JRSSEM 2022, Vol. 01, No. 10, 1693 – 1705

E-ISSN: 2807 - 6311, P-ISSN: 2807 - 6494

DOI : 10.36418/jrssem.v1i10.179 https://jrssem.publikasiindonesia.id/index.php/jrssem/index

IMPACT OF IMPLEMENTING REVENUE RECOGNITION

BASED ON PSAK 72 IN THE COVID-19 PANDEMIC PERIOD

Ayunita Ajengtiyas Saputri Mashuri

Ratna Hindria Dyah Pita Sari

1,2

Universitas Pembangunan Nasional Veteran Jakarta

e-mail: ayunita.ajeng@upnvj.ac.id

, ratnahindri[email protected]c.id

*Correspondence: ayunita.ajeng@upnvj.ac.id

Submitted: 24 April 2022, Revised: 11 May 2022, Accepted: 20 May 2022

Abstract. This study was conducted to determine the effect of the application of PSAK 72 as well

know as Revenue from contracts with customers. Financial performance using profitability ratios,

which is proxied by Return on Assets. In this study, financial performance variables are used to find

out more about companies implementing PSAK 72 during the covid 19 pandemic. The objects in

this study are companies in the retail, telecommunications, real estate and contractor sectors listed

in the IDX-Industrial Classification. The sample was selected using a purposive sampling technique

so that the sample obtained was 127 samples during 2020 solely. The software or tool used to test

the hypothesis is SPSS version 26. The results of this study result is There is no effect of the

application of PSAK 72 in financial performance as measured by profitability ratios. although the

implementation of PSAK 72 shows no significant (negative) effect, however, the company has made

efforts to prepare for the implementation of PSAK 72 in 2019 by organizing training for its

employees and evaluations before finally implementing PSAK 72. Thus, that the implementation of

72 does not have a completely have no on the company's financial performance, this is because

the implementation PSAK 72 coincided with the Covid-19 pandemic which also caused the

company's revenue to decrease.

Keywords: PSAK 72; financial performance; profitability ratios.

Ayunita Ajengtiyas Saputri Mashuri,

Ratna Hindria Dyah Pita Sari | 1694

DOI : 10.36418/jrssem.v1i10.179 https://jrssem.publikasiindonesia.id/index.php/jrssem/index

INTRODUCTION

PSAK 72 is an adoption of IFRS 15 which

was effective on January 1, 2020, explaining

that revenue will be recognized if the

economic benefits associated with the

transaction continue to flow to the entity

during the period. The income consists of

sales of goods, sales of services, interest,

royalties and dividends. Revenue from the

sale of goods is recognized when the

goods have the benefit of ownership or

control of the goods have been transferred

to the buyer, the economic benefits

associated with the transaction flow to the

entity and the costs and transactions have

been measured reliably (Al-Gahtani, 2011);

(Wuttke, Blome, & Henke, 2013). Revenue

from the sale of services is recognized

when it refers to the stage of completion of

the transaction at the end of the reporting

period as long as it is measured reliably

(Abdillah, 2020). Income arising from the

use of the entity's assets by other parties

that earns interest, royalties and dividends

if the economic benefits associated with

the transaction will flow to the entity and

the amount of revenue can be measured

reliably (Wisnantiasri, 2018); (Motta &

Sharma, 2016).

PSAK 72 will bring some changes in the

presentation of financial statements in

influencing profit and sales figures and

affecting the company's books. As stated

by Djohan Pinnarwan through business

media published on January 13, 2020, that

PSAK 72 has different rules from the

previous one, namely PSAK 44. This PSAK

72 does not recognize the difference in

revenue recognition based on whether the

sale is the sale of goods or the sale of

services. PSAK 72 is divided into two

principles of revenue recognition, namely

the principle of revenue recognized over the

time which recognizes revenue from the

sale of services in the current standard and

revenue recognized at a point in time, which

recognition of revenue from the sale of

goods in the current standard. According to

(Murali, Pugazhendhi, & Muralidharan,

2016), the sale of real estate products is an

example of the lack of clarity whether this

sale is included in the sale of goods or the

sale of services. The difference in revenue

recognition provisions between PSAK 72

and PSAK 44 is that revenue recognition

will not cause significant changes in the

value of revenue on some contracts. If the

type of contract is long-term, the difference

in revenue recognition provisions between

PSAK 44 and PSAK 72 will most likely cause

a significant difference in the value of

revenues and changes in financial

performance in the current year. An

example of revenue recognition at a certain

time (revenue recognized at a point in time)

If the sale of real estate products is the sale

of goods, then revenue will be recognized

at a certain time, namely when the goods

have been handed over to the customer.

PSAK 72 changes the way contract

revenue was previously (rule based) to be

based on principles (principle based).

Recognition of contract revenue, for

example, is not based on the amount of

down payment that has been received. In

this new standard, revenue recognition is

carried out in stages according to the life of

the contract (over the time) or at a certain

point (at a point of time). So the gradual

revenue recognition cannot be applied to

any contract. There are several conditions

1695 | Impact of Implementing Revenue Recognition Based on Psak 72 in the COVID-19

Pandemic Period

related to the consumption of the benefits

by the customer, the increase in the value

of the asset on the customer's side, and the

contract payment stage agreement. If a

contract does not meet these

requirements, the contract revenue can

only be recognized when the asset is

delivered (at a point of time) .

PSAK 72 will have a major impact on

property companies, contractors, airlines,

etc. Various companies are affected

because they must have contracts with

customers. One study that explains the

impact of IFRS 15 is (Al-Nimer, 2015) that

industrial companies in Jordan cannot

commit to disclosure of accounting

opinions in accordance with IFRS 15

because they do not sufficiently disclose

quantitative and descriptive information on

contracts with customers as well as

important provisions and their

assessments. when applying these

standard instructions. The obstacles that

prevent Jordanian industrial companies

from being able to apply IFRS 15 are

difficulties in understanding and explaining

the requirements of this standard and the

lack of an adequate accounting system to

facilitate the application of special

accounting treatment for income in

accordance with this standard (Al-Shatnawi

2017) . According to (Rahayu, Rahmawati,

& Rini, 2021); (Shakhatreh, Alsmadi, &

Alkhataybeh, 2020) that PSAK 72 also

replaces PSAK 23 which will be applied to

all industries, there is a concern about

industrial readiness because not all

industries have simple transactions that can

easily implement the five stages in PSAK.

Based on this information, in this study,

we want to analyze the application of PSAK

72 and its impact on the company's

financial performance in Retail,

Telecommunications, Real Estate and

Contractors companies listed on the

Indonesia Stock Exchange in 2020. This

PSAK 72 was effective in early 2020 in line

with the Covid 19 pandemic happening all

over the world

PSAK 72 is a change to the new

standard for new revenue recognized

through contracts from customers where

the recognized revenue is modeled. This

will greatly affect the financial statements

and can also have an impact on changes in

the company's financial performance. This

situation is caused by PSAK 72 because the

company's income has different

recognition, disclosure, reporting and

presentation

METHODS

Retail, Telecommunications, Real Estate

and Contractors Companies have been

listed on the Indonesia Stock Exchange in

2020 period as the population used The

purposive sampling method was used as a

sampling technique for this research. The

criteria for selecting the required sample

are as follows: (1) Infrastructure companies

listed in the IDX-Industrial Classification

and published annual financial statements

in 2020; (2) Companies with stock and bond

instruments on the IDX; (3) Companies with

complete data as needed to carry out

research, financial year and have

implemented PSAK 72 for the 2020

financial year.

The data source of the research is

secondary data. Secondary data is obtained

from the company's annual financial

Ayunita Ajengtiyas Saputri Mashuri,

Ratna Hindria Dyah Pita Sari | 1696

statements. For the variables used are

financial performance the application of

PSAK 72. Financial performance is an

interpretation related to the financial

situation of a company with financial

analysis tools that can be analyzed, thus

finding out about the financial condition of

a company that is good or bad described in

certain period of work performance. The

financial performance used includes

profitability ratios. The reason for choosing

Retail Companies, Telecommunications,

Real Estate and Contractors as the sample

is because the real estate sector has an

impact on the implementation of PSAK 72.

Hence, the way of recognizing income that

is different from the previous standard has

the effect of applying this new standard to

the property sector in recording revenue

recognition. To recognize revenue if there

is a handover of the property unit, it is

transacted not when the unit is still under

construction. It will affect the results of the

company's performance which is reflected

in the financial statements and is profitable

for investors because the actual condition

of the company is more visible. In addition,

this standard statement mentions the

recognition of revenue in accordance with

the percentage of completion. So that only

a certain percentage can only be said to be

income and that can be difficult. The

purpose of this application is to convey

information to users of financial statements

in terms of the nature, amount, timing and

uncertainty of income and cash flows

arising from contracts with customers.

RESULTS AND DISCUSSION

1. Description of Research Object

The object of research used in the

research carried out is the infrastructure

sector companies listed on the

Indonesia Stock Exchange (IDX) using

the index on the IDX-Industrial

Classification in 2020. Based on

information from the publication of the

industrial classification of companies

listed by the IDX as of January 19, 2021,

there are 7 sub-sectors of companies in

the infrastructure sector. The purposive

sampling technique used by the

researcher is to select the sample.

Table 1. Research Sample Criteria

No.

Sample Criteria

Amou

Retail,

telecommunication,

Real Estate and

contractor sector

companies listed in

the IDX-Industrial

Classification in 2020 .

146

Suspended company

in 2020

(6)

Companies that do

(1)

1697 | Impact of Implementing Revenue Recognition Based on Psak 72 in the COVID-19

Pandemic Period

No.

Sample Criteria

Amou

not have stock or

bond instruments

Companies that do

not apply PSAK 72 in

2020

(8)

The number of

companies that

become the

observation sample

131

Outlier data

(4)

Number of

companies that

became the sample of

observations (after

outliers)

127

Source: Data processed by researchers (2021)

The research objects used in the

research carried out are companies in

the Retail, telecommunication, Real

Estate and contractor sectors listed on

the Indonesia Stock Exchange (IDX)

using the index in the IDX-Industrial

Classification in 2020. Based on

information from the publication of the

industrial classification of companies

listed by the IDX as of January 19, 2021,

there are 146 types of sub-sectors. The

purposive sampling technique used by

the researcher is to select the sample

2. Descriptive Statistical Analysis

From this analysis, the goal is that

the data on all the variables used in the

study can be described and included in

the research model. The infrastructure

sector company is the object through

which research is carried out, the data

used for research is 67 companies. The

source of the data comes from the

annual financial statements in 2019 and

2020. The financial statement data used

for research are the current ratio, debt

asset to ratio and net profit margin.

Through each of the variables used in

the study, it was found that the results

were interpreted at the minimum,

maximum, mean, and standard

deviation values for each variable.

Based on the data processing that

has been done with the SPSS 26

software program, the descriptive

analysis of current assets before and

after the application of PSAK 72 is

shown in the table. 1 following.

Ayunita Ajengtiyas Saputri Mashuri,

Ratna Hindria Dyah Pita Sari | 1698

Table 2. Results of Descriptive Statistical Analysis of Research Variables

Descriptive Statistics

Min

Max

mea

Std.

Deviation

Return

Assets

-.125

.120

.004

.0478939

Applica

tion of

PSAK

1.0

.016

.1250

Valid N

(listwis

3. Current Ratio

Based on descriptive statistical

analysis, it can be seen that before the

application of PSAK 72 the minimum

Return on Asset value was -0.1255 and

the maximum Return on Asset value was

0.1207. The minimum value is owned by

Jasnita Telekomindo, Tbk. The minimum

value is because the company Jasnita

Telekomindo suffered a loss. In

addition, the maximum value before

the application of PSAK 72 is owned by

Link Net, Tbk.

While the average value or the

mean application of PSAK 72 is 0.016.

This explains that there is an increase in

the average net profit margin when the

application of PSAK 72 during the

COVID-19 period did not experience a

significant increase in 2020. Meanwhile,

before the application of PSAK 72, the

standard deviation was 0.1250, which

means that during the research period

the size of the spread of Return on

Assets was 0.047 after the application of

PSAK 72.

4. Classic assumption test

a. Data Normality Test

The normality test is carried out

with the aim of knowing whether or

not a data distribution is used.

Normal or abnormal data

determines the hypothesis test

used. By using the Kolmogorov

Smirnov test statistic. The result of

the Kolmogorov-Smirnov test is

that the number of unstandardized

residuals is 0.200 greater than the

significance level (0.200 > 0.05) so

that the data is normally

distributed. The end of the

Kolmogorov-Smirnov test is as

follows:

1699 | Impact of Implementing Revenue Recognition Based on Psak 72 in the COVID-19

Pandemic Period

Table 3. Normality Test Results

One-Sample Kolmogorov-Smirnov

Test

Unstandardiz

ed Residual

127

Normal

Parameter

a,b

mean

.0000000

Std.

Deviation

.04746183

Most

Extreme

Difference

Absolute

.069

Positive

.068

negative

-.069

Test Statistics

.069

asymp. Sig. (2-tailed)

.200

c,d

a. Test distribution is Normal.

b. Calculated from data.

c. Lilliefors Significance Correction.

d. This is a lower bound of the true

significance.

The results from normal

probability plots normal probability

plots are data that extends around

the diagonal line and follows the

diagonal line on the histogram

graph not skewed to the right side

980

Figure 1. Obsserved Cum Prob

Ayunita Ajengtiyas Saputri Mashuri,

Ratna Hindria Dyah Pita Sari | 1700

DOI : 10.36418/jrssem.v1i10.179 https://jrssem.publikasiindonesia.id/index.php/jrssem/index

Figure 2. Regression Standardlzed Residual

b. Multicollinearity Test

The multicollinearity test in this

study explains that the VIF value on

the PSAK 72 variable and the firm

size variable has the same number,

which is 1,000 less than the level of

10 (1,000 < 10), so it meets the

multicollinearity test. The tolerance

value on the PSAK 72 variable and

the company's performance

variable has the same number,

which is 1,000 greater than the level

of 0.10 (1,000 > 0.10), so it meets

the multicollinearity test. The

following are the results of the

multicollinearity test.

Table 4. Multicollinearity Test

Coefficients

Model

Collinearity Statistics

Toler

ance

VIF

Applic

ation

PSAK

1.00

1.000

a. Dependent Variable: Return on Assets

1701 | Impact of Implementing Revenue Recognition Based on Psak 72 in the COVID-19

Pandemic Period

c. Heteroscedasticity test

The heteroscedasticity test

carried out in this study had the

result that the test was carried out

with a gleiser so that there was no

heteroscedasticity test. The

following is the end of the

heteroscedasticity test:

Table 5. Heteroscedasticity Test

5. Hypothesis Testing

a. Test the coefficient of

determination

The coefficient of determination

test in this study has an R-square

result of 0.010 or 1%, where the

size of the variation in financial

performance is explained by the

application of PSAK 72 accounting

standards. While the remaining 99%

is used by other variables in

influencing. The following are the

test results of the coefficient of

determination, namely

Table 6. Test Results of The Coefficient of Determination

Model Summary

del

Square

Adjusted R

Square

Std.

Error of

the

Estimat

Coefficients

Model

Unstandar

dized

Coefficien

Standa

rdized

Coeffici

ents

Sig.

Std.

Erro

Beta

(Constant)

.035

.003

12.557

.000

Applicatio

n of PSAK

.030

.022

.119

1.339

.183

a. Dependent Variable: ABRESID

Ayunita Ajengtiyas Saputri Mashuri,

Ratna Hindria Dyah Pita Sari | 1702

Model Summary

.134

.018

.010

.04765

a. Predictors: (Constant), Application of PSAK

b. Dependent Variable: Return on Assets

b. Partial Test (T Test)

There is a partial test (t test)

which has the end of the study,

namely the t count, which is 1.512

with a significance probability of

0.133. Then the t-count number is

greater than the t-table number

(1.1512 < 1.65694) and the

significance number is greater

(0.133 > 0.05). So the application of

PSAK 72 has no effect on financial

performance. The following are the

results of the partial test (t test),

namely:

T count < T table ; 1.512 < 1.65694

sig value > 0.05 ; 0.133 > 0.05

Table 7. The Partial Test (T Test)

Coefficients

Model

Unstandard

ized

Coefficients

Stan

dar

dize

Coe

ffici

ents

Sig.

Std.

Error

Beta

(Constan

.003

.004

.821

.413

Applicati

on of

PSAK 72

.051

.034

.134

1.512

.133

a. Dependent Variable: Return on Assets

1703 | Impact of Implementing Revenue Recognition Based on Psak 72 in the COVID-19

Pandemic Period

Table 8. Multiple Liner Regression

Coefficients

Model

Unstandard

ized

Coefficients

Stand

ardize

Coeffi

cients

Sig.

Std.

Error

Beta

(Constan

.003

.004

.821

.413

Applicati

on of

PSAK 72

.051

.034

.134

1.51

.133

a. Dependent Variable: Return on Assets

According to the table above,

the regression model is as follows:

Y = 0.003 + 0.051X

Discussion

This study was carried out to determine

whether the difference in financial

performance for the profitability ratio

proxied by ROA in the application of PSAK

72. Tests have been carried out regarding

the submission of the hypothesis of

Multiple Linear Regression, the results

obtained in the Asymp result . Sig. (2-tailed)

of 0.133 with a significance of 0.05. This

shows that the significance of Return On

Assets is greater than 0.05, thus it can be

concluded that H

is accepted . This shows

that the ROA of companies in the retail,

telecommunications, real estate and

contractor sectors after implementing

PSAK 72 shows that there is no significant

effect in its implementation during the

Covid 19 pandemic.

Based on the research of (Van Oel,

Mulatu, Odongo, Willy, & Van der Veen,

2019) it shows that companies that

implement PSAK 2018 early have a smaller

financial performance than in 2019. Thus,

early implementation of PSAK 72 has a

positive effect, but it is inversely

proportional to what happened in 2020.

The COVID-19 pandemic that occurred in

early 2020, along with the implementation

of PSAK 72, proved that the application of

PSAK 72 would not affect the company's

performance in terms of profitability ratios.

This can be seen from descriptive statistical

data which shows that the application of

PSAK 72 has decreased people's

purchasing power. The decline in Return on

Assets was proven by the JAST company.

The decrease occurred because the

company's net profit experienced a very

high decline, where the profit value before

the application of PSAK 72 was Rp.

3,995,672,744, resulting in a significant loss

of -13,313,27,602. The decline in the

Ayunita Ajengtiyas Saputri Mashuri,
 
Ratna Hindria Dyah Pita Sari                                    | 1704 
company's net profit was also followed by 
a decrease in revenue from sales.  
The decline in the profitability ratio may 
occur because the application of PSAK 72 
provides a difference in the state of income 
so that the company recognizes it when the 
obligation at the time of asset transfer has 
been fulfilled. On the recognition of income 
for the changes through these accounting 
standards, the income recognized after the 
application  of  PSAK  72  has  decreased  so 
that  the  net  profit  of  the  company  has 
decreased. Thus, the probability ratio with 
the Return on assets proxy has a significant 
difference between companies before and 
after implementing PSAK 72. 
 
CONCLUSIONS 
 
This study aims to empirically examine 
the  differences  in  financial  performance 
before and after the application of PSAK 72 
on  Contract  revenue  with  customers  at 
infrastructure  companies  listed  on  the 
Indonesia  Stock  Exchange  in  2019-2020. 
This  study  uses  67  samples  from  71 
research  populations  of  infrastructure 
companies that have implemented PSAK 72 
in 2020 and have not implemented PSAK 72 
in  2019.  Based  on  the  hypothesis  testing 
proposed in this study, it shows that: 
There is no effect on the application of 
PSAK  72  in  the  assessment  of  the 
company's  financial  performance  during 
the  covid  19  period.  It  is  considered,  the 
decrease  in  the  company's  operational 
activities has no effect on the application of 
PSAK 72 
 
 
 
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© 2022 by the authors. Submitted  
for possible open access publication  
under  the  terms  and  conditions  of  the  Creative 
Commons  Attribution  (CC  BY  SA)  license 
(https://creativecommons.org/licenses/by-sa/4.0/). 
 