The Indonesian Government has recently issued Government Regulation No. 43 of 2025 on Financial Reporting (“GR 43/2025”). This regulation implements Article 273 of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector. GR 43/2025 applies to business actors in the financial sector, as well as parties engaging in business interactions with the financial sector who are responsible for preparing Financial Statements.
The regulation under GR 43/2025 covers Financial Statements, the Standards Committee, the implementation of the Joint Financial Reporting Platform (Platform Bersama Pelaporan Keuangan or “PBPK”), support for the financial reporting ecosystem, and administrative sanctions. Reporting Entities are required to prepare and submit Financial Statements. Reporting Entities within the financial sector under this regulation include:
- Institutions conducting activities in the banking, capital markets, insurance, pension funds, and financing sectors in accordance with the laws and regulations governing financial services;
- Pawnshop companies, guarantee institutions, Indonesia export financing institutions, secondary mortgage financing companies, providers of information technology-based joint funding services, and institutions managing mandatory public funds, such as social security, pension, and welfare programs, as stipulated in laws and regulations governing pawnshops, guarantees, export financing, secondary mortgage financing, and mandatory public fund management, as well as other financial service institutions supervised by the Financial Services Authority (OJK) under applicable laws; and
- Financial market infrastructure operators, payment system operators, support institutions in the financial sector, and other financial sector business actors, conducting activities either conventionally or based on sharia principles in accordance with the laws and regulations in the financial sector.
Financial Statements prepared for general purposes, as stipulated in Article 7 paragraph (2) of GR 43/2025, must be submitted through PBPK, an electronic system for the unified submission of Financial Statements. Submissions include both the Financial Statements and supporting documents. PBPK serves two main functions:
- For Reporting Entities: to submit Financial Statements; and
- For users of Financial Statements: to access the submitted Financial Statements.
Users of Financial Statements include:
- Ministries, Agencies, and/or Authorities;
- Financial sector business actors;
- PBPK administrators; and/or
- Other users.
Submission of Financial Statements through PBPK will be carried out in stages as follows:
- For Reporting Entities that are issuers and public companies in the capital market sector, submission must be completed no later than 2027; and
- For other Reporting Entities, submission will be phased in according to needs, based on stages determined by the Minister after coordination with relevant Ministries, Agencies, and/or Authorities.
Ministries, Agencies, and/or Authorities have the authority to impose administrative sanctions on Reporting Entities for violations of the obligations to prepare and submit Financial Statements. The imposition of such sanctions is governed by applicable laws and regulations.
Overall, GR 43/2025 strengthens financial reporting standards and governance in the financial sector through the mandatory electronic submission of reports via PBPK. This framework is expected to enhance transparency, accuracy, and inter-agency coordination, supported by administrative sanctions to ensure compliance by financial sector business actors.
If you, a prospective client, have further inquiries about the topic discussed above, Schinder Law Firm is one of many corporate law firms in Indonesia that has handled numerous similar matters, with many experienced and professional corporate and civil lawyers in its arsenal, making it one of the top consulting firms in Indonesia. Feel free to contact us at info@schinderlawfirm.com for further consultation.
Author:
Dewi Susanti