Landis & Kadwell Indonesia, Greenlake City, Rukan Sentra Niaga blok H no. 7, Cengkareng, Jakarta Barat, Jakarta (2026)

Q: What is the address?

Greenlake City, Rukan Sentra Niaga Blok H No. 7, Cengkareng, Jakarta Barat

10/09/2024

Ready to implement SAK EP, guys?! The following is a brief overview of the changes from SAK ETAP to SAK EP.

Changes: Other comprehensive income is added to the comprehensive income statement, Cash flow statement has the option to use direct or indirect method, Investment in associates, Impairment of assets has a more complete and comprehensive regulations, Fixed assets have the option to use a revaluation model other than the cost model, Investment property has the option to use fair value, Leases are classified as finance and operating leases based on the old PSAK 30, Income tax includes current and deferred tax regulations, Income has a more comprehensive regulations like the old PSAK 23, Foreign exchange combines the two previous chapters (reporting currency and foreign currency transactions).

Additional Regulations: Consolidated and stand-alone financial statements, For financial instruments there are options for recognition and measurement using PSAK 55 or using Chapter 11 and 12, Business combinations and goodwill, Government grants, Share-based payments, Hyperinflation, Special activities: Agriculture, Mineral resources exploration and evaluation; Service concession Agreements.

PSAK regulations that are not in SAK EP: Segments, Interim financial statements, Earnings per share, Fair value, Insurance contracts.

10/09/2024

For all our friends who work in Microfinance Institutions, let's comply with these Indonesian Financial Services Authority (“OJK”) regulations. There are 3 main regulations from OJK related to Microfinance Institutions (MFI), which are: POJK 10/POJK.05/2021, POJK 19/POJK.05/2021, and POJK 14/POJK.05/2014.

In general, what needs to be considered is: 1.) The maximum loan disbursement limit is set at a maximum of 10% of equity for one customer. For customers with a good track record and including credit guarantee collateral, the maximum limit is set at a maximum of 20%. 2.) The economic value of the collateral is at least 120% of the financing value. 3.) The Non-Performing Loan ratio must be maintained at a maximum of 10% and is prohibited from exceeding 30%. 4.) If the MFI has deposits and/or receives loans of more than IDR 200 million, the MFI is required to form an allowance for financial losses. If not more, may choose to form a reserve of 15% of net profit or remaining business results each calendar year based on the approval of the general meeting of shareholders. 5.) MFI is required to assess collateral to determine its economic value and have a place to store collateral that meets minimum standards of security and safety. 6.) MFI is prohibited from receiving loans except from Indonesian citizens and/or business entities established and operating in the territory of the Republic of Indonesia. 7.) MFI must maintain a level of risk that includes a liquidity ratio of at least 4% and a solvency ratio of at least 110%. 8.) MFI must maintain equity of at least 75% of paid-up capital, or 25% of paid-up capital for MFI that has a total amount of deposits and/or loans received with a maximum amount of IDR 200 million and form a reserve set aside from net profit or remaining business results each calendar year. 9.) Financial reports must be submitted periodically to the OJK every 4 months for the period ending on April 30, August 31, and December 31 and submitted no later than the end of the following month. 10.) Announce the financial report for the fiscal year through the notice board at the MFI office or local daily newspaper no later than 5 months after the fiscal year ends and proof of the announcement is submitted to the OJK no later than 20 working days after the announcement date.

29/01/2024

The role of public accountants is increasingly needed in uncovering financial crimes. Recently there was embezzlement of funds carried out by a group of employees. The Company's suspicions arose when the appointed public accountant discovered a difference in stock taking results between the actual stock amount in the warehouse and the stock amount in the system. In the end it was proven to be true that there were 13 people in the Company who worked together to sell goods without the Company's approval in very small quantities on an ongoing basis, where the monthly difference was not material so it could not be discovered by the company's internal audit team. After being carried out for 2 consecutive years, the Company's losses reached tens of billions.

In this case, public accountants can help the company by providing testimony in court as an expert witness, as well as helping the company to calculate financial losses. Whether this testimony is accepted or not depends on the judge's decision, the explanation of the prosecutor and the suspect's lawyer.

26/01/2024

For entities that use "SAK ETAP", apart from using the services of an actuary, you can calculate post-employment benefits yourself. Let's make adjustments to the post-employment benefit obligations.

In general, post-employment benefits are the amount of compensation arising from two compensation components, severance pay and long service awards, each of which has a different year of service cap.

PSAK 24 requires an entity to attribute benefits to service periods based on a benefit plan formula from the date when the employee first earns benefits to the date when the employee will not earn a material amount of benefits. PSAK 24 stipulates that employee service before the vesting date gives rise to a constructive obligation with a maximum period of 24 consecutive years of service until retirement age. For example, if the retirement age is set at 56 years, then constructive obligations begin at age 32.

Not difficult, right? Let's try it.

09/01/2024

The Indonesian government is taking important steps in making adjustments to the calculation of Income Tax Article 21 (“PPh 21”) in 2024. Through the issuance of Government Regulation (PP) no. 58 year 2023, the calculation of Income Tax Article 21 will use the calculation method based on an effective rate called “TER”. This update aims to provide convenience and simplicity in the technical calculation and administration.

In general, the annual calculation is the same as the previous calculation method. The difference is in the monthly calculation, which is by multiplying the net income per month after deducting Non-Taxable Income ("PTKP") with an effective rate called "TER "which varies according to the amount of income per month. This calculation is carried out from January to November. In December, an adjustment calculation is carried out, which is by subtracting the annual calculation amount with the accumulated amount from January to November.

Let's apply this new tax calculation!

21/12/2023

Time feels fast. Suddenly it was approaching Christmas and New Year again. On this occasion, Landis & Kadwell Indonesia is very happy to be able to share Christmas love with the people in the surrounding area. Hopefully this Christmas gift will be useful for those who receive it. God bless.

20/10/2023

It is no longer a secret, data analytics is now one of the most crucial things in the world of accounting, especially management accounting. Skills in conducting data analytics can help in forming a good management information system. In one of the developing countries, Indonesia, many companies are currently competing to have good management information systems. They are willing to pay a lot for this! This is because these companies are starting to realize after seeing many success stories from many developed countries.

We all know that data accuracy is very important. A poor management information system can lead to wrong strategies which result in reduced effectiveness and efficiency. One example occurred in one of the largest palm oil mill companies in Indonesia. The management of the company sets a sales strategy and target based on data from the management information system which is then achieved. However, company management was confused and said that the cash obtained felt insufficient. At first, company management suspected fraud. After investigating, it turned out that the cause was poor information system management which was carried out semi-manually by less skilled people, where there was a miscalculation of the activity rate.

To get a good management information system, you need people who are experts in data analytics to validate the system, operate it as a functional user, and carry out continuous development.

03/07/2023

It is another honor for us to be able to share knowledge with students from "Universitas Negeri Surabaya (UNESA") in the "Praktisi Mengajar" program with the topic of Audit Practice and Audit Documentation based on "SPM 1".

02/07/2023

Convenience, Stable and Efficient

02/07/2023

Eurofragance Asia Pacific Pte Ltd Acquires 90% shares of PT Euronindo Fragance Internusa

As their deal support consultant, we are happy to announce the completion of the 90% share acquisition of one of the biggest perfume seed companies in Indonesia with a transaction value of appx. 2-3 equity book value by a Spain base company, Eurofragance Asia Pacific Pte Ltd which is one of the market leaders for perfume seeds in the world.

This deal is expected to have a positive impact on the development of the perfume industry in Indonesia as well as to give a transfer-knowledge to Indonesian human resources in the processing of perfume seeds.

02/07/2023

Placement of Funds at Commercial Banks for Export Proceeds of Natural Resources in Indonesia

A little sharing regarding placement of funds at Conventional Commercial Banks for Export Proceeds of Natural Resources in Indonesia. As we all know, natural resource exporters are required to set up a special account at a bank as an account for receiving foreign exchange proceeds from exports. Funds in this special account can be placed in: deposit, term deposit - conventional open market operations in foreign currency at Bank Indonesia (TD OMO FX BI), and/or other instruments stipulated by Bank Indonesia.

Recently, OJK issued letter no. S5/D 03 2023 which states that when an exporter (bank customer) chooses placement at TD OMO FX BI, bank passes funds to Bank Indonesia, and this activity in accordance with Law no. 10 year 1998 is closer to the definition of passing-by and not a deposit. Thus, the bank must reclassify the Third Party Fund into Other Liabilities and the bank should recognize the placement in TD OMO FX BI as Other Assets. Bank only recognizes fees received from TD OMO FX BI on a net basis in accordance with the value agreed between the bank and Bank Indonesia, and the interest income from TD OMO FX BI is directly pass-on to the customer's account. Additionally, the income tax on deposit interest is final at the rate according to Government Regulation no. 123 year 2015.

As long as there is no risk exposure, placement in TD OMO FX BI does not have an impact on prudential treatment of: LCR, NSFR, Capital Ratios, Productive Asset Quality, and/or Maximum Credit Limit.

30/12/2022

New Year Gathering

We are very happy to be able to hold a Landis & Kadwell Indonesia's New Year gathering event and share this moment. Thank you for all the support from our partners, Bpk. Indra T Kusuma, Bpk. Teddy Kho, and Bpk. Wendy Tandiawan; senior staffs, Bpk. David Simson B G and Bpk. Boy Antono; along with the entire team who have been the pillars of Landis & Kadwell Indonesia to date.

After going through this long journey, Landis & Kadwell Indonesia will always commit to continue providing the best services as a law firm, accounting firm, and curator based on our general principles; Convenience, Stable and Efficient.

Landis & Kadwell Indonesia

10/09/2024

10/09/2024

29/01/2024

26/01/2024

09/01/2024

21/12/2023

20/10/2023

03/07/2023

02/07/2023

02/07/2023

02/07/2023

30/12/2022

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