The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was established in 1999 to bring together systemically important industrialized and developing economies to discuss key issues in the global economy. The inaugural meeting of the G-20 took place in Berlin, on December 15-16, 1999, hosted by German and Canadian finance ministers.

The G-20 is made up of the finance ministers and central bank governors of 20 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, United Kingdom, United States of America and the European Union.

Principle-based accounting standards adopted by the International Accounting Standards Board (IASB) as opposed to a rules-based standard (i.e. US GAAP)

In Indonesia, we have 4 different standards

What we know as ”SAK Umum” is the one that is going to be gradually converged to the IFRS starting from 2010. The full convergence is expected to take place in 2012.

If your firm meets the criteria to use accounting standard for SMEs (SAK ETAP), your firm is allowed not to use IFRS. If not, IFRS is a must.

Non Comparable PSAK

No.	PSAK	DSAK Position as of 1 Dec 2010
1	PSAK 21 Ekuitas (Equity)	Will be Revoked
2	PSAK 27 Akuntansi Koperasi (Accounting for Cooperatives)	Will be Revoked
3	PSAK 38 Restrukturisasi Ekuitas Sepengendali (Common Control Restructuring)	Not Decided
4	PSAK 44 Aktivitas Pengembangan Real Estate (Real Estate Activity)	Will be Revoked, Replaced by IFRIC 15 (ISAK 21)
5	PSAK 51 Kuasi Reorganisasi (Quasi)	Not decided
6	PSAK 45 Akuntansi Entitas Nirlaba (Non Profit Accounting)	Revised
7	PSAK 47 Akuntansi Tanah (Accounting for Land)	Not decided
8	PSAK 39 Akuntansi Kerja Sama Operasi (Accounting for Operational Cooperation)	Not decided

Effective PSAK/ISAK 2008 - 2010

No.	PSAK/ISAK	Ref	Issued	Effective date
1	PSAK 13 Properti Investasi	IAS 40	2007	1 January 2008
2	PSAK 16 Aset Tetap	IAS 16	2007	1 January 2008
3	PSAK 30 Sewa	IAS 17	2007	1 January 2008
4	PSAK 14 Persediaan	IAS 2	2008	1 January 2009
5	PSAK 26 Biaya Pinjaman	IAS 23	2008	1 January 2010
6	PSAK 50 Instrumen Keuangan: Penyajian dan Pengungkapan	IAS 32	2006	1 January 2010
7	PSAK 55 Instrumen Keuangan: Pengakuan dan Pengukuran	IAS 39	2006	1 January 2010
8	ISAK 8 Penentuan Apakah Suatu Perjanjian Mengandung Suatu Sewa dan Pembahasan Lebih Lanjut Ketentuan Transisi	IFRIC 4	2007	September 2008

PSAK/ISAK Revoked Effectively in 2010

No.	PPSAK		Issued	Effective
1	PPSAK No.1	Pencabutan PSAK 32: Akuntansi Kehutanan PSAK 35: Akuntansi Pendapatan Jasa Telekomunikasi PSAK 37: Akuntansi Penyelenggaraan Jalan Tol	2009	1 January 2010
2	PPSAK No. 2	Pencabutan PSAK 41: Akuntansi Waran PSAK 43: Akuntansi Anjak Piutang	2009	1 January 2010
3	PPSAK No. 3	Pencabutan PSAK 54: Akuntansi Restrukturisasi Utang-Piutang Bermasalah	2009	1 January 2010
4	PPSAK No. 4	Pencabutan PSAK 31 (revisi 2000) Akuntansi Perbankan PSAK 42: Akuntansi Perusahaan Efek PSAK 49: Akuntansi Reksa Dana	2009	1 January 2010
5	PPSAK No. 5	Pencabutan ISAK 06: Interpretasi Atas Paragraf 12 dan 16 PSAK No. 55 (1999) Tentang Instrumen Derivatif Melekat Pada Kontrak Dalam Mata Uang Asing	2009	1 January 2010

PSAK Effective 1 January 2011

No.	PSAK	Reference
1	PSAK 1 Penyajian Laporan Keuangan	IAS 1 Presentation of Financial Statement
2	PSAK 2 Laporan Arus Kas	IAS 7 Statement of Cash Flow
3	PSAK 3 Laporan Keuangan Interim	IAS 34 Interim Financial Reporting
4	PSAK 4 Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri	IAS 27 Consolidated and Separated Financial Statement
5	PSAK 5 Segmen Operasi	IFRS 8 Operating Segment
6	PSAK 12 Bagian Partisipasi dalam Ventura Bersama	IAS 31 Interests in Joint Ventures
7	PSAK 7 Pengungkapan Pihak-Pihak yang Berelasi	IAS 24 Related Party Disclosures
8	PSAK 15 Investasi Pada Entitas Asosiasi	IAS 28 Investments in Associates
9	PSAK 19 Aset Tak berwujud	IAS 38 Intangible Assets
10	PSAK 22 Kombinasi Bisnis	IFRS 3 Business Combination
11	PSAK 23 Pendapatan	IAS 18 Revenue
12	PSAK 25 Kebijakan Akuntansi, Perubahan Estimasi Akuntansi & Kesalahan	IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
13	PSAK 48 Penurunan Nilai Aset	IAS 36 Impairment of Assets
14	PSAK 57 Provisi, Liabilitas Kontijensi & Aset Kontijensi	IAS 37 Provisions, Contingent Liabilities
15	PSAK 58 Aset Tdk Lancar Yg Dimiliki Untuk Dijual & Operasi Yg Dihentikan	IFRS 5 Non-current Assets Held for Sale and Discontinued
16	PSAK 8 Peristiwa Setelah Tanggal Neraca	IAS 10 Event after balance sheet date

ISAK Effective 1 January 2011

No.	ISAK	Reference
1	ISAK 7 Konsolidasi Entitas Bertujuan Khusus	SIC 12 Consolidation - Special Purposes Entities
2	ISAK 9 Perubahan atas Liabilitas Purna Operasi, Liabilitas Restorasi & Liabilitas Serupa	IFRIC 1 Changes in existing decommissioning, restoration and similar liabilities
3	ISAK 10 Program Loyalitas Pelanggan	IFRIC 13 Customer Loyalty Programs
4	ISAK 11 Distribusi Aset Non Kas Kepada Pemilik	IFRIC 17 Distributions of Non-cash Assets to Owners
5	ISAK 12 Pengendalian Bersama Entitas: Kontribusi Nonmoneter oleh Venturer	SIC 13 Jointly Controlled Entities - Non Monetary
6	ISAK 14 Aset Takberwujud; Biaya Situs Web	SIC 32 Intangible Assets - Web Site Costs
7	ISAK 17 Laporan Keuangan Interim dan Penurunan Nilai	IFRIC 10 Interim Financial Reporting and Impairment

PSAK Effective 1 January 2012

No.	PSAK	Reference
1	PSAK 10: Pengaruh Perubahan Kurs Valuta Asing	IAS 21: The Effect of Changes in Foreign Exchange Rates
2	PSAK 18 Akuntansi dan Pelaporan Program Manfaat Purnakarya	IAS 26 Accounting an reporting by retirement benefit plans
3	PSAK 24 Imbalan Kerja	IAS 19 Employee Benefits
4	ED PSAK 34 Akuntansi Kontrak Konstruksi	IAS 11 Construction Contract
5	ED PSAK 46 Akuntansi Pajak Penghasilan	IAS 12 Income Taxes
6	PSAK 53 Pembayaran Berbasis Saham	IFRS 2 Share-based payment
7	PSAK 50: Instrumen Keuangan: Penyajian	IAS 32: Financial Instruments: Presentation
8	KED PSAK 56 (ED akan keluar Des 2010) Laba per saham	IAS 33 Earnings per share
9	PSAK 60: Instrumen Keuangan: Pengungkapan	IFRS 7 Financial Instrument: Disclosure
10	PSAK 61: Akuntansi Hibah Pemerintah Dan Pengungkapan Bantuan Pemerintah	IAS 20 Accounting for government grants and disclosure of government assistance
11	ED PSAK 63: Pelaporan Keuangan dalam Ekonomi Hiperinflasi	IAS 29 Financial Reporting in hyperinflationary economies

ISAK Effective 1 January 2012

No.	ISAK	Reference
1	ISAK 13 Lindung Nilai Investasi Neto dalam Kegiatan Usaha Luar Negeri	IFRIC 16 Hedges of Net Investment in a Foreign Operation
2	ISAK 16 Perjanjian Konsesi Jasa	IFRIC 12 Service Concession Arrangements
3	ISAK 15 PSAK 24 - Batas Aset Imbalan Pasti, Persyaratan Pendanaan Minimum Dan Interaksinya	IFRIC 14: IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and Their Interaction
4	ISAK 18: Bantuan Pemerintah-Tidak Ada Relasi Specifik dengan Aktivitas Operasi	SIC-10 Government Assistance—No Specific Relation to Operating Activities
5	ED ISAK 19: Penerapan Pendekatan Penyajian Kembali dalam PSAK 63: Pelaporan Keuangan dalam Ekonomi Hiperinflasi	IFRIC 7: Applying the Restatement Approach under IAS 29: Financial Reporting in Hyperinflationary economies
6	ED ISAK 20: Pajak Penghasilan-Perubahan dalam Status Pajak Entitas atau Para Pemegang Sahamnya	SIC-25 Income Taxes-Changes in the Tax Status of an Entity or its Shareholders
7	ED ISAK 21: Perjanjian Konstruksi Real Estate	IFRIC 15: Real Estate Construction Agreement

Revocation Effective 1 January 2012

No.	PPSAK
1	ED PPSAK 6: Pencabutan PSAK 21: Akuntansi Ekuitas, ISAK 1: Penentuan Harga Pasar Dividen, ISAK 2: Penyajian Modal dalam Neraca dan Piutang kepada Pemesan Saham, ISAK 3: Akuntansi atas Pemberian Sumbangan atau Bantuan
2	ED PPSAK 7: Pencabutan PSAK 44 Perjanjian Kontruksi Real Estate
3	ED PPSAK 8: Pencabutan PSAK 27: Akuntansi Koperasi