11 Aug 2014
REGULATION ON FINANCIAL CONDITION TRANSPARANCY OF PEOPLE’S CREDIT BANKS
To promote the financial and accountability transparency of People’s Credit Banks (Bank Perkreditan Rakyat or “BPR”), Bank Indonesia Governor issued on the 21st May 2013, Bank Indonesia Regulation Number 15/3/PBI/2013.
Under the regulation, BPRs are obliged to prepare the following:
The annual financial reports of BPRs with total assets of ten billion Rupiahs or more must be audited by a public accountant. Otherwise, the reports only need to be approved by the BPR’s General Meeting of Shareholders. The regulation also regulates on the public accountants who are to conduct the audit.
A Bank Indonesia Circular Letter will be published to further regulate the matters contained in this regulation.
This regulation has been since the end of 2013. (by: Olivia Saxer)