Universitas Gadjah Mada
Faculty of Economics and Business

On Thursday (11/8) the Center for Financial Professional Development (PPPK) of the Ministry of Finance of the Republic of Indonesia held the inaugural event, namely Pre-Event 1 in the series of The Financial Profession Expo 2022. Pre-Event 1 Financial Profession Expo 2022 was held in a hybrid manner at the Function Hall, 8th Floor of the Learning Building of the Faculty of Economics and Business, Universitas Gadjah Mada University (FEB UGM) and via Zoom Meetings and raised the title "Digital Assets in the Eyes of the Financial Profession". This seminar invited three speakers from three Financial professions, namely Accounting, Appraisal, and Actuarial. This seminar was moderated by Yudistira Hendra Permana, S.E., M.Sc., Ph.D.

The seminar was opened by the MC and continued with the chanting of the song Indonesia Raya and the Hymn of Universitas Gadjah Mada. The event was continued with remarks by the Dean of FEB UGM, Prof. Dr. Didi Achjari, M.Com., Ak., CA and the Vice Dean of the UGM Vocational School, Dr. Leo Indra Wardhana, S.E., M.Sc., CFP. Prof. Didi and Dr. Leo agree that Digital Assets nowadays is a 'sexy' topic to be discussed by academics and financial practitioners. The seminar continued with the reading of the Keynote Speech and the opening of the Head of PPPK, Firmansyah N. Nazaroedin, Ak., M.Sc. CA. To spark a discussion on Digital Assets, the Head of the Financial Professional Development Division, PPPK, Dr. Arie Wibowo, S.E., S.T., M.S.Ak., CPA, initiated the discussion by explaining the Introductory Material on PPPK and the Role of Financial Professional Supervision.

Then, the moderator invited the three speakers and gave them thirty minutes to give presentations and discussions from their respective perspectives on Digital Assets. The first resource person was Singgih Wijayana Singgih Wijayana, S.E., M.Sc., Ph.D, Lecturer of the Accounting Department, FEB UGM. From the perspective of the Accounting profession, Singgih explained that digital assets, which are growing rapidly due to blockchain technology, can be classified as inventory or intangible assets. Singgih added that the accounting treatment of the company's digital assets will depend on the company's business model. Singgih Wijayana also emphasized that in the future, further studies are needed, especially after the initial recognition of digital assets.

From the point of view of Valuation, Desmar Dam, S.E., M.M., MAPPI (Cert.), KJPP Partner Desmar, Susanto, Salman & Partners, Head of the Education Implementing Agency, MAPPI, started the session with an explanation of the history of Cryptocurrency which was initiated by the blockchain technology system that was initiated unknown person under the pseudonym Satoshi Nakamoto. Desmar continued that the existence of the internet perpetuates the transfer of data, ranging from documents to media, which supports the emergence of digital assets. Then, Desmar sparked a question in the Valuation field, namely: Can Digital Assets be categorized as "Asset Class" or "Currency"? Desmar attempted to apply the traditional approach to valuing digital assets, through market pricing. Desmar then applied the market approach, as well as the income approach as the recommended approach for valuing digital assets.

Danang Teguh Qoyyimi, ASAI, Ph.D, lecturer at the Faculty of Mathematics and Natural Sciences, Universitas Gadjah Mada (FMIPA UGM), explained from the actuarial profession that digital assets actually have risks from various aspects. The risks and elements in digital assets such as models and stakeholders will be continuously recorded and managed by actuaries. Danang explained that Actuary considered that digital assets had threats especially regarding ransomware attacks. Danang added that there are opportunities and challenges for digital assets from the actuarial profession, including: digital asset price volatility, insurability, cyber coverage, regulatory concerns, and the inability of digital assets to be insured against physical risks.

Pre-Event 1 Finance Profession Expo was closed with Questions and Answers (Q&A) and Fun Quiz sessions. In the Q&A session, participants gave critical questions about the standardization of digital asset valuation in Indonesia, case studies of digital asset bookkeeping in the United States, and some more questions. In the Fun Quiz session, the committee prepares Quizizz to be done in real-time by participants both offline and online. Winners of the Quizizz which are attendees who are ranked first, second, and third in the Fun Quiz received attractive prizes and are accompanied by a round of applause from the participants. After the Fun Quiz, the MC ended the entire series of Pre-Event 1 Finance Profession Expo 2022.

Reportage: Hayfaza Nayottama