1.

How SAK ETAP to be implemented in LPD (assumption LPD same with BPR)
On May 19, 2009, the Financial Accounting Standards Board (DSAK) ratified the
Financial Accounting Standards for Entities without Public Accountability (SAK ETAP).
This SAK ETAP appears same with International Financial Reporting Standard for Small
and Medium-sized Entities (IFRS for SMEs). Despite having different titles, both SAK
ETAP and IFRS for SMEs are equally for entities without public accountability, only the
term used as a title
IFRS are small and medium-sized entities (SMEs).
Use of SAK ETAP as the financial accounting standard for LPD aims to simplify LPDs in
applying the standards accounting but still pay attention to harmonization with the standard
applicable international accounting that needs to be supported by the Code BPR or LPD
accounting as a more technical guide, where in The PA-BPR contains explanations and
examples of calculations is expected to facilitate understanding of SAK ETAP for BPR
Preparation of PA-BPR is intended to provide a minimum reference which must be fulfilled
by the RB in preparing its financial statements. In addition, PA-BPR also aims to create
uniformity the accounting treatment of unique transactions in the RB within preparation of
financial statements so as to improve quality the financial statements among BPRs,
particularly its appeal

The LPDs Position in Banking Institution

Under the Transitional Provisions of Banking Law no. 7 years 1992 Article 58 which has
been amended by Law no. 10 Year 1998 8 stated that: Village Bank, Village Lumbung,
Market Bank, Employee Bank, Lumbung Putih Nagari (LPN), Lembaga Perkreditan Desa
(LPD), Credit Bank Village (BKD), Small Business Credit (KURK), Bank Kredit
Kecamatan (BKK), Sub-district Credit Institution (Lembaga Perkreditan Kecamatan,
LPK), Village Product Work Bank (BKPD), and similar institutions are granted status as a
Rural Bank (BPR) by meeting the requirements of the ordinance which is stipulated by a
Government Regulation. With the same position with BPR, LPD has a strategic function
in developing and promote the economy of the surrounding communities.

The Different Between PSAK and PSAK ETAP

Element PSAK SAK ETAP

Financial Reporting With the existence of PSAK 1 Minimum required post

in the future on the balance sheet less.
front presentation of financial
report follow IFRS 1. Silent against outer post
with changes among others, ordinary
1. No more great posts
on the balance sheet
2. Comprehensive Income
3. Direct cash flow method
 (recommended), and no
directly.
1. Silent on outer post
ordinary
2. Income statement (without
must present profit
comprehensive loss)
3. Cash flow by method
indirect.
Fixed assets and 1. Provide choice of method
cost or revaluation for
Investment property
fixed assets.
2. Fair value method for
investment property
Intangible Assets 1. Currently intangible assets
is amortized over 20 years. 2.
ED PSAK 19 (Rising 2011)
3. Intangible assets with
unlimited useful life, not
amortized.
Financial Instrument 1. Scope: assets and
financial obligations,
2. Classified on value
fair through earnings report
loss, held to fall
tempo, available for sale,
loans and loans
given.
3. Impayment using
incurred loss concept.
4. Derecognition
5. Hedging and derivatives.
Stock LIFO is no longer allowed
(PSAK 14 revised 2008)
Decrease asset value 1.Scope except;
inventory, assets arising
of construction contracts,
assets
deferred tax, assets
arising from retirement
benefits.
2. Impairment of non value
stock.
3. Decrease in unit value
cash producer and goodwill
2. Income statement (without
must present profit
comprehensive loss)
3. Cash flow by method
indirect.
Fixed assets, investment
property using the cost
method unless there is a
provision the government
requires a model revaluation
applied
1. Intangible assets are
amortized over 10 year. 2.
Measurement using the
method cost.
1. Scope; investation
on certain effects
2. Classification of trading,
held
to maturity, and available
for sale. That matter
refer to SFAS No.
50 (1998).
3. Much simpler
compared to terms
PSAK 50 and PSAK 55
(revised 2006)
LIFO is not allowed Other
conditions are the same with
PSAK
1.Its scope covers all types of
assets except for the assets
that arise of retirement
benefits.
2. Not set decrease in
goodwill value.
3. There is an additional
decrease value for that loan
granted and receivables
which use
Consolidated Financial Arranged in PSAK 4 Using Unregulated When it has an
reported the equity method (associate upper investment association
entities) and methods full or subsidiary using the equity
consolidation for entities method (on line
child consolidation)
Leasing 1. Set up an agreement 1. Not set
containing lease. 2. the agreement
Classification is a principle containing leases (PSAK
based. 3. The financial 8)
statements of the lessee and 2. Lease classification;
lessor combination IFRS for
SMEs and SFAS 13 (rule
based)
3. The financial statements of
the lessee
and lessors use
PSAK 30 (1990):
Accounting Rent

Borrowing cost Components of borrowing Direct loan costs

costs charged.
Recognition and
capitalization
borrowing costs

Employee benefits Explain: 1. Excludes remuneration

1. Short-term employee based on equity
benefits 2. For definite benefits
2. Post-employment benefits, using PUC and
for if not,
the benefits of using using the method
definitely which is simplified
PUC (Project Unit Credit)
3. Long-term benefits
others
4. Termination benefits
5. Equity-based benefits

Income tax 1. Using deffered tax concept 1. Using tax

2. Recognition and payable concept.
measurement Current taxes 3. 2. No recognition and
Recognition and tax measurement
measurement deferred tax deferred.
The Different between SAK ETAP and SAK ETAP BPR that implemented in LPD

The difference between SAK ETAP and SAK ETAP BPR lies in items presented in the
balance sheet, income statement, and cash flow statement. Its because the different types
of activities in which SAK ETAP BPR is intended for BPR-type financial institutions
engaged in the field credits to prepare financial statements while SAK ETAP is addressed
for all good entities engaged in services and manufacturing which has no significant public
accountability. The difference between these posts data below

Element SAK ETAP SAK BPR

Balance Sheet 1. Cash and cash equivalents; 1. Cash;

2. Accounts receivable and
accounts receivable
other;
3. Inventory;
4. Investment properties;
5. Fixed assets;
6. Intangible assets;
7. Accounts payable and debt
other;
8. Tax assets and liabilities;
9. Estimated liabilities;
10. Equity.
2. Cash in foreign currency;
3.Bank Indonesia Certificates;
4. Interest income will be
accepted;
5. Placements with other
banks (demand deposits,
savings deposits, deposits and
certificates of deposit); 6.
Credit;

7. Foreclosed properties;

8. Fixed assets and inventory;

9. Intangible assets

10. Other assets.

11. Immediate obligations;
12. Interest payable;
13. Tax liability;
14. Deposits;
15. Deposits from other
banks;
16. Loans accepted;
17. Funds paid in capital -
obligations;
18. Employee benefit
obligations;
19. Subordinated loans;
20. Loan capital;
 21. Other obligations.
22. Capital;
23. Funds paid in capital -
equity;
24. Unearned Profit / Loss
realized;
25. Surplus of fixed asset
revaluation;
26. Retained earnings.

Income Statement 1. Revenue; 1. Operating income;

2. Finance charges;
3. Share of profit or loss from 2. Operating expenses;
investment
using the method 3. Non-operating income;
equity;
4. Tax expense; 4. Non-operating expenses;
5. Net profit or loss
5. Income tax expense

The Example of journal for LPD