The Accounting Study Program, FEB UMM held an upgrading of PSAK 71 and 72. The upgrading forum which was held offline on Friday, 22 October 2022 started at 08.00 WIB. This Discussion Forum was opened by the Head of the Accounting Study Program, Dr. Driana Leniwati, SE., MSA., Ak., CA., CSRS and attended by the Financial Accounting Standards Implementation Team of the Indonesian Accounting Association (TISAKIAI), namely Imam Subekti., Msi., PhD., CA., Ak.
This Discussion Forum begins with an opening prayer by the MC, then the moderator reads the speaker's short CV (Curriculum Vitae). Then continued the presentation from the resource person who explained that the changes to PSAK 71 and 72 were more specific than the previous PSAK. PSAK 71 is related to financial instruments where PSAK 71 replaces the previous PSAK, namely PSAK 50, 55, and 68. PSAK 71 is known as 3 Building Blocks which reflects three areas, namely classification and measurement, expected credit loss, and accounting. hedge. PSAK 72 which relates to income from contracts with customers. Revenue is an attraction for stakeholders, in this new standard revenue recognition from contracts is applied to all customer contracts. There is a five-step model, namely identifying contracts with customers, namely identifying performance obligations, determining the transaction price, allocating the transaction price to the performance obligations in the contract, recognizing revenue when (or during) the entity completes the performance obligations.
It is hoped that with this activity, the academic community in the Accounting study program will gain new insights. When a financial report adheres to PSAK, it will be easier for accountants to compare its contents with previous financial reports. That way, when students graduate they can meet the needs of companies who are users. (if)
