BACKGROUND NOTE ON ACTION PLANS

Action Plan Developed by
                                                                              Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

BACKGROUND NOTE ON ACTION PLANS

Action Plans are developed by IFAC members and associates to address policy matters identified through their responses to the IFAC
Compliance Self-Assessment Questionnaire. They form part of a continuous process within the IFAC Member Body Compliance Program to
support the ongoing development and improvement of the accountancy profession around the world.

Action Plans are prepared by members and associates for their own use based on the national frameworks, priorities, processes and challenges
specific to each jurisdiction. As such, they will vary in their objectives, content and level of detail, consistent with their differing national
environments and stages of development, and will be subject to periodic review and update.

Refer to responses to the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaire and Part 2 SMO Self-Assessment
Questionnaire for background information on each member and associate their environment and existing processes. These responses may be
viewed at: http://www.ifac.org/ComplianceAssessment/published_surveys.php

Use of Information
Please refer to the Disclaimer published on the Compliance Program website.

ACTION PLAN

IFAC Member/Associate:                  Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)
Approved by Governing Body:             National Council of IAI
Original Published Date:                July 2009
Last Updated:                           May 2013
Next Update:                            May 2014




Status as of Date Publication                                                                                                    Page 1 of 39
Action Plan Developed by
                                                                         Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

 GLOSSARY

 AOSS                Asian-Oceanian Standard-Setters Group
 BAPEPAMLK           Indonesian Capital Market and Financial Institution Supervisory Agency
 BPK                 Supreme Audit Board
 BRM                 Badan Review Mutu (Board of Quality Review)
 CA                  Chartered Accountants
 CPA                 Certified Public Accountants
 CPD                 Continuing Professional Development
 CPE                 Continuing Professional Education
 DSAK                Dewan Standar Akuntansi Keuangan (Indonesian Financial Accounting Standards Board)
 DSAP                Dewan Sertifikasi Akuntan Profesional (Certification Board for Professional Accountant)
 DSP                 Dewan Standar Profesi (Professional Standards Board)
 GAAP                Generally Accepted Accounting Principle
 I&D                 Investigation and Discipline
 IAASB               International Auditing and Assurance Standards Board
 IAESB               International Accounting Education Standards Board
 IAI                 Ikatan Akuntan Indonesia (The Indonesian Institute of Accountants)
 IAPI                Institut Akuntan Publik Indonesia (The Indonesian Institute of CPA-Association member of IAI)
 IASB                International Accounting Standards Board
 IES                 International Education Standards
 IESBA               International Ethics Standards Board for Accountants
 IFAC                International Federation of Accountants
 IFRS                International Financial Reporting Standards
 IPSAS               International Public Sector Accounting Standards
 ISA                 International Auditing Standards
 ISQC                International Standards on Quality Control
 KERPPA              Committee on Evaluation and Recommendation of Professional Accounting Education
 KPAP                Komite Profesi Akuntan Publik (Public Accountant Professional Committee)
 KSAP                Komite Standar Akuntansi Pemerintah (the Indonesian Government Accounting Standards Commitee)
 MoF                 Ministry of Finance
 OJK                 Otoritas Jasa Keuangan
 PAO                 Professional Accountancy Organization
 PMK                 The Minister of Finance Regulation
 PPAJP               Center for Supervision of Accountants and Appraiser Services MoF
 PPAK                Professional Accounting Education
 PRM                 Pelaksana Review Mutu ( Quality Review Committee)
 QA                  Quality Assurance
 QR                  Quality Review
 SAK                 Standar Akuntansi Keuangan (Indonesian Financial Accounting Standards)



Status as of Date Publication                                                                                                   Page 2 of 39
Action Plan Developed by
                                                          Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

 SPAP                Standar Profesional Akuntan Publik
 SPM                 Quality Assurance Standards
 SRA                 State Registered Accountant




Status as of Date Publication                                                                                    Page 3 of 39
Action Plan Developed by
                                                                               Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

 Action Plan Subject:           SMO 1 and Quality Assurance (QA)
 Action Plan Objective:         Implementation of the Quality Assurance Review System

   #         Start                                    Actions                                 Completion       Responsibility        Resource
             Date                                                                               Date

 Background:

 According to the Public Accountant Law No. 5/2011 there are 2 bodies that are responsible for conducting quality assurance (QA) activities on the
 works of public accountants practicing in Indonesia, namely PPAJP (Center for Supervision of Accountants and Appraiser Services Ministry of
 Finance of the Republic of Indonesia) and Institut Akuntan Publik Indonesia (IAPI). IAPI represents public accountants and firms in Indonesia. The
 Public Accountant Law No. 5/201 set up Komite Profesi Akuntan Publik (KPAP), the Public Accountant Professional Committee. KPAP has the
 authority to give advice for the development of various accountancy related standards, including Standar Profesional Akuntan Publik (SPAP)
 Public Accountant Professional Standards. KPAP comprise of 13 members from Accounting body (including 3 representatives from IAI),
 Regulators, academics, users, etc.
 QA activities performed by PPAJP are mainly performed for monitoring and supervisory purposes. The focus of the activities is the working
 papers related to audit engagements done by the public accountants who are being examined, whether or not they support the engagements and
 comply with the professional (auditing and accounting) standards.

 The activities performed by IAPI are mainly done for constructive development purposes on the quality of the audit engagement system performed
 by members of IAPI. The QA activities then, are focused on the design and on the implementation of quality assurance guidance developed by
 each member’s firm. The audit engagement’s working papers are reviewed, on sample basis, to see their level of implementation of the QA
 guidance (Quality Assurance Standards (SPM)) established by the firm.

 Besides the Public Accountant Law No. 5, QA is also regulated in the Decree of Minister of Finance (PMK) No. 17/2008. Certain things, such as
 the obligation for each firm to develop its own QA guidance, recording audit hours and so on are included in the regulation. Under PMK 17/2008,
 specific to IAPI members whose firms are members of or affiliated with international or foreign firms/organizations, is a requirement for members
 to be subject QA review by their head offices/principal firms/organizations at least once every 4 (four) years.

 Based on the Capital Market Law No 8/1995, specific to IAPI members who have performed audit engagements for listed companies, those
 members are also subject to be QA reviewed by the Capital Market and Financial Institution Supervisory Agency ( (BAPEPAM & LK), which in the
 near future, BAPEPAM & LK will transfer this authority to Otoritas Jasa Keuangan (OJK) The Financial Services Authority.

 Likewise, Badan Pemeriksa Keuangan (BPK) The Supreme Audit Board, has been given an authority by the State Finance Law No. 17/2003 and
 by the BPK Regulation No. 1/2008, to review the works performed by IAPI members if those members conduct audit engagements, on behalf of
 BPK, on public sector entities (state-owned enterprises for instance).




Status as of Date Publication                                                                                                         Page 4 of 39
Action Plan Developed by
                                                                                Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

   #         Start                                   Actions                                   Completion      Responsibility         Resource
             Date                                                                                Date
 Review and Update Quality Review (QR) Guidelines

  1.      September     The Ikatan Akuntan Indonesia (Indonesian Institute of                  December       Head of IAPI and    Meetings
          2007          Accountants) (IAI) (IAPI) Board of Quality Review will review QR       2008           Board of Quality
                        Guidelines which are amended to comply with the requirement(s)                        Review
                                                                                               Completed
                        from International Federation of Accountants (IFAC).
                        The revised QR Guidelines comprises of the following:
                            -   Objectives
                            -   Timing and Scope
                            -   Coverage
                            -   Selection and Composition of Review Team
                            -   The Approach to be Taken by QR
                            -   QR checklists and forms
                            -   Others
                        Important revisions made on QR guidelines:
                            -   Change in the review cycle period, from 4 years to 3 years
                                (to try to conform with the IFAC policy)
                            -   Risk assessment is included in the selection of the firm
                                and in the engagement to be reviewed, considering
                                inherent risk, previous review risks and the involvement of
                                an expert or a specialist in reviewing a high-risk or very
                                specialized area
                        The policy on qualifications of the Head of Quality Reviewer Task
                        Force (Head of Pelaksana Review Mutu (PRM)) is described as
                        follows: an experienced partner in a public accounting firm,
                        possess adequate knowledge in audit methodology, ethics,
                        independence, QR policies and procedures, as well as the
                        prevailing accounting standards.
                        In case where IAI (IAPI) uses outside advisors or an ad- hoc team
                        to perform all or part of the QR tasks, IAI (IAPI) will take overall
                        responsibility for the program and will ensure it meets the



Status as of Date Publication                                                                                                          Page 5 of 39
Action Plan Developed by
                                                                                   Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #      Start                                     Actions                                     Completion         Responsibility       Resource
             Date                                                                                    Date
                        requirement of the QR Guidelines.
                        IAI (IAPI) will recruit 2 (two) additional reviewers with qualifications
                        equal to an experienced audit manager to strengthen the Quality
                        Review Task Force.

 2.       December      The IAI (IAPI) caretakers are to approve the revised guidelines in         December          Head of IAPI and   Meetings
          2008          their meeting on December 2008.                                            2008              Board of Quality
                                                                                                   Completed         Review

 3.       December      IAI (IAPI) will enhance and update the reviewers’ skill and                January 2010      Head of PRM        Training &
          2008          knowledge by having them participate in appropriate and relevant                                                development
                                                                                                   Completed
                        training programs.                                                                                              costs
                                                                                                                                        Human
                                                                                                   This initiative                      resources
                                                                                                   will be                              (internal
                                                                                                   ongoing                              resources
                                                                                                   hereafter                            included in the
                                                                                                                                        Badan Review
                                                                                                                                        Mutu (Board of
                                                                                                                                        Quality Review)
                                                                                                                                        (BRM) budget
                                                                                                                                        and extra
                                                                                                                                        internal
                                                                                                                                        resources that
                                                                                                                                        are necessary to
                                                                                                                                        be obtained
                                                                                                                                        from alternative
                                                                                                                                        sources such as
                                                                                                                                        from the World
                                                                                                                                        Bank or Asian
                                                                                                                                        Development
                                                                                                                                        Bank)




Status as of Date Publication                                                                                                               Page 6 of 39
Action Plan Developed by
                                                                                  Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #      Start                                    Actions                                    Completion      Responsibility         Resource
             Date                                                                                  Date
 4.       April 2011    Map the differences and the similarities of QR Guidance,                May 2011        Head of PRM         Internal
                        International Standards on Quality Control (ISQC), Quality                                                  resources
                                                                                                Completed
                        Assurance Standards (SPM).                                                                                  including BRM
                                                                                                                                    PRM

 5.       May 2011      Participate in revising IAPI articles of association in relation to     Ongoing         BRM                 BRM, PRM, IAPI
                        Quality Review to comply with the new Public Accountants Law                                                ad hoc team
                        No. 5 Year 2011.

 6.       June 2011     Review the current QR Guidance and Procedures. Revise the               Ongoing         Head of PRM         Internal
                        guidance and procedures as necessary to accommodate the                                                     resources
                        revised articles of association.                                                                            including BRM,
                                                                                                                                    PRM

 7.       June 2011     IAPI and PPAJP are reviewing the current QR guidance and                Ongoing         IAPI and PPAJP      Internal
                        procedures and revising as necessary to accommodate the                                                     resource of IAPI
                        revised articles of association.                                                                            and PPAJP

 8.       June 2012     IAI encourages IAPI and PPAJP to undertake a greater role to            Ongoing         IAI National        Internal
                        developing QR, guidance and procedures for public accountants.                          Council             resource of IAI

 Maintaining Ongoing Processes

 9.       December      Start the recruitment and selection process for the Head and            March 2009      Head of IAPI and    Human
          2008          members of Quality Reviewer (PRM). Since March 2009, IAI                                Board of Quality    resources
                                                                                                Completed
                        (IAPI) has recruited the Head of Quality Reviewer, an experienced                       Review              (internal
                        audit partner with Certified Public Accountants (CPA) qualification.                                        resources
                                                                                                                                    included in the
                                                                                                                                    BRM budget
                                                                                                                                    and extra
                                                                                                                                    internal
                                                                                                                                    resources that
                                                                                                                                    are necessary to
                                                                                                                                    be obtained
                                                                                                                                    from alternative
                                                                                                                                    sources such as
                                                                                                                                    from the World



Status as of Date Publication                                                                                                            Page 7 of 39
Action Plan Developed by
                                                                              Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #      Start                                  Actions                                  Completion         Responsibility       Resource
             Date                                                                              Date
                                                                                                                                  Bank or Asian
                                                                                                                                  Development
                                                                                                                                  Bank)

10.       February      Begin regular quality review process using an ad-hoc review team     January 2011      Head of PRM        Review Team
          2009          consisting of partners and managers from reputable accounting
                                                                                             Completed                            Human
                        firms (member of the widely known international firms).
                                                                                                                                  resources
                                                                                             This initiative
                                                                                                                                  (internal
                                                                                             will be
                                                                                                                                  resources
                                                                                             ongoing
                                                                                                                                  included in the
                                                                                             hereafter
                                                                                                                                  BRM budget
                                                                                                                                  and extra
                                                                                                                                  internal
                                                                                                                                  resources that
                                                                                                                                  are necessary to
                                                                                                                                  be obtained
                                                                                                                                  from alternative
                                                                                                                                  sources such as
                                                                                                                                  from the World
                                                                                                                                  Bank or Asian
                                                                                                                                  Development
                                                                                                                                  Bank)

11.       March         Continue to ensure that the IAI (IAPI) QR program operates           January 2011      Board of Quality   Review Team
          2009          effectively and is consistently in line with IFAC requirements                         Review and Head
                                                                                             Completed                            Meetings
                        (SMO1). This includes periodic reviews on the operations of the                        of PRM
                        QR system and updating the Action Plan for future activities where   This initiative
                        necessary.                                                           will be
                                                                                             Ongoing
                                                                                             hereafter

12.       June 2011     Cooperate with the Ministry of Finance (PPAJP division) to share     Ongoing           BRM                BRM, PRM and
                        database regarding the current profiles of practicing public                                              PPAJP (division
                        accountants in Indonesia and to avoid overlapping reviews.                                                of the Ministry of
                                                                                                                                  Finance)




Status as of Date Publication                                                                                                         Page 8 of 39
Action Plan Developed by
                                                                              Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #      Start                                   Actions                                 Completion      Responsibility         Resource
             Date                                                                              Date
13.       July 2011     Develop our own database of public accountants profile in           Ongoing         Head of PRM         Internal
                        Indonesia for quality review sampling purposes.                                                         resources
                                                                                                                                including BRM
                                                                                                                                PRM

14.       June 2011     Develop computer software programs to support fieldwork and         August 2011     PRM team            External
                        reporting processes.                                                                                    resource
                                                                                            Completed
                                                                                                                                (programmer
                                                                                                                                consultant)

15.       July 2011     Communicate with the IAPI Board of Professional Standards           August 2011     BRM                 BRM, PRM and
                        (DSP) in order to ensure the quality assurance standards (SPM) to                                       DSP
                                                                                            Completed
                        be in line with quality review guidance and procedures.

16.       January       Recruit more professional reviewers.                                February        Head of PRM         Internal
          2012                                                                              2012                                resources
                                                                                                                                including BRM
                                                                                            Completed
                                                                                                                                PRM

17.       May 2011      Enhance and update the reviewers’ skill and knowledge.              Ongoing         Head of PRM         Internal and
                                                                                                                                external training

18.       July 2011     On a regular basis, perform quality assurance review upon the       Ongoing         BRM and PRM         BRM, PRM and
                        members of IAPI (selected as sample).                                                                   ad-hoc Review-
                                                                                                                                Team
                        The Board has performed quality review to 15 members.

19.       September     Promote the quality assurance objectives and results to the         December        BRM                 BRM, PRM and
          2011          members of IAPI.                                                    2011                                IAPI Education
                                                                                                                                & Training
                                                                                            Completed
                                                                                                                                Division

20.       June 2011     Promote the quality assurance objectives and results to the         Ongoing         National Council    IAI internal
                        general public and the members of the IAI that come from public                     of IAI              resources
                        accountant background.




Status as of Date Publication                                                                                                        Page 9 of 39
Action Plan Developed by
                                                                              Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #      Start                                   Actions                                 Completion      Responsibility         Resource
             Date                                                                              Date
 Review of IAI Compliance Information

21.       December      Perform periodic reviews of IAI response to the IFAC Compliance      Ongoing        BRM and PRM         Internal
          2008          Self Assessment questionnaires and update sections that are                                             resources
                        relevant to SMO1 as necessary. If the sections have been                                                including BRM
                        updated, IAI will inform IFAC Compliance staff about the update(s)                                      PRM
                        in order for the Compliance staff to publish the updated
                        information.




Status as of Date Publication                                                                                                      Page 10 of 39
Action Plan Developed by
                                                                                Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

 Action Plan Subject:             SMO 2 and International Education Standards (IESs)
 Action Plan Objective:           Ensure that IAI Professional Accountancy Education Requirements Meet the Obligations of SMO2

   #      Start Date                                  Actions                                   Completion       Responsibility         Resource
                                                                                                  Date

 Background:

 The Accountant Title Law No. 34 year 1954 sets forth the requirements for becoming an accountant. Effective September 1, 2004, only those who
 graduate in accounting (with a minimum of 144 credit units) and undertake Pendidikan Profesi Akuntan (PPA) The Professional Accounting
 Education Program (comprising 21-40 credit units) conducted by accredited universities, may earn an “accountant designation” and obtain a State
 Registered Accountant (SRA) Certificate.

 A university or college must by recommended by the IAI and licensed by the Ministry of Education in order to deliver the Professional Accounting
 Education Program. The IAI-formed Committee on Evaluation and Recommendation of Professional Accounting Education (KERPPA) reviews the
 recommended PPA program. Based on KERPPA recommendations, the Directorate of Higher Education endorses the PPA program at the
 respective university. The university must also comply with the KERPPA-approved syllabus. Furthermore, IAI-organized admission tests for entry
 into PPA programs are held at all participating universities using KERPPA-prepared materials. The Professional Accounting Education (PPAk)
 program covers accounting and auditing standards, taxation, professional ethics, capital market and financial management, and management
 accounting. No further education or training is required of the accountants unless they wish to practice as auditors.

 IAI conducted Extraordinary Congress on 27 June 2012 to change its membership to really comply on the definition of Professional Accountancy
 Organizations (PAOs) released by IFAC that PAO are membership bodies comprised of individual professional accountants, auditors, and/or
 accounting technicians who perform a variety of roles in the accountancy field and adhere to high-quality standards of practice.

 Under the mandate of the 2012 Extraordinary Congress, IAI established Dewan Sertifikasi Akuntan Profesional (DSAP) The Certification Board for
 Professional Accountant, its main function is to ensure the quality of Professional Accountants certification, education and practical experience. To
 improve the quality of Professional Accountants in Indonesia , IAI launch its new qualification and designation for Professional Accountants
 member of IAI; Indonesian Chartered Accountant (CA).

 In order to get CA designation, an individual must hold the title registered Accountant (Ak), obtain three years practical experience, and
 maintaining professional development credits. Under IAI membership requirements, members must comply with Continuing Professional
 Development (CPD) requirements. For IAI Professional Accountants members (CA), the total of 30 CPD credits per year and 120 credits over 3
 years must be obtained.

 All members must submit statements regarding their realized CPD credits during a year to IAI before the end of January of the subsequent year.
 The IAI organizes training programs to enable their members to comply with the CPD requirements.




Status as of Date Publication                                                                                                          Page 11 of 39
Action Plan Developed by
                                                                                Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                 Actions                                   Completion         Responsibility      Resource
                                                                                                 Date
 Continue To Ensure Compliance with SMO 2 Requirements

22.       Ongoing       Monitor new and revised standards from the International               3 month after     Executive         IAI Staff
                        Accounting Education Standards Board (IAESB) and inform                the issuance      Director & Head
                        members of the IAESB pronouncement.                                    of new            of Academics
                                                                                               standard          Compartments

23.       Ongoing       Ensure that new and revised standards on financial reporting,          6 months          Director of       IAI Staff
                        auditing and ethics are incorporated into IAI training and education   after the         Education
                        requirements.                                                          issuance of
                                                                                               new and
                                                                                               revised
                                                                                               standards

24.       Ongoing       Review the existing curriculum & syllabus for professional             Ongoing           Head of           IAI Staff
                        accountancy education program for responding to IES,                   Annually          Academics
                        International Auditing Standards (ISA), International Financial                          Compartments
                        Reporting Standards (IFRS) and updating on issuance of new
                        standards, ethical standards, etc.

25.       January       Revise reference & text books based on IFRS.                           December          Head of           IAI Staff
          2009                                                                                 2009              Academics
                                                                                                                 Compartments
                                                                                               Completed
                                                                                               This initiative
                                                                                               will be
                                                                                               ongoing
                                                                                               hereafter

26.       June 2007     Conduct workshops & seminars to update curriculum & syllabus           April 2008        Director of       IAI Staff
                        for accounting education program.                                                        Education
                                                                                               Completed

27.       2009          Coordinate with the Ministry of Education and the Education            This initiative   Head of           IAI Staff
                        National Standards Board to implement the Indonesian Accounting        will be           Academics
                        Education Standards for the accountant profession.                     ongoing           Compartments
                                                                                               hereafter




Status as of Date Publication                                                                                                         Page 12 of 39
Action Plan Developed by
                                                                             Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                Actions                                 Completion        Responsibility       Resource
                                                                                              Date
28.       September     Prepare draft of the Indonesian Accounting Education Standards     December          Head of           IAI Staff
          2008          for the accountancy profession based on IES 2.                     2008              Academics
                                                                                                             Compartments
                                                                                           Completed

29.       February      Provide training to academics in relation to IFRS, research        December          Director of       IAI Staff
          2009          methodology, case study learning method & writing the published    2009              Education
                        paper on international journal.
                                                                                           Completed
                                                                                           This initiative
                                                                                           will be
                                                                                           ongoing
                                                                                           hereafter

30.       April 2009    Hold programs to create awareness about the international          December          Head of           IAI Staff
                        accreditation for higher education.                                2010              Academics
                                                                                                             Compartments
                                                                                           Completed
                                                                                           This initiative
                                                                                           will be
                                                                                           ongoing
                                                                                           hereafter

31.       June 2009     Conduct workshops on internalizing ethics in accounting            June 20010        Director of       IAI Staff
                        curriculum.                                                                          Education
                                                                                           Completed
                                                                                           This initiative
                                                                                           will be
                                                                                           ongoing
                                                                                           hereafter

32.       Ongoing       Develop new format of Professional Accounting Education            August 2011       Chairman of       IAI Staff
                        Program.                                                                             Evaluation &
                                                                                           Completed
                                                                                                             Reccomendation
                                                                                                             of PPA




Status as of Date Publication                                                                                                     Page 13 of 39
Action Plan Developed by
                                                                              Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                 Actions                                 Completion      Responsibility         Resource
                                                                                               Date
33.       August        Revise curriculum and syllabus of Professional Accounting           December        Chairman of         IAI Staff
          2011          Education Program.                                                  2011            Evaluation &
                                                                                                            Reccomendation
                                                                                            Completed
                                                                                                            of PPA

34.        July 2011    Revise reference & text books based on IFRS.                        June 2012       Head of             IAI Staff
                                                                                                            Academics
                                                                                            Completed
                                                                                                            Compartments

35.       July 2011     Conduct workshops & seminars to update curriculum & syllabus        June 2012       Director of         IAI Staff
                        for accounting education program.                                                   Education
                                                                                            Completed

36.       July 2011     Conduct workshops & seminars to socialize the Indonesian            September       Director of         IAI Staff
                        Accounting Education Standards for the accountant profession.       2012            Education
                                                                                            Completed

37.       July 2011     Build the Indonesian accounting education architecture for          December        Head of             IAI Staff
                        professional accountancy education, graduate level, under           2012            Academics
                        graduate, and vocation.                                                             Compartments
                                                                                            Completed

38.       June 2012     IAI established Dewan Sertifikasi Akuntan Profesional (DSAP).       Completed       IAI national        IAI internal
                                                                                                            council             resources

39.       2012          IAI launched its Professional Accountants qualification and         2012            IAI national        IAI internal
                        designation “Indonesian Chartered Accountants” (CA), designing a                    council             resources
                                                                                            Completed
                        new pathway to become accountants, improving guidance to
                        becoming a Professional Accountant, meeting with regulators, and
                        preparing legal backup for the new designation. A CA campaign
                        was also launched.

 Promotion of Lifelong Learning

40.       Ongoing       Conduct various technical and non technical CPD relevant to the     Ongoing         Director of         IAI Staff
                        accountant profession. CPD events are organized in forms of                         Education and
                        seminars, workshops, short courses, and conferences.                                Certification



Status as of Date Publication                                                                                                      Page 14 of 39
Action Plan Developed by
                                                                               Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                 Actions                                  Completion      Responsibility         Resource
                                                                                                Date
41.       Ongoing       Communicate regularly with members about the CPD                     Ongoing         Director of         IAI Staff
                        requirements and the CPD courses via website, email campaign,                        Education and
                        IAI Magazine, brochures and Annual Catalog of training.                              Certification

42.       Ongoing       Facilitate access to CPD opportunities and resources for             Ongoing         Director of         IAI Staff
                        professional accountants as follows:                                                 Education and
                                                                                                             Certification
                        1.      Set up new branches of IAI Knowledge Center
                        2.      Organize free CPD for members at IAI office and
                                branches
                        3.      Organize CPD program throughout the country with the
                                support of IAI branches

43.       March         E learning facilities for IAI members through IAI Exchange.          December        Director of         IAI Staff
          2013                                                                               2013            Education and
                                                                                                             Certification

 Maintaining Ongoing Processes

44.       Ongoing       Continue to monitor new and revised standards and incorporate        Ongoing         Executive           IAI Staff
                        them into accountancy education requirements and timely update                       Director & Head
                        education course and content to reflect new requirement.                             of Academics
                                                                                                             Compartments

 Review of IAI Compliance Information

45.       Ongoing       Perform periodic review of IAI Part 1 & 2 responses and update       Ongoing         Executive           IAI Staff
                        section relevant to SMO2 as necessary. Once updated inform                           Director
                        IFAC Compliance staff about the updates in order for the
                        Compliance staff to publish the updated information.




Status as of Date Publication                                                                                                       Page 15 of 39
Action Plan Developed by
                                                                                     Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

 Action Plan Subject:                SMO 3 and International Auditing and Assurance Standards Board (IAASB) Pronouncements
 Action Plan Objective:              Establishing and Implementing an Ongoing Convergence Process with IAASB Pronouncements

      #        Start Date                                 Actions                                   Completion      Responsibility         Resource
                                                                                                      Date

 Background:

 The IAPI develops professional standards for public accountants in Indonesia including establishing and implementing the convergence process
 with IAASB pronouncements through its Professional Standards Board (DSP), as governed by Public Accountants Law No. 5 of 2011.IAPI is
 authorized to set and issue auditing standards for the accountants in public practice. In February 2008, through Ministry of Finance (MoF)
 regulation, IAPI is recognized as the professional public accountant organization. Auditors are required to comply with the Indonesian Public
 Accountant Professional Standards (SPAP) set by the IAPI.

 If there is a necessity to modify the international professional standards based on local professional and regulatory requirements, DSP will do so
 in line with the IAASB Modification Policy. The followings are the DSP’s expected completion dates of the following international professional
 standards:

 a.       ISQCs – completion date: 2012
 b.       IFAEs – completion date: 2012
 c.       ISAs and IAPSs – completion date: 2012
 d.       ISREs and IREPSs (if already issued by IAASB) – completion date: 2012
 e.       ISAEs and IAEPSs (if already issued by IAASB) – completion date: 2012
 f.       ISRSs and IRSPSs (if already issued by IAASB) – completion date: 2012

 Ongoing Adoption And Implementation of IAASB Pronouncements

46.           January       Hire professional translators to assist in translating the standards.   Ongoing        DSP IAPI            DSP IAPI
              2009




Status as of Date Publication                                                                                                             Page 16 of 39
Action Plan Developed by
                                                                               Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                 Actions                                   Completion       Responsibility       Resource
                                                                                                 Date

47.       May 2009      DSP discuss and review the translation of the professional.            Ongoing.        DSP IAPI          DSP IAPI
                                                                                               See above
                                                                                               comments for
                                                                                               expected
                                                                                               completion
                                                                                               dates of each
                                                                                               respective
                                                                                               international
                                                                                               professional
                                                                                               standards

48.       Starting      The final version of the exposure drafts of translated standards are   See above       DSP IAPI          DSP IAPI
          July 2009     discussed by DSP and submitted to a consultative board within          comments for
          for ISQC      IAPI called Supervisory Board for comments and inputs.                 expected
          and                                                                                  completion
          continue                                                                             dates of each
          with other                                                                           respective
          standards                                                                            international
          as we                                                                                professional
          move along                                                                           standards

49.       Starting      DSP discuss comments and inputs received from Supervisory              See above       DSP IAPI          DSP IAPI
          July 2009     Board and make necessary amendments, if any, to the exposure           comments for
          for ISQC      draft.                                                                 expected
          and                                                                                  completion
          continue                                                                             dates of each
          with other                                                                           respective
          standards                                                                            international
          as we                                                                                professional
          move along                                                                           standards




Status as of Date Publication                                                                                                       Page 17 of 39
Action Plan Developed by
                                                                                Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                  Actions                                   Completion       Responsibility       Resource
                                                                                                  Date

50.       Starting      Conduct public exposure of the exposure draft to the professional       See above       DSP IAPI          DSP IAPI
          August        standards. Public exposure period should be no longer than 60           comments for
          2009 for      days according to DSP due procedures.                                   expected
          ISQC and                                                                              completion
          continue                                                                              dates of each
          with other                                                                            respective
          standards                                                                             international
          as we                                                                                 professional
          move along                                                                            standards

51.       Starting      DSP discusses comments and inputs received from public                  See above       DSP IAPI          DSP IAPI
          August        exposure and make necessary amendments, if any, to the                  comments for
          2009 for      exposure draft.                                                         expected
          ISQC and                                                                              completion
          continue                                                                              dates of each
          with other                                                                            respective
          standards                                                                             international
          as we                                                                                 professional
          move along                                                                            standards

52.       Starting      If necessary, conduct a public hearing or a limited hearing after the   See above       DSP IAPI          DSP IAPI
          August        exposure period is over.                                                comments for
          2009 for                                                                              expected
          ISQC and                                                                              completion
          continue                                                                              dates of each
          with other                                                                            respective
          standards                                                                             international
          as we                                                                                 professional
          move along                                                                            standards




Status as of Date Publication                                                                                                        Page 18 of 39
Action Plan Developed by
                                                                               Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                 Actions                                  Completion      Responsibility         Resource
                                                                                                Date

53.       Starting      Final standards are ratified and issued by DSP.                      See above       DSP IAPI            DSP IAPI
          October                                                                            comments for
                        IAPI Plan is to adopt international professional standards by
          2009 for                                                                           expected
                        translating the standards, and if necessary, modifying some of
          ISQC and                                                                           completion
                        provisions in standards to comply with local professional and
          continue                                                                           dates of each
                        regulatory requirements. Therefore, we will follow IFAC
          with other                                                                         respective
                        Modification Policy.
          standards                                                                          international
          as we                                                                              professional
          move along                                                                         standards

54.       Starting      Disseminate the professional standards to public, including          See above       DSP IAPI            DSP IAPI
          October       members of IAPI.                                                     comments for
          2009 for                                                                           expected
          ISQC and                                                                           completion
          continue                                                                           dates of each
          with other                                                                         respective
          standards                                                                          international
          as we                                                                              professional
          move along                                                                         standards

55.       Starting      Once the standards are issued, the education division of IAPI will   See above       DSP IAPI            DSP IAPI
          November      conduct socialization program through continued professional         comments for
          2009 for      education programs to its members.                                   expected
          ISQC and                                                                           completion
          continue                                                                           dates of each
          with other                                                                         respective
          standards                                                                          international
          as we                                                                              professional
          move along                                                                         standards

56.       June 2012     Encourage IAPI to undertake a greater role to continue the           Ongoing         IAI National        Internal
                        ongoing process of adoption and implementation of IAASB                              Council             resource of IAI
                        Pronouncements.




Status as of Date Publication                                                                                                       Page 19 of 39
Action Plan Developed by
                                                                                Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                 Actions                                   Completion      Responsibility         Resource
                                                                                                 Date
 Maintaining Ongoing Processes

57.       Ongoing       Continue to use best endeavors to maintain ongoing process to          Ongoing        DSP IAPI            DSP IAPI
                        adopt and implement IAASB Pronouncements. This includes
                        updating the Action Plan for future activities where necessary.

 Review of IAI Compliance Information

58.       Ongoing       Perform periodic review of IAI responses to the IFAC Compliance        Ongoing        IAI Executive       IAI internal
                        Self-Assessment questionnaires and update section relevant to                         Director            resource
                        SMO 3 as necessary. Once updated, inform IFAC Compliance
                        staff about the updates in order for the Compliance Staff to publish
                        the updated information.




Status as of Date Publication                                                                                                        Page 20 of 39
Action Plan Developed by
                                                                                  Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

 Action Plan Subject:            SMO 4 and the International Ethics Standards Board for Accountants (IESBA) Code of Ethics
 Action Plan Objective:          Align the IAPI Code with the IESBA Code of Ethics

      #   Start Date                                  Actions                                    Completion      Responsibility         Resource
                                                                                                   Date

 Background:

 IAI develops its Code of Ethics for Professional Accountants through its Ethics Committee. The Ethics Committee plans to amend the existing
 Code to align it with the existing Code of Ethics for Professional Accountants issued by IESBA (as stated in IFAC Handbook – 2010 Edition),
 which is expected to be completed by 2013. In order to avoid duplication of effort, in developing the Code IAI will work with IAPI, which will own
 Part B of the Code related to practicing accountants.

 Ongoing Adoption and Implementation of IESBA Code of Ethics

59.       August        Discuss the exposure draft of the Code of Ethics in the Plenary         Completed       DSP IAPI            DSP IAPI
          2008          Meeting of IAPI for approval.

60.       August        Conduct public exposure of the exposure draft of the Code of            Completed       DSP IAPI            DSP IAPI
          2008          Ethics.

61.       August        If necessary, hold a public hearing or limited hearing.                 Completed       DSP IAPI            DSP IAPI
          2008

62.       September     DSP discuss any comments and input received from public                 Completed       DSP IAPI            DSP IAPI
          2008          exposure, public hearing, or limited hearing.



63.       October       Final Code of Ethics is ratified by DSP.                                Completed       DSP IAPI            DSP IAPI
          2008


64.       Starting      Publish the new Code of Ethics and disseminate the Code to IAI          Completed       DSP IAPI            DSP IAPI
          April 2009    members and make it accessible to the public.
                        The document has been published through website of IAPI.
                        Hard copy document will be made available.




Status as of Date Publication                                                                                                          Page 21 of 39
Action Plan Developed by
                                                                                 Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                  Actions                                   Completion      Responsibility         Resource
                                                                                                  Date
65.       Starting      Once the standards are issued, the education division of IAPI will     September       DSP IAPI            DSP IAPI
          April 2009    conduct socialization programs through continued professional          2009
                        education programs to its members.
                                                                                               Completed

66.       January       Draft the new Code of Ethics.                                          June 2013       Ethics Committee    IAI Internal
          2013                                                                                                                     resources

67.       July 2013     Conduct public exposure of the Code of Ethics. If necessary, hold      July 2013       Ethics Committee    IAI Internal
                        a public hearing or limited hearing.                                                                       resources

68.       July 2013     Discuss any comments and input received from public exposure,          July 2013       Ethics Committee    IAI Internal
                        public hearing, or limited hearing.                                                                        resources

69.       September     Arrange ratification of final Code of Ethics by IAI Ethics             September       Ethics Committee    IAI Internal
          2013          Committee.                                                             2013                                resources

70.       October       Publish the new Code of Ethics and disseminate the Code to IAI         October 2013    Ethics Committee    IAI Internal
          2013          members and make it accessible to the public on the website and                                            resources
                        in hard copy.

71.       October       Conduct socialization program for members.                             December        Ethics Committee    IAI Internal
          2013                                                                                 2013                                resources

 Maintaining Ongoing Processes

72.       Ongoing       Monitor the changes made to the IESBA Code of Ethics and adopt         Ongoing         Ethics Committee    IAI Internal
                        the changes following the existing due process. In particular,                                             resources
                        monitor closely the IESBA work program and proposed revisions
                        to the IESBA Code of Ethics so they can be incorporated by IAI on
                        a timely basis. This includes updating the Action Plan as
                        necessary.




Status as of Date Publication                                                                                                         Page 22 of 39
Action Plan Developed by
                                                                                Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                  Actions                                  Completion      Responsibility         Resource
                                                                                                 Date
 Review of IAI Compliance Information

73.       Ongoing       Perform periodic review of IAI response to the IFAC Compliance         Ongoing        Ethics Committee    IAI Internal
                        Self-Assessment questionnaires and update sessions relevant to                                            resources
                        SMO 4 as necessary. Once updated, inform IFAC Compliance
                        staff about the updates in order for the Compliance staff to publish
                        the updated information.




Status as of Date Publication                                                                                                        Page 23 of 39
Action Plan Developed by
                                                                              Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

 Action Plan Subject:           SMO 5 and International Public Sector Accounting Standards
                                (IPSASs)
 Action Plan Objective:         Use Best Endeavors to Encourage the Introduction of IPSAS in Indonesia

      #   Start Date                                 Actions                                 Completion      Responsibility         Resource
                                                                                               Date

 Background:

 The Government of the Republic of Indonesia introduced laws affecting state financial reform, i.e Law No. 17 year 2003 on State Finance, Law
 No. 1 year 2004 on State Treasury, Law No. 15 year 2004 on Audit of State Financial Management and Accountability, and Law No. 32 year 2004
 on Local Government. Major changes introduced by these laws are, amongst others, the obligation of the central as well as local government to
 present financial statements and consequently, the need of Indonesian Government Accounting Standards as a basis for preparing and
 presenting such statement.

 The standards are prepared by the Indonesian Government Accounting Standards Commitee (Komite Standar Akuntansi Pemerintah-KSAP), an
 independent committee that comprises accounting experts from the Indonesian Institute of Accountants, academics, government practitioners,
 and so forth. In drafting the standards, the KSAP refers to the International Public Sector Accounting Standards (IPSAS) and adapts them notably
 to the specific needs and perculiarities of the Government of The Republic of Indonesia in which the accounting basis is adapted from cash
 towards accrual basis.

 The Standards are promulgated under Government Regulation No. 24 year 2005, which was revised under Government Regulation No. 77 year
 2010.

 IAI uses best endeavors to encourage the use of IPSASs in formulation of Indonesian Government Accounting Standards by Indonesian
 Government Accounting Standards Board.

 Promote the Use of IPSAS

74.       Ongoing       Notify members of IPSAS document, including exposure drafts         Ongoing         Public Sector       IAI Staff
                        and encourage comments.                                                             Accountants
                                                                                                            Compartment

75.       January       Undertake a comparative study of extent to which IPSAS              December        Public Sector       IAI Staff
          2011          requirements are already include in Indonesian public sector        2011            Accountants
                        standards through IAI Public Sector Compartment.                                    Compartment
                                                                                            Completed




Status as of Date Publication                                                                                                      Page 24 of 39
Action Plan Developed by
                                                                              Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                Actions                                  Completion      Responsibility         Resource
                                                                                               Date
76.       Ongoing       Conduct seminars, dialogues and workshops related to Public         Ongoing         Public Sector       IAI Staff
                        Sector Accounting Standards and the implementation of IPSAS.                        Accountants
                                                                                                            Compartment &
                                                                                                            Education and
                                                                                                            Certification
                                                                                                            Director

77.       Ongoing       Meetings with regulator (State Audit Board, Government              Ongoing         Public Sector       IAI Staff
                        Accounting Standards Board, Ministry of Finance, Ministry of                        Accountants
                        Internal Affair) to endorse the use of IPSAS.                                       Compartment

78.       Ongoing       Conduct research on implementation of IPSAS-converged               Ongoing         Public Sector       IAI Staff
                        standard.                                                                           Accountants
                                                                                                            Compartment

79.       Ongoing       Promote implementation of IPSAS- converged standards through        Ongoing         Public Sector       IAI Staff
                        Ikatan Akuntan Indonesia (IAI’s) website, IAI’s magazine, E                         Accountants
                        learning through IAI exchange.                                                      Compartment

 Review of IAI Compliance Information

80.       Ongoing       Perform periodic review of IAI response to the IFAC compliance      Ongoing         National Council    IAI Staff
                        self assessment questionnaires and update section relevant to                       of IAI
                        SMO 5 and when necessary. Once updated inform IFAC
                        compliance staff about the updates in order for the compliance
                        staff to publish the updated information.




Status as of Date Publication                                                                                                      Page 25 of 39
Action Plan Developed by
                                                                                 Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

 Action Plan Subject:                SMO 6 and Investigation and Discipline (I&D)
 Action Plan Objective:              Strengthen Investigation and Discipline Systems to Meet the Requirements of SMO6

      #        Start Date                               Actions                                 Completion       Responsibility         Resource
                                                                                                  Date

 Background:


 Following recent developments in the profession, IAI has set up its Disciplinary Committee, its main function is to conduct disciplinary process for
 all IAI members. IAI also has an Appeal Board to undertake the appeal process for its members that has been sanctioned by Disciplinary
 Committee.

 Disciplinary Committee consists of one Chair and six members, the members must consist of academician, management accountant, public
 sector accountant, and public accountant.

 The mechanisms of investigation and disciplinary for IAI members are regulated in IAI’s constitution and bylaws. Sanctions may be imposed to the
 IAI member, in the forms of (but not limited to) the following:

          1. Written warning, with embedded requirement to undertake additional hours of Continuing Professional Education (CPE);
          2. Suspension of IAI membership;
          3. Termination of IAI membership.

 The Public Accountant Law No. 5/201 mandates to set up Komite Profesi Akuntan Public (KPAP) Public Accountant professional Committee.
 KPAP has the authority to give advice for the development of various accountancy- related standards, including Standard Profesional Akuntan
 Publik (SPAP) Public Accountant Professional Standards. KPAP comprises 13 members including 3 representatives from IAI, regulators,
 academics, users, etc.
 Updating Investigation and Discipline System

81.           1Q 2009       Review SMO6 and determine the aspects of SMO6 which are            June 2009        DKP                  DKP
                            absent in I&D programs. Develop a paper proposing the changes
                                                                                               Completed
                            to be made in DK.

82.           2Q 2009       Promote the changes to the IAI (IAPI) members and follow up this   June 2009        DKP                  DKP
                            process.
                                                                                               Completed

83.           3Q 2009       Implementing the adopted policies.                                 Ongoing          DKP                  DKP




Status as of Date Publication                                                                                                           Page 26 of 39
Action Plan Developed by
                                                                                  Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                   Actions                                    Completion      Responsibility        Resource
                                                                                                    Date
84.       May 2011      Participate in revising IAPI articles of association in relation to I&D   Ongoing        DKP                DKP
                        to comply with the new Public Accountants Law No. 5 Year 2011.

85.       January       Update IAI’s Investigation and Disciplinary mechanism for                 June 2013      Disciplinary       Internal
          2013          professional accountants.                                                                Committee of IAI   resources of IAI

86.       April 2013    Conduct public exposure of the Investigation and Disciplinary             April 2013     Disciplinary       Internal
                        mechanism for professional accountants. If necessary, hold a                             Committee of IAI   resources of IAI
                        public hearing or limited hearing.

87.       April 2013    Discuss any comments and input received from public exposure,             April 2013     Disciplinary       Internal
                        public hearing, or limited hearing.                                                      Committee of IAI   resources of IAI

88.       May 2013      Arrange for ratification of Investigation and Disciplinary                May 2013       Disciplinary       Internal
                        mechanism for professional accountants by Disciplinary                                   Committee of IAI   resources of IAI
                        Committee of IAI.

89.       August        Publish the new Investigation and Disciplinary mechanism for              August 2013    Disciplinary       Internal
          2013          professional accountants to IAI members and make it accessible                           Committee of IAI   resources of IAI
                        to the public on the IAI website and in hard copy.


90.       October       Conduct socialization program for all members.                            October 2013   Disciplinary       Internal
          2013                                                                                                   Committee of IAI   resources of IAI

 Maintaining Ongoing Processes

91.       3Q 2009       Continue to ensure that IAI I&D displinary mechanism operates             Completed      DKP                DKP
                        effectively and in line with SMO6 requirements. This includes
                        review of existing mechanism and updating the action plan for
                        future activities where necessary.




Status as of Date Publication                                                                                                          Page 27 of 39
Action Plan Developed by
                                                                             Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                Actions                                 Completion      Responsibility         Resource
                                                                                              Date
 Review of IAI Compliance Information

92.       3Q 2009       Perform periodic review of IAI response to the IFAC compliance     Ongoing         DKP                 DKP
                        self assessment questionnaires and update the sections relevant
                        to SMO6 where necessary. Once updated, IAI will inform IFAC
                        Compliance staff about the updates so the compliance staff may
                        publish the updated information.




Status as of Date Publication                                                                                                     Page 28 of 39
Action Plan Developed by
                                                                                 Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

 Action Plan Subject:             SMO 7 and International Financial Reporting Standards (IFRS)
 Action Plan Objective:           Continue to use Best Endeavors to Support Adoption and Implementation of IFRSs by the Indonesian Accounting
                                  Standards Board

   #       Start Date                                  Actions                                  Completion       Responsibility         Resource
                                                                                                  Date

 Background:

 The IAI is tasked with the issuance of financial accounting standards in Indonesia, as stated in the Indonesian Corporate Law No. 40/2007. The
 Indonesian Financial Accounting Standard Board (DSAK-IAI) is comprised of members representing the accountancy profession and various
 regulatory bodies in the country. The board is also developing financial reporting standards for non public entities. The IAI has also established
 the Indonesian Syari’ah Accounting Standards Board (DSAS-IAI) for setting up of the Syar’iah accounting standards in Indonesia.

 The Indonesian financial accounting standards or Standar Akuntansi Keuangan (SAK) that are developed by the DSAK-IAI, are applicable for
 financial reporting by public companies, banks, and financial institutions. According to the Capital Market Law, the IAI-issued financial accounting
 standards are mandatory standards for all entities that fall under the supervisory purview of Bapepam dan LK.

 In addition, the law authorizes Bapepam dan LK, whenever necessary, to prescribe accounting regulations with respect to financial reporting by
 the participants in the Indonesian capital market. The Bank Indonesia requires all banks to comply with the financial accounting standards issued
 by DSAK-IAI.

 On 23 December 2008, IAI issued a formal statement announcing its plan to have PSAK fully converged with IFRS. The first phase of the of the
 convergence process, which has been finalized in January 2012, resulted in the Board revising SAK in accordance with all IFRS as effective in
          st
 January 1 , 2009, with the exception of IFRS 1 First Time Adoption of IFRS, IAS 41 Agriculture, and IFRIC 15 Agreements for the Construction of
 Real Estate.

 For 2013, the Board will continue the IFRS convergence process by analyzing the amendments of IFRS from the period of 1 January 2009 to 1
 January 2013, to further minimize the differences between SAK and IFRS. DSAK IAI is looking towards converging into the new standards (IFRS
 10 – 13), interpretations (IFRIC 18 – 20), and revising some of the current standards by taking into consideration the changes occur in the related
 IFRS.

 Also, the Board is looking at the latest International Accounting Standards Board (IASB) Exposure Drafts on various issues, to actively contributes
 to the global discussion process, and better prepare the local constituents for future implementation.

 This is in line with Indonesia’s commitment to maintain the local Generally Accepted Accounting Principle (GAAP) and to gradually and continually
 converge it into IFRS, minimizing the significant differences between the two.




Status as of Date Publication                                                                                                           Page 29 of 39
Action Plan Developed by
                                                                              Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                 Actions                                 Completion      Responsibility         Resource
                                                                                               Date
 To Provide Input to the Standard-setting Process by IASB

93.       November      On 4-5 November 2009, 20 countries in Asia and Oceania               Ongoing        DSAK IAI            Technical Staff,
          2009          established Asia Oceania Standard Setters Group with main                                               Budget to send
                        purpose as the regional body in advising IASB with issues and                                           delegation to
                        concerns in the region regarding IFRS adoption.                                                         AOSSG
                                                                                                                                meetings three
                        IAI is actively involved in Asian-Oceanian Standard-Setters Group
                                                                                                                                times a year.
                        (AOSSG) working groups to provide regional inputs to IASB.
                                                                                                                                The meeting
                                                                                                                                venues are
                                                                                                                                circulated
                                                                                                                                among AOSSG
                                                                                                                                members.
                                         nd
94.       2010          Attend AOSSG 2 meeting in Japan and active member in 5               29-30          DSAK IAI
                        working groups of AOSSG: Revenue, Consolidation, Leases (Co          September
                        Lead), Islamic Finance, Insurance Contract.                          2010
                                                                                             Completed

95.       May 2011      Host IFRS Regional Policy Forum, attended by 300 participants        25 May 2011    DSAK IAI
                        from 20 countries including IASB Chairman and members and
                                                                                             Completed
                        trustee of IFRS Foundation.

96.       August        Participate in the discussion at first Emerging Economics Group in   26 August      DSAK IAI            Expert staff from
          2011          Beijing, A working group set by IASB to provide input from           2011                               the Association
                        emerging economy countries.                                                                             of Indonesian
                                                                                             Completed
                                                                                                                                appraisals.

97.       September     Attend World Standard Setters Conference in London, UK to            15-16          IASB                Budget to send
          2011          provide input of IASB.                                               September                          delegation and
                                                                                             2011                               technical
                                                                                                                                support.
                                                                                             Completed




Status as of Date Publication                                                                                                      Page 30 of 39
Action Plan Developed by
                                                                                Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

      #   Start Date                                  Actions                                  Completion      Responsibility           Resource
                                                                                                 Date
98.       November      Participate in the third AOSSG meeting in Sydney, Australia.           23-24          AASB, Australia     Budget to send
          2011          Indonesia also expands its membership in Agriculture working           November                           delegation and
                        group.                                                                 2011                               technical staff to
                                                                                                                                  develop
                                                                                               Completed
                                                                                                                                  comments

99.       June 2012     Adoption for IFRIC 18: Transfer of Assets From Customers               June 2013      DSAK IAI            IAI
                        Description of activities:
                        1.      Translation by technical Team A
                        2.      Discussion draft in Team A
                        3.      Discussion with constituent
                        4.      Discussion with DSAK IAI
                        5.      Preparation and publication of exposure draft

100.      June 2012     Technical bulletin of insurance                                        December       DSAK-IAI            IAI
                                                                                               2012
                        Description of activities:
                                                                                               Completed
                        1.      Establishment of task force technical bulletin of insurance,
                                that include DSAK IAI, AAUI, AAJI, PAI, and auditor
                        2.      Identification of issues related to PSAK 62, 28 and 36
                        3.      Discussion of issues related to PSAK 62, 28 and 36
                        4.      Drafting technical bulletin of insurance
                        5.      Discussion of the draft technical bulletin of insurance
                        6.      Legalization technical bulletin of insurance
                        7.      Limited hearing of technical bulletin of insurance
                        8.      Publications




Status as of Date Publication                                                                                                           Page 31 of 39
Action Plan Developed by
                                                                               Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

   #      Start Date                                  Actions                                 Completion      Responsibility           Resource
                                                                                                Date
101.      June 2012     Discussion of exposure draft IFRS 4 phase 2: Insurance Contract      June 2013       DSAK IAI            IAI
                        Description of activities:
                        1.      Collecting and learning related material
                        2.      Discussion and submission from team A
                        3.      Discussion in DSAK meeting
                        4.      Input submission to WG AOSSG

102.      June 2012     Nonprofit financial accounting standards                             December        DSAK IAI            IAI
                                                                                             2013
                        Description of activities:
                        1.      Preparation academic study related to whether is needed
                                separate SAK for nonprofit entities
                        2.      Discussion result of academic study in team A meeting
                        3.      Discussion result of academic study in DSAK meeting

103.      June 2012     Micro accounting guidelines                                          December        DSAK IAI            IAI
                                                                                             2013
                        Description of activities:
                        1.      Collecting and learning related material
                        2.      Discussion and input submission in team A

104. .    June 2012     Third Tier in financial accounting standards of Indonesia            December        DSAK IAI            IAI
                                                                                             2013
                        Description of activities:
                        1.      Preparation academic study related to whether is needed
                                separate SAK for Third Tier entities
                        2.      Discussion result of academic study in team A meeting
                        3.      Discussion result of academic study in DSAK meeting




Status as of Date Publication                                                                                                          Page 32 of 39
Action Plan Developed by
                                                                                Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

   #      Start Date                                 Actions                                   Completion      Responsibility           Resource
                                                                                                 Date
105. .    June 2012     Discussion paper of foreign currency translation (working group       June 2013       DSAK IAI            IAI
                        will be form and headed by Korea)
                        Discussion related in accounting emission trading
                        Description of activities:
                        1.      Collecting and learning related materials
                        2.      Discussion in team A meeting
                        3.      Discussion in DSAK meeting

106.      June 2012     Adoption for IFRS 13: Fair Value Measurements                         June 2013       DSAK IAI            IAI
                        AOSSG WG fair value measurement (non members)
                        Description of activities:
                        1.      Translation by technical Team A
                        2.      Discussion draft in Team A
                        3.      Discussion with constituent
                        4.      Discussion with DSAK IAI
                        5.      Preparation and publication of exposure draft

107.      June 2012     Adoption for IFRIC 19: Extinguishing Financial Liabilities with       June 2013       DSAK-IAI            IAI
                        Equity Instruments
                        Description of activities:
                        1.      Translation by technical Team A
                        2.      Discussion draft in Team A
                        3.      Discussion with constituent
                        4.      Discussion with DSAK IAI
                        5.      Preparation and publication of exposure draft




Status as of Date Publication                                                                                                           Page 33 of 39
Action Plan Developed by
                                                                              Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

   #      Start Date                                 Actions                                 Completion      Responsibility           Resource
                                                                                               Date
108.      June 2012     Discussion for exposure draft revenue from contract with            June 2013       DSAK IAI            IAI
                        customers
                        AOSSG WG revenue (members)
                        Description of activities:
                        1.      Collecting and learning related materials
                        2.      Discussion and input submission in team B. AOSSG WG
                                revenue
                        3.      Discussion with constituent. Establishment revenue task
                                force IAI
                        4.      Impact of delays implementation of ISAK 21 and PPSAK
                                7, paragraph 08 (b)
                        5.      Waiting for the subsequent development of the exposure
                                draft discussion by IASB and FASB

109.      June 2012     Discussion of exposure draft financial instruments.                 June 2013       DSAK-IAI            DSAK-IAI
                        AOSSG WG financial instrument (non members)
                        Description of activities:
                        1.      Collecting and learning related materials
                        2.      Discussion and input submission in team B – DSAK IAI –
                                AOSSG WG Revenue




Status as of Date Publication                                                                                                         Page 34 of 39
Action Plan Developed by
                                                                                 Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

   #      Start Date                                  Actions                                   Completion      Responsibility           Resource
                                                                                                  Date
110.      June 2012     Discussion on implementation issues accounting for land in             June 2013       DSAK-IAI            IAI
                        Indonesia
                        Description of activities:
                        1.       Submission paper issues and discussion in second forum
                                 EEG Meeting (India)
                                 Majority is agreed to submit the issue to the IFRIC
                        2.       Submission paper issues and discussion in IFRIC meeting
                             •   IFRIC identify the character of lease in land ownership
                                 schemes in Indonesia
                             •   IFRIC decided not to bring the issue to the agenda. Given
                                 that the issue of land in Indonesia is only specific
                                 jurisdiction

111.      June 2012     Discussion on implementation issues accounting for tower               June 2013       DSAK-IAI            IAI
                        telecommunication in Indonesia
                        Description of activities:
                        1.       Submission paper issues and discussion in third forum
                                 EEG    Meeting (Argentina)
                                 Offered to be discussed at the IFRIC meeting
                        2.       Submission paper issues and discussion in IFRIC meeting
                             •   Recognizing the definition on building issues - property
                             •   Will be analyzed and discussion further

112.      June 2012     Financial accounting standards for codification                        June 2013       DSAK-IAI            IAI
                        Description of activities:
                        1.       Preparing preliminary research paper
                        2.       Aprroval from DSAK
                        3.       Preparation and publication of exposure draft




Status as of Date Publication                                                                                                            Page 35 of 39
Action Plan Developed by
                                                                                 Indonesian Institute of Accountants (Ikatan Akuntan Indonesia – IAI)

   #      Start Date                                   Actions                                  Completion      Responsibility           Resource
                                                                                                  Date
113.      June 2012     Annual improvement financial standards accounting, except IFRS         June 2013       DSAK-IAI            IAI
                        07
                        Description of activities:
                        1.       Collecting material translation
                        2.       Analysis of the impact from annual improvement
                        3.       Preparation of exposure draft

114.      June 2012     Adoption for IFRS 10, 11 and 12                                        December        DSAK-IAI            IAI
                                                                                               2013
                        Description of activities:
                        1.       Translation by technical Team C
                        2.       Discussion draft in Team C
                        3.       Discussion with constituent
                        4.       Discussion with DSAK IAI
                        5.       Preparation and publication of exposure draft

115. .    June 2012     Staff paper AOSSG for lease and agriculture                            June 2013       DSAK-IAI            IAI
                        Description of activities:
                        1.       Collecting and learning related materials
                        2.       Discussion and input submission in team C – DSAK IAI –
                                 AOSSG

116.      January       Ongoing IFRS convergence process to minimize the gaps                  December        DSAK-IAI            IAI
          2013          between Indonesian GAAP and IFRS, with the next step being:            2013
                             •   to consider the recent IFRS amendments
                             •   to analyze the relatively new standards, such as IFRSs 9
                                 to 13 and to consider if/when to take them onboard; and
                             •   to analyze the recent IFRS Exposure Drafts
                             •   to analyze the readiness of our industry and other



Status as of Date Publication                                                                                                            Page 36 of 39
You can also read
Next part ... Cancel