Promote Transparency, Companies Must Deposit Financial Statements Starting 2027

A number of experts consider that the mandatory deposit of one-stop financial reports will strengthen transparency and investor perceptions of listed companies so as to improve the quality of national financial data as a whole.

This follows the government's plan to require every company in Indonesia to submit financial reports to the Ministry of Finance (MoF) starting in 2027.

This regulation was stipulated through Government Regulation Number 43 of 2025 on Financial Reporting, signed by President Prabowo Subianto on September 19, 2025. The policy is the first step towards a more centralized and standardized national financial reporting system. The report submission mechanism will be carried out through the Joint Financial Reporting Platform or PBPK.

According to Bank Permata Chief Economist Josua Pardede, with one official channel, investors and other stakeholders will refer to the same data, reducing the risk of differences in figures between institutions.

The explanation of PP 43/2025 provides space so that reports in PBPK can be utilized by authorities, investors, academics and the general public.

"The explanation of PP 43/2025 explicitly states that PBPK is intended to facilitate reporters and give credibility to the data submitted," he told SUAR in Jakarta, Monday (1/12).

According to Josua, the new regulation does not remove the reporting authority to the OJK and IDX, but changes the main route for submitting general purpose financial reports.

Josua explained that ideally issuers only need to upload reports once to PBPK, and the interconnected inter-agency system will reduce the need for repeated reporting.

Center of Reform on Economics (CORE) Indonesia researcher Yusuf Rendy Manilet said this policy aims to minimize duplication of reports while strengthening the reliability of data flowing between agencies.

According to Yusuf, this step is a strategic effort by the government to consolidate all financial data of companies, both large and small.

"The goal is efficiency, ensuring uniform reporting standards, and most importantly, ensuring reliable data quality," Yusuf explains.

Cross-sector

Director General of Financial Sector Stability and Development of the Ministry of Finance Masyita Crystallin explained that this policy was built to create an integrated reporting system across sectors.

Through this PP, the government will integrate the company's reporting system into the Financial Reporting Single Window (FRSW).

Later, companies are required to submit their financial reports digitally, with report compilers coming from competent and integrity parties, such as professional accountants and public accountants.

"PP 43 of 2025 is designed to strengthen the foundation of transparent and accountable financial governance," Masyita said.

According to him, more credible financial reports will help decision-making at the corporate and public policy levels. The government stated that this new mechanism covers the preparation, submission, and utilization of financial statements that apply to the financial services sector, the real sector, and entities that have business links with the financial sector.

Masyita said the system is expected to enrich the government database with actual and verified information. "PBPK will be the main node of data integration so that the reporting process is simpler for businesses," he said.

Do not overlap

Chairman of the Indonesian Finance Company Association Suwandi Wiratno said the rules regarding financial reporting obligations through PBPK are still within the corridor of general regulatory adjustments.

Suwandi explained that finance companies have long carried out financial reporting obligations to OJK, including balance sheet and profit and loss reports.

"This has made the industry accustomed to the routine reporting process so that it does not see any significant issues in the change of mechanism towards PBPK," he said.

According to him, the adjustments needed are mainly related to the technical flow of reporting on the new platform .

Suwandi said the technical details of reporting are still awaiting official socialization from the government. "Industry players need to understand whether financial reporting to OJK will continue or be fully transferred to PBPK. This clarity is important to avoid overlapping obligations for finance companies," he said, adding that there was still time to prepare for the transition.

Answering questions about infrastructure and data security, Suwandi said that the government will definitely pay attention to the provisions on personal data protection and information security.

Even financing companies basically also maintain the security aspect of the system when reporting is carried out. "The company will definitely take care of its infrastructure, security and everything else," he said.

Regarding the simultaneous implementation in the capital market, Josua Pardede again reminded that without adjustment, the transition period has the potential to cause overlapping obligations.

Josua assessed that there are a number of risks at the beginning of the 2027 implementation that need to be anticipated. He highlighted technical risks such as PBPK's capacity to accommodate a large number of reports, service availability, and system security according to the principles of electronic service delivery.

According to him, disruptions in the reporting period can lead to compliance uncertainties and disrupt information disclosure schedules. He also assessed that the internal readiness of issuers, especially medium or new companies, could be a challenge if technical guidelines are not available early enough.

Josua believes that the 2027 deadline is relatively realistic for large issuers that are already familiar with electronic reporting, as long as there is intensive socialization and a comprehensive trial in 2026.

Implementation can still be a challenge for companies with more limited system capacity and resources. According to him, the success of this policy is highly dependent on the rapid issuance of derivative regulations and the readiness of technical infrastructure between the PBPK and capital market authorities. On the other hand, Josua assessed that a synchronized approach will determine the smoothness of the transition phase.

"This policy has the potential to be an important leap in strengthening the governance and transparency of the Indonesian capital market, not just adding a new administrative obligation for issuers. If these things are fulfilled, PBPK can become the new basis for a credible and consistent reporting ecosystem across authorities," said Josua.