JAKARTA - The Indonesia Stock Exchange (IDX) questioned the financial statements of PT Bukalapak.com Tbk (BUKA) for the first quarter of 2022. This is because Bukalapak posted an unrealized profit from an investment of IDR 13.49 trillion through investment in a bank owned by conglomerate Chairul Tanjung, PT Allo. Bank Indonesia Tbk (BBHI).
Bukalapak's Corporate Secretary Perdana A. Saputro explained that the company's ownership of investments in shares listed on the stock exchange was less than 20 percent and had no significant influence. Because of this, the company recognizes and presents these investments in accordance with Accounting Standards Regulations (PSAK) 71/IFRS 9, which are presented as financial assets at fair value through profit or loss and presented as short-term in accordance with PSAK 1/IFRS 1.
"Measurement of fair value uses level 1 in accordance with PSAK 68/IFRS 13," said Perdana in information disclosure on the IDX website, quoted Thursday, May 12.
He continued, after initial recognition, the company measures the financial assets that can be traded and listed on the stock exchange at fair value through profit or loss (FVPL) of the company in accordance with PSAK 71/IFRS 9 paragraph 5.7.1.
Furthermore, there is only a lock-up period for the company's investment in Allo Bank. However, he continued, the existence of a lock-up does not change the presentation of unrealized profits in the company's financial statements that have been carried out in accordance with PSAK 71/IFRS 9.
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Perdana also emphasized that his party has no significant influence over Allo Bank which is listed on the stock exchange. As is known, BUKA reported posting a net profit of IDR 14.54 trillion in the first quarter of 2022 thanks to its investment in AlloBank.
This is in contrast to the performance of the first quarter of 2021, which still recorded a loss of IDR 324 billion. Meanwhile, BUKA announced that it will invest in BBHI in January 2022.
At that time, the company announced that it entered through a rights issue scheme with a disbursement of IDR 1.19 trillion or equivalent to IDR 478 per share.
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