Kamis, Oktober 13, 2022

OJK Preparing to Update Provisions on Microfinance Institution Financial Statements

The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") is currently preparing a Draft Circular ("Draft Circular") on the Financial Statements of Microfinance Institutions (Lembaga Keuangan Mikro – "LKM"). Currently, these matters are addressed under Circular of the OJK No. 29/SEOJK.05/2015 ("Circular 29/2015"), which will ultimately be repealed and replaced upon the promulgation of the Draft Circular.
While additional provisions that address sharia-based LKM financial statements (e.g. reports on sources and disbursements of waqf, zakah, infaq and sadaqah) remain similar to those currently addressed under Circular 29/2015, the Draft Circular redefines the basic content of LKM financial statements, as follows: 1) Financial position reports; 2) Profit - loss reports; 3) Financial statement descriptions (e.g. LKM profiles, maximum interest loan or yield (imbal - hasil) reports and list of details). The details and forms of LKM financial statements are comprehensively set out under the Appendices to the Draft Circular.
In terms of reporting periods, LKM must submit their financial statements to the OJK periodically every four months for the periods which end on the following dates: 1) 30 April; 2) 31 August; and 3) 31 December. Said financial statement submissions must be completed by the end of the month following the relevant reporting period.
LKM financial statements should be submitted online through the OJK’s data and communications network system. However, if said systems are experiencing technical problems or are not operational, then said financial statements may be submitted offline through the following media: 1) Softcopy files stored on storage media (e.g. compact discs or flash disks); or 2) Hardcopy files.

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The Financial Services Authority (Otoritas Jasa Keuangan – "OJK") is currently preparing a Draft Circular ("Draft Circular") on the Financial Statements of Microfinance Institutions (Lembaga Keuangan Mikro – "LKM"). Currently, these matters are addressed under Circular of the OJK No. 29/SEOJK.05/2015 ("Circular 29/2015"), which will ultimately be repealed and replaced upon the promulgation of the Draft Circular.
While additional provisions that address sharia-based LKM financial statements (e.g. reports on sources and disbursements of waqf, zakah, infaq and sadaqah) remain similar to those currently addressed under Circular 29/2015, the Draft Circular redefines the basic content of LKM financial statements, as follows: 1) Financial position reports; 2) Profit - loss reports; 3) Financial statement descriptions (e.g. LKM profiles, maximum interest loan or yield (imbal - hasil) reports and list of details). The details and forms of LKM financial statements are comprehensively set out under the Appendices to the Draft Circular.
In terms of reporting periods, LKM must submit their financial statements to the OJK periodically every four months for the periods which end on the following dates: 1) 30 April; 2) 31 August; and 3) 31 December. Said financial statement submissions must be completed by the end of the month following the relevant reporting period.
LKM financial statements should be submitted online through the OJK’s data and communications network system. However, if said systems are experiencing technical problems or are not operational, then said financial statements may be submitted offline through the following media: 1) Softcopy files stored on storage media (e.g. compact discs or flash disks); or 2) Hardcopy files.

......