Indonesia Progresses Trials of XBRL Financial Reports

Indonesia Progresses Trials of XBRL Financial Reports

By Prathamesh 6 May, 2024

The Directorate General of Taxes (DJP) in Jakarta is embarking on phase II of its trial for submitting financial reports using XBRL.

The second stage of the initiative, set to commence shortly, involves a collaborative effort with the Secretariat General of the Ministry of Finance and the Financial Professional Development Center (PPPK). The aim of the pilot is to refine the reporting processes, enhance data accuracy, and streamline operations.

This trial involves expanding the initial 37 taxpayers required to submit XBRL financial reports in the stage one trial to 70 for stage two. Based on the evaluation of the first phase, two improvements have been made – a specific XBRL taxonomy has been developed for the financial reporting regime, and a taxonomy is now available for notes to financial reports.

The DJP eventually hope to roll out XBRL across a wide range of reporting sectors to meet the evolving needs of tax administration.

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