OJK Introduces Standards for Preparation of KIK Financial Statements

In line with the National Financial Reporting Standards (Konvergensi Pernyataan Standar Akutansi Keuangan/PSAK) program, which is currently undergoing process of convergence with the International Financing Reporting Standards (IFRS),[1] the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has issued Regulation No. 33/POJK.04/2020 on the Preparation of Financial Statements for Investment Products Which Take the Form of Collective Investment Contracts (“Regulation 33/2020”) in an effort to increase the transparency, quality and consistency of the preparation of financial statements for Collective Investment Contracts (Kontrak Investasi Kolektif – “KIK”).[2]