materi presentasi agus e siregar

Agus E. SiregarAgus E. Siregar Anggota DSAK - IAIAnggota DSAK - IAI

PSAK 50 & 55 (Revisi 2006)

Financial Instruments - Presentation, Recognition, Measurement & Disclosure

2

Accounting of Financial Instrum ents

Financial Instruments

PSAK 50 (IAS 32)

PSAK 55 (IAS 39)

Disclosure and presentation of Financial Instruments

Recognition and measurement of Financial Instruments

3Insurance contracts

Other loan commitmentsLoan commitments held for trading

Embedded derivatives

Derivatives on subsidiaries, associates and joint ventures

Own use commodity contracts

Financial guarantess

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

Derivatives – e.g:

IRS

Currency forwards/swaps

Purchased/written options

Commodity contracts

Collars/caps

Credit derivatives

Cash or net share settleable

Derivatives on own shares

Cash and cash equivalents

Lease payables

Tax balances

Employee benefits

Own equityOwn debt

Lease receivablesLoans and receivables

Investments in subsidiaries, associates and joint ventures

Debt and equity investments

Out of scopeWithin scope of PSAK 50 onlyWithin scope of PSAK 50 dan 55

SCOPE

4

CONTENTS OF PSAK 50 & 55

Classification – liability vs. equity Categories of financial instruments Measurement attributes The fair value option Impairment of financial assets Derecognition Disclosures of Financial Instruments

5

IAS 39 – MAIN IDEAS

ALL financial assets & financial liabilities should be shown on the Balance Sheet

Fair value is generally a more relevant measure of a financial asset than is historic cost

Changes in fair values of financial assets are measures of an entity’s performance and should be reported in the financial statements

The substance of a financial instrument should determine how it is accounted for, not its form

6

Financial Instrum ents - Definitions

Financial instrumentA contract that creates a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial asset Financial liability Equity instrument

7

Financial Instrument

Financial asset Financial liability Equity instrument

Fundamental Financial asset

Derivatives

Hedging Instruments

Loans/ Receivables

Held to Maturity

Available for Sale

Trading Assets

Plain Derivatives

Embedded Derivatives

Fair Value Hedge

Cash-flow Hedge

Hedge of a net investment in a foreign operation

Macro Hedge

Liabilities Held for Trading

Other liabilities

Plain Equity Capital

Compound Equity Instrument

Synthetic Equity Instrument

8

FINANCIAL ASSETS

FOUR CATEGORIES: FINANCIAL ASSETS AT FV THROUGH P/L HELD TO MATURITY INVESTMENTS LOANS AND RECEIVABLES AVAILABLE FOR SALE FINANCIAL

ASSETS

9

Loans & receivables

Other debt capital

Intention to keep

Held-to maturity

for speculative purpose

Available-for-sale Trading

Fair Value measurable

Purchase costs Fair Value

no

yes

yes

yesno

no

yes

no

no

yes

CATEGORIES OF FINANCIAL ASSETS

10

MEASUREMENT OF FINANCIAL ASSETS

YesEquityFair ValueAFS Financial Assets

YesIncome StatementAmortised CostHeld to Maturity Investments

YesIncome StatementAmortised CostLoans and Receivables

NoIncome StatementFair ValueFinancial assets at FV through P/L

Impairment test (if objective evidence)

Changes in Carrying Amount

MeasurementFinancial Assets

11

ASET/LIABILITAS KEUANGAN PADA NILAI WAJAR MELALUI LAP L/R

DIPERDAGANGKAN:• Diperoleh/dimiliki untuk tujuan dijual/dibeli kembali dalam waktu

dekat; (trading)• Bagian dari portofolio instrumen keuangan tertentu yang

memiliki pola ambil untung dalam jangka pendek; atau • merupakan derivatif (kecuali derivatif yang ditetapkan sebagai

instrumen lindung nilai dan efektif).

2. DITETAPKAN UNTUK DINILAI PADA NILAI WAJAR MELALUI LAP LABA RUGI (Designated at initial recognition – the fair value option)

12

INVESTASI YANG DIMILIKI HINGGA JATUH TEMPO ......(1)

KRITERIA:KRITERIA: Aset keuangan non Aset keuangan non

derivatif; derivatif; Pembayaran Pembayaran tetap/telah ditentukan; tetap/telah ditentukan; Jatuh tempo telah Jatuh tempo telah ditetapkan; ditetapkan; Entitas memiliki Entitas memiliki maksud dan maksud dan kemampuan untuk kemampuan untuk memiliki hingga memiliki hingga jatuh tempojatuh tempo

ditetapkan sbg aset ditetapkan sbg aset keu pada nilai wajar keu pada nilai wajar melalui L/Rmelalui L/R;;

ditetapkan sbg AFS; ditetapkan sbg AFS; memenuhi definisi memenuhi definisi

kredit dan tagihan.kredit dan tagihan.

KECUALI:

13

KREDIT & TAGIHAN

KRITERIA:KRITERIA: Aset keuangan non Aset keuangan non

derivatif; derivatif; Pembayaran Pembayaran tetap/telah ditentukan; tetap/telah ditentukan; tidak mempunyai tidak mempunyai kuotasi di pasar aktif.kuotasi di pasar aktif.

ditetapkan sbg aset keu pada nilai wajar mel L/R; diklasifikasikan sbg trading/AFS; dimaksudkan utk dijual dlm waktu dekat; kredit/tagihan yg investasi awalnya tdk akan diperoleh kembali scr substansial (kec krn penurunan kualitas), shg hrs diklasifikasikan sbg AFS.

KECUALI:

14

KRITERIAKRITERIA:: Aset keuangan non derivatif; Aset keuangan non derivatif; Ditetapkan sbg AFSDitetapkan sbg AFS; ; Tidak diklasifikasikan sbg: Tidak diklasifikasikan sbg:

(a) (a) kredit/tagihan, kredit/tagihan, (b) (b) dimiliki hingga jatuh tempo, dimiliki hingga jatuh tempo, atau atau (c) (c) dinilai pada nilai wajar melalui L/R.dinilai pada nilai wajar melalui L/R.

Asset Keuangan Tersedia Untuk Dijual

15

Held for Trading Held to Maturity

Loans and receivables

Available for Sale

never

never

never

never

never

Reclassification of Financial Assets

never

never

never

never

Allowed only when active market emerged after classification

Allowed when justified

Allowed under conditions

16

LARANGAN UNTUK KLASIFIKASI HTM SELAMA 2 TAHUN JIKA : Entitas menjual/mereklasifikasi investasi HTM dalam jumlah yang cukup signifikan, kecuali:

• dilakukan saat mendekati jatuh tempo/tgl pembelian kembali;• entitas telah menagih hampir seluruh jumlah pokok

aset keuangan; atau • terkait dengan kejadian tertentu yang berada diluar kendali

entitas, tidak berulang, dan tidak dapat diantisipasi secara wajar

oleh entitas.

TAINTING RULE

17

MEASUREMENT

18

ASET KEUANGAN / LIABILITAS KEUANGAN

INITIAL MEASUREMENT

DIAKUI PADA NILAI WAJAR MELALUI LAPORAN L/R

TIDAK DIAKUI PADA NILAI WAJAR MELALUI LAPORAN L/R

NILAI WAJAR NILAI WAJAR +

BIAYA TRANSAKSI

19

Fair Value (Nilai Wajar)

Amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arms length transaction

20

ASUMSI PENGUKURAN NILAI WAJAR

Going Concern;

Tidak terdapat pembatasan skala operasi secara material;

Transaksi tidak dilaksanakan dengan

persyaratan yg merugikan.

21

NILAI WAJAR (Hierarchy)HARGA KUOTASI DI PASAR AKTIF

Dianggap ada jika:• Harga kuotasi tersedia dan dapat

diperoleh secara rutin;• Mencerminkan transaksi pasar yang

aktual dan rutin dalam suatu transaksi yang wajar.

Aset yang dimiliki Liabilitas yang diterbitkan

Aset yang akan diperoleh Liabilitas yang dimiliki

Harga Penawaran Berlaku(Current Bid Price)

Harga Permintaan (Asking Price)

22

NILAI WAJAR

HARGA KUOTASI TIDAK TERSEDIA

TEKNIK PENILAIAN

Recent arm’s lengthmarket transactions

Fair Value ofSimilar Instruments

Discounted Cash Flow Analysis

Option Pricing Models

23

SUBSEQUENT MEASUREMENT –FINANCIAL ASSETS

YesEquityFair ValueAFS Financial Assets

YesIncome StatementAmortized CostHeld to Maturity Investments

YesIncome StatementAmortized CostLoans and Receivables

NoIncome StatementFair ValueFinancial assets at FV through P/L

Impairment test (if objective evidence)

Changes in Carrying Amount

MeasurementFinancial Assets

24

SUBSEQUENT MEASUREMENT –FINANCIAL LIABILITIES

Amortized costOther (non trading) financial liabilities

Fair valueFinancial liabilities at FV through P/L

MeasurementFinancial Liabilities

25

Amortized Cost

• Amortized Cost = Cash Paid – Principal Repayment +/- Unamortised premium or discount – Impairment

• Requires use of Effective Interest Rate (EIR) Method.

• No option to use straight line method. • Revisions to estimates must be made

using cumulative catch up method

26

Effective Interest Rate (EIR) EIR method is a method of calculating amortization using

the effective interest rate of a financial asset or liability EIR is the rate that exactly discount the estimated stream

of future cash flow/receipts through the expected life of financial instrument, to arrive at a present value that equals the initial cost of the financial instrument.

EIR will differ from contractual interest rate when there are : transaction fees; premium or discount; and/or stepped up/down interest rate/ margin.

EIR of instrument that have call, put, pre-payment or term extension options should be determined based on expected life.

Steps to be taken : 1. Determine the cost at initial recognition; 2.Calculate effective interest rate; 3. Recognized effective interest in P/L and adjust amortized cost.

27

Im pairm ent of Financial Assets

All financial assets must be evaluated for impairment – except those measured at FVTPL

IAS 39 is an ‘incurred loss’ model Recognised only if incurred Future expected losses not recognised

Under IAS 39, for a loss to be recognised objective evidence of impairment must have occurred

after the initial recognition Loss event must have reliably measurable effect on

the PV of estimated future CF

28

Im pairm ent: Individual vs. collective assessm ent of Financial Assets Individually significant assets:

Must first be individually assessed If no objective evidence of impairment on an individual

basis –must be evaluated collectively in a group of financial assets with similar credit risk characteristics

Collective evaluation: For assets not individually significant and other assets

not evaluated individually

29

PENURUNAN NILAI DAN TIDAK TERTAGIHNYA ASET KEUANGAN

Terdapat “Bukti Obyektif” atas penurunan nilai

Evaluasi penurunan dilakukan setiap Tanggal Neraca

30

IMPAIRMENT CRITERIA

High probability

of bankruptcy

Disappearance of an active

market because of financial difficulties

Granting of a concession

to issuer

Adverse change in a factor

(e.g. unemployment

rates)

Breach of contract

Significant financial difficulty of the issuer

31

PENGHENTIAN PENGAKUAN

Pengeluaran aset keuangan atau kewajiban keuangan yang sebelumnya telah diakui dari neraca entitas.

32

DERECOGNITION – FIN ASSETS

Consolidation

Part or entire asset?

Right to cash flow expired

Right to cash flow transferred

Pass through arrangement

Substantially all risk & rewards transferred

Substantially all risk & rewards retained

Control retained ?

Continuing involvement ?

NO

NO

YES

NO

NO

YES

Derecognition

YES

Derecognition

Derecognition

No derecognition

No derecognition

NO

YES

YES

NO

YES

33

Consolidation


DerecognitionRights to cash flows expired?

Rights to cash flows transferred?

Control retained?

Substantially all risk and rewardtransferred?

Substantially all risk and rewardretained?

Pass through arrangement? No derecognition

Derecognition

No derecognition

Derecognition

Continuing involment

YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

YES

NO

Consolidate allSubsidiaries

(including any SPEs)

34

Consolidation




Control retained?




Derecognition

No derecognition

Derecognition


YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

YES

NO

Determine whether theFlowchart should be

Applied to a part or allof an asset (or group of

similar assets)

35

Consolidation




Control retained?




Derecognition

No derecognition

Derecognition


YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

YES

NO

Have the right to theCash flows from the

Asset expired?

36

Consolidation




Control retained?




Derecognition

No derecognition

Derecognition


YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

YES

NO

Has the entitytransferred its rights toreceive the cash flows

From the asset?

37

Consolidation




Control retained?




Derecognition

No derecognition

Derecognition


YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

YES

NO

Has the entity assumedan obligation to pay the

cash flows from theasset?

38

Consolidation




Control retained?




Derecognition

No derecognition

Derecognition


YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

YES

NO

Has the entityTransferred

substantially all riskand reward?

39

Consolidation




Control retained?




Derecognition

No derecognition

Derecognition


YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

YES

NO

Has the entityretained substantially

all risk and reward?

40

Consolidation




Control retained?




Derecognition

No derecognition

Derecognition


YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

YES

NO

Has the entityretained control of

the asset?

41

Consolidation




Control retained?




Derecognition

No derecognition

Derecognition


YES

YES

YES

YES

YES

NO

NO

NO

NO

NO

YES

NO

Continuing involement

42

CONTOH PENERAPAN PRINSIP PENGHENTIAN PENGAKUAN (Derecognition)

Perjanjian penjualan efek dg janji dibeli kembali dan jaminan surat berharga (repo style transaction) – aset yang secara substansial sama tidak dihentikan pengakuannya karena pihak yang mentransfer secara substansial masih memiliki seluruh risiko dan manfaat.

Hak pertama untuk menolak pembelian kembali pada nilai wajar menghentikan pengakuan aset.

Opsi jual dan opsi beli dalam posisi sangat untung tidak dihentikan pengakuannya.

Aset yang tergantung dari nilai wajar opsi jual atau opsi beli atau forward repurchase agreement - menghentikan pengakuan aset.

43

DerecognitionFinancial Liabilities

Derecognition if extinguished discharged, cancelled or expires

Extinguishment occurs through: Debtor repays the creditor, or Debtor is legally released from primary

responsibility for the liability.

44

DERIVATIF

Instrumen keuangan atau kontrak lain dengan karakteristik:

• Nilainya berubah akibat dari perubahan variabel yg mendasari (spt suku bunga, harga, nilai tukar, dll).

• Tanpa investasi awal neto atau nilainya lebih kecil dari nilai kontrak sejenis yang memberi pengaruh yang sama thd perubahan faktor pasar.

• Diselesaikan pd tgl tertentu di masa mendatang.

45

KARAKTERISTIK INS. DERIVATIF

Dibedakan :

Freestanding derivatif (option, forward contract, swap, future contract)

Em bedded derivatif

46

EMBEDDED DERIVATIF

Kom ponen dr hybrid/com bined instrum ent;

Didalam nya tdp kontrak utam a non derivatif;

Sebagian arus kas yg berasal dr instrum en yg digabungkan bervariasi spt derivatif yg berdiri sendiri.

47

EMBEDDED DERIVATIVES – Accounting Treatm ent

Is the contract carried at FV through P/L

Would it be a derivative if it was freestanding

Is it closely related to the host contract

Split and seoarately account

Do not split out the embedded derivative

NO YES NO

YES YESNO

48

DERIVATIF MELEKAT YANG DIPISAHKAN

PENCATATAN KONTRAK UTAMA

Instrumen keuangan

Non Instrumen keuangan

PSAK 55 PSAK lain yang sesuai

PENCATATAN DERIVATIF

PSAK 55

49

Entitas yang diharuskan untuk memisahkan derivatif melekat dari kontrak utamanya, namun tidak dapat mengukur derivatif melekatnya secara terpisah, maka keseluruhan kontrak yang digabungkan diperlakukan sebagai aset/liabilitas keuangan yang dimiliki untuk diperdagangkan.

50

HEDGE ACCOUNTING

51

GAIN

GAIN

LOSS

LOSS

Changes in fair value of HEDGED ITEM

Changes in fair value ofHEDGINGINSTRUMENT

Unsur yang dilindungi Instrumen pelindung

Management expectation

Effectiveness vs Ineffectiveness

OBJECTIVE OF HEDGING & HEDGE ACCOUNTING

54

Cash Flow Hedges

Fair Value Hedges

Foreign Currency Hedges

Net Investm ents in Foreign Operations

FX-Denom inatedForecasted Transactions

(Third Party or Intercom pany)

FX-Denom inatedAFS Securities or

Firm Com m itm ents

Floating-Rate AssetsFloating-Rate LiabilitiesForecasted Transactions

Fixed-Rate AssetsFixed-Rate LiabilitiesFirm Com m itm ents

JENIS LINDUNG NILAI

55

Hedge… Fair Value Hedging

Definition A fair value hedge is a hedge of exposure to changes in the fair value of a recognised asset or liability

arising from a specific risk. Examples An interest rate swap hedging changes in fair value

of a fixed rate borrowing due to changes in interest rates.

A forward currency contract hedging a foreign currency receivable, including debt.

Accounting Changes in fair value of both the hedged item and the hedge instrum ent are recognised in the Incom e

statem ent. Usage Requires docum entation & testing, but is

econom ically no different from “Trading” designation as all changes in fair value go to incom e.

57

Hedge… Cash Flow Hedging

Definition A cash flow hedge is a hedge of an exposure to changes in future cash flows … for exam ple variable ` interest rate risk.

Examples A variable rate corporate loan asset hedged with an interest rate swap to convert the floating rate loan coupons into fixed rate.

A highly probable forecast issuance of variable rate debt hedged by a swaption to protect against increases in m arket rate for debt during the pre issuance period.

Accounting To the extent the hedge is effective, changes in fair value of the hedging instrum ent are deferred into a special reserve (‘Equity’) and released into the incom e statem ent only when the hedged item affects the sam e

Usage Extensive docum entation & testing is needed due to the different treatm ents for the effective and ineffective

portions.

60

Sim ilar to cash-flow hedges Effective hedge to be disclosed in equity capital Non-effective hedge subject to incom e statem ent Foreign Operation:

Subsidiary Associated enterprise Joint venture Branch office

In a “foreign currency area”

HEDGE OF A NET INVESTMENT IN A FOREIGN OPERATION

61

Hedge Types...

Assets Bank

Markets

Liabilities Bank

Markets

FLOAT

FLOATFIXED

FIXED

FLOATFIXED

Convert Floating Rate > Fixed Rate=

Cash Flow Hedge

Convert Fixed Rate > Floating Rate=

Fair Value Hedge

62

KRITERIA AKUNTANSI LINDUNG NILAI

1. Saat dimulainya lindung nilai, tdp penetapan & pendokumentasian formal atas hubungan lindung nilai, tujuan manajemen risiko entitas & strategi pelaksanaan lindung nilai;

2. Hubungan lindung nilai diharapkan efektif;

3. Untuk lindung nilai arus kas, prakiraan transaksi yg merupakan subyek dari lindung nilai harus bersifat kemungkinan besar terjadi dan tdp eksposur yg mempengaruhi L/R;

4. Efektivitas lindung nilai dapat diukur secara handal;

5. Lindung nilai dinilai secara berkesinambungan dan efektif sepanjang periode lindung nilai.

63

DOKUMENTASI YANG DIPERLUKAN

Identifikasi hedged item s vs hedging instrum ents.

Sifat risiko yang dilindungi

Strategi m anajem en risiko dan lindung nilai

Penilaian efektifitas instrum en lindung nilai

64

Risks m ust be identifiable

Risk m ust be foreseeable

Risk m ust be realistically m easured

Precise attribution of hedging instrum ent to hedged item

Reason:

Im pact of hedging in financial report should be as neutral as possible

HEDGE EFFECTIVENESS REQUIREMENTS

65

HEDGE EFFECTIVENESS

20

50

-50

-20

+ 20

- 20

Perubahan nilai wajar hedging instruments

Perubahan nilai wajar hedged items

Kw - 1 Kw - 2 Kw - 3 Kw - 4

66

HEDGE EFFECTIVENESS

Efektifitas dihitung secara prospektif dan retrospektif

Hasil aktual berada dalam kisaran 80 -125% Seluruh lindung nilai yang tidak efektif diakui

dalam laporan L/R (termasuk ketidakefektifan dalam kisaran 80 -125%)

67

PENGHENTIAN AKUNTANSI LINDUNG NILAI

1. Instrum en yg dilindung nilai jatuh tem po/dijual/ dihentikan/direalisasi

2. Lindung nilai tidak lagi m em enuhi kriteria akuntansi lindung nilai (cth: tidak lagi efektif)

3. Lindung nilai arus kas untuk transaksi yang diperkirakan tidak lagi diharapkan untuk terjadi

4. Entitas m encabut penetapan lindung nilai

68

AKHIR AKHIR PRESENTASIPRESENTASI

Terima KasihTerima Kasih

Disclaimer : Presentasi ini bukan merupakan pendapat Dewan Standar Akuntansi Keuangan (DSAK) – IAI maupun Bank Indonesia

materi presentasi agus e siregar

Documents