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AKUNTANSI INSTRUMEN KEUANGAN PSAK 50, 55 DAN 60

Arie Pratama, SE, M.Ak, CPSAK, CPMA, CertIFR, CPA.

Sumber:

1. Materi Pelatihan PSAK 50 & 55 Ludovicus Sensi dan Yakub

2. Materi Pelatihan PSAK 50 & 55 Sri Yanto

3. Practical Implementation Guide and Workbook IFRS, Willey

4. Quick Reference Guide to the Practical Differences between IFRS and US GAAP

BRIEF CV

Arie Pratama, SE, M.Ak, CPSAK, CPMA, CertIFR, CPA(id) Education backgorund

SE Padjadjaran University, Accounting (GPA: 3,92 out of 4.00) M.Ak Padjadjaran University, Accounting(GPA: 3,97 out of 4.00) CPSAK Indonesian Institute of Accountant(one time pass) CPMA Indonesian Institute of Management Accountant (one time pass) CertIFR Association of Chartered Certified Accountant (ACCA), United Kingdom (one time pass) CPA(id) Indonesian Institute of Public Accountant (one time pass)

JADWAL ACARA (tentatif)

3

Jam Deskripsi

08.00 – 08.30 Registrasi

08.30 – 09.00 Pembukaan Pelatihan

09.00 – 10.00 Overview Instrumen Keuangan dan PSAK terkait Instrumen Keuangan

10.00 – 10.30 Coffee Break

10.30 – 12.00 PSAK 55 : Akuntansi Pengakuan dan Pengukuran Instrumen Keuangan

12.00 – 13.00 Istirahat, Shalat, dan Makan Siang




JADWAL ACARA (tentatif)

4

Jam Deskripsi

08.30 – 10.00 PSAK 50 : Akuntansi Penyajian Instrumen Keuangan


10.30 – 12.00 PSAK 50 : Akuntansi Penyajian Instrumen Keuangan

12.00 – 13.00 Istirahat, Shalat, dan Makan Siang

13.00 – 15.00 PSAK 60 : Akuntansi Pengungkapan Instrumen Keuangan


15.30 – 16.30 Overview IFRS 9 dan Dampaknya pada Akuntansi Instrumen Keuangan

16.30 penutupan

I. THE CHANGES - Apa yang berubah ?

5

1. Scope 2. Classification 3. Measurement 4. Impairment

1. Scope

6

Marketable securities (PSAK 50)

Derivative & Hedging

(PSAK 55)

Financial instruments

(PSAK 50-55-60)

• Penyajian (presentation)

PSAK 50 (IAS 32)

• Pengakuan (recognition) • Pengukuran(measurement)

PSAK 55 (IAS 39)

• Pengungkapan (disclosure)

PSAK 60 (IFRS 7)

7

Instrumen Keuangan 50,55,60

• Definisi dan klasifikasi

• Pemisahan liabilitas

keuangan dan ekuitas

• Akuntansi untuk instrumen

keuangan majemuk.

• Akuntansi untuk penarikan

saham dan saham treasury

• Saling hapus atas aset dan

liablitas

• Definisi, klasifikasi dan

reklasifikasi

• Pengakuan dan

penghapusan

• Pengukuran setelah

pengakuan awal

• Akuntansi untuk derivarif

untuk diperdagangkan

dan hedging.

Instrumen Keuangan

IAS 32 IAS 39 IFRS 7

PSAK 50 PSAK 55 PSAK 60

Pengungkapan

instrumen

keuangan dan

risiko

2. Classification

8

Trading

Available for sale

Hold to maturity

Trading

Fair value option

Available for sale

Hold to maturity

Loan and receivable

Fair value through profit or loss

Intention (PSAK lama) Intention and ability (PSAK Baru)

3. Measurement

9

Simple interest Effective interest

Mark to market Mark to fair value

Mark to market

Mark to model

4. Impairment

10

Expected losses Incurred losses

Generic provisioning

Individual provisioning

Collective provisioning

II. SCOPE & DEFINITIONS

11

1. Scope (Ruang Lingkup)

PSAK 50 and 55 PSAK 50 Out of scope

Debt and equity investments Investments in subsidiaries, associates and joint ventures

Loans and receivables Lease receivables

Own debt Own equity Lease payables

Tax balances

Employee benefits

Cash and cash equivalents

Derivatives Derivatives on own shares settled only by delivery of a fixed number of shares for a fixed amount of cash

Own use commodity contracts

Financial guarantees

Derivatives on subsidiaries, associates and joint ventures

Embedded derivatives

Loan commitments held for trading Other loan commitments

Insurance contracts

12

2. Investment in share

13

No significance influence, jointly

control, or control

Financial instrument

Associates Joint venture Subsidiary

Significance influence Jointly control Control

20<50% <20% >50%

Fair value Equity method Equity method or Proportionate consolidation

Consolidation

3. Financial Instruments

Financial Assets Financial Liabilities Equity Instruments

Basic Financial Assets

Derivatives

Hedging

FVPL

AFS

HTM

LR

Plain

Embedded

Accounting Hedge

Macro Hedge

Cash flow

Fair value

Net investment

FVPL

Amortised Cost

Plain

Compound

14

4. Definition

Financial instrument is any contract that gives rise to:

a financial asset of one entity and

a financial liability or equity instrument of another entity

15

Instrumen Keuangan

setiap kontrak yang menambah nilai:

aset keuangan entitas , dan (disisi lain)

kewajiban keuangan atau instrumen ekuitas entitas lain.

5. Financial asset

Cash An equity instrument of another entity A contractual right

to receive cash or another financial asset from another entity; or to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or

A contract that will or may be settled in the entity’s own equity instruments and is:

A non derivative A derivative

16

6. Financial liability

A contractual obligation:

to deliver cash or another financial asset to another entity; or to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or

A contract that will or may be settled in the entity’s own equity instruments and is:

a non derivative

a derivative

17

Cont’d

18

Kewajiban Keuangan

setiap kewajiban yang berupa: Kewajiban kontraktual:

untuk menyerahkan kas atau aset keuangan lain kepada entitas lain; atau

untuk mempertukarkan aset keuangan atau kewajiban keuangan dengan entitas lain dengan kondisi yang berpotensi tidak menguntungkan entitas;

kontrak yang akan atau mungkin diselesaikan dengan menggunakan instrumen ekuitas yang diterbitkan entitas dan merupakan suatu:

non derivatif; atau

derivatif

7. Equity instrument

Any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities

19

Instrumen Ekuitas Setiap kontrak yang memberikan hak residual atas aset suatu entitas setelah dikurangi dengan seluruh kewajibannya.

20

We should clarify some points arising from these definitions. Firstly, one or two terms above should be themselves defined. A contract need not be in writing, but it must

comprise an agreement that has clear economic consequences and which the parties to it cannot avoid, usually because the agreement is enforceable in law.

An equity here could be an individual, partnership, incorporated body or government agency.

PERHATIAN !

21

The definitions of financial assets and financial liabilities may seem rather circular, referring as they do to the terms financial asset and financial instrument. The point is that there may be a chain of contractual rights and obligations, but it will lead ultimately to the receipt or payment of cash or the acquisition or issue of an equity instrument.

PERHATIAN !

22

IAS 32 makes it clear thet the following items are not financial instruments: Physical assets, eg inventories, property, plant and

equipment, leased assets and intangible assets (patents, trademarks etc)

Prepaid expense, deferred revenue and most warranty obligations

Liabilities or assets that are not contractual in nature Contractual rights/obligations that do not involve

transfer of a financial asset, eg commodity futures contracts, operating lease.

PERHATIAN !

23

Mohon identifikasi apakah item berikut ini dapat diklasifikasikan sebagai financial asset atau financial liability, serta alasannya.

1. Company A is evaluating whether each of these items is a financial instrument and whether it should be accounted for under IAS 32 (PSAK 50). a. Cash deposited in banks b. Gold bullion deposited in banks c. Trade accounts receivable d. Investments in debt instruments e. Investments in equity instruments, where Company A does not have

significant influence over the investee f. Investments in equity instruments, where Company A has significant

influence over the investee

Latihan Soal – Case 1

24

Company A is evaluating whether each of these items is a financial instrument and whether it should be accounted for under IAS 32 (PSAK 50). g. Prepaid expenses h. Financial lease receivables or payables i. Deferred revenue j. Statutory tax liabilities k. Provision for estimated litigation losses l. An electricity purchase contract that can be net settled in cash m. Issued debt instruments n. Issued equity instruments


FINANCIAL INSTRUMENTS CLASSIFICATION & RECLASSIFICATION

Sumber:




4. Quick Reference Guide to the Practical Differences between IFRS and US GAAP

I. CLASSIFICATION

26

a.Financial Asset

b.Financial Liability

c. Equity Instruments

A. Financial assets

27

Trading Fair value

option

Available for sale

Hold to maturity

Loan and receivable


Accounting mismatch

Managed & evaluated by FV

1 2 3 4


Conditions (syarat) It is classified as held for trading Upon initial recognition it is designated by the entity as at

fair value through profit or loss (fair value option)

a. Trading acquired or incurred principally for the purpose of selling

or repurchasing it in the near term part of a portfolio of identified financial instruments that

are managed together and for which there is evidence of a recent actual pattern of short term profit taking

a derivative (except for a derivative that is a designated and effective hedging instrument)

28

1

...

b. Fair value option

Upon initial recognition it is designated by the entity as at fair value through profit or loss, regardless the purpose for stand-by or held to maturity

Objectives:

Eliminate accounting mismatch

Entities that are managed and evaluated on basis of fair value

29

Held to maturity

Conditions

1. Non derivative financial assets with fixed or determinable payments and fixed maturity

2. Entity has the positive intention and ability to hold to maturity

Exception

1. Determination FVTPL

2. Availabel for sale

3. Meet definition of LR

30

2

HTM – No positive intention

The entity intends to hold the financial asset for an undefined period

The entity stands ready to sell the financial asset (other than if a situation arises that is non recurring and could not have been reasonably anticipated by the entity) in response to changes in market interest rates or risks, liquidity needs, changes in the availability of and the yield on alternative investments, changes in financing sources and terms or changes in foreign currency risk; or

The issuer has a right to settle the financial asset at an amount significantly below its amortized cost

31

HTM – No ability

It does not have the financial resources available to continue to finance the investment until maturity

It is subject to an existing legal or other constraint that could frustrate its intention to hold the financial asset to maturity

32

Loan and Receivable

Conditions non-derivative financial assets with fixed or determinable payments not quoted in an active market

Excepts

those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity upon initial recognition designates as at fair value through profit or loss; those that the entity upon initial recognition designates as available for sale those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale

33

3

Available for Sale

Conditions

those non-derivative financial assets that

are designated as available for sale

are not classified as loans and receivables, held-to-maturity investments, or financial assets at fair value through profit or loss

34

4

B. Financial liability

35

Trading Fair value

option

Amortised cost


1 2

Other Liability

Sangat Jarang Terjadi

Umum Terjadi

C. Equity Instruments

36

Equity instrument. Any contract that evidences a residual interest in

the assets of an entity after deducting all of its liabilities.

This definition reflects the basic accounting equation that states

that equity equals assets less liabilities.

Example of equity instruments include:

Ordinary shares (that cannot be put back to the issuer by the

holder)

Preference shares (that cannot be redeemed by the holder or

provide for nondiscretionary dividends)

Warrants or written call options (that allow the holder to

subsribe for-or purchase-a fixed number of nonputtable

ordinary shares in exchange for a fixed amount of cash or an-

other financial asset).


Shipping Manufacturing Limited (SML) is experienced in making different kind of vessels and ships. Worldwide Transportation Group (WTG), one of the largest marine transportation groups, intends to order 100 cargo vessels from some shipping manufacturers. As a small shipping manufacturer, SML is required to deposit $1 million for the bidding process of WTG. If SML is elected as one of the manufacturers to make the new vessels for WTG, the deposit will be retained by WTG and will not be returned to SML until the contract completed. The estimated duration of contract is about 3 years.

Discuss the proper initial measurement of the deposit in SML’s financial statements.

37

Latihan Soal Case 3

Seven Ball Limited purchases a five-year debt instrument with a principal amount of $10 million that is indexed to the share price of Balloon Limited. At maturity, Seven Ball Limited will receive the principal amount plus or minus the change in the fair value of 1 million shares of Balloon Limited. The current share price is $80. No separate interest payments are made in the debt instruments. The purchase price is $10 million. Seven Ball Limited classifies the debt instrument as available for sale.

Required:

Is this an example of hybrid instrument? Assuming the market interest rate is 10%, calculate the initial measurement of the debt instrument.

38

II. RECLASSIFICATION

39

Highlight

Fair value through profit or loss Held to maturity

Loan and receivable

Available for sale

When active marker rose

Under certain conditions

Under certain conditions

never

never

never

never never

never never

never

Allowed only when

active market emerged

after classification never

40

HTM to AFS

Permitted

Not more than not significant

Fulfill condition in slide 11-13

If not meet the conditions

All remain investment in HTM shall be reclassified to AFS

No more HTM in year of reclassification and next two year

41

AFS

AFS to HTM

Changes in intention or ability

After “tainting rule”

LR to AFS

Active market rise

42

Impact of reclassification

From To Profit or loss Equity

FVPL - -

HTM AFS - FV – BV date of reclassification

LR AFS FV – BV date of reclassification

AFS HTM • Amortise gain or loss in equity to profit or loss (fixed maturity)

• Gain or loss in equity transfer to profit or loss when sold/disposed (not fixed maturity)

43 43

Reklasifikasi HTM (Tainting Rules)

44

Dijual /

Direklasifikasi

Aset HTM DIJUAL

more then insignificant amount

TAINTING RULES

09 Juni 2008

31 Des 2008 31 Des 2009 31 Des 2010

Tainting

Thn 2011

Cleansed Period

H T M A F S

Klasifikasi HTM

Dapat digunakan

Lagi

Pengecualian tainting rules dalam penjualan / reklasifikasi aset HTM :

1. Dilakukan mendekati tanggal jatuh tempo, sehingga perubahan market rate tidak berpengaruh signifikan terhadap nilai wajarnya;

2. Terjadi setelah entitas memperoleh secara substansial seluruh jumlah pokok aset keuangan sesuai jadwal pembayaran atau entitas telah memperoleh pelunasan dipercepat;

3. Terkait dengan kejadian tertentu yang berada di luar kendali entitas, tidak berulang dan tidak dapat diantisipasi secara wajar oleh entitas.

Catatan Penting Reklasifikasi

45

Financial liability

No reclassification

Trading Fair value

option

Amortised cost


Accounting mismatch

Managed & evaluated by FV

46


47

Amortized cost Fair value

Largeman Industries, Inc. bonds $140,000 $128,000

Cheris Corp. bonds 85,000 85,000

Farber Associates Inc. bonds 111,000 116,000

Crook & Co. bonds 44,000 40,000

$380,000 $369,000

Reclassification of Remaining Held-to-Maturity Investments Due to Tainting FACTS: Assume that U.S. International, Inc. has sold enough investments classified as held-to-maturity (under conditions not exempted by IAS 39) such that the aggregate of such sold investments constitutes more than an insignificant amount. Also assume that, after the sales, U.S. International had the following investments in its held-to-maturity portfolio (with their respective amortize cost and fair value):


48

SOLUTION: In accordance with IAS 39, if more than an insignificant amount of held-to-maturity investments are sold or reclassified (and the sales do not qualify for exemption), all remaining held-to-maturity investments must be reclassified as available for sale, with the difference between their carrying amounts investments and their fair values on the date of reclassification recognized in other comprehensive income. U.S. International would thus make the following journal entry to record the reclassifications:


49

Investment in Largeman bonds (available for sale) 128,000

Investment in Cheris bonds (available for sale) 85,000

Investment in Farber bonds (available for sale) 116,000

Investment in Crook bonds (available for sale) 40,000

Other comprehensive income ($380,000 − $369,000) 11,000

Investment in Largeman bonds (held to maturity) 140,000

Investment in Cheris bonds (held to maturity) 85,000

Investment in Farber bonds (held to maturity) 111,000

Investment in Crook bonds (held to maturity) 44,000

Note that the fair value at the time of reclassification of each investment

becomes its amortized cost in the available-for-sale category for purposes

of subsequent accounting.

FINANCIAL INSTRUMENT RECOGNITION & MEASUREMENT

Sumber:




4. Workbook: Quick Reference Guide to the Practical Differences between IFRS and US GAAP

Lingkup Bahasan

51

Pengukuran (measurement) 1. Pengukuran Awal (Initial Measurement) Aset Keuangan dan

Kewajiban Keuangan

2. Pengukuran Aset Keuangan setelah Pengakuan Awal (Subsequent Measurement)

3. Pengukuran Kewajiban Keuangan setelah Pengakuan Awal (Subsequent Measurement)

4. Pertimbangan dalam Pengukuran Nilai Wajar (Fair Value Consideration)

1. Initial measurement

52

Financial instruments (financial assets & financial liabilities)

Measured at Fair value through profit or loss

Not measured at Fair value through profit or loss

Fair value Fair value + transaction costs

Transaction costs

Incremental costs

Directly attributable

Interest free loan

Entity A lends Rp1.000 to Entity B, 5 year, no interest, as LR Entity A expects other econimic benefits Similiar loan, interest 10% Initial measurement PV (1000,5,10%) = 621

53

Loan 621

Expense/other asset 379

Cash 1.000

SUBSEQUENT MEASUREMENT - FINANCIAL ASSETS

54

Subsequent measurements

Classification Subsequent measurement

Changes in fair value

Changes in amortized costs

Impairment (If objective evidence)


Fair value Profit or loss - No

Available for sale Fair value Equity (other comprehensive income)

Profit or loss Yes

Held to maturity Amortized cost with effective interest rate method

- Profit or loss Yes

Loan and receivable Amortized cost with effective interest rate method

- Profit or loss Yes

55

Equity instruments – cost

Conditions Not quoted in active market; and

Its fair value can’t be determined reliably

Fair value can’t be determined reliably the variability in the range of reasonable fair value estimates is not significant for that instrument or

the probabilities of the various estimates within the range can be reasonably assessed and used in estimating fair value

56 56

Cont’d

Availability of fair value

Not available become available >>> classified as available for sale (fair value)

Available become not available >>> classified as available for sale (at cost)

Changes in fair value (equity) not to reclassified

No reversal impairment

57

Pengukuran Aset Keuangan setelah Pengakuan Awal (Conclusion)

Nilai wajar

tanpa dikurangi

biaya penjualan/pelepasan

KECUALI UNTUK:

Pinjaman Diberikan &

Piutang

Investasi Dimiliki hingga Jatuh Tempo

Instrumen Ekuitas

(yang tak memiliki kuotasi

& nilai wajar)

Derivatif terkait dengan instrumen ekuitas (yang tak memiliki

kuotasi & nilai wajar)

harga perolehan diamortisasi dengan metode suku bunga efektif

harga perolehan

58

SUBSEQUENT MEASUREMENT -

FINANCIAL LIABILITIES

59

Subsequent measurement

Classification Subsequent measurement

Changes in fair value Changes in amortized costs

Liabilities measured at fair value through profit or loss

Fair value Profit or loss -

Other liabilities Amortized costs with effective interest rate method

- Profit or loss

60

Cont’d

Financial liabilities Subsequent measurement

Financial liabilities that arise when a transfer of a financial asset does not qualify for de-recognition

• Shall continue to recognize the transferred asset in its entirety

• Shall recognize a financial liability for the consideration received

Financial liabilities that arise when a transfer of a financial asset when the continuing involvement approach applies

The extent to which it is exposed to changes in the value of the transferred asset

61

62

Ilustrasi Metode Suku Bunga Efektif :

Perusahaan XYZ menerbitkan Obligasi, 5 th, dengan nominal Rp. 100 juta, dengan harga Rp. 94.418.000,-.

Bunga = 8% p.a, dibayar tahunan.

Biaya transaksi untuk menjual obligasi tsb = Rp. 2.000.000,-

Tahap 1 – Menentukan nilai pada saat pengakuan awal (cost at initial recognition)

Cost = Rp. 94.418.000 - Rp. 2.000.000 = Rp. 92.418.000,-

Tahap 2 – Kalkulasi suku bunga efektif

92.418

8.000 8.000 8.000 8.000 108.000

10%

92,418,000

1 8,000,000-

2 8,000,000-

3 8,000,000-

4 8,000,000-

5 108,000,000-

47,582,000-

EIR 10.00%

Cash Flow

Kewajiban: Suku bunga efektif

63

Ilustrasi Metode Suku Bunga Efektif :

Tahap 3 – Amortisasi harga perolehan dengan suku bunga efektif

Book Effective actual Amortised actual Book

Value interest interest cost principal Value

Thn Awal rate paid with paid Akhir

10.00% E I R

(1) (2) (3)=(2)xEIR (4) (5)=(3)-(4) (6) (7) = (2)+(5)-(6)

1 92,418,000 9,241,910 8,000,000 1,241,910 - 93,659,910

2 93,659,910 9,366,102 8,000,000 1,366,102 - 95,026,012

3 95,026,012 9,502,714 8,000,000 1,502,714 - 96,528,725

4 96,528,725 9,652,987 8,000,000 1,652,987 - 98,181,712

5 98,181,712 9,818,288 8,000,000 1,818,288 100,000,000 -

Suku bunga efektif

64

Jurnal

Amortized Cost

Pada saat penerbitan:

Db. Kas 92.418.000

Kr. Hutang Obligasi 92.418.000

Akhir periode 1:

Db. Beban Bunga 9.241.910

Kr. Kas 8.000.000

Kr. Hutang Obligasi 1.241.910

Jurnal pengakuan bunga dan

penyesuaian berikutnya

dilakukan berdasarkan tabel

amortisasi.

FVTPL

Pada saat penerbitan:

Db. Kas 92.418.000

Db. Beban Transaksi 2.000.000

Kr. Hutang Obligasi 94.418.000 Akhir periode berikutnya, misal, nilai wajar obligasi menjadi 93.000.000:

Db. Hutang Obligasi 1.418.000

Kr. Untung 1.418.000 Selanjutnya disesuaikan dengan nilai wajar

Implementation issues in a retail bank

• Under IFRS, loans are accounted at amortised cost and interest rates recorded in P&L under the effective interest rate method

• Heavy operational implications to adapt the IT systems

• For most banks, effective interest rate calculations have been implemented in the systems for standard fixed rate loans only

Effective interest rate calculation on loans

Implementation issues in a retail bank

• For floating rate loans, IAS 39 requires effective interest rate to be reassessed at each period end

• This requirement is hard and costly to achieve in the systems

• It also creates volatility

Operational shortcut applied by many banks : effective interest rate on floating rate loans are only calculated at

inception and maintained throughout the life of the instrument

requirement however to demonstrate that this shortcut has no material impacts

Effective interest rate calculation on loans

Implementation issues in a retail bank Identification of loans that are off-market rates

• It requires the initial value of loans granted at off-market rate to be adjusted

• The difference between the amount granted and the initial value is recorded in P&L

• In order to identify off-market rates on an operational basis two approaches have been followed : – Develop an IT system to benchmark actual loans rates with average rates

calculated internally by controlling. Loans below “x” basis points as compared to the controlling rates are considered off market

– Other banks consider that rates are market rates as long as they can demonstrate that other banks issue loans at similar rates

Implementation issues in a retail bank Impairment of loan portfolios

• Loan are impaired only if their is objective evidence of a risk (incurred losses)

• Impairment at inception of the loan are specifically forbidden

• Impairment is therefore only allowed if the three following conditions are met : – Loss event

– Occurring after the loan is granted and before period end

– That has a measurable impact on the future cash flows of the loan

FAIR VALUE – APA ARTINYA ?

69

RUANG LINGKUP FAIR VALUE DALAM PSAK

PSAK 50,55,60

PSAK 16

PSAK 13

PSAK 19

IAS 41

PSAK 48, 58

Properti

Investasi

Aset Tidak Lancar

Dimiliki untuk Dijual dan

Operasi yang Dihentikan

Aset takberwujud

Agikultur

Instrumen

Keuangan

Aset

Tetap

70

FAIR

VALUE

IFRS 13

Penurunan

Nilai

Definisi Fair Value IFRS 3

Fair value adalah harga yang diterima atas penjualan aset atau pembayaran untuk mentransfer liabilitas dalam transaksi antar pihak yang berkepentingan pada tanggal pengukuran.

71

• “...the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date.”

IFRS 13 para 9

Definisi Fair Value IFRS 3

Exit price didaarkan pada pasa aktif. Jika tidak ada didasarkan teknik valuasi.

Bukan berasal dari transaksi dari pihak yang mengalami kesulitan keuangan

Nilai fair value merupkan pengukuran pasar, bukan ukuran spesifik suatu entitas. Konsekuensinya entitas yang memiliki keinginan untuk memegang aset tersebut atau menjualnya tidak relevan dalam pengukuran nilai wajar.

Biaya transaksi diabaikan karena bukan merupakan karakteristik dari aset dan liabilitas yang diukur.

Mengasumsikan terjadi di pasar.

72

Hirarki Fair Value

73

Apakah ada harga kuotasian

dalam pasar aktif untuk aset

atau liabilitas yang identik

(Level 1)

Apakah ada input selain

harga kuotasioan yang

dapat diobservasi*

Gunakan nilai wajar

pengukuran dengan Level 1

Gunakan input selain

Harga kuotasian yang

dapat diobservasi baik

secara langsung atau tidak

langsung, pengukuan ‡

Level 2

Gunakan input yang

bukan berdasarkan

harga pasar yang

dapat diobservasi.

Level 3

No Yes

Yes No

Harus digunakan tanpa

penyesuaian

* Maksimumkan input yang dapat

diobservasi, termasuk informasi pasar

dan informasi publik lainnya ‡ Input yang tidak dapat diobservasi

diantaranya data entitas (anggaran,

proyeksi), harus disesuaikan jika

pelaku pasar menggunakan asumsi

berbeda

73

IMPAIRMENT

74

Impairment

The amount by which the carrying amount of an asset exceeds its recoverable amount

There is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (loss event)

The loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated

Impairment more permanent than changes in fair value (temporary)

75

Process of impairment

76

Indications of impairment

no yes

Calculate impairment loss

no impairment loss impairment loss

Cont’d

Significant financial difficulty of the issuer or obligor

The lender, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession that the lender would not otherwise consider

A breach of contract, such as a default or delinquency in interest or principal payments

77

Cont’d

It becoming probable that the borrower will enter bankruptcy or other financial reorganization

The disappearance of an active market for that financial asset because of financial difficulties

Observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group

78

Type of impairment

Type of impairment

Individual

Collective

Level of materiality to determine individual and collective impairment

79

Cont’d

Individual Indications of individual impairment >>> calculate impairment loss If no impairment loss >>> add to collective impairment Calculation based on discounted expected future cash flow with original EIR

Collective

There are indication of impairment for individual, but no impairment loss Not material Historical loss data for minimal 3 years (i.e. migration analysis)

80

Summary – Financial assets

Classification

Type of Instrument

Initial Measurement Subsequent Measurement Impairment

FVTPL Debt, equity and derivative

•Fair value •Transaction costs as

expense

•Fair value •FV changes in profit or loss

-

HTM Debt Fair value + transaction costs

Amortised costs by EIR •Impairment loss •Reverse impairment loss

(not exceed carrying amount if no impairment)

LR Debt Idem Idem Idem

AFS Debt Fair value + transaction cost

•Amortised costs by EIR •Fair value •FV changes in OCI

•Impairment loss •Reverse impairment loss

(not exceed carrying amount if no impairment)

Equity Fair value + transaction costs

•Fair value •FV changes in OCI

•Impairment loss •Reverse impairment loss

Equity (not reliably measurable)

Fair value + transaction costs

Costs •Impairment loss •No reverse impairment loss

81

Perhatian !

The impairment requirements apply to these types of financial assets:

Loans and receivables.

Held-to-maturity investments

Available-for-sale financial assets

Investments ain unquoted equity instruments whose fair value cannot be reliably measured.

82

Perhatian !

The only category of financial assets that is not subject to testing for impairment s financial assets at fair value through profit or loss, because any declines in value for such assets are recognized immediately in profit or loss irrespective of whether there is any objective evidence of impairment.

Financial liabilities are not subject to testing for impairment.

83

Perhatian !

For loans and receivables and held-to-maturity investments, impaired assets are measured at the present value of the estimated future cash flows discounted using the original effective interest rate of the financial assets (i.e., the effective interest rate that is used to determine amortized cost).

Any difference between the previous carrying amount and the new measurement of the impaired asset is recognized as an impairment loss in profit or loss. The would be the case if the estimated future cash flows have decreased.

84


Tat Keung Limited lends $2 million to Customer LC. Based on historical experience, Tat Keung Limited expects that 2% of the principal amount of loans given will not be recovered. In view of subprime and credit crunch in the United States and worldwide market, the directors of Tat Keung Limited proposed to recognise an immediate impairment loss of $40,000 when the loan is made to Customer LC. Please discuss whether this treatment is allowed by PSAK 55.

85

INSTRUMEN KEUANGAN:

PENYAJIAN DAN PENGUNGKAPAN

2. Presentation

Presentation from the perspective of the issuer on

Liability and equity

Compound financial instruments

Treasury shares

Interests, dividends, losses and gains

The issuer of a financial instrument is required to classify the

instrument, or its component parts, on initial recognition as

a financial liability,

a financial asset or

an equity instrument

in accordance with

the substance of the contractual arrangement and

the definitions of a financial liability, a financial asset and

an equity instrument.

Offsetting

2. Presentation


Liability and equity

2. Presentation


Liability and equity Contractual Obligation to Deliver Cash/Financial Asset

In differentiating a financial liability from an equity

instrument, a critical feature is the existence of a

contractual obligation of an issuer either

1. to deliver cash or another financial asset to the

holder or

2. to exchange financial assets or financial liabilities with

the holder under conditions that are potentially

unfavourable to the issuer. For equity instrument, an

issuer has no such contractual obligation.

If an entity does not have an unconditional right to avoid

delivering cash or another financial asset to settle a

contractual obligation,

the obligation meets the definition of a financial liability.

90

2. During 2004, entity A has issued a number of financial instruments. It is evaluating how each of these instruements should be presented under IAS 32: a. A perpetual bond (i.e., a bond that does not have a maturity date) that pays

5% interest each year. b. A mandatory redeemable share with a fixed redemption amount (i.e., a

share that will be redeemed by the entity at a future date) c. A share that is redeemable at the option of the holder for a fixed amount of

cash. d. A sold (written) call option that allows that holder to purchase a fixed

number of ordinary shares from Entity A for a fixed amount of cash.

Required For each of the above instruments, discuss whether it should be classified as a financial liability and, if so, why.


2. Presentation Example

A preference share with a legal form of equity but it is a financial liability if:

It provides for mandatory redemption by the issuer for a fixed or determinable amount at a fixed or determinable future date.

It gives the holder the right to require the issuer to redeem the instrument at or after a particular date for a fixed or determinable amount.

The following circumstances indicate that an entity does not have

unconditional right to avoid delivering cash or another financial asset:

1. A restriction on the ability of an entity to satisfy a contractual

obligation, such as lack of access to foreign currency or the need to

obtain approval for payment from a regulatory authority; and

2. A contractual obligation that is conditional on a counterparty

exercising its right to redeem.

2. Presentation


Liability and equity Settlement in an Entity’s Own Equity Instruments

A contract is not an equity instrument solely because it

may result in the receipt or delivery of the entity’s own

equity instruments.

‒ An entity may have a contractual right or obligation to

receive (or deliver) a number of its own shares (or

other equity instruments) that varies so that the fair

value of the entity’s own equity instruments to be

received (or delivered) equals the amount of the

contractual right (or obligation).

‒ A contract that will be settled by the entity delivering

or receiving a fixed number of its own equity

instruments in exchange for a variable amount of

cash or another financial asset is also a financial

asset or financial liability.

2. Presentation Example

Knut Limited contracted to deliver 100 shares of its own equity instruments in return for an amount of cash calculated to equal the value of 1,000 ounces of gold.

Is it an equity instrument?

The contract is not an equity instrument.

Even a fixed number of Knut’s own equity instrument will be delivered, Knut will

receive a variable amount of cash calculated to equal the value of 1,000 ounces

of good. Knut’s fixed number of its own equity instrument is thus not exchanged

for a fixed amount of cash or a fixed amount of another financial asset.

2. Presentation


Liability and equity Contingent Settlement Provisions

Require the entity to deliver cash or another financial asset

in the event of the occurrence or non-occurrence of

uncertain future events (or on the outcome of uncertain

circumstances) that are beyond the control of both the

issuer and the holder of the instrument.

Even there is contingent settlement provision in an

instrument, the issuer still does not have the unconditional

right to avoid delivering cash or another financial asset.

Therefore, it is a financial liability of the issuer unless:

1. the part of the contingent settlement provision that

could require settlement in cash or another financial

asset is not genuine; or

2. the issuer can be required to settle the obligation in

cash or another financial asset only in the event of

liquidation of the issuer.

2. Presentation


Liability and equity Settlement Options

When a derivative financial instrument gives one party a

choice over how it is settled (e.g. the issuer or the holder

can choose settlement net in cash or by exchanging

shares for cash),

‒ it is a financial asset or a financial liability

• unless all of the settlement alternatives would

result in it being an equity instrument.

2. Presentation

Compound financial instruments


The issuer of a non-derivative financial instrument is also

required to evaluate the terms of the financial instrument

to determine whether it contains both

‒ a liability, and

‒ an equity component.

IAS 32 addresses the requirements on separating a

compound financial instrument from the issuer’s

perspective while IAS 39 sets out the requirements from

the holder’s perspective.

Both are explained together in section 5 of Chapter 15.

97

The sum of the initially recognized carying amounts of the iability and

equity components always equals the amount that would have been

assigned to the instrument as a whole.

Entity A issues a bond with a principal amount of $100,000. The holder

of the bond has the right to convert the bond into ordinary shares of

Entity A. On issuance, Entity A receives proceeds of $100,000. By

discounting the principal and interest cash flows of the bond using

interest rates for similar bonds without an equity component, Entity A

determines that the fair value of a similar bond without any equity

component would have been $91,000. Therefore, the initial carrying

amount of the liability component $91,000. The initial carrying amount

of the equity component is computed as the difference between the

total proceeds (fair value) of $100,000 and the initial carrying amount

of the liability component of $91,000. Thus the initial carrying amount

of the equity component is $9,000.

Bagaimana jurnal entri nya?


98

Entity A makes journal entry:

Dr Cash 100,000

Cr Financial liability 91,000

Cr Equity 9,000


The subsequent accounting for the liability component is governed by IAS

39. For instance, if the liability component is measured at amortized cost,

the difference between the initial carrying amount of the liability component

($91,000 in the example) ad the principal amount at maturity ($100,000 in

the example) is amortized to profit or loss as an adjustment of interest

expense in accordance with the effective interest method. This has the

effect of increasing interest expense as compared with the stated interest

rate on the bond.

2. Presentation


Treasury shares (an entity’s own equity instruments

reacquired by itself or its subsidiaries)

Those instruments are deducted from equity

Cannot be classified as an asset

No gain or loss is recognised in profit or loss on the

purchase, sale, issue or cancellation of an entity’s own

equity instruments.

Such treasury shares may be acquired and held by the

entity or by other members of the consolidated group.

Consideration paid or received is reognised directly in

equity.

The amount of treasury shares held is disclosed separately

either on the face of the balance sheet or in the notes.

Treasury shares

Treasury shares (4,000 x $8) 32,000

Cash 32,000

Illustration: On February 1, 2011, Mead acquires 4,000 shares

of its share at $8 per share.

Accounting for Treasury Shares

SO 3 Explain the accounting for treasury shares.

Illustration 11-8



Equity Section with Treasury Shares

Both the number of shares issued (100,000), outstanding (96,000), and the

number of shares held as treasury (4,000) are disclosed.

Illustration 11-9

Disposal of Treasury Shares

Above Cost

Below Cost

Both increase total assets and equity.




Illustration: On February 1, 2011, Mead acquired 4,000 of its

share at $8 per share.

On July 1, Mead sells for $10 per share 1,000 shares of its

treasury share, previously acquired at $8 per share.



Above

Cost

July 1

Share premium - treasury 2,000

Cash 10,000

A corporation does not realize a gain or suffer a loss from share

transactions with its own shareholders.

Share premium - treasury 800



On Oct. 1, Mead sells an additional 800 treasury shares at $7

per share.



Oct. 1

Treasury shares (800 x $8) 6,400

Cash 5,600

Below

Cost

Share premium - treasury 1,200



On Dec. 1, assume that Mead, Inc. sells its remaining 2,200

shares at $7 per share.



Dec. 1

Retained earnings 1,000

Cash 15,400


Below

Cost

Limited

to

balance

on

hand

2. Presentation


Interest, dividends, losses and gains relating to a financial

instrument or a component that is a financial liability

are recognised as income or expense in profit or loss.

Distributions to holders of an equity instrument dividends

are debited by the entity directly to equity, net of any

related income tax benefit.

Transaction costs of an equity transaction, other than costs

of issuing an equity instrument that are directly attributable

to the acquisition of a business,

shall be accounted for as a deduction from equity, net of

any related income tax benefit.

Interests, dividends, losses and gains

2. Presentation


Financial asset and a financial liability are offset and the net

amount presented in the balance sheet when, and only

when, an entity:

1. currently has a legally enforceable right to set off the

recognised amounts; and

2. intends either

to settle on a net basis, or

to realise the asset and settle the liability

simultaneously.

In accounting for a transfer of a financial asset that does not

qualify for derecognition,

‒ the entity is not allowed to offset the transferred

asset and the associated liability

Offsetting

PSAK 60

PSAK 60 mengatur persyaratan pengungkapan

dalam laporan keuangan terhadap instrumen keuangan.

Sebelumnya diatur dalam PSAK 50 (revisi 2006): Instrumen Keuangan: Penyajian dan Pengungkapan

ED PSAK 60 diadopsi dari IFRS 7 versi Maret 2009

108

Perubahan PSAK 50 PSAK 50 & PSAK 60

Pengaturan mengenai pengungkapan Instrumen Keuangan yang berbeda dari pengaturan sebelumnya adalah:

Ruang Lingkup, mengatur hal‐hal yang sebelumnya belum diatur

Menegaskan signifikansi dari instrumen keuangan

Penjelasan lebih rinci mengenai risiko likuiditas

109

Ruang Lingkup

Untuk semua entitas dengan seluruh jenis instrumen keuangan, kecuali:

Penyertaan dalam entitas anak, entitas asosiasi dan ventura bersama, kecuali PSAK 4, 12, dan 15 menginjinkan menerapkan sesuai PSAK 55 (r2006)

Hak dan kewajiban imbalan kerja (PSAK 24)

Kontrak asuransi (PSAK 28) Instrumen, kontrak dan kewajiban keuangan dari transaksi berbasis saham (ED PSAK 53)

Instrumen ekuitas – puttable Instrument (ED PSAK 50 (r 2010))

110

Instrumen keuangan signifikan mempengaruhi posisi keuangan perusahaan.

Secara lebih tegas mensyaratkan entitas untuk mengungkapkan informasi yang memungkinkan pengguna laporan keuangan untuk mengevaluasi signifikansi instrumen keuangan terhadap posisi dan kinerja keuangan.

Signifikansi Instrumen Keuangan

Laporan Posisi Keuangan

Hal yang tidak disyaratkan dalam pengungkapan sebelumnya dalam Laporan Posisi Keuangan:

Nilai tercatat tiap kategori

Jika menetapkan pinjaman yang diberikan dan piutang dan liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba rugi.

Jumlah reklasifikasi ke dan dari setiap kategori

Rekonsiliasi perubahan pos penurunan nilai selama periode berjalan untuk setiap kelompokaset keuangan

112

Laporan Laba Rugi Komprehensif

Hal yang tidak disyaratkan dalam pengungkapan sebelumnya dalam Laporan Laba Rugi Komprehensif:

Laba atau rugi neto aset keuangan atau liabilitas keuangan

Total pendapatan dan beban bunga

Pendapatan dan beban imbalan dari aset atau liabilitas keuangan dan aktivitas wali amanat

Pendapatan bunga dari aset keuangan yang mengalami penurunan nilai

Jumlah kerugian penurunan nilai

114

Pengukuran nilai wajar yang diakui dalam laporan posisi keuangan mengungkapkan:

Tingkatan Hirarki Nilai Wajar:

Pengungkapan Nilai Wajar

Tingkat 1 Tingkat 2

Tingkat 3

Tingkatan

Tingkat 1 harga kuotasian (belum disesuaikan) dalam pasar aktif untuk aset atau liabilitas yang identik;

Tingkat 2 input selain harga kuotasian yang termasuk dalam Tingkat 1 yang dapat diobservasi untuk aset atau liabilitas, baik secara langsung (yaitu sebagai harga) atau secara tidak langsung (yaitu diperoleh dari harga); dan

Tingkat 3 input untuk aset atau liabilitas yang bukan berdasarkan data pasar yang dapat diobservasi (input yang tidak dapat diobservasi).

Pengungkapan Kualitatif

Pengungkapan Kuantitatif Risiko kredit

Aset keuangan yang melewati jatuh tempo atau mengalami penurunan nilai

Agunan dan peningkatan kualitas kredit yang diperoleh

Risiko likuiditas

Risiko Pasar

Analisis Sensitivitas

Pengungkapan risiko pasar lainnya

Jenis dan Tingkat Risiko yang Timbul

JENIS DAN TINGKAT RISIKO YANG TIMBUL DARI INSTRUMEN KEUANGAN

Secara tegas mensyaratkan entitas untuk mengungkapkan informasi yang memungkinkan para pengguna laporan keuangan untuk mengevaluasi jenis dan tingkat risiko yang timbul dari instrumen keuangan.

119


Eksposur dan timbulnya risiko

Tujuan, kebijakan dan proses pengelolaan

risiko serta metode untuk mengukur

Perubahan atas kedua hal diatas

120


Pengungkapan Risiko Kredit yang belum disyaratkan sebelumnya:

Jumlah dan analisa umur aset keuangan

yang jatuh tempo tetapi tidak mengalami

penurunan nilai

Jumlah dan analisa dan faktor penurunan nilai

Uraian agunan dan peningkatan perikatan kredit

121

CONTOH PENGUNGKAPAN TERKAIT AGUNAN

123


Pengungkapan Risiko Kredit yang belum disyaratkan sebelumnya: 1) Analisa jatuh tempo untuk non‐ derivatif

liabilitas keuangan

2) Analisa jatuh tempo untuk derivatif liabilitas

keuangan

3) Uraian pengelolaan risiko likuiditas

yang melekat pada point (1) dan (2)

124

CONTOH

126


Pengungkapan Analisa Sensitivitas yang

belum disyaratkan sebelumnya

untuk setiap jenis risiko pasar, yang menunjukkan bagaimana laba rugi dan ekuitas terpengaruh oleh perubahan pada variabel risiko yang relevan

Asumsi dan metode yang digunakan dalam analisa sensitivitas

Perubahan dari asumsi dan metode yang digunakan sebelumnya, dan alasan perubahannya.

127

Ilustrasi – Kebijakan Manajemen Risiko

Risiko keuangan Risiko usaha kendali pemerintah, patungan, kontraktor, cadangan, penetapan harga oleh pemerintah

Risiko keuangan Risiko pasar risiko nilai tukar mata uang asing, harga komoditi – analisis sensitivitas

Risiko kredit umur piutang, informasi penurunan nilai, rating utang yang dimiliki

Risiko likuiditas

Manajemen Modal Kebijakan dewan direksi adalah untuk mempertahankan basis modal yang kuat untuk menjaga keyakinan investor, kreditur dan pasar, dan untuk mempertahankan perkembangan bisnis di masa yang akan datang.

Nilai wajar

129 Sumber : LK Pertamina 2012

Ilustrasi – Pengungkapan Nilai wajar

Nilai wajar adalah suatu jumlah dimana suatu aset dapat dipertukarkan atau suatu liabilitas diselesaikan antara pihak yang memahami dan berkeinginan untuk melakukan transaksi wajar. Perbedaan pada setiap tingkatan metode penilaian dijelaskan sebagai berikut:

Harga dikutip (tidak disesuaikan) dari pasar yang aktif untuk aset atau liabilitas yang identik (Tingkat 1); Input selain harga yang dikutip dari pasar yang disertakan pada Tingkat 1 yang dapat diobservasi untuk aset dan liabilitas, baik secara langsung (yaitu sebagai sebuah harga) atau secara tidak langsung (yaitu sebagai turunan dari harga) (Tingkat 2); Input untuk aset atau liabilitas yang tidak didasarkan pada data pasar yang dapat diobservasi (informasi yang tidak dapat diobservasi) (Tingkat 3).

130 Sumber : LK Pertamina 2012

IFRS 9 : NEW STANDARD ON FINANCIAL INSTRUMENT

131

A comparison of IAS 39, IFRS 9 and IFRS 9R

IAS 39 IFRS 9 IFRS 9 R

Financial •  FVTPL •  FVTPL •  FVTPL asset - Debt •  Amortised •  AFS •  Amortised

cost •  L&R cost •  HTM •  FVOCI

Financial •  FVTPL •  FVTPL •  FVTPL asset - Equity

•  AFS •  FVOCI •  FVOCI

Financial •  FVTPL •  FVTPL •  FVTPL

liability •  Amortised •  Amortised •  Amortised

cost cost cost

8

Overview of three categories

Is objective of the entity’s Is objective of the entity’s No No

business model to hold the business model to collect

financial assets to collect contractual cash flows and

contractual cash flows? for sale?

Yes Yes

No Do contractual cash flows represent solely payments of principal

and interest? Fair

value Yes Yes

through Yes

P&L Does the company apply the fair value option to eliminate an

accounting mismatch?

No No

Amortised cost FV-OCI

9

Business model test

Business model assessment on debt instruments

IFRS 9 – Improvements*

To hold To sell To hold and to sell

Credit portfolios or Liquidity and run-off Trading portfolios

investment portfolios portfolios

Analyse indiviual contractual Analyse indiviual contractual

cashflow characteristics Residual category cashflow characteristics

(CCC) of instrument (CCC) of instrument no no

yes yes yes

Measured at fair value Measured at fair value Measured at cost

through OCI

Key question is Key question is

where these lines where these lines

are drawn. are drawn. 11

IFRS 9 New impairment model

- Moving from incurred loss to expected loss

Financial assets that were If deteriorated to On initial originated into investment credit-impaired* recognition

grade and have (subset of Bucket (Bucket 1)

deteriorated below 2/3)

investment grade since

* there is objective origination OR that were evidence of the criteria in originated below paragraphs 59(a)-(e) of

investment grade and IAS 39

suffered a significant Interest revenue deterioration in credit calculated on gross quality since origination. carrying amount Interest revenue (Bucket 2/3) Reserve full lifetime calculated on the

Interest revenue expected losses net carrying calculated on gross associated with the amount carrying amount probability of a loss

in the 12 months Lifetime expected Lifetime expected loss after the reporting loss allowance allowance date.

31

Three-bucket approach

Different model for different portfolios

•  Non credit-impaired on initial recognition

•  Credit-impaired on initial recognition

•  Loan commitments and guarantees

•  Trade receivables, lease receivables and modified assets

32

Some of the proposed changes under the new

hedging rules

Topic IAS 39 IFRS 9 – Proposed changes

Effectiveness testing 80-125% •  No more threshold, hedge must be “unbiased”

•  Qualitative and/or quantitative assessment based on

management’s risk strategy

Hedging risk Prohibited, Permitted as long as risk component is

components of non- except FX risk •  separately identifiable and

financial hedged items •  reliably measureable

Derivatives as Prohibited Permitted

hedged items

Hedging of net Prohibited Cash flow hedges of net positions are only be available for

position of forecast hedges of foreign currency risk as long as the items within

transactions the net position are specified in such a way that the pattern of

how they will affect the income statement is set out as part of

the initial hedge designation.

Basis adjustment Choice Mandatory

39

Some of the proposed changes under the new

hedging rules

Topic IAS 39 IFRS 9 – Proposed changes

Hedging a ‘layer’ of an Prohibited Permitted

entire item

Accounting for time Prohibited Based on the nature of the hedged item:

value of options •  ‘transaction related’: to be recognised in OCI with

reclassification to P/L

•  ‘time period related’: to be recognised in OCI and

amortised

Fair value hedging Changes in FV •  IAS 39 mechanics retained

to P&L, •  Require single note about cash flow and fair value hedges

adjustment to •  Disclosure of fair value hedge adjustment

hedged item

40

TERIMA KASIH

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