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4. RESULT AND ANALYSIS
Result and analysis present result of data analysis, hypothesis testing, answer of research question, as well as finding
and its interpretation.

4.1 Implementation of the 2017-2018 State Owned-Asset Revaluation
Presidential Regulation Number 75 of 2017 protected the implementation of the state-owned asset revaluation in
2017-2018 legally. These activities include the provision of initial data, inventory, valuation, a compilation of reports
on the results of inventory and valuation, follow-up of inventory and valuation results, monitoring and evaluation,
and a compilation of reports on revaluation. In 2017, The state-owned asset revaluation determined Land, Buildings,
Roads, and Water Buildings as objects of revaluation. It is different from the state-owned asset revaluation in 2007 that
stipulates that all fixed assets become objects of asset revaluation. IPSAS 17 also explains that revaluation may not be
done to all fixed assets as long as the fixed assets that are still one type of asset are revalued. For example: if there is
revaluation on a building, then all assets of the building must be revalued. The 2017-2018 revaluation was carried out
on the state-owned assets that belonged to ministry/government agencies that were being used by them. Fixed assets
in the form of equipment and machinery are excluded from the object of revaluation.

The activities of providing initial data, inventory, and preparation of inventory reports are carried out by the Proxy
of Goods User, namely the ministry/government agencies. Valuation activities, preparation of valuation reports,
monitoring and evaluation, and preparation of valuation implementation reports are carried out by the Ministry of
Finance c.q. The DG-SAM as State Asset Manager. Revaluation is implemented using efficient market data, cost, and
an income approach. The valuation method uses the desktop valuation method and full valuation. The full valuation
method is carried out on land assets and the valuation uses comparative data in the form of the market value of land
around the land asset. Desktop valuation is carried out on building, road, and water building assets.

For inventory and re-evaluation activities, they used three applications like SIMAK BMN, SIMAN, and SIPREVAL. SIMAK
BMN is an application in the working unit as an instrument for recording asset transactions owned by the working unit,
starting from recording purchases to deleting goods. The state-owned asset data in SIMAK is then sent to E-Rekon LK to
become a Financial Report. SIMAN is an internet-based information system developed by the DG-SAM as a supporting
application for managing the state-owned asset. The state-owned asset management begins with planning and ends
with the elimination of the state-owned asset, which is carried out jointly by the state-owned asset managers and users.
In the inventory and reassessment activities, SIMAN acts as a support and the features used like Asset Master Feature,
Data updating feature, Inventory Revaluation Feature, and monitoring / Dashboard feature. SIP-Reval is an application
developed in connection with the implementation of inventory and re-evaluation activities. This application is used to
assess and record the results of the assessment of the state-owned asset. The SIP-Reval application is only used by the
Asset Manager (DG-SAM).

Land, Buildings, Roads, and Water Buildings are objects of the state-owned asset revaluation in 2017-2018. FRCG of
2017 Audited revealed that as many as 300,980 revaluation objects had been revalued from the target of 939,803
revaluation objects located in 83 ministries/government agencies so that there was an increase in the value of the
state-owned asset of Rp.1,874.27 Trillion. The FRCG of 2018 Audited revealed that the Ministry of Finance had finished
carrying out the state-owned asset revaluation activities. Table 1 show the results of the state-owned asset revaluation
showed an increased value of the state-owned asset of Rp.4190.30 Trillion or 272.42% to Rp.5,728.49 trillion from the
initial value of Rp.1,538.19 Trillion from 945,460 the state-owned asset registration number.

40 International Conference on Sustainability
(5 Sustainability Practitioner Conference)
Th