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generated. The stae-owned asset revaluation must be supported by accounting standards that can guarantee the
credibility of the information generated by the state-owned asset revaluation process.

Based on the previous research above, it is known that many studies discuss asset revaluation, but most of them discuss
asset revaluation carried out by companies. Several studies discuss asset revaluation in the public sector. These research
do not directly find out in-depth about the main problems that occur in the implementation of asset revaluation.

3. RESEARCH METHOD

Qualitative research with case studies is helpful to identify the phenomena that exist in a case. The Purpose is that
researcher can capture all the complexity and uniqueness of the case. The source of the problem can be found
immediately when the complexity and uniqueness of the case are captured by a certain pattern, then. This study
discussed the implementation of the revaluation of the state-owned asset carried out by the Ministry of Finance.
The state-owned asset revaluation begins with the state-owned asset inventory activities in Goods Users, namely
ministries/government agencies. The results of the inventory are then used as the basis for the revaluation to obtain a
fair value that is different from the acquisition value. However, the fair value results obtained may still be undervalued
or overvalued. The existence of problems in the 2017-2018 revaluation process made the Audit Board not accept the
state-owned asset revaluation results. The hope is that this case study can dissect all the complexities so that study
can identify the main problem of the state-owned asset revaluation and suggestions for improvement. The research
framework uses the accountability theory that describes the relationship between actors and forums, which will have
consequences for the actors.

The method of data collection is done by interviewing and reviewing documents that are useful for exploring facts and
phenomena in the implementation of the state-owned asset revaluation. The data collection stage is a substantial part
of the research implementation. The validity and reliability of the study depend on the quality of the data collected. If
executed properly, it will produce accurate and reliable analyses and results (Göttfert, 2015). Existing documents will
be studied to determine the process and policies for implementing the state-owned asset revaluation. This document
is composed of primary and secondary data. The primary can not be obtained in general. Must request certain parties
to get it. In this research, the data are the Revaluation Report and the Audit Board of The Republic of Indonesia’s Audit
Report on the Revaluation Report. Secondary data is general data available in publications in the media without having
to ask certain parties, such as FRCG, GAS, and IPSAS. The research was conducted by examining the results of interviews
with officials of the Ministry of Finance and related documents such as FRCG and Audit Board’s Audit Report regarding
the Revaluation Report. Interviews will be conducted with The Ministry of Finance officials. The Ministry of Finance
official is the party who understands and is responsible for the implementation of the state-owned asset revaluation.
The results of the research on the documents and the results of the interviews will then be analyzed. The results of the
analysis in the form of interpretation of interviews and documentation can be used to identify the main problems in
implementing the state-owned asset revaluation and can make suggestions for improvements.

Content analysis and thematic analysis are helpful to analyze the obtained research data. The research keywords in the
form of “state-owned assets”, “revaluation”, “accounting standard” were analyzed with this technical analysis to identify
problems that occurred in the state-owned asset revaluation. The analyses will use computer software tools such as
Microsoft Excel. The content analysis uses a systematic reading of the text, images, and symbols that are helpful as
a prerequisite for the use of this analysis (Krippendorff, 2004). With this content analysis, the messages contained in
images, text, and symbols can be studied and can be used to identify problems in the implementation of the state-
owned asset revaluation. Thematic analysis is a method used by researchers to identify themes or patterns in data
which are then analyzed and reported (Braun & Clarke, 2006). With thematic analysis, the data will be organized and
explained in detail in a specific theme. It can be used to interpret several aspects of the research topic. The state-owned
asset revaluation issues are divided based on certain themes such as conformity with GASs, inventory implementation,
assessment implementation, and presentation of the state-owned asset revaluation results.

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