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All Journal Jurnal Akuntansi Keuangan Dan Perpajakan
Arya Pamungkas Pitu Alam
Universitas Sriwijaya
Economics, Econometrics & Finance

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Transformasi Akuntabilitas PFM Era Danantara: Sebuah Tinjauan Sistematis Arya Pamungkas Pitu Alam; Rina Tjandrakirana DP
Jurnal Akuntansi Keuangan Dan Perpajakan | E-ISSN : 3063-8208 Vol. 2 No. 3 (2026): Januari - Maret
Publisher : GLOBAL SCIENTS PUBLISHER

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This study examines whether the evolution of public financial management reflects a paradigm shift from budget accountability to portfolio accountability in the era of sovereign wealth governance, particularly in the context of Danantara. Using a qualitative systematic literature review, the study synthesizes recent research on public financial management, performance-based budgeting, accrual accounting, public asset management, and sovereign wealth fund governance. The findings indicate that portfolio accountability does not yet represent a fully established paradigm shift but rather a conceptual expansion of performance-based governance. While traditional accountability emphasized compliance, annual budget execution, and ex-post audit control, emerging practices increasingly incorporate risk-adjusted return, asset valuation, financial sustainability, and portfolio-level risk management. Epistemically, positioning government as a portfolio manager balancing risk, public value, and intergenerational sustainability signals the potential emergence of a new governance sub-paradigm. This study contributes by integrating fragmented discourses into a unified analytical framework and proposing portfolio accountability as a conceptual lens for evaluating contemporary fiscal governance transformation.
Dekonstruksi Kegagalan Prinsip Value For Money: Analisis Ketimpangan Realisasi Pendapatan Dan Belanja Daerah Aribah Muthi’ Choironi; Putri Rizkiyah; Arya Pamungkas Pitu Alam; Kisma Dian; Rina Tjandra Kirana DP
Jurnal Akuntansi Keuangan Dan Perpajakan | E-ISSN : 3063-8208 Vol. 2 No. 4 (2026): April - Juni
Publisher : GLOBAL SCIENTS PUBLISHER

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Abstract

The imbalance between realized regional revenue and expenditure is a key indicator of the failure to implement the Value for Money (VfM) principle in regional financial governance. A systematic literature review (SLR) identified that effective revenue target achievement is often not accompanied by adequate spending efficiency. This phenomenon is caused by three systemic factors: fragmented indicator design that separates effectiveness and efficiency measurements, information asymmetry in agency mechanisms, and the dominance of administrative indicators in the Public Financial Management (PFM) system. This situation creates an "illusion of administrative compliance" where regions appear to perform well in terms of ratios but fail to optimize public value substantively. A transformation of the evaluation paradigm is needed, focusing on consistency across the 3E dimensions (economy, efficiency, and effectiveness) through instruments such as the VfM Consistency Index to ensure the sustainability of public value.
Co-Authors Aribah Muthi’ Choironi Kisma Dian Putri Rizkiyah Rina Tjandra Kirana DP Tjandrakirana, Rina