Financial Accounting Standards for Entities Without Public Accountability.

Indonesian Institute of Accountants has issued Financial Accounting Standards for Entities Without Public Accountability (FAS-EWPA) that can be applied to the preparation of financial statements beginning on or after January 1^st , 2010 and on July 17^th , 2010 has been launched FAS-Entities Without Public Accountability  coincides National Accounting Seminar "The Three Pillars of the Indonesian Accounting Standards",  implemented by the Brawijaya of University and the Accountants Institute of  Indonesian. Standard name is a bit unique because of the exposure draft was named Accounting Standards SMEs (Small and Medium Enterprises), but remember the definition of SMEs themselves are often changed, so to avoid confusion, the standard is named FAS-Entities Without Public Accountability. 

Within a few things FAS- Entities Without Public Accountability provides many facilities for the company compared to GAAP reporting requirements with a more complex. The differences by naked eye can be seen from the thickness of the FAS-Entities Without Public Accountability is only about a hundred pages with 30 chapters present.
  

In accordance with the scope of FAS-Entities Without Public Accountability then standard is intended for use by entities without public accountability. Entities without public accountability in question is an entity that has no significant public accountability; and publish general purpose financial statements for external users. Examples of external users are the owners who are not directly involved in business management, creditors, and credit rating agencies.
FAS-Entities Without Public Accountability  is an accounting standard is intended for entities without public accountability significantly. 

  Significant Entities Without Accountability is if:  

1. The entity has no significant public accountability, and

2. Does not publish general purpose financial    statement  for external users. Examples of external users are the owners who are not directly involved in the management of the business such as creditors and institutional lenders (banks).

 The entity has a Public Accountability Significant if: 

1. The entity has been or in the process of filing a registration statement on capital market authorities or other regulators for the purpose of issuing securities in capital market  

2. Entities controlled assets in a fiduciary capacity for a large group of people, such as banks, insurance entities, securities brokers or dealers, pension funds, mutual funds and investment banks.

If  FAS-Entities Without Public Accountability has been effective, then the smaller companies such as SMEs or Entities Without Public Accountability can choose whether it will make financial statements in accordance with generally accepted use of IAS or switch to IFRSs  Entities Without Public Accountability. In chapter 29 in the early years of the implementation of FAS-Entities Without Public Accountability entities eligible to apply FAS-Entities Without Public Accountability can not prepare financial statements under FAS-Entities Without Public Accountability, or based on GAAP common long as it is applied consistently. The entity is not allowed to return to this later FAS-Entities Without Public Accountability for subsequent preparation of financial statements. Then, if an entity preparing the financial reports according to FAS-Entities Without Public Accountability but noted that financial entities are not in accordance with the requirements of entities that may use FAS-Entities Without Public Accountability then these entities must prepare financial statements under GAAP general.