Regulatory AlertsBank Accounting Guidelines for Rural Banks (SEOJK No. 21/SEOJK.03/2024)
The Indonesia Financial Services Authority (OJK) issued Circular Letter No. 21/SEOJK.03/2024 to mandate that Rural Banks (BPR) adopt the Indonesian Financial Accounting Standards for Private Entities (SAK ETAP) for financial reporting effective January 1, 2025. This regulation supersedes previous accounting guidelines from Bank Indonesia and OJK Circular No. 40/SEOJK.03/2017 to enhance the transparency, reliability, and comparability of BPR financial statements. The document establishes the BPR Accounting Guidelines as the primary reference for implementing SAK ETAP, ensuring that any unaddressed matters default to the standard's provisions.
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