BPK - JAKARTA. The Supreme Audit Agency (BPK) has finished auditing flag carrier Garuda Indonesia's financial report and recorded a number of findings, including an alleged violation.
“One of the findings is [related to] financial engineering,” said BPK member Agung Firman at the Transportation Ministry in Jakarta on Tuesday, referring to records on receivables in the company's 2018 financial report, issued on April 24.
Garuda was said to have listed receivables as its income in the financial report. Two Garuda commissioners –Chairal Tanjung and Dony Oskaria – refused to sign the report, according to a letter leaked to the public.
In the letter, the commissioners said listing receivables as income was against Financial Accounting Standard (PSAK) No. 23.
The receivables in question were a result of an agreement involving Garuda Indonesia, PT Mahata Aero Teknologi and PT Citilink Indonesia, a subsidiary of Garuda.
Garuda stressed there were no flaws in the 2018 report, saying that it met accountancy standards and adhered to prevailing regulations.
“It [the report] does not violate PSAK No. 23 because revenue can be included [in a financial report] before it is cashed,” Garuda said in a statement received by The Jakarta Post.
The flag carrier argued that according to the regulation, the income that could be listed in financial reports included sales from goods and services and other recognized income such as royalties and dividends.
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