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The market reactions for deferred compliance of IAS 41: an analysis of the agriculture sector in Indonesia Wahyuni, Ersa Tri; Lucin, Sandra Trianadewi; Azhar, Zubir
Journal of Accounting and Investment Vol 25, No 2: May 2024
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jai.v25i2.20019

Research aims: This study aims to investigate the market reaction of post-IAS 41 implementation in Indonesia. IAS 41 Agriculture requires companies to measure biological assets at fair value, which will increase asset values and profit in the first year of its implementation. The increase in the asset values can have a favorable impact on companies’ share prices as fair value was not applied in Indonesia prior to the adoption of IAS 41. In addition, this study analyzes the disclosure compliance of IAS 41 in the interim reports during the implementation year.Design/Methodology/Approach: This study used non-parametric statistics, precisely the Wilcoxon Signed Rank Test and content analysis of financial statement disclosure about IAS 41 Agriculture. The sample of the study comprised 27 Indonesian companies with agriculture assets during the first year of the implementation of IAS 41. Research findings: The results of this study suggest no significant difference in market abnormal return after the first annual financial statements post-IAS 41 implementation were released in the first quarter of 2018. The results also indicate that at least 50% of the 27 sample companies did not use fair value for their biological assets in their first quarter of interim report during the implementation year. The use of fair value was only observed in the last quarter of 2018, as most companies made an effort to apply fair value. The late implementation of fair value in IAS 41 may explain the insignificance of the market's abnormal return reaction in the first quarter of the adoption year when the financial reports were released.Practitioner/Policy implication: The adoption of the new standard requires companies to comply with it right in the first quarter of the implementation year. The capital market regulator should impose stricter requirements for listed companies to apply the new standard starting with the first quarter of financial reports.Research limitation/Implication: The limitations of this study concern the observation period used for calculating abnormal returns, which did not conclude a ‘pure’ market reaction, and the sample of this research was limited to three industries: agriculture, basic chemicals, and consumer goods.

Understanding of Taxation, Taxpayer Morality, and Tax Compliance in Indonesia: The Importance of Tax Awareness Oktris, Lin; Muktiasih, Indri; Azhar, Zubir
AKRUAL: JURNAL AKUNTANSI Vol 16 No 1 (2024): AKRUAL: Jurnal Akuntansi
Publisher : Accounting Study Programme Faculty of Economics and Business Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jaj.v16n1.p1-14

Introduction/ Main Objective: This study aims to analyze the influence of tax understanding and taxpayer morality on tax compliance with tax awareness as a moderating variable. Background Problems: Tax compliance is a crucial aspect of an effective and sustainable taxation system. However, tax compliance levels are often influenced by various factors, including tax understanding and taxpayer morality. On the other hand, tax awareness is considered a factor that can either strengthen or weaken the relationship between tax understanding and morality with tax compliance. Research Methods: This study employs a quantitative method with a survey approach. Data were collected through questionnaires distributed to taxpayers in several major cities in Indonesia. The sample consists of 100 respondents selected randomly. The collected data were analyzed using multiple regression techniques and moderation analysis to test the research hypotheses. Finding/ Results: The results show that tax understanding has a positive and significant influence on tax compliance. Additionally, taxpayer morality is also found to have a positive and significant influence on tax compliance. Conclusion: Taxpayers with high morality tend to be more aware of their tax obligations and are more compliant in reporting and paying taxes. Taxpayers with a good understanding of tax regulations and provisions tend to be more compliant in fulfilling their tax obligations.

Enhancing Muslim SME Sustainability in Malaysia: The Role of Zakat and Financial Literacy Daud, Dasyarini; Azhar, Zubir; Kishan, K.; Esa, Mohd Suffian Mohamed
Muslim Business and Economics Review Vol. 4 No. 1 (2025)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v4i1.430

Financial literacy issues pose significant challenges for small and medium enterprises (SMEs) in Malaysia, leading to improper financial management practices and poor performance. In response to these challenges, this study explores the potential role of zakat, an Islamic fiscal tool, in addressing financial management issues among Muslim SMEs. Specifically, the study analyses how zakat can serve as a mechanism for distributing assistance to poor Muslim entrepreneurs within the SME sector. Motivated by zakat's potential to mitigate financial management and literacy issues, this research employs semi-structured interviews to gather insights from seven Muslim entrepreneurs. Through qualitative analysis, the study examines the perceptions, experiences, and expectations surrounding zakat as a means of financial support tools for SMEs. The findings shed light on how zakat institutions can contribute to enhancing financial literacy and promoting sound financial management practices among Muslim SMEs, including the formulation of a proposed model of Non-Cash Zakat Distribution for Financial Management Services. The implications of this study extend beyond the immediate context. By effectively leveraging zakat funds, policymakers, financial institutions, and zakat administrators can play a proactive role in supporting Muslim SMEs and promoting grassroots economic development.

Aligning Government Capital Expenditures with The Sustainable Development Goals: Evidence from Indonesia Firmansyah, Amrie; Azhar, Zubir
IPSAR (International Public Sector Accounting Review) Vol. 3 No. 1 (2025): IPSAR
Publisher : Polytechnic of State Finance STAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31092/ipsar.v3i1.3653

This study analyzes the alignment between government capital expenditure and the Sustainable Development Goals (SDGs) agenda within Indonesia's fiscal policy framework. Capital expenditure serves as a strategic instrument of public finance to enhance infrastructure, stimulate economic growth, and improve the quality of public services. However, its effectiveness depends on the extent to which fiscal implementation reflects the principles of sustainable development. Using a qualitative descriptive approach with content analysis, this study examines official government documents, including the Central Government Financial Statements (LKPP) and the Annual Summary of Audit Results (IHPS) published by the Audit Board of Indonesia (BPK) for fiscal years 2020–2024. These documents are analyzed in relation to the national development framework outlined in the Medium-Term National Development Plan (RPJMN) 2020–2024 and the implementation of the SDGs as stipulated in Presidential Regulation No. 59 (2017). The findings reveal that improvements in efficiency, accountability, or sustainable outcomes have not fully accompanied the increasing allocation and realization of capital expenditures. Audit results highlight persistent weaknesses in project planning, procurement processes, and asset management, which undermine the transformative potential of government investment. Also, while Indonesia's fiscal policy has formally integrated the SDGs, its implementation remains predominantly output-oriented rather than outcome-driven. Strengthening the integration of SDG indicators into budget planning and evaluation, supported by performance-based auditing, is essential to ensure that every rupiah of capital expenditure contributes effectively to sustainable economic, social, and environmental development.

Assessing The Readiness of Local Governments for Sustainability Reporting in Indonesia: A Policy and Institutional Analysis Firmansyah, Amrie; Azhar, Zubir
IPSAR (International Public Sector Accounting Review) Vol. 3 No. 1 (2025): IPSAR
Publisher : Polytechnic of State Finance STAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31092/ipsar.v3i1.3654

This study assesses the readiness of local governments in Indonesia to implement sustainability reporting within the framework of public accountability and institutional change. Using a scoping review approach, the analysis covers fifteen national and international documents, including key regulatory frameworks and reporting standards. The dataset consists of Indonesia's core policy instruments—such as Law No. 23/2014, Law No. 1/2022, Law No. 59/2024 on the National Long-Term Development Plan (RPJPN) 2025–2045, Presidential Regulation No. 12/2025 on the National Medium-Term Development Plan (RPJMN) 2025–2029, and the Environmental Strategic Assessment (KLHS RPJPN 2023)—as well as global references from the International Public Sector Accounting Standards Board (IPSASB), the International Federation of Accountants (IFAC), and the Organisation for Economic Co-operation and Development (OECD). The findings indicate that Indonesia has developed a strong national policy foundation supporting sustainable governance; however, at the subnational level, sustainability reporting remains conceptual and fragmented. Institutional barriers, including weak inter-agency coordination, disconnected data systems, and limited human resource capacity, hinder implementation. Existing accountability mechanisms, such as LPPD and LAKIP, continue to prioritize administrative compliance over environmental, social, and governance (ESG) impacts. Additionally, the study concludes that Indonesia's public sector exhibits normative alignment with global frameworks (IFRS S1–S2, IPSASB, and IFAC), but lacks operational institutionalization at the local level. Sustainability reporting has not yet transitioned from a compliance-oriented tool into an integrated accountability mechanism. Advancing sustainability accountability in local governance requires stronger institutional coordination, professional capacity building, and data system integration consistent with public sector reporting reforms led by the Government Accounting Standards Committee (Komite Standar Akuntansi Pemerintahan, KSAP).

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