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Jurnal Riset Akuntansi dan Keuangan 12(3) (2024) 1065-1082
Jurnal Riset Akuntansi

dan Keuangan
Journal homepage: https://ejournal.upi.edu/index.php/JRAK/
ANALYSIS OF IMPLEMENTATION PSAK 72 ON REAL ESTATE

COMPANY PERFORMANCE
Oswald Octaviano Orlando Odagoma 1 , Lindrawati Lindrawati *2 , Adi Susanto 3
Faculty of Business, Widya Mandala Catholic University Surabaya, Indonesia

*Correspondence: E-mail: lindrawati@ukwms.ac.id
ABSTRACT INFO ARTIKEL

Article History:
Public companies preparing financial reports using PSAK that Submitted/Received 01 Oct 2024
First Revised 01 Nov 2024
stands for Statement of Financial Accounting Standards. In Accepted 01 Dec 2024
2020, PSAK 72 appeared which regulates contract income First Available online 07 Dec
from customers. Aim for this research is to empirical testing 2024
Publication Date 11 2024
the performance of real estate companies listed on ____________________
Indonesia Stock Exchange, before and after the Keyword:
implementation of PSAK 72. Wilcoxon-Signed test is used for Financial Performance, Market
Performance, PSAK 72, Real
data analysis. Analysis of research show there is a difference Estate Company
in financial performance before and after the
implementation of PSAK 72 which is proxied by the current
ratio, return on assets, return on equity, debt to equity ratio,
and total asset turnover, but there is no difference if proxied
by debt to asset ratio. Meanwhile, in market performance,
there is a difference in price book value before and after the
implementation of PSAK 72 but there is no difference in price
earnings ratio before and after the implementation of PSAK
72.
© 2024 Kantor Jurnal dan Publikasi UPI
Odagoma et al., Analysis of Implementation PSAK 72 on Real Estate Company Performance | 1066
1. INTRODUCTION
Companies that have public accountability In Indonesia use PSAK that stands for Statement
of Financial Accounting Standards for preparing financial report, including real estate
company. PSAK was adopted from IFRS with the purpose to support national economic
growth which can be achieved through transactions and foreign investments, therefore a
global accounting standard is needed in preparation of financial reports so that company
financial reports in Indonesia have uniform preparation procedures and meet comparability
requirements when compared with financial reports from foreign companies. This will make
it easier for investors when analyzing financial reports. The income statement report the
revenue that investors usually look at first when analyzing the financial statements of a
company. Therefore, strong guidelines are needed to recognize revenue so that there is no
inaccuracy in revenue measurement and recognition when presented in income statement.
Revenue must be recognized at the right time and can be measured with certainty so the
company's future prospects could be seen. Improper measurement and recognition of
income can cause the income presented in company's financial reports to be overstated or
smaller understated than it should be.
Revenue was originally regulated in PSAK 23 which defined as cash inflow originating from
economic benefits arising from the company's normal business processes in a certain period
which can increase equity and inflow of cash. When the entity gain economic benefits that
can be measured reliably and probable, they can recognize the revenue. The classification of
income recognition regulated in PSAK 23 is based on the nature of the transaction that occurs,
namely: 1) income from goods; 2) service income, and 3) interest, rental and royalty income
that arises from the use of company asset by other company (Indonesian Accountants
Association (IAI), 2018). As time goes by, PSAK 23 is no longer used. In 2017, the Indonesian
Accountants Association (IAI) issued a new PSAK, namely PSAK 72, which regulates Income
from Contracts with Customers (Indonesian Accountants Association (IAI), 2022). PSAK 72
refers to IFRS 15, which has been used since January first, 2020 to replace PSAK 23. PSAK 23
changed to PSAK 72 due to provisions of the old revenue standard, making it difficult for
stakeholders to understand and compare recognition income (Pradanti & Lestari, 2022).
The difference between PSAK 72 and the previous standard is the recognition of revenue
is no longer based on classification of the transaction, but rather 2 principles, namely: 1)
recognizing revenue over the time, and 2) recognizing revenue at some certain time (Siwi &
Kartika, 2022). This new standard stipulates that revenue should only be recognized if the
obligations in the agreed contract has been met. Receipt of advance payments can no longer
be recognized as income. This is because PSAK 23 is a transfer of risk, while PSAK 72 is a
transfer of control so that the entity can recognize income more quickly or later. Revenue
recognition as regulated in PSAK 72 is carried out in five steps, namely: (1) identifying
contracts; (2) identifying performance obligations; (3) determine transaction price; (4)
allocate transaction price to each performance obligations; and (5) revenue recognition,
when performance obligations has completed (Indonesian Accountants Association (IAI),
2022).
PSAK 72 is considered to have the most significant impact on companies of real estate,
property, and building construction. In the previous standard, companies could directly
recognize income due to the sale of units, even though the units being sold were still in the
construction process, whereas in PSAK 72, sales would be allowed to be recognized as income
when the handover is completed. PSAK 72 records based on progress of completion, or when
it is completed then recorded as revenue. Meanwhile, this revenue must be recorded as
DOI: http://dx.doi.org/10.17509/xxxx.xxx
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1067| Jurnal Riset Akuntansi dan Keuangan, Volume 12 Issue 3, December 2024 Hal 1065-1082
unearned revenue if it does not yet meet the requirements as revenue (Aditya et al., 2024).
This then creates problems if this standard is applied to real estate sector companies where
construction or projects take quite a long time, even years, to be completed so that revenue
recognition will also have the same time period in line with the development progress.
The influence of implementing PSAK 72 on performance of company could be measured
with two indicators, namely financial performance and market performance. First, in terms
of financial performance, revenue recognition will influence the financial performance of a
company. Financial performance is a description of the achievement of results from business
activities carried out by the company. Financial performance can be an analysis to determine
whether the company properly and correctly implements the rules relating to financial
implementation (Hogiantoro et al., 2022). Financial performance can be assessed from the
profitability and liquidity. Profitability could evaluate the ability of company to earn profits
within a specific period (Affi & As’ari, 2023). Research by Atho & Rahayu (2022) which aims
to analyze the financial performance of real estate companies shows the results that PSAK 72
has a significant impact on net profit margin before and after PSAK 72 implementation. This
happens because according to PSAK 72, income can only be recognized when obligations have
been fulfilled so that the value of income that can be recognized to be reported by the
company depends on the completion and handover of the property. Meanwhile, the research
by Casnila & Nurfitriana (2020) stated financial performance before and after PSAK 72
implementation was no difference, which was proxied by the net profit margin in
telecommunications companies. This happens because income will experience an increase
accompanied by an increase in operating expenses, so that the value of income and profit will
not be different compared to the prior of PSAK 72 implementation.
Liquidity can be an indicator of a company's ability to pay its short-term liabilities by using
their current assets. Research by Casnila & Nurfitriana (2020) which tried to analyze how PSAK
72 impact the current ratio, found that the implementation had an effect on the current ratio.
This can happen because revenue recognition will affect the value of cash and also
receivables. PSAK 72 regulates how revenue can be recognized and revenue is a component
of cash flow originating from operations so that the cash value will increase or decrease
depending on the value of income that can be recognized. Meanwhile, for receivables,
companies need to identify contracts to choose which income/sales can be recognized in line
with the carrying out obligations so that if they do not meet the criteria for income, then they
cannot be recorded as trade receivables for income. On the other hand, Atho & Rahayu (2022)
shows the company's current ratio does not affected by PSAK 72, because it was not found
that income has a direct impact on company assets.
Second, in terms of market performance, namely the abilities of a company to increase the
company's value which are currently traded on the capital market (Sodikin & Sahroni, 2016).
Investors when investing will compare the value of the share they will invest in with the profits
the company can generate to analyze the feasibility of their investment. Investors want their
investment to benefit themselves because they are in the right company because the value
of their investment is equivalent to their profits. The research of Riyosef & Agustin (2022)
results that investors gave a negative response to the implementation of PSAK 72 which was
indicated by negative abnormal returns because they thought it would decrease the revenue.
This can cause a decrease in net profit, which can reduce the share price of a company. PSAK
72 is basically implemented to make income disclosure to investors better and more
transparent so that analysis of company performance becomes more real and easier, which
increases shareholder value (Febriandhani et al., 2022). This statement is supported by
Mubarika & Handayani (2022) that results the value of earnings per share, after PSAK 72
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implementation has better value relevance, which means the information becomes more
useful for investors’ decision making.
This research aims to empirical testing the performance of real estate companies
measured by financial performance and market performance prior to and after the
implementation of PSAK 72. Previous studies only used one of those measurements, but this
research used both measurements to explain the company performance. The company sector
chosen is real estate companies because according to IAI, PSAK 72 implementation will have
the most significant impact on the company sector operating in the property, real estate and
building construction sectors. The research period used was 2018-2021, namely two years
prior to the implementation of PSAK 72 and two years after the implementation of PSAK 72.
This period is longer than previous studies which are usually only two years which is expected
to be able to show better and accurate results.
LITERATURE REVIEW
Positive Accounting Theory explain that there are various ways and purposes to explain
how each accounting practice is carried out and consequences of this practice (Watts &
Zimmerman, 1986). The existence of new accounting policies will affect existing accounting
practices. Positive accounting theory is a theory that tries to make an estimate of events that
have occurred or will occur, or it could be said that this theory is used to predict the actions
of a company manager in choosing accounting policies that will be appropriate to the
company's situation due to the emergence of new accounting standards (Martika et al., 2021).
According to (Andriyani et al., 2022), income is the event of increasing assets or decreasing
liabilities that occurs due to operational activities to produce goods and services for
consumers. Revenue is the main benchmark for financial performance that the company will
report in financial reports. Revenue shows about the company's past and future information
which will significantly drive other performance measures, for example Earnings Before
Interest and Taxes, and net profit. Income measurement in PSAK 23 is based on gross income,
or fair value of the amount received and then deducted trading rebates and volume that can
be allowed by the company (Mokoginta, 2019). According to PSAK 23, revenue recognition
can occur when the company is likely to obtain economic benefits in the future, and these
benefits can be measured reliably. There are three classification for revenue recognition
which are based on the nature of the transaction, which is regulated in PSAK 23 (Indonesian
Accountants Association (IAI), 2018), namely: 1) income from goods; 2) service income, and
3) interest, rental and royalty income that arises from the use of company asset by other
company.
PSAK 72 implementation effective started from January first, 2020, which contains revenue
derived from contracts with customers. This PSAK itself is the result of adopting IFRS 15
Revenue from Contracts with Customers. This standard contains guidelines that need to be
implemented by entities in order to generate useful information for users of the financial
statements regarding amount, timing, nature and uncertainty of revenue, and cash flows
resulting from contracts with customers (Fransisca & Ahalik, 2021). PSAK 72 is applied with
the aim that revenue is recognized at the right time so that its value reflects the actual
performance of the company. This is done to ensure that the financial information used in
decision making is presented correctly. The criteria created must be met to be able to
determine revenue recognition so that it can provide reliable and relevant financial
information. PSAK 72 requires that entities need to conduct an analysis of transactions in
accordance with the contract first in order to determine revenue recognition, which consists
of the following five steps (Indonesian Accountants Association (IAI), 2022). Revenue is
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recognized when contractual obligations have been fulfilled in the form of delivering goods
or providing services to customers. Revenue can be recognized based on two time principles,
namely revenue recognized over the time, and revenue recognized at a certain point of time
(Siwi & Kartika, 2022).
Company performance is an achievement or result obtained due to company operational
activities by utilizing company resources within a certain period (Galib & Hidayat, 2018).
Performance of a company is the result of decisions taken based on unanimous consideration
by managers in running the company (Sodikin & Sahroni, 2016). Company performance can
be measure by financial performance also market performance. Financial Performance is a
form of performance achievement in managing company assets effectively carried out by
company management (Hogiantoro et al., 2022). Financial performance is an evaluation of
the results of work that has been completed within a certain period. These results will then
be assessed based on the criteria set by the company. Financial performance results can help
a company to evaluate how effectively it uses its assets or company resources in achieving its
goals, in this case profit (Fadillah et al., 2024). This performance is measured by analyzing
financial reports that carried out by assessing the liquidity, profitability, solvency and
activities of a company (Atul et al., 2022).
Liquidity is a company capability to fulfill the obligations when it is time to pay (Suryawuni
et al., 2022). The indicator of liquidity is current ratio (CR) because creditors can evaluate the
company's ability to pay short-term liabilities with current assets. Profitability is an indicator
to evaluate profits generated from sales, assets, and also equity through certain
measurements (Sari & Daryanto, 2021). Profitability ratios that used are return on assets
(ROA), return on equity (ROE), also net profit margin (NPM). ROA and ROE are used because
they can be a benchmark for effectiveness of a company in profits generating using all assets
and equity to the maximum (Suryawuni et al., 2022), while NPM was chosen because it is an
index that can show the company's profit from sales after all costs and also income tax
(Suryawuni et al., 2022). Solvency is the company’s ability to fulfill liabilities using the assets
and equity (Affi & As’ari, 2023). Company solvency measured by debt to asset ratio (DAR) also
debt to equity ratio (DER). DAR used because it provides an overview of the percentage of
total liabilities to assets. DER is the company ability to pay liabilities with the total equity if
the assets owned are insufficient (Affi & As’ari, 2023). This ratio shows the composition of
funding in the company which comes from liabilities and equity. Activity performance shows
the ability of a company to use and allocate for profits generating (Astoety et al., 2019).
Activity performance measure used in this research is total asset turnover (TAT) (Utami &
Hariyanti, 2019) because it is an index that can describe how much sales volume a company
can make using its total assets.
Market performance is performance that shows the extent to which the company is able
to increase the value of company's shares which are currently traded on the capital market
(Sodikin & Sahroni, 2016). When investors invest in shares of a company, they definitely aim
to get big profits. Investors will respond well to useful information (Wibowo & Lindrawati,
2019). The company's market performance will reflect about how good company's prospects
are in the eyes of the investors. Investors will assess performance of the company shares with
profit and cash flow as parameters. Market performance could be measure using price
earning ratio (PER), also price book value (PBV). PER will show company's growth prospects
which will be seen from company's share profits when compared with company's share price
at the future. While PBV used for evaluate the market value compared to book value which is
manager of shareholder wealth.
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HYPOTHESIS
For a company, revenue can be said to be something crucial which the greater the
income is able to generate in a certain period, it indicates that a company has ability to
develop itself also finance any expenses that become its expenses. Therefore, strong
guidelines are needed to set standards in revenue recognition so that there is no inaccuracy
in revenue measurement and recognition when presented in income items. Income was
initially regulated in PSAK 23 and then replaced by a new PSAK, namely PSAK 72 (Febriandhani
et al., 2022). The difference in how income is recognized between PSAK 23 and PSAK 72 will
cause the income value to change. This will affect the company's financial performance
because recognition must be made at the right time and in accordance with standards,
namely PSAK 72. This is supported by positive accounting theory which explains that every
accounting policy implemented will have consequences that can be explained logically (Watts
& Zimmerman, 1986). If management in a company makes a mistake in determining the
appropriate time for revenue recognition, it can cause the revenues and profits presented in
the financial statements to be overstated or understated. Financial performance of a
company, before and after PSAK 72 implementation shows that has an effect to profitability
(Atho & Rahayu, 2022). Also, Casnila & Nurfitriana (2020) research shows PSAK 72
implementation has an effect to company liquidity.
H1: There is a difference in financial performance before and after PSAK 72 implementation
Market performance is an ability of company to increase also maintain company's
shares value which are currently traded on the capital market (Sodikin & Sahroni, 2016).
Investors when investing will compare the value of the share they will invest with the profits
that the company can generate to analyze the feasibility of their investment. This is because
when the company's profits are achieved high, it will have an impact on the increase in the
company's share price. PSAK 72 is basically implemented to make income disclosure to
investors better and more transparent. The form of investor confidence in a company can be
seen in financial information. According to Aboud et al. (2018) argue that new standards or
revisions of old standards will be able to increase the information content in financial reports
so that they can provide a positive signal to potential investors who want to invest in the
company. If market performance is poor, it will reduce the trust of financial statement users
in the company. On the other hand, if market performance results have good indications, it
will increase the trust of users of financial reports in the company.
H2: There is a difference in market performance before and after PSAK 72 implementation
Figure 1. Research’s Model
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2. METHODOLOGY
This research design is quantitative research in the form of an event study by conducting
hypothesis testing to examine differences in company performance as measured by financial
performance and market performance, before and after PSAK 72 implementation. The
research period is 2018-2021, namely 2 years before PSAK 72 implementation, and 2 years
after PSAK 72 implementation. This research used quantitative data, in the form of financial
reports and share prices. This data obtained from IDX website for financial performance data
and https://finance.yahoo.com/ for market performance data. The data test tool used is SPSS
version 23. The data analysis technique used is a difference test using the Wilcoxon-Signed
Test (Puspita et al., 2022). The sampling technique uses a purposive sampling method with
criterias consecutively listed on IDX for the year of 2018-2021, and apply PSAK 72 according
to the effective date January 1, 2020, and the results obtained were 118 samples. Variables
used in this research are presented below.
Table 1. Operational Variable
Variabel Operational Definition Indicator
CR: ability of company to pay off its current
Current Ratio CR = Current Asset :
liabilities using current assets (Suryawuni et
(CR) Current Liabilites
al., 2022)
ROA: ratio that will show results in the form of
Return On Asset ROA = Net Profit :
profits from the use of assets owned by the
(ROA) Asset
company (Hogiantoro et al., 2022)
Return On Equity ROE: ratio that shows net profit as a form of ROE = Net Profit :
(ROE) return on equity (Ihsan & Karyadi, 2023) Equity
NPM: profit measure that compares the profit

Net Profit Margin NPM = Net Profit :
generated after interest and tax with the
(NPM) Sales
company's sales value (Suryawuni et al., 2022)
DAR: comparison of total debt with total

Debt to Asset assets owned by a company to show how
DAR = Debt : Asset
Ratio (DAR) much the company's assets are financed by
liabilities (Affi & As’ari, 2023)
DER: assess the composition of a company's
Debt to Equity funding which comes from debt and equity,
DER = Debt : Equity
Ratio (DER) also the ability of the company's capital to pay
off its debt (Affi & As’ari, 2023)
TAT is used to see the company's level of
Total Asset
productivity in allocating its assets owned TAT = Sales : Asset
Turnover (TAT)
within the company (Utami & Hariyanti, 2019)
PER: assess the appropriateness of a
Price Earning company's share price which measures its PER = Market Share
Ratio (PER) current share price relative to its earnings per Price : EPS
share (Ghaeli, 2017)
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PBV: ratio of the market value of a company's PBV = Market Share

Price Book Value
shares price to book value per share (Ghaeli, Price : Book value per
(PBV)
2017) share
3. RESULT AND DISCUSSION
Table 2. Descriptive Statistics

Std.
N Minimum Maximum Mean
Deviation
CR_before PSAK 72 118 0.1786 24.8819 2.9894 3.0592
CR_after PSAK 72 118 0.1468 24.7973 2.8960 3.4156
ROA_before PSAK 72 118 -0.1088 0.2509 0.025 0.0505
ROA_after PSAK 72 118 -0.4331 0.2756 -0.0080 0.0825
ROE_before PSAK 72 118 -3.9663 0.3126 0.0106 0.3783
ROE_after PSAK 72 118 -4.0836 0.6064 -0.0576 0.4020
NPM_before PSAK 72 118 -0.9482 1.5791 0.1302 0.3265
NPM_after PSAK 72 118 -3.0751 5.9235 -0.1156 0.8329
DAR_before PSAK 72 118 0.0415 0.9726 0.4215 0.2081
DAR_after PSAK 72 118 0.0005 1.1080 0.4373 0.2392
DER_before PSAK 72 118 0.0433 35.4656 1.2934 3.3063
DER_after PSAK 72 118 -21.0575 8.4284 0.9118 2.6841
TAT_before PSAK 72 118 0.0116 1.1101 0.2735 0.2425
TAT_after PSAK 72 118 0.0043 0.9389 0.2046 0.1921
PER_before PSAK 72 118 -395.8936 3517.5129 3.8957 0.3186
PER_after PSAK 72 118 -1230.9723 2906.4503 2.9464 0.7512
PBV_before PSAK 72 118 0.1489 40.0488 1.807 4.2323
PBV_after PSAK 72 118 -0.9692 27.7051 1.4156 3.4824
Source: Financial Report and Share Price (processed)
Current Ratio (CR). The average value of CR after implementing PSAK 72 is 2.8960. The
average CR value after implementing PSAK 72 is smaller than before implementing PSAK 72
(2.9894). This average result shows that ability of sample companies to pay off current
liabilities using current assets after PSAK 72 implementation is decreased.
Return On Equity (ROA). ROA before implementing PSAK 72 shows an average value
0.0250, and after implementing PSAK 72 is -0.0080, means before implementing PSAK 72 is
greater than after implementing PSAK 72, so a company's ability to use its total assets to
generate net profit is relatively worse.
Return On Equity (ROE). The average value of ROE before implementing PSAK 72 is 0.0106
and after implementing PSAK 72 is -0.0576, means before implementing PSAK 72 is greater
than after implementing PSAK 72, so the company's ability in using its equity to generate net
profit is relatively worse.
Net Profit Margin (NPM). The average NPM value before implementing PSAK 72 is 0.1302
and after implementing PSAK 72 is -0.1156, means before implementing PSAK 72 is greater
than after the implementing PSAK 72, so the company's ability in generating net profit is
relatively worse.
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Debt to Asset Ratio (DAR). The average DAR before implementing PSAK 72 is 0.4215 and
after implementing PSAK 72 is 0.4373. The DAR value before implementing PSAK 72 is better
than after implementing PSAK 72. The increase in DAR value after the company implemented
PSAK 72 is an indication that the value of liabilities is greater and also the company's ability
to pay off all its liabilities with total assets decreases.
Debt to Equity Ratio (DER). The average DER before implementing PSAK 72 is 1.2934 and
after implementing PSAK 72 is 0.9118. The DER value after implementing PSAK 72 is better
than before implementing PSAK 72. The decrease in DER value after the company
implemented PSAK 72 is an indication that the company's ability to pay off all liabilities with
total equity owned has increased.
Total Asset Turnover (TAT). The average TAT before implementing PSAK 72 is 0.2735 and
after implementing PSAK 72 is 0.2046. The average TAT value after implementing PSAK 72 is
smaller than before implementing PSAK 72. This shows that there has been a decrease in
ability to use assets efficiently in terms of productivity and sales.
Price Earning Ratio (PER). The average PER before implementing PSAK 72 is 3.8957, which
shows that the average share price is 3.8957 times greater than earnings per share (EPS). The
average PER after implementing PSAK 72 is 2.9464, which shows that the average share price
after implementing PSAK 72 is 2.9464 times greater than EPS.
Price Book Value (PBV). The average PBV before implementing PSAK 72 is 1.8070, which
shows that the average share price is 1.8070 times greater than the company's book value.
The average PER after implementing PSAK 72 is 1.4156, which shows that the average share
price after implementing PSAK 72 is 1.4156 times greater than the company's book value.
Table 3. Normality Test
Kolmogorov Smirnov Shapiro Wilk
Statistic df Sig. Statistic Df Sig.
CR_Before 0.187 59 0 0.776 59 0
CR_After 0.291 59 0 0.575 59 0
ROA_Before 0.097 59 0.2 0.98 59 0.438
ROA_After 0.209 59 0 0.804 59 0
ROE_Before 0.323 59 0 0.326 59 0
ROE_After 0.292 59 0 0.373 59 0
NPM_Before 0.129 59 0.016 0.873 59 0
NPM_After 0.169 59 0 0.808 59 0
DAR_Before 0.075 59 0.2 0.978 59 0.377
DAR_After 0.062 59 0.2 0.977 59 0.33
DER_Before 0.324 59 0 0.336 59 0
DER_After 0.351 59 0 0.505 59 0
TAT_Before 0.221 59 0 0.781 59 0
TAT_After 0.191 59 0 0.814 59 0
PER_Before 0.378 59 0 0.413 59 0
PER_After 0.312 59 0 0.508 59 0
PBV_Before 0.32 59 0 0.412 59 0
PBV_After 0.343 59 0 0.294 59 0
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The normality test of the data in table 3 use Kolmogorov smirnov (Puspita et al., 2022)
cannot be normally distributed, both data before and after PSAK 72 implementation because
significant value shows results below 0.05. Therefore, to test differences in company
performance between before and after 72 implementation, use a non-parametric test,
Wilcoxon-Signed Rank test.
Table 4. Wilcoxon-Signed Rank test
Asymp. Sig. (2-tailed) Significance
CR (before) – CR (After) 0.047 Significant
ROA (Before) – ROA (After) 0.029 Significant
ROE (Before) – ROE (After) 0.003 Significant
NPM (Before) – NPM (After) 0.022 Significant
DAR (Before) – DAR (After) 0.124 Not Significant
DER (Before) – DER (After) 0.025 Significant
TAT (Before) – TAT (After) 0.008 Significant
PER (Before) – PER (After) 0.656 Not Significant
PBV (before) – PBV (After) 0.015 Significant
Th test result presented in table 4, shows there are significant difference in CR, ROA , ROE,
NPM, DER, TAT, and PBV before and after PSAK 72 implementation, while there are no
significant difference in DAR and PER before and after PSAK 72 implementation.
Financial Performance Before and After PSAK 72 Implementation
Current Ratio. The analysis obtained show that there is a difference in CR between before
and after PSAK 72 implementation. The results obtained are aligned with research results
from Casnila & Nurfitriana (2020) and Veronica et al. (2019) which state that there is a
significant difference in CR between before and after PSAK 72 implementation, but it is not in
line with research result by Atho & Rahayu (2022), states that changes in the value of one
current assets due to the PSAK 72 implementation does not have a major effect on the overall
current assets. These results correspond with the hypothesis that has been made that there
are differences in financial performance using CR. This research result are in line with positive
accounting theory, which states that every accounting practice carried out will have an
impact/consequence from that practice (Watts & Zimmerman, 1986). The application of PSAK
72 as a standard that regulates revenue has a new way of recognizing revenue, namely that
revenue can be recognized if the implementation of obligations in the contract has been
completed to the customer (Indonesian Accountants Association (IAI), 2022). This new
income recognition will have a consequence, namely the difference in CR before and after
PSAK 72 implementation.
This difference could occur because changes in revenue recognition after implementing
PSAK 72 will affect how account receivables can be recognized. The financial reports of the
companies in this research show that many companies adjusted the value of receivables to
be smaller at the start of implementing PSAK 72. This happened because companies needed
to identify contracts to choose which ones could be classified as revenue/sales. Revenue
according to PSAK 72 can only be recognized if the customer has obtained benefits from the
goods or services agreed upon in the contract and the performance obligations have been
done by the company (Casnila & Nurfitriana, 2020). Revenue that does not meet the criteria
will not be recognized so it will not be recorded as trade receivables for revenue. A decrease
of receivables will reduce the value of current assets which will cause the company's financial
performance as measured by CR to decline, where the average value of CR is lower than
before the implementation of PSAK 72. This shows that there has been a decrease in the
company's ability to pay off its current liabilities.
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Return on Asset. The results obtained show that there is a difference in ROA between
before and after PSAK 72 implementation. The relatively large difference between the
average value of ROA before and after PSAK 72 implementation, supports the results of a
significant difference in ROA between before and after PSAK 72 implementation. Results of
this research is different from (Mashuri & Sari, 2022) who state that PSAK 72 implementation
has no effect on ROA because the company is considered to have prepared financial reports
well in accordance with PSAK 72. These results are in accordance with the hypothesis that has
been made that there are differences in financial performance using ROA. The results of this
research are in line with positive accounting theory which states that every accounting
practice carried out will have a consequence from that practice (Watts & Zimmerman, 1986).
The application of PSAK 72 as a standard that regulates revenue has a new way of recognizing
revenue, namely that revenue can be recognized if the implementation of obligations in the
contract has been completed to the customer (Indonesian Accountants Association (IAI),
2022). This new revenue recognition will have a consequence, namely the difference in ROA
before and after PSAK 72 implementation.
The results of this research represent that the implementation of PSAK 72 results in lower
financial performance as measured by ROA. A decrease in ROA indicates that the company's
ability to generate profits is relatively worse. The contributing factor is that the company is
unable to make a strategic plan to use all its assets efficiently and effectively. This is supported
by an analysis of the financial statements of the companies showing that the value of the
company's total assets increases every year but the profit value actually decreases every year,
causing the ROA value to also decrease every year. Companies must be able to effectively and
efficiently use their assets to carry out development so that asset turnover within the
company becomes more optimal and income can also increase in proportion to the use of its
assets. The implementation of PSAK 72 will not automatically make the revenue value better,
because revenue can only be recognized when the customer has obtained the goods and also
has control over the goods obtained. Real estate companies need to try to fulfill their
obligations as soon as possible to be able to recognize this revenue or at least carry out the
development stages more quickly considering that revenue can also be recognized with a
percentage of completion, especially those from long-term contracts. That way, the
company's income can be higher, which will then increase profits so that ROA will be better.
Return on Equity. The results obtained show that there is a difference in ROE between
before and after PSAK 72 implementation. The relatively large difference between the
average value of ROE between before and after PSAK 72 implementation supports the results
of a significant difference in ROE between before and after PSAK 72 implementation. The
results of this research regarding ROE is supported by research by Atho & Rahayu (2022)
which shows that PSAK 72 does have a significant negative effect on ROE, which means it
causes the ROE value to decrease. These results are in line with the hypothesis that has been
made that there are differences in financial performance using ROE. The results of this
research are in line with positive accounting theory which states that every accounting
practice carried out will have an impact/consequence from that practice (Watts &
Zimmerman, 1986). The application of PSAK 72 as a standard that regulates revenue has a
new way of recognizing revenue, namely that revenue can be recognized if the
implementation of obligations in the contract has been completed to the customer
(Indonesian Accountants Association (IAI), 2022). This new revenue recognition will have a
consequence, namely the difference in ROE before and after PSAK 72 implementation.
ROE after implementing PSAK 72 can be said to be quite bad. A higher ROE means that the
company's performance in managing its capital is getting better in order to generate profits.
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If ROE is low, it will reflect that the company's net profit is also low. This can result in poor
company value in the eyes of investors because they think company management has failed
to increase shareholder value in accordance with its objectives. Real estate companies need
to try to fulfill their obligations as quickly as possible to be able to recognize their income.
That way, the company's income can be higher, which will then increase profits so ROE will
be better.
Net Profit Margin. The results obtained show that there is a difference in NPM between
before and after PSAK 72 implementation. The research results obtained are in line with the
research of Atho & Rahayu (2022) also Fransisca & Ahalik (2021), but this is not in accordance
with the research results from Casnila & Nurfitriana (2020) which show there was no
difference in NPM before and after PSAK 72 implementation because the increase and
decrease in the value of the revenue account was also followed by an increase and a
significant decrease in the value of the operating expense account so that profits fluctuate
every year. These results are in accordance with the hypothesis that has been made that there
are discrepancy in financial performance using NPM. The results of this research are in line
with positive accounting theory which states that every accounting practice carried out will
have an impact/consequence from that practice (Watts & Zimmerman, 1986). The application
of PSAK 72 as a standard that regulates revenue has a new way of recognizing revenue,
namely that revenue can be recognized if the implementation of obligations in the contract
has been completed to the customer (Indonesian Accountants Association (IAI), 2022). This
new revenue recognition will have a consequence, namely the difference in NPM before and
after PSAK 72 implementation.
NPM for real estate companies had a lower percentage after the implementation of PSAK
72 compared to before the implementation of PSAK 72. The company experienced a drastic
decline in net sales due to PSAK 72. The factor that influenced the NPM to decrease
significantly was because of the revenue that came from long-term contracts has a large
enough value which should be taken into consideration by the company, which if the revenue
is not recognized immediately, it could result in a decrease in the company's revenue and net
profit which will have a significant effect on the income statements. The basis for revenue
recognition regulated by PSAK 72 is a transfer of control so that an entity can recognize
revenue sooner or later (Indonesian Accountants Association (IAI), 2022). Real estate
companies need to anticipate this, which can be done by completing more performance
obligations originating from short-term projects or developments that can be completed
within one year, such as landed houses, office buildings or hotels that are not too large. That
way, more revenue can be recognized and increase the profit and speed up the development
stages, especially those from long-term contracts. considering that revenue can also be
recognized as a percentage of completion.
Debt to Asset Ratio. The research results showed that there was no significant difference
in DAR between before and after PSAK 72 implementation. The results of this research are in
line with the research results of Casnila & Nurfitriana (2020) and Atho & Rahayu (2022) who
stated that there was no significant difference in the solvency ratio measured by DAR
between before and after PSAK 72 implementation. The results of this study are different
from the results of research by (Veronica et al., 2019) which stated that there was a significant
difference in the solvency ratio between before and after PSAK 72 implementation, and also
the research results of Halim & Herawati (2020) and (Amyulianthy et al., 2022) which states
that PSAK 72 significantly influences financial performance as measured by DAR. This result is
not in accordance with the hypothesis that has been made that there is a difference in
financial performance using DAR. The results of this research are not in line with positive
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accounting theory which states that every accounting practice carried out will have an
revenue recognition does not have any consequences as indicated because there is no
differences between DAR before and after PSAK 72 implementation.
The results of this research point that the implementation of PSAK 72 causes financial
performance as measured using DAR to not be significantly different between before and
after PSAK 72 implementation. The value of DAR after PSAK 72 implementation has indeed
increased but cannot be an indication that there has been a decline in the company's ability
to pay off total debt using total assets. This increase in the DAR value can occur because the
recognition of recognized revenue can be smaller when referring to PSAK 72, the impact of
which is a decrease in the value of the company's current assets, especially the value of
receivables and inventory assets because they cannot be recognized as revenue, so they
cannot be recorded as account receivable even though inventory has been used for
productivity. This decrease in the value of current assets actually does not affect the overall
asset value because the value of fixed assets is large and is also not affected by revenue
recognition matter so DAR value does not experience significant changes each year.
An increase in the DAR value could also occur because at the beginning of the
implementation of PSAK 72, real estate companies made adjustments that increased the
value of contract liabilities and sales advances quite large because the company needed to
identify implementation obligations that had been carried out or were in the process of being
completed. If the implementation obligation has not been fulfilled, it cannot be recognized as
revenue and the value is still included as a liability. With the decline in asset values and rising
liability values, the DAR value will be high, which will make the solvency of real estate
companies look bad.
Debt to Equity Ratio. The results obtained show that there is a difference in DER between
before and after PSAK 72 implementation. The results of this research are not the same as
the research results from Casnila & Nurfitriana (2020) which state that there is no difference
in financial performance as measured by DER between before and after PSAK 72
implementation because the value of income does not affect the overall amount of liabilities
and equity. These results are in accordance with the hypothesis that has been made that there
is difference in financial performance using DER. The results of this research are in line with
positive accounting theory which states that every accounting practice carried out will have
an impact/consequence from that practice (Watts & Zimmerman, 1986). The application of
PSAK 72 as a standard that regulates revenue has a new way of recognizing revenue, namely
that revenue can be recognized if the implementation of obligations in the contract has been
revenue recognition has a consequence, namely the difference in DER before and after PSAK
72 implementation.
The implementation of PSAK 72 does not directly affect the company's DER value. The
application of PSAK 72 will affect profits because PSAK 72 regulates how revenue and
expenses which are components of profits will be recognized to be recorded in financial
statements. This profit will then affect the equity value of the company. This equity value will
later influence the DER value of the company. DER in research shows a stable value and some
are better every year because there is a decrease in the DER value. This shows that real estate
companies are able to maintain a balanced funding composition from liabilities and equity.
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One of the factors why the company is able to maintain the equity value is because the
company is able to record good net profits or positive profits every year so that the company
has a surplus of profit that can be used to reinvest or distribute dividends without needing to
reduce the company's retained earnings. Companies need to manage their revenue so that it
can be recognized as soon as possible or recognized at the right time so that the company can
maintain a good net profit value.
Total Asset Turnover. The results obtained show that there is a difference in TAT between
before and after PSAK 72 implementation. The results of this research are in line with the
research results of Fransisca & Ahalik (2021) which show that there is a difference in TAT
between before and after the implementation of PSAK 72 which is not significant. These
results are in accordance with the hypothesis that has been made that there are differences
in financial performance using total asset turnover. The results of this research are in line with
positive accounting theory which states that every accounting practice carried out will have
an impact/consequence from that (Watts & Zimmerman, 1986). The application of PSAK 72
as a standard that regulates revenue has a new way of recognizing revenue, namely that
revenue recognition will have a consequence, namely the difference in TAT before and after
TAT in this research shows that the implementation of PSAK 72 has an insignificant
negative effect, which can be said that real estate companies only experience a slightly
decrease in their ability to use their assets efficiently in terms of productivity to obtain sales.
PSAK 72 could be the cause of a decrease in the TAT value because revenue/sales can be
recognized if the performance obligation has been completed, namely if the handover or
transfer of control of an asset to the customer has occurred. The turnover rate for the use of
assets tends to be constant, however, there is a delay in the time for revenue recognition due
to incomplete performance obligations. When this revenue can be recognized, the TAT value
will increase again.
Market Performance Before and After The Implementation of PSAK 72
Price Earning Ratio. The results obtained show that there is no difference in PER between
before and after PSAK 72 implementation. The results of this study are different from the
results of research by Amyulianthy et al. (2022) which has the result that there is a difference
in PER performance between before and after PSAK 72 implementation. Research by
(Listiyowati & Mayasari, 2021) also states that there is a difference, namely that if the
company can implement PSAK 72 in the correct way, it will result in a decrease in price
earnings ratio compared to if the company still implemented PSAK 23 and PSAK 44 which
resulted in a high PER along with a constant market value. This result is not in accordance with
the hypothesis that has been made because there is no differences in market performance
using PER. The results of this research are not in line with positive accounting theory which
states that every accounting practice carried out will have an impact/consequence from that
practice (Watts & Zimmerman, 1986). The application of PSAK 72 as a standard that regulates
revenue has a new way of recognizing revenue, namely that revenue can be recognized if the
implementation of obligations in the contract has been completed to the customer
(Indonesian Accountants Association (IAI), 2022). This new revenue recognition does not have
any consequences as indicated because there is no difference in PER before and after PSAK
72 implementation.
PER is a measure of how appropriate the price of a share is, which is determined based on
the profit of the company (Amyulianthy et al., 2022). The PER of real estate companies in this
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study shows a value that continues to worsen every year. This can happen because the profit
value of real estate companies decreases and even gets worse every year so that EPS also
decreases every year and even experiences negative values. The research results also show
that the value of real estate profits before the implementation of PSAK 72 has a better value
than after the implementation of PSAK 72. The results show that there is no difference, this
could happen perhaps because the value of share prices tends to be stable so PER between
before and after PSAK 72 implementation does not experience significant differences even
though the company's EPS value fluctuates every year.
Investors need an in-depth study of how PSAK 72 regulates the value of recognized revenue
and expenses because they are components of the profit value that will be reported by the
company when conducting market analysis with PER. Profits that increase or decrease can
occur because companies that apply PSAK 72 can recognize their revenue gradually or over
time, which results in profits or losses that can also fluctuate. Investors will later understand
that the value of revenue will be determined according to the fulfillment of customer
contractual obligations which can occur at any time.
Price Book Value. The results obtained show that there is a difference in PBV between
before and after PSAK 72 implementation, which is this result is in accordance with the
hypothesis that has been made. The results of this research are in line with positive
accounting theory which states that every accounting practice carried out will have an
revenue recognition will have a consequence, namely the difference in PBV before and after
The implementation of PSAK 72 does not directly affect the value of PBV. PSAK 72 will
affect the value of the company's profit for the current year which then affects the value of
the company's equity. This equity value will later influence the book value per share. An
insignificant difference can occur because the equity value of real estate companies does not
experience a significant increase or decrease in value each year, which means that real estate
companies have succeeded in maintaining the value of company equity as a form of
accountability to shareholders. Apart from that, company share prices also tend to be stable
so that PBV measurements are also stable. Investors do not need to consider the application
of PSAK 72 when conducting PBV analysis because the PBV value does not take into account
the company's revenue and profits, especially if the company's equity value is in good
condition.
4. CONCLUSSION
There is a difference in financial performance before and after PSAK 72 implementation

which is proxied by CR, ROA, ROE, DER, and TAT, but there is no difference if proxied by DAR.
Meanwhile, in market performance, there is a difference in PBV before and after PSAK 72
implementation, but there is no difference in PER before and after PSAK 72 implementation.
The recommendation from the researcher for further research so that the results obtained
can be better, it is recommended that future research use non-cyclical consumer company
sectors. The implementation of PSAK 72 occurred at the same time as the Covid-19 pandemic
which caused a decline in company revenues. This type of sector can be said to be a sector
whose revenue is stable and is not affected by economic conditions even in a crisis because
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it is a sector that produces primary necessities which are definitely consumed daily. In this
way, the research results can show more accurate results regarding the impact of PSAK 72.
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Jurnal Riset Akuntansi dan Keuangan 12(3) (2024) 1065-1082

Jurnal Riset Akuntansi

ANALYSIS OF IMPLEMENTATION PSAK 72 ON REAL ESTATE

Faculty of Business, Widya Mandala Catholic University Surabaya, Indonesia

ABSTRACT INFO ARTIKEL

Figure 1. Research’s Model

NPM: profit measure that compares the profit

DAR: comparison of total debt with total

PBV: ratio of the market value of a company's PBV = Market Share

3. RESULT AND DISCUSSION

Table 2. Descriptive Statistics

There is a difference in financial performance before and after PSAK 72 implementation

Ilmiah Akuntansi Fakultas Ekonomi), 8(1), 121–132.

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