OJK Revises Regulation on Financing Financial Statements

The Financial Services Authority (“OJK”) will issue a circular regarding the financial statements of financing companies. Under the Circular of OJK No. 3/SEOJK.05/2016 on the Monthly Reports of Financing Companies, as amended by Circular of OJK No. 26 of 2019 (collectively referred to as “SEOJK 3/2016”), the financial statements of financing companies consist of 38 columns.

“The number of columns will eventually increase to 59. The additions will mainly relate to restructuring, as well as details of interest income,” said Maman Firmansyah, Director of Supervision for Financing Institutions and Venture Capital Companies at OJK, to Hukumonline.

Maman emphasized that the increase in the number of columns is not meant to complicate the reporting, but rather to assist financing companies in decision-making. “Whether they like it or not, they need to have the data. Without it, how can conclusions and decisions be made without any data?” Maman said.