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Overview PSAK 71, 72 and 73


As of 1 January 2020, the New Big-3 Accounting Standards, PSAK 71, PSAK 72, and PSAK 73 have come into effect. Johannes Juara & Rekan is proud to held a workshop on end-to-end, cost-effective and efficient solutions for the standards, on Thursday, January 16, 2020 at Ballroom Temple Singosari, Sahid Jaya Hotel, Jakarta.

This workshop is specifically designed for professionals who need to prepare their teams for the implementation of these new standards." Johannes E. Runtuwene

The opening speech was by Johannes E. Runtuwene as Managing partner; The Moderator was Juara S. Nainggolan as Deputy Managing Partner; The Speaker was Hari Manurung and Frans Jimmi Parlindungan Sijabat, Assurrance Partner.



PSAK 71 is an adoption of IFRS 9 Financial Instruments which was developed by the International Accounting Standards Board (IASB) to replace IAS 39 (equivalent to PSAK 55) Financial Instruments – Recognition and Measurement. The new standard is meant to respond to criticisms that IAS 39 is too complex, inconsistent with the way entities manage their businesses and risks, and defers the recognition of credit losses on loans and receivables until too late in the credit cycle.


The IASB had always intended to reconsider IAS 39, but the financial crisis made this a priority. PSAK 71 deals separately with the classification and measurement of financial assets, impairment and hedging requirements. Other aspects of PSAK 55, such as scope, recognition, and derecognition of financial assets, have survived with only a few modifications.


PSAK 72 is adapted from IFRS 15 Revenue from Contracts with Customers. Almost all entities will be affected to some extent by the significant increase in required disclosures, but the changes extend beyond disclosures, and the effect on entities will vary depending on industry and current accounting practices. Entities will need to consider changes that might be necessary to information technology systems, processes, and internal controls to capture new data and address changes in financial reporting.


PSAK 73 defines a lease as a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for a consideration. At first sight, the definition looks straightforward. But, in practice, it can be challenging to assess whether a contract conveys the right to use an asset or is, instead, a contract for a service that is provided using the asset.

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