requirement to recognize the right-of-use assets and liability of the lease; there are 2 optional exclusions in the recognition of the lease assets and liabilities: (i) short-term lease and (ii) lease with low-value underlying assets.


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Investor Relations
  • Board of Commissioners Report
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  • Consolidated Statements of Comprehensive Income
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  • Financial Highlights Graphics
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  • Prospectus & Articles of Association
  • Shares, Dividends and Chronology of Company Listing
  • The Significant Laws and Regulations Changes
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  • Consolidated Financial Statements