RELEVANCE OF THE IMPLEMENTATION OF LAW NO. 37 OF 2004: CONCERNING BANKRUPTCY AND POSTPONEMENT OF DEBT PAYMENT OBLIGATIONS IN ACCOUNTING PERSPECTIVE
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Keywords:
Bankruptcy, Going Concern, Accounting StandardAbstract
The purpose of this study is to provide a scientific description of the implementation of bankruptcy law in companies in the perspective of accounting practices. The research method uses a qualitative method with an approach of reviewing scientific articles, laws, and Financial Accounting Standards (SAK). The results of the study indicate that there is relevance between laws and financial accounting standards and standards that is conservatism principle. One of the articles in the bankruptcy law is when the company is in bankruptcy process and after the appointment of a curator begins, the curator must carry out efforts to secure bankruptcy assets (Article 98, Law No. 37 of 2004). A further impact of the implementation of the article is that management must make a business assessment of the entity's ability to maintain business continuity (PSAK 1, paragraph 25). There is uncertainty whether the company can still run its business or not according to Article 104 (2) Law No. 37 of 2004 became one of the reasons the company must disclose the going concern condition in the financial statements. The Snowball effect will have an indirect impact, especially when the company is listed on the Indonesia Stock Exchange.
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