Page 62 - XL Axiata Integrated Anual Report 2020 ENG

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2020 Integrated Annual Report
Issued Issued By Regulation No. & Title Impact To The Company Date
17 September 2020
2 November 2020
16 November 2020
Minister of Communication and Informatics
President of RI
Minister of Communication and Informatics
Regulation of the Minister of Communication and Informatics No. 4/2020 on Usage of the Radio Frequency Spectrum on 2.3 GHz Radio Frequency Band
Law No. 11/2020 on Job Creation
Regulation of the Minister of Communication and Informatics No. 5/2020 on Electronic System Operator of Private Scope
As per the Company’s current radio frequency condition, there’s no major impact to the Company, since Company has no 2.3 GHz Radio Frequency Band yet.
Many provisions of this regulation impact the Company’s business, especially provisions that related to telecommunication and broadcasting.
The regulation is allowing cross-border data transfer, but the Company implement this cautiously considering the regulation related to data privacy is yet to be issued.
MANAGEMENT DISCUSSION & ANALYSIS
CHANGES TO THE ACCOUNTING STANDARDS
The application of the following revised accounting standards and interpretation of the accounting standards, which are effective from 1 January 2020 and relevant for Company, but did not result in substantial changes to the Company’s accounting policies and had no material effect on the amounts reported for the current year financial statements:
• Amendment to PSAK 15 “Investment in Associates and Joint Venture”
• Amendment to PSAK 1 “Presentation of Financial Statements”
• Annual Improvement to PSAK 1 “Presentation of Financial Statements”
The application of the following revised accounting standards and interpretation of the accounting standards, which are effective from 1 January 2020, relevant for Company, and result in substantial changes to the Company’s accounting policies and had material effect on the amounts reported for the current period interim financial statements:
• PSAK 71 “Financial Instrument”
• PSAK 72 “Revenue from Contract with Customers”
• PSAK 73 “Lease”
The application of the following revised accounting standard which is effective from 1 June 2020 and relevant for Company, but did not result in substantial changes to the Company’s accounting policies and had no material effect on the amounts reported for the current period interim financial statements:
• Amendment to PSAK 73 “Lease”
As at the authorisation date of these interim financial statements, there are no new standards and amendment issued that are mandatory for the financial year beginning or after 1 January 2021 relevant for the Company.
Application of PSAK 71, PSAK 72, and PSAK 73
The Company has applied PSAK 71, PSAK 72, and PSAK 73 effectively for the financial year beginning 1 January 2020. Detailed elaboration on this application can be found on the enclosed Audited Financial Statements Notes 2.
PT. XL AXIATA TBK TRANSFORM FASTER TO EMERGE STRONGER – GIVING BACK TO THE NATION