PSAKPernyataan Standar Akuntansi Keuangan (Indonesian: Statement of Financial Accounting Standards; finance; Indonesia)
PSAKPostNuke Swiss Army Knife
PSAKPedoman Standar Akuntansi Keuangan (Indonesian: Financial Accounting Standards Guidelines; banking industry)
PSAKPercentage of Scheduled Appointments Kept (medical practices)
References in periodicals archive ?
However, the efforts to move PSAK closer to IFRS have not yielded expected outcomes.
In 2005, Kusuma described that PSAK was referenced from IFRS (28 standards), the US GAAP (17), the US Accounting Principles Board (2), the US Accounting research Bulletins (1), and created by the IAI (11) (Kusuma, 2005).
As a result, PSAK as a single pronouncement comprised accounting standards that were originally created by Indonesian standards setter and those that were referred to IFRS and US GAAP.
Previous section makes it clear that the results of harmonizing PSAK with IFRS remain in question.
Table 1 shows selected standards under IFRS 2007 and their corresponding PSAK 2007 and 2003.
PSAK 2003 is Indonesian Accounting Standards enacted per 1 January 2003, PSAK 2007 is Indonesian Accounting Standards per 1 September 2007, and IFRS 2007 is International Financial Reporting issued per 1 January 2007.
For formal harmonization, a checklist is created to serve as a basic entry for each of selected issues (total 43 issues and 77 items) under IFRS 2007, PSAK 2007 and 2003.
For material harmonization, two checklists are created to capture firms' choices of accounting policies in 2004 and 2008, comprising selected accounting methods under PSAK 2007 and PSAK 2003.
Under PSAK 2007: (1) specific identification is allowed if the cost is not ordinarily interchangeable and goods or services produced and segregated for specific projects, (2) otherwise, LIFO, FIFO, and weighted average are to be used.
Likewise, those under PSAK 2007 and PSAK 2003 receive ranks 2, 2, 3, and 2.
Table 3 presents the numbers and percentages of ranks assigned to IFRS 2007, PSAK 2007 and 2003 based on previously mentioned checklist and strength of recommendations.
It also confirms that the efforts of Indonesian standards setter to increase the extent of harmonization of PSAK with IFRS have been successful.