Parahyangan Catholic University’s Accounting Study Program won a Competition Grant (Hibah Kompetisi) in the Ministry of Education and Culture’s Merdeka Campus Competition Program in 2021. With regard to the achievement of this competition grant, Parahyangan Catholic University’s Accounting Study Program organized a series of activities, one of which was the debriefing and mentoring of the Accounting Competition Team by inviting accounting alumni and practitioners to deliver the materials for around 35 students of the Accounting Competition Team selected from the classes of 2018 and 2019.
The students gained a variety of knowledge experiences with current topics relevant to the competition and the future of the competition team in the workplace. On Friday, August 13, 2021, an online briefing was held by inviting an alumni of the Accounting Study Program, Faculty of Economics, Parahyangan Catholic University class of 2007, namely Ms. Yosia Kristine. After graduating from UNPAR, she started her career as an external auditor at KPMG Indonesia. Her last position at KPMG was as an assistant manager auditor. After working at KPMG, she began to continue her career as a manager in the Finance & Accounting area at MAP and Daimler Commercial Vehicles Indonesia. Until now, she has continued her career in the retail industry as Head of Accounting at PT Lion Super Indo.
On this occasion, she presented the theme of “Accounting in Retail Industry,” which was very interesting and provided knowledge for the Accounting competition team of the Faculty of Economics, Parahyangan University. Retail is a business that is very close to all of us. Starting in 2019, there are several crises, one of which is the US-China Trade War, where goods made in China are banned in the US, plus the COVID-19 pandemic, which has caused a global regression. This forces all of us to adopt a new normal where we start focusing on changing our habits and focusing on needs, not wants like before. In Indonesia itself in 2020, there was a significant impact of the COVID-19 pandemic, one of which was panic buying on needs such as food and health. This COVID-19 pandemic turned out to have a positive impact on the retail industry, especially for food and beverages, because of the panic buying. According to the McKinsey survey, consumer behavior was shifting in Indonesia because of this new normal. Consumer behavior shifting includes focusing on value and essentials, going from offline to online, changing shopping behaviors, having more concern for activities outside the home, and decreasing spending on vacations. There is a business model evolution related to retail, such as single channel, multi-channel, cross-channel, and omni-channel.
There are three new PSAKs being introduced in 2020. The first is PSAK 71, concerning financial instruments that have an impact on the retail industry. PSAK 71 is related to the impairment model (expected credit loss). The second is PSAK 72 concerning revenue from contracts with customers, which has no impact on the retail industry. The third, PSAK 73, concerning leases, has the greatest impact on the retail industry, especially retail companies that have many branches. This activity was closed with a question-and-answer session and the delivery of a message from the speaker, who encouraged the UNPAR Accounting competition team to remain enthusiastic, utilize it for an unforgettable experience, and always do their best.