13
2.2.3
IFRS Compared to PSAK
Based
on
Sidharta
&
Widjaja
(2008,
p.1-41),
the
differences
between
PSAK
(INA GAAP) & IFRS are:
a.
The Background
The background of INA GAAP (PSAK) is based on Law No. 1/1995,
Indonesian Capital Market Supervisory Board (BAPEPAM) Rules and Regulations,
Framework,
PSAK
1
and
PSAK
25.
PSAK
is
used
by
profit
and nonprofit
oriented
companies.
There
are
no
special
treatments for
the
Small
and
Medium Entities
(SME),
but for the Syariah transactions there are some special standards.
The background of IFRS
is based on IASC Foundation Constitution,
Preface
to IFRSs,
IAS
1
and
IAS
8.
IFRS
are
designed only
for
the
profit
oriented
companies. There are no special standards for either Syariah or SME transactions.
b.
The Framework
The framework of PSAK is covered in PSAK 25. Dewan Standar
Akuntansi Keuangan (DSAK)
translates
the IASB
framework as an aid to drafting
new
or revised PSAKs in general.
The framework of IFRS is covered in IAS 8. The IASB uses its
conceptual framework as an aid to drafting new or revised IFRSs.
c.
Form and elements of financial statements
 |