Event information and key takeaways

KPMG Indonesia hosted our annual client event “KPMG business talk: 2024 Corporate reporting and regulatory updates” on 28 August 2024 at Catur Dharma Hall in the Menara Astra building, Jakarta.  

This event was designed to provide the audience with valuable insights into the latest developments in the accounting, tax and regulatory landscapes, and foster meaningful discussion among industry leaders. More than 500 industry leaders and key stakeholders, with a broad spectrum of expertise and interests, from more than 300 companies in various sectors attended the event. The event helped audience members stay informed and up to date, enabling them to make informed decisions and stay compliant with the latest regulations. It was also a great opportunity to network with peers and explore collaborative possibilities.

Date

Wednesday, 28 August 2024

Time

12:00 PM – 17:30 PM Jakarta time
(incl. registration, lunch and networking)

Location

Catur Dharma Hall
on the 5th Floor at Menara Astra

Language

Bahasa Indonesia

Audience

C-level executives, director, department head, and manager in the finance, accounting, tax, human resource and legal departments.

As a reminder of what was discussed, we are pleased to share the materials and key takeaways from the event, as follows:

  • AI’s growing role in financial reporting and audit. A KPMG survey shows that the use of AI in financial reporting has increased rapidly at global companies in recent years. One hundred percent of the global companies we surveyed said they had taken strategic action on AI.
    Although AI technology has enabled us to receive real time insights and increased data accuracy, AI also comes with various challenges, such as the need for relatively large investment funds and ROI (which may not be easily justified), uncertainty in the current regulatory environment, and ethics in implementing AI, since AI has the potential to increase the number of unemployed.
    As a first step, we recommend that your company start by determining what your ambition is and carrying out a maturity assessment on the possibility of implementing AI. Next, you need to align between your company's ambitions, maturity and strategy.
  • Prepare yourself for IFRS 18. Now is the time to get ready for IFRS 18. This new standard will become effective for periods beginning on or after 1 January 2027 and will apply retrospectively. Early adoption is permitted. Local adoption in Indonesia is underway, and we expect the local exposure draft to be issued in the fourth quarter of 2024. Assess the impacts on your financial statements, communicate the impacts to your investors and financial statement users, and consider how the new requirements will affect your systems, processes and controls. Read our First Impressions publication for illustrative examples and detailed insights into how to apply the new standard.
  • Go big with go-public. The capital market in Indonesia is much more mature than it was 10 years ago, and the IDX has the highest capitalization in Southeast Asia. However, preparing for an IPO can be a complex process as it involves many interrelated steps and considerations. Companies initiating an IPO must meet legal, financial and other regulatory requirements, such as preparing internal governance process, selecting underwriters, and managing investor relations. The process is time-consuming, demands a lot of resources and normally takes several years. So, if your company is planning for an IPO in the future, you need to allocate enough time to prepare. 
  • Corporate reporting to include sustainability reporting. With the publication of the IFRS Sustainability Disclosure Standards (IFRS S1 and S2), corporate reporting will now include both financial reporting and sustainability reporting. Your company may need to prepare additional infrastructure to capture non-financial data not yet available within company systems. Globally, we have seen that investors' need for information outside of financial reporting is increasing, and non-financial information is increasingly relevant in enterprise value assessments.  In the future, in Indonesia, we also anticipate that demand for ESG reporting and assurance readiness services will increase in line with the increasing prevalence of sustainability reporting in Indonesia. 
  • Stay alert for upcoming tax regulations. Multilateral instruments, BEPS Pillar II on the global minimum tax, loan provisions on the bank and multi-finance industry, new transfer pricing documentation rules (which will start in FY24), and the exchange of information for individuals could all lead to the issuance of an SP2DK in the future. 
  • IP as an asset. Understanding the legal foundations of intellectual property (IP) is crucial for identifying and protecting the IP assets within your business. IP is not only a significant asset that can enhance your company's value, but also a key component in gaining a competitive edge. Effective IP management is essential; it involves recognizing the value of your IP and implementing proactive protection strategies to mitigate risk. This includes staying informed about legal updates and securing global protection through mechanisms like the Madrid Protocol. Proper IP management safeguards your innovations and creative works, contributing to long-term business success and resilience.

 

Presenters' biographies

Our presenters

Fireside chat & Panel discussion

Enquiries

For questions regarding the event, please contact the KPMG event committee.

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