Legal Aspects of State Asset Management: International Perspectives on Implementing State-Owned Property Law

Syamsir Syamsir; Eko Nuriyatman; Nova Bela Dhyta; Rofi Aulia Rahman; Meline Gerarita Sitompul

doi:10.15294/jllr.v6i2.19296

Authors

Syamsir Syamsir Faculty of Law, Universitas Jambi, Indonesia Author https://orcid.org/0009-0006-1174-7654
Eko Nuriyatman Faculty of Law, Universitas Jambi, Indonesia Author https://orcid.org/0000-0002-6890-3121
Nova Bela Dhyta Faculty of Law, Universitas Jambi, Indonesia Author https://orcid.org/0009-0007-9874-6511
Rofi Aulia Rahman Faculty of Law and Political Sciences, University of Szeged, Hungary Author https://orcid.org/0000-0002-7245-9457
Meline Gerarita Sitompul International Business Administration Study Program, Politeknik Pertanian Negeri Pangkajene Kepulauan, Indonesia Author https://orcid.org/0009-0007-4821-9668

DOI:

https://doi.org/10.15294/jllr.v6i2.19296

Keywords:

State Asset Management, Legal Framework, Globalization, IPSAS, International Law

Abstract

State asset management is a fundamental component of public financial governance, aimed at ensuring transparency, accountability, and efficiency. In Indonesia, the legal foundation for state asset administration is established under Law Number 1 of 2004 on State Treasury. In the context of globalization, aligning domestic regulations with international legal standards, such as the International Public Sector Accounting Standards (IPSAS), has become imperative. Discrepancies between national and international regulatory frameworks may result in legal inconsistencies, inefficiencies, and challenges in securing state assets abroad. This scholarly article employs a doctrinal legal research approach to evaluate the conformity of Indonesia’s legal framework with international standards. It identifies key challenges, including the inadequate implementation of IPSAS, deficiencies in technological infrastructure, and limited institutional capacity. Additionally, protecting state assets in foreign jurisdictions remains complex due to disparities in legal systems, bureaucratic constraints, and insufficient international legal cooperation. To address these challenges, Indonesia must reinforce its legal framework, integrate advanced technological solutions, and enhance cross-border legal collaboration. The adoption of internationally recognized best practices in state asset management will strengthen legal certainty, mitigate financial risks, and ensure compliance with global governance principles. This article contributes to the legal discourse by analyzing the complexities of state asset management in an increasingly interconnected world and proposing regulatory and institutional reforms to enhance its effectiveness.

References

“2022 Handbook of International Public Sector Accounting Pronouncements | IPSASB.” Accessed February 10, 2025. https://www.ipsasb.org/publications/2022-handbook-international-public-sector-accounting-pronouncements.

Advisory, Reserve, and Management Partnership. “Central Bank Reserve Management Practices Insights into Public Asset Management from the Second RAMP Survey Reserve Advisory and Management Partnership (RAMP),” n.d. Accessed February 10, 2025.

Agatha Olivia Victoria. “RI Usulkan Pembentukan Forum Pengembalian Aset Tipikor Di Luar Negeri,” July 2, 2024. https://www.antaranews.com/berita/4177578/ri-usulkan-pembentukan-forum-pengembalian-aset-tipikor-di-luar-negeri?utm_source=chatgpt.com.

Christiaens, Johan, Christophe Vanhee, Francesca Manes-Rossi, Natalia Aversano, and Philippe van Cauwenberge. “The Effect of IPSAS on Reforming Governmental Financial Reporting: An International Comparison.” Http://Dx.Doi.Org/10.1177/0020852314546580 81, no. 1 (December 17, 2014): 158–77. https://doi.org/10.1177/0020852314546580.

Eunike Pebria Purba. “Perlindungan Investor Asing Dari Risiko Sengketa Melalui Arbitrase Sebagai Forum Penyelesaian Sengketa Investasi.” Justitia et Pax 38, no. 2 (2022): 467–516. https://doi.org/10.24002/JEP.V38I2.6599.

Fathiyah Wardah. “Kejaksaan: Birokrasi Hambat Penyitaan Aset Koruptor Di Luar Negeri,” August 29, 2013. https://www.voaindonesia.com/a/kejaksaan-birokrasi-hambat-penyitaan-aset-koruptor-di-luar-negeri/1739288.html?utm_source=chatgpt.com.

Filgueiras, Fernando, and Lúcia de Fátima Nascimento Queiroz. “The Governance of Public Policy Evaluation Systems: Policy Effectiveness and Accountability.” Organizações & Sociedade 28, no. 96 (March 2021): 208–32. https://doi.org/10.1590/1984-92302021V28N9609EN.

Harrigan, Jane, Chengang Wang, and Hamed El-Said. “The Economic and Political Determinants of IMF and World Bank Lending in the Middle East and North Africa.” World Development 34, no. 2 (February 2006): 247–70. https://doi.org/10.1016/J.WORLDDEV.2005.07.016.

Hoeflich, M. H. “Law & Geometry: Legal Science from Leibniz to Langdell.” American Journal of Legal History 30, no. 2 (April 1, 1986): 95–121. https://doi.org/10.2307/845705.

Hufron, and Sultoni Fikri. “The Urgency of Regulating Forfeiture of Assets Gained from Corruption in Indonesia.” Legality: Jurnal Ilmiah Hukum 32, no. 2 (August 24, 2024): 292–310. https://doi.org/10.22219/LJIH.V32I2.35243.

Humas Sekretariat Kabinet Republik Indonesia. “Pemantauan Dan Evaluasi Terhadap Pengelolaan Aset Barang Milik Negara Di Lingkungan Pemerinta,” January 15, 2022. https://setkab.go.id/pemantauan-dan-evaluasi-terhadap-pengelolaan-aset-barang-milik-negara-di-lingkungan-pemerintah/?utm_source=chatgpt.com.

Icih, Icih, Putri Leonita Agustin, Asep Kurniawan, Mohammad H. Holle, and Zumaroh Zumaroh. “International Public Sector Accounting Standards (IPSAS) and, Good Government Governance in Indonesia and Malaysia.” JASS (Journal of Accounting for Sustainable Society) 6, no. 1 (June 29, 2024). https://doi.org/10.35310/JASS.V6I1.1283.

Iis Istianah, Nia Pramita Sari, and Vitria Indriani. “A Systematic Review of Public Sector Audits in Indonesia.” Jurnal Tata Kelola Dan Akuntabilitas Keuangan Negara 10, no. 1 (June 27, 2024): 33–54. https://doi.org/10.28986/JTAKEN.V10I1.1544.

Jaka Mulyana, Holiawati, and Suripto. “Optimizing Non-Government Organization Performance Through Accountability, Governance, And Technology.” International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) 2, no. 5 (2024): 1502–18. https://doi.org/10.61990/IJAMESC.V2I5.300.

Korompot, Moh Iqra Syabani, Sholahuddin Al-Fatih, and David Pradhan. “The Principle of Equality Before the Law in Indonesian Corruption Case: Is It Relevant?” Journal of Human Rights, Culture and Legal System 1, no. 3 (November 20, 2021): 135–46. https://doi.org/10.53955/JHCLS.V1I3.13.

Millard, Jeremy. “ICT-Enabled Public Sector Innovation: Trends and Prospects.” ACM International Conference Proceeding Series, 2013, 77–86. https://doi.org/10.1145/2591888.2591901.

Nasution, Bahder Johan. Metode Penelitian Ilmu Hukum. Bandung: Mandar Maju, 2008.

Organisation for Economic Co-operation and Development. Government at a Glance 2021. OECD, 2021. https://doi.org/10.1787/1c258f55-en.

Parulina, Josephine Rachelle, Nuswantoro Dwiwarno, and Darminto Hartono Paulus. “Upaya Pemulihan Aset (Asset Recovery) Lintas Batas Negara Di Wilayah Asia Tenggara.” Diponegoro Law Journal 12, no. 1 (January 31, 2023). https://doi.org/10.14710/DLJ.2023.35447.

Poniatowicz, Marzanna, Ryta Dziemianowicz, and Aneta Kargol-Wasiluk. “Good Governance and Institutional Quality of Public Sector: Theoretical and Empirical Implications.” EUROPEAN RESEARCH STUDIES JOURNAL XXIII, no. Issue 2 (April 1, 2020): 529–56. https://doi.org/10.35808/ERSJ/1608.

Ridwan Arifin, Indah Sri Utari, and Herry Subondo. “Upaya Pengembalian Aset Korupsi Yang Berada Di Luar Negeri (Asset Recovery) Dalam Penegakan Hukum Pemberantasan Korupsi Di Indonesia.” IJCLS (Indonesian Journal of Criminal Law Studies) 1, no. 1 (August 18, 2017): 105–37. https://doi.org/10.15294/IJCLS.V1I1.10810.

Ridwan Arifin, Sigit Riyanto, and Akbar Kurnia Putra. “Collaborative Efforts in ASEAN for Global Asset Recovery Frameworks to Combat Corruption in the Digital Era.” Legality: Jurnal Ilmiah Hukum 31, no. 2 (October 13, 2023): 329–43. https://doi.org/10.22219/LJIH.V31I2.29381.

Samaratunge, Ramanie, and Quamrul Alam. “Accountability and Transparency in Emerging Countries: Governance, Democratic Currents and Change.” Public Administration and Development 41, no. 4 (October 1, 2021): 147–56. https://doi.org/10.1002/PAD.1963.

Siti Fatimah, Jamal Wiwoho, and Isharyanto. “Global Perspectives on Freedom of Expression in Environmental Governance: Legal Implications and Challenges.” Jambe Law Journal 7, no. 2 (December 30, 2024): 481–507. https://doi.org/10.22437/HOME.V7I2.456.

Soeleman Djaiz Baranyanan. “Simplification of Law Regulations in Copyright Criminal Act Settlement.” Journal of Human Rights, Culture and Legal System 1, no. 2 (July 31, 2021): 81–92. https://doi.org/10.53955/JHCLS.V1I2.9.

Sukamto Satoto, Eko Nuriyatman, Rustian Mushawirya, M.Misbahul Mujib, and Muhammad Izzul Haq. “Revitalization of Village-Owned Enterprises to Strengthen the Community Economy in Indonesia: Between Policy and Prosperity.” Jambe Law Journal 7, no. 2 (December 31, 2024): 509–37. https://doi.org/10.22437/HOME.V7I2.364.

Team Centre for Financial Reporting Reform (CFRR) Governance Global Practice, The World Bank. Strenghtening Fixed Asset Management Through Public Sector Accounting. Austria: International Bank for Reconstruction and Development / The World Bank, 2020. https://www.researchgate.net/publication/347332435_Strenghtening_Fixed_Asset_Management_Through_Public_Sector_Accounting.

United Nations Conference on Trade and Development. Trade and Development Report 2019 Financing A Global Green New Deal. United States of America: United Nations Publications, 2019.

Vensy Eli Maria Tabita. “Perlindungan Terhadap Warga Negara Indonesia Di Luar Negeri Menurut Hukum Internasional.” LEX ADMINISTRATUM 12, no. 3 (May 6, 2024). https://ejournal.unsrat.ac.id/v3/index.php/administratum/article/view/55672.

Victorina Z.Tirayoh, Lady D.Latjandu, Harijanto Sabijono, and Christoffel M. O.Mintardjo. “Public Sector Asset Management in the Government of Indonesia: A Case Study in Minahasa Regency.” Jurnal Bina Praja 13, no. 2 (August 31, 2021): 195–205. https://doi.org/10.21787/JBP.13.2021.195-205.

Wyczik, Jakub. “Ownership in the 21st Century: Property Law of Digital Assets.” Information & Communications Technology Law, October 2, 2024. https://doi.org/10.1080/13600834.2024.2408917.

Yuniati, and Agus Bagianto. “Faktor-Faktor Yang Mempengaruhi Implementasi Akuntansi Berbasis Akrual Serta Implikasinya Pada Manajemen Aset Dan Kualitas Laporan Keuangan.” Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA) 5, no. 1 (2021): 17–46. https://doi.org/10.31955/MEA.V5I1.678.