Financial Accounting Standards (SAK) is a framework and procedure in the company’s financial statements preparation. This standard serves to present financial statements in a uniform form. Uniformity will make it easier for various parties to read and understand the financial statements that have been prepared, such as auditors in the process of auditing financial statements, investors in understanding the financial condition & business prospects of the company, banks in deciding on lending & various other parties.

There are 4 pillars of Financial Accounting Standards that apply in Indonesia. The 4 pillars include:

  • PSAK-IFRS: Accounting standards applied by the Indonesian Accounting Association for general entities, such as issuers, banking, insurance, and BUMN.
  • SAK-ETAP: Accounting standards for entities without public accountability that are used for general purposes by external parties.
  • PSAK-Syariah: Accounting standards made based on reference to fatwas by the Majelis Ulama Indonesia (MUI) for entities involved in Sharia transactions.
  • SAP: Accounting standards set by the government in the preparation of Laporan Keuangan Pemerintah Pusat (LKPP) and Laporan Keuangan Pemerintah Daerah (LKPD).

ShineWing Solution is here to help and assist you in the whole process of implementing SAK within the company. We are ready to help and assist you in understanding the SAK required by the company, adjusting to procedures, and implementation in financial statements preparation. We are also ready to assist you in adjusting your accounting standards to the latest standards applicable in Indonesia so that your company continues to comply with applicable government regulations.