The Urgency of Establishing Accounting Standards for Digital Assets in Indonesia: A Literature Review

Ardianta Selasa, Juli 28, 2026
Illustration by AI
FORMOSA NEWS

Indonesia Faces Growing Need for Digital Asset Accounting Standards, Study Finds

Indonesia's rapid adoption of cryptocurrencies and other digital assets is outpacing the country's accounting regulations, creating growing risks for businesses, investors, auditors, and financial regulators. That is the central conclusion of a 2026 peer-reviewed study by Aditya Arisudhana, Padma Adriana Sari, Santi Widhiyanti, and Dharmawan Iqbal Akbar from the State Polytechnic of Malang (Politeknik Negeri Malang), Indonesia. Published in the International Journal of Contemporary Sciences (IJCS), the research argues that Indonesia urgently needs dedicated Financial Accounting Standards (PSAK) for digital assets to improve transparency, consistency, and confidence in financial reporting as the digital economy continues to expand.

Indonesia's Digital Economy Is Moving Faster Than Accounting Rules

Digital assets—including cryptocurrencies such as Bitcoin and Ethereum, blockchain-based tokens, non-fungible tokens (NFTs), software licenses, and valuable digital databases—have become an increasingly important part of the global economy. Businesses now use these assets not only for investment but also for payments, ownership representation, and digital transactions.

Indonesia has experienced particularly rapid growth in digital asset adoption. According to data cited in the study, the country ranked among the world's leading nations in cryptocurrency adoption, while crypto transactions reached Rp556.53 trillion between January and November 2024, representing a 356.16 percent increase compared with the same period a year earlier.

Despite this rapid expansion, Indonesia still lacks accounting standards specifically designed to govern how digital assets should be recognized, measured, presented, and disclosed in corporate financial statements.

According to the researchers, this regulatory gap has become increasingly significant as more Indonesian companies begin holding or transacting in digital assets.

Why Digital Asset Accounting Matters

Accounting standards determine how companies report their assets, liabilities, profits, and financial position. When accounting rules are unclear, different companies may report the same type of asset in different ways, making financial statements difficult to compare.

The researchers explain that digital assets present unique challenges because they differ substantially from conventional physical assets or financial instruments.

Unlike traditional assets, cryptocurrencies:

  • Have no physical form.
  • Can experience extreme price volatility.
  • Operate continuously across multiple global exchanges.
  • Depend on blockchain technology rather than centralized institutions.
  • Are controlled through cryptographic private keys rather than traditional ownership documents.

These characteristics make digital assets difficult to classify under existing accounting frameworks.

Existing Standards Do Not Fully Address Digital Assets

International accounting standards currently do not include a dedicated standard specifically for cryptocurrencies or other digital assets.

Instead, companies generally rely on existing standards such as:

  • IAS 38 for intangible assets.
  • IAS 2 for inventories when digital assets are actively traded.
  • IFRS 9 in limited situations involving financial instruments.

However, the study notes that these standards were originally developed for conventional assets rather than blockchain-based digital assets.

As a result, accounting professionals continue debating whether cryptocurrencies should be treated as intangible assets, inventories, financial instruments, or another entirely new asset category.

Indonesia faces an even greater challenge because its national accounting standards (PSAK) currently contain no explicit guidance dedicated to digital assets. Most companies therefore rely on varying interpretations of existing PSAK standards, leading to inconsistent reporting practices.

How the Researchers Conducted the Study

Rather than collecting new survey data, the researchers conducted a systematic literature review using a descriptive qualitative approach.

The review examined academic publications, international accounting standards, professional accounting guidance, Indonesian accounting regulations, and reports issued between 2015 and 2025.

Sources included:

  • Scopus
  • ScienceDirect
  • Emerald Insight
  • Google Scholar
  • International Financial Reporting Standards (IFRS)
  • Indonesian Financial Accounting Standards Board (DSAK IAI)
  • Professional accounting organizations including AICPA and CIMA

The research then used thematic analysis to compare international accounting practices with Indonesia's current regulatory environment and identify gaps requiring policy development.

Key Findings

The literature review identified several major concerns arising from the absence of dedicated accounting standards for digital assets in Indonesia.

The researchers found that:

  • Companies may classify identical digital assets differently, reducing consistency across financial statements.
  • Investors receive less reliable and less comparable financial information.
  • Auditors face significant challenges verifying ownership, valuation, and transaction evidence because blockchain transactions are pseudonymous.
  • Limited disclosure reduces transparency and weakens investor confidence.
  • Existing accounting treatments often fail to reflect the economic reality of highly volatile digital assets.
  • Indonesia risks falling behind other countries that are developing more comprehensive digital asset regulations.

The study also highlights that many Indonesian companies involved in cryptocurrency activities still disclose digital assets only in the notes to their financial statements rather than presenting them explicitly as recognized assets.

International Practices Offer Useful Examples

The research compares Indonesia's regulatory situation with developments in other jurisdictions.

For example, while the International Accounting Standards Board (IASB) continues refining its guidance, countries such as the United Arab Emirates have established comprehensive regulatory frameworks for digital assets through specialized supervisory authorities.

Meanwhile, the United States has introduced new accounting guidance for certain cryptocurrencies through the Financial Accounting Standards Board (FASB), allowing fair-value measurement for qualifying crypto assets.

According to the researchers, these international developments demonstrate that governments and accounting standard setters increasingly recognize digital assets as a permanent component of modern financial systems rather than a temporary technological trend.

Why New PSAK Standards Could Strengthen Indonesia's Economy

The study argues that developing dedicated PSAK standards would generate benefits beyond accounting compliance.

Clearer accounting rules could improve:

  • Financial reporting transparency.
  • Investor confidence.
  • Audit reliability.
  • Corporate governance.
  • Regulatory consistency.
  • International competitiveness.
  • Indonesia's attractiveness for digital investment.

The authors also warn that inadequate reporting of digital assets could increase systemic financial risks as more retail investors and publicly listed companies participate in cryptocurrency markets. Better accounting standards would therefore support both investor protection and financial system stability.

Researchers Call for Adaptive Accounting Standards

The researchers conclude that Indonesia's accounting framework should evolve alongside the country's rapidly expanding digital economy.

As the authors from the State Polytechnic of Malang explain, the absence of specific PSAK guidance creates uncertainty, inconsistent reporting practices, audit difficulties, and reduced transparency. They argue that developing dedicated accounting standards for digital assets would strengthen the reliability, comparability, and usefulness of financial statements while supporting Indonesia's long-term economic competitiveness.

Author Profile

Aditya Arisudhana is a researcher affiliated with the State Polytechnic of Malang (Politeknik Negeri Malang), Indonesia, specializing in accounting, financial reporting, and digital economy issues. He co-authored this study with Padma Adriana Sari, Santi Widhiyanti, and Dharmawan Iqbal Akbar, who are also affiliated with the State Polytechnic of Malang. Their research focuses on accounting standards, financial governance, and the implications of emerging digital assets for corporate reporting and regulation.

Source

Ardianta

Diposting oleh Ardianta

Posting Komentar

0 Komentar