Implementation of PSAK 64 in Indonesian Oil and Gas Companies under Production Sharing Contracts
DOI:
https://doi.org/10.35145/icobima.v3i2.5115Keywords:
PSAK 64, Production Sharing Contract, Oil and Gas Accounting, Exploration and Evaluation Assets, Financial ReportingAbstract
This study seeks to identify best practices, uncover implementation gaps, and provide recommendations to improve the quality and comparability of financial reporting in the sector. This study employs a qualitative case study approach to gain an in-depth understanding of the implementation of PSAK 64 in Indonesian oil and gas companies operating under the Production Sharing Contract (PSC) model. The sample is selected using purposive sampling, focusing on companies that: Operate in the upstream oil and gas sector in Indonesia, are governed by the PSC model, and have published financial reports in accordance with PSAK 64. The study findings reveal that while companies generally comply with the basic requirements of PSAK 64, there is considerable variation in the interpretation and application of specific provisions, particularly those related to the recognition, measurement, and disclosure of exploration and evaluation (E&E) assets. This study contributes to the accounting literature by highlighting how a single standard (PSAK 64) can be applied differently based on the contractual and regulatory environment.
Downloads
Download data is not yet available.
References
Anggraini, M. (2023). Energy Security: Indonesia’s Grand Strategy in Facing Global Energy Market. Budi Luhur Journal of Strategic & Global Studies, 1(1), 26–48. https://doi.org/10.36080/jsgs.v1i1.4
Creswell, J. W., & Creswell, J. D. (2023). Research Design Qualitative, Quantitative, and Mixed Methods Approaches. SAGE.
Dharmawati, T., Bakri, A. A., Ningrum, E. P., Mahdi, & Renaldo, N. (2023). Improving Internal Audit Quality Through Self Efficacy and Professional Ethics with Top Management Support as a Moderation Variable. International Journal of Economics, Business and Accounting Research (IJEBAR), 7(3), 1–9.
Koroteev, D., & Tekic, Z. (2021). Artificial intelligence in oil and gas upstream: Trends, challenges, and scenarios for the future. Energy and AI, 3. https://doi.org/10.1016/j.egyai.2020.100041
Krisdianto, W., Baihaqi, I., Gunarta, I., & Wibawa, W. (2025). Production Sharing Contracts in Oil and Gas Industry: A Literature Review. Petro : Jurnal Ilmiah Teknik Perminyakan, 14(1), 52–71. https://doi.org/10.25105/petro.v14i1.22597
Limbong, C. H., Rafika, M., Indra, A., & Syahputra, R. (2022). Implementation of PSAK No. 64 Concerning Accounting Treatment Cost of Exploration and Evaluation (Case Study at the State Gas Company, Tbk). Daengku: Journal of Humanities and Social Sciences Innovation, 2(6), 857–862. https://doi.org/10.35877/454ri.daengku1344
Rustan, F. R., Kalsum, T. U., Susanti, W., Junaedi, A. T., & Renaldo, N. (2025). Teknik Penulisan Karya Ilmiah (A. I. Sastra, Ed.). Yayasan Tri Edukasi Ilmiah.
Renaldo, N. (2024). Integration of Internet of Things and Digital Accounting Systems for Marine Resources Monitoring. Interconnection: An Economic Perspective Horizon, 2(1), 50–59. https://doi.org/https://doi.org/10.61230/interconnection.v2i1.91
Renaldo, N., & Fransisca, L. (2024). Digital Water Accounting for Value Creation, Transforming Water Data into Strategic Sustainability Assets. Proceeding of International Conference on Business Management and Accounting (ICOBIMA), 3(1), 119–126. https://doi.org/10.35145/icobima.v3i1.5082
Renaldo, N., Suhardjo, Suyono, Andi, Veronica, K., & David, R. (2022). Good Corporate Governance Moderates the Effect of Environmental Performance and Social Performance on Financial Performance. International Conference on Business Management and Accounting (ICOBIMA), 1(1), 1–9. https://doi.org/https://doi.org/10.35145/icobima.v1i1.2741
Renaldo, N., Suharti, Andi, Putri, N. Y., & Cecilia. (2021). Accounting Information Systems Increase MSMEs Performance. Journal of Applied Business and Technology, 2(3), 261–270. https://doi.org/https://doi.org/10.35145/jabt.v2i2.74
Sari, S. I., Irman, M., & Wijaya, E. (2022). Analysis of Factors Affecting Financial Literacy and Financial Inclusion on Institut Bisnis dan Teknologi Pelita Indonesia Pekanbaru. International Conference on Business Management and Accounting (ICOBIMA), 1(1), 125–142.
Sekaran, U., & Bougie, R. (2016). Research Method for Business A Skill-Building Approach Seventh Edition (Seventh Ed). John Wiley & Sons. https://doi.org/10.1007/978-94-007-0753-5_102084
Sudarno, Renaldo, N., Hutahuruk, M. B., Suhardjo, Suyono, Putri, I. Y., & Andi. (2022). Development of Green Trident Measurements to Improve Environmental Performance: Literature Study. International Journal of Advanced Multidisciplinary Research and Studies, 2(1), 53–57.
Wati, Y., Irman, M., Yusrizal, Anton, & Renaldo, N. (2024). Green Intellectual Capital, Financial Performance, and Good Corporate Governance. Jurnal Akuntansi Keuangan Dan Bisnis, 17(1), 28–37. https://doi.org/10.35143/jakb.v17i1.6267
Wati, Y., Yusrizal, Irman, M., Fadrul, & Renaldo, N. (2024). Gaining Effective Profitability with Training in Factory Overhead Cost Calculation for Printing Businesses. Plakat: Jurnal Pelayanan Kepada Masyarakat, 6(2), 211. http://e-journals.unmul.ac.id/index.php/palat
Yantiana, N., Ricky, R., & Heniwati, E. (2021). Valuing PSAK 64 in Reducing Conservatism in The Extractive Industry. The Indonesian Accounting Review, 11(2), 157–169. https://doi.org/10.14414/tiar.v11i2.2549
Pratama, I. Y., Satiyawira, B., & Yulia, P. S. (2024). Implementation of PSC Cost Recovery and PSC Gross Split Contracts In The IYP Field. Petro: Jurnal Ilmiah Teknik Perminyakan, 13(3), 183–188. https://e-journal.trisakti.ac.id/index.php/petro
Yusrizal, Renaldo, N., & Hasri, M. O. (2021). Pengaruh Good Governance dan Whistleblowing System terhadap Kepatuhan Wajib Pajak Orang Pribadi dengan Risiko Sanksi Pajak sebagai Moderasi di KPP Pratama Pekanbaru Tampan. Bilancia: Jurnal Ilmiah Akuntansi, 5(2), 119–134.
Creswell, J. W., & Creswell, J. D. (2023). Research Design Qualitative, Quantitative, and Mixed Methods Approaches. SAGE.
Dharmawati, T., Bakri, A. A., Ningrum, E. P., Mahdi, & Renaldo, N. (2023). Improving Internal Audit Quality Through Self Efficacy and Professional Ethics with Top Management Support as a Moderation Variable. International Journal of Economics, Business and Accounting Research (IJEBAR), 7(3), 1–9.
Koroteev, D., & Tekic, Z. (2021). Artificial intelligence in oil and gas upstream: Trends, challenges, and scenarios for the future. Energy and AI, 3. https://doi.org/10.1016/j.egyai.2020.100041
Krisdianto, W., Baihaqi, I., Gunarta, I., & Wibawa, W. (2025). Production Sharing Contracts in Oil and Gas Industry: A Literature Review. Petro : Jurnal Ilmiah Teknik Perminyakan, 14(1), 52–71. https://doi.org/10.25105/petro.v14i1.22597
Limbong, C. H., Rafika, M., Indra, A., & Syahputra, R. (2022). Implementation of PSAK No. 64 Concerning Accounting Treatment Cost of Exploration and Evaluation (Case Study at the State Gas Company, Tbk). Daengku: Journal of Humanities and Social Sciences Innovation, 2(6), 857–862. https://doi.org/10.35877/454ri.daengku1344
Rustan, F. R., Kalsum, T. U., Susanti, W., Junaedi, A. T., & Renaldo, N. (2025). Teknik Penulisan Karya Ilmiah (A. I. Sastra, Ed.). Yayasan Tri Edukasi Ilmiah.
Renaldo, N. (2024). Integration of Internet of Things and Digital Accounting Systems for Marine Resources Monitoring. Interconnection: An Economic Perspective Horizon, 2(1), 50–59. https://doi.org/https://doi.org/10.61230/interconnection.v2i1.91
Renaldo, N., & Fransisca, L. (2024). Digital Water Accounting for Value Creation, Transforming Water Data into Strategic Sustainability Assets. Proceeding of International Conference on Business Management and Accounting (ICOBIMA), 3(1), 119–126. https://doi.org/10.35145/icobima.v3i1.5082
Renaldo, N., Suhardjo, Suyono, Andi, Veronica, K., & David, R. (2022). Good Corporate Governance Moderates the Effect of Environmental Performance and Social Performance on Financial Performance. International Conference on Business Management and Accounting (ICOBIMA), 1(1), 1–9. https://doi.org/https://doi.org/10.35145/icobima.v1i1.2741
Renaldo, N., Suharti, Andi, Putri, N. Y., & Cecilia. (2021). Accounting Information Systems Increase MSMEs Performance. Journal of Applied Business and Technology, 2(3), 261–270. https://doi.org/https://doi.org/10.35145/jabt.v2i2.74
Sari, S. I., Irman, M., & Wijaya, E. (2022). Analysis of Factors Affecting Financial Literacy and Financial Inclusion on Institut Bisnis dan Teknologi Pelita Indonesia Pekanbaru. International Conference on Business Management and Accounting (ICOBIMA), 1(1), 125–142.
Sekaran, U., & Bougie, R. (2016). Research Method for Business A Skill-Building Approach Seventh Edition (Seventh Ed). John Wiley & Sons. https://doi.org/10.1007/978-94-007-0753-5_102084
Sudarno, Renaldo, N., Hutahuruk, M. B., Suhardjo, Suyono, Putri, I. Y., & Andi. (2022). Development of Green Trident Measurements to Improve Environmental Performance: Literature Study. International Journal of Advanced Multidisciplinary Research and Studies, 2(1), 53–57.
Wati, Y., Irman, M., Yusrizal, Anton, & Renaldo, N. (2024). Green Intellectual Capital, Financial Performance, and Good Corporate Governance. Jurnal Akuntansi Keuangan Dan Bisnis, 17(1), 28–37. https://doi.org/10.35143/jakb.v17i1.6267
Wati, Y., Yusrizal, Irman, M., Fadrul, & Renaldo, N. (2024). Gaining Effective Profitability with Training in Factory Overhead Cost Calculation for Printing Businesses. Plakat: Jurnal Pelayanan Kepada Masyarakat, 6(2), 211. http://e-journals.unmul.ac.id/index.php/palat
Yantiana, N., Ricky, R., & Heniwati, E. (2021). Valuing PSAK 64 in Reducing Conservatism in The Extractive Industry. The Indonesian Accounting Review, 11(2), 157–169. https://doi.org/10.14414/tiar.v11i2.2549
Pratama, I. Y., Satiyawira, B., & Yulia, P. S. (2024). Implementation of PSC Cost Recovery and PSC Gross Split Contracts In The IYP Field. Petro: Jurnal Ilmiah Teknik Perminyakan, 13(3), 183–188. https://e-journal.trisakti.ac.id/index.php/petro
Yusrizal, Renaldo, N., & Hasri, M. O. (2021). Pengaruh Good Governance dan Whistleblowing System terhadap Kepatuhan Wajib Pajak Orang Pribadi dengan Risiko Sanksi Pajak sebagai Moderasi di KPP Pratama Pekanbaru Tampan. Bilancia: Jurnal Ilmiah Akuntansi, 5(2), 119–134.
Downloads
Additional Files
Published
2025-05-31
