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02 Desember 2024 - SAK Update
The Institute of Indonesia Chartered Accountants (IAI) officially launched the "Indonesian Sustainability Disclosure Standard Roadmap" in early December 2024. This roadmap was proposed by the Sustainability Standards Board of IAI, approved by the Indonesian Sustainability Standards Oversight Board of IAI, and ratified by the National Council of IAI. The roadmap marks a significant milestone in Indonesia’s efforts to develop sustainability disclosure standards aligned with international benchmarks, specifically the ISSB Standards.
The Roadmap serves as a strategic direction for the standard-setting process of Sustainability Disclosure Standards (Standar Pengungkapan Keberlanjutan/SPK) to ensure its implementation results in high-quality sustainability reports. It aims to maximize benefits for business and economic activities while maintaining national economic competitiveness in the context of sustainability.
As the G20 Presidency in 2022, Indonesia successfully advocated for the recognition of ISSB Standards through the Bali Declaration, in which G20 leaders expressed their support for the development of ISSB Standards as a foundation for globally consistent, comparable, and reliable sustainability disclosures. This support reflects Indonesia’s commitment to global sustainability issues, further reinforced by the issuance of the Enhanced Nationally Determined Contribution (ENDC) to accelerate national carbon emission reductions.
IAI has taken a proactive role in global sustainability initiatives by committing to the development of the SPK based on ISSB Standards as general-purpose sustainability disclosure standards in Indonesia. As a new initiative that requires a supportive and well-developed financial reporting ecosystem, implementation of SPK in Indonesia necessitate a strategic roadmap to guide its development and application.
IAI published the Roadmap as an initial step before the standard-setting process of SPK. The drafting process of the Roadmap took place throughout 2024, involving various stakeholders. In early 2024, IAI conducted research to identify sustainability disclosure needs and develop the initial framework for the roadmap. In March 2024, IAI held discussions with regulators, reporting entities, creditors, investors, academics, and NGOs. From March to September 2024, IAI engaged in dialogues with various institutions, including the Ministry of Finance, the Financial Services Authority, the IFRS Foundation, the Ministry of Energy and Mineral Resources, the Ministry of Industry, PT Perusahaan Listrik Negara (Persero), and others. This process reflects an inclusive and collaborative approach to ensure that the Roadmap aligns with national needs and international developments.
The Roadmap outlines two key strategies for the implementation of SPK as the foundation for sustainability reporting:
The Roadmap also includes providing suggestion to strengthen the sustainability reporting ecosystem. These efforts encompass regulations on SPK implementation, assurance of sustainability reports, supporting infrastructure, competencies development, and standards development.
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