Changes in financial performance after the implementation of PSAK 73 at PT Perkebunan Nusantara I Regional 1

Abstract

Background: The implementation of Statement of Financial Accounting Standards (PSAK) 73 changes lease accounting treatment by requiring the recognition of right-of-use assets and lease liabilities in the statement of financial position. This change may affect the structure of financial statements and company financial performance, including PT Perkebunan Nusantara I Regional 1, which uses leased official vehicles from third parties. Objective: This study aims to analyze changes in the company’s financial performance before and after the implementation of PSAK 73. Method: This study uses a quantitative approach with a comparative descriptive design and secondary documentary data in the form of internal financial statements for 2018–2022. The data are classified into the pre-implementation period, namely 2018–2019, and the post-implementation period, namely 2020–2022. The analysis was conducted by calculating and comparing the average values of Return on Assets, Return on Equity, Debt to Equity Ratio, Current Ratio, and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). Results: The average Return on Assets increased from 0.71% to 5.93%, Return on Equity from 1.69% to 15.69%, and Current Ratio from 15.06% to 53.85%. Debt to Equity Ratio decreased from 207.80% to 178.28%, while EBITDA increased from IDR343,918,748,753 to IDR973,058,000,000. These findings indicate higher profitability, liquidity indicators, and EBITDA, as well as a lower proportion of liabilities to equity in the post-implementation period. Conclusion: The period after the implementation of PSAK 73 shows positive changes in most financial performance indicators; however, these changes cannot be fully attributed to PSAK 73 because the company’s operational conditions and financial structure may also influence the results.