psak 50 dan 55 overview

PSAK 50 dan 55OverviewOverview

Dwi MartaniKetua Departemen Akuntansi FEUIAnggota Tim Implementasi IFRS

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Agenda

Overview PSAK 50 dan 55 dan perubahanya1

Definisi2 Definisi2

Pengakuan, pengukuran, penyajian3 g p g p y j3

Ilustrasi dan Contoh4

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Instrumen Keuangan 50,55,60

Instrumen Keuangan

IAS 32 IAS 39 IFRS 7

• Definisi dan klasifikasi • Definisi klasifikasi

PSAK 50 PSAK 55 PSAK 60Pengungkapan• Definisi dan klasifikasi

• Pemisahan liabilitas keuangan dan ekuitas

• Akuntansi untuk

• Definisi, klasifikasi dan reklasifikasi

• Pengakuan dan penghapusan

Pengungkapan instrumen keuangan dan risiko

instrumen keuangan majemuk.

• Akuntansi untuk penarikan saham dan

• Pengukuran setelah pengakuan awal

• Akuntansi untuk derivarif untuk

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penarikan saham dan saham treasury

• Saling hapus atas aset dan liablitas

derivarif untuk diperdagangkan dan hedging.

Challenging issues from financial instruments

Distinguishing b t fi i l

Recognition of “off-balance

between financial liability and equity

instrument

sheet” instruments including executory contracts

Separation of

Different accounting treating forembedded

derivatives

treating for hedging and trading instruments

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Perbandingan Pengaturan - Transaksi

PSAK 50 (1998):Investor

PSAK 50 (Rev. 2010):Penerbit efekInvestor

Investasi dalam efektertentu

• Efek utangEfek ekuitas

Penerbit efekPenyajian Kewajiban keuangandan Ekuitassaling hapus aset keuangan dengan kewajiban keuangan• Efek ekuitas

PSAK 55 (1999):InvestorIntrumen derivatif dan

dengan kewajiban keuanganRevisi 2010 Puttable instrument

PSAK 55 (Rev.2006):Investor/pemilik hak tagih

transaksi lindung nilai.Aspek Perlakuan Akuntansi:

Pengakuan, Pengukuran, Penyajian dan

Pengakuan dan pengukuran• Instrumen keuangan

– Aset keuangan– Kewajiban keuanganPenyajian dan

Pengungkapane aj ba eua ga

Instrumen derivatifAkuntansi lindung nilai

PSAK 60 (Rev.2010):P k i t

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Pengungkapan instrumenkeuangan

Perbedaan Pengaturan

Ruang lingkupPengakuanKategori instrumen keuangan

Fair al e optionFair value optionReklasifikasiPenurunan nilaiPenurunan nilaiPenghentian pengakuan

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PSAK 50 R – Instrumen Keuangan Penyajian

Skop meliputi seluruh tipe instrumen keuanganDefinisi detail atas instrumen keuangan : aset keuangan, liabilitas keuangan dan instrumen

k itekuitasInstrumen ekuitas adalah kontrak yang

b ik k d h k idmemberikan kepada pemegangnya hak residu atas aset entitas setelah dikurangi dengan semua liabilitasliabilitasAlokasi nilai buku instrumen keuangan untuk komponen ekuitas dan utang Nilai utangkomponen ekuitas dan utang. Nilai utang ditetapkan terlebih dahulu

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PSAK 50 R – Instrumen Keuangan Penyajian

Pembelian saham diperoleh kembali (treasury stock) dicatat sebagai perubahan atas ekuitas sehingga tidak ada keuntungan/kerugian yang diakuidiakuiTermasuk dalam definisi aset dan liabilitas keuangan adalah kontrak yang diselesaikankeuangan adalah kontrak yang diselesaikan dengan instrumen ekuitas suatu entitas.Aset dan liabilitas keuangan diakui ketika entitasAset dan liabilitas keuangan diakui ketika entitas mengambil bagian dalam suatu kontrak provisi atas suatu instrumen

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PSAK 50 R (2010) – Instrumen Keuangan Penyajian

Semua ketentuan tentang pengungkapan dipindahkan ke PSAK 60 (IFRS 7)PSAK 60 (IFRS 7)Tambahan pengaturan khusus tentang :

puttable instrument , kewajiban untuk menyerahkan bagian aset neto p , j y gsecara prorata saat likuidasi, dan rights, opsi, waran dikategorikan dandisajikan sebagai liabilitas keuangan, akan tetapi dapat dikategorikan sebagai instrumen ekuitas jika memenuhi syarat-syarat tertentu.puttable instrumentinstrument Instrumen yang mempunyai fitur opsi jual (puttable instrument) adalah instrumen keuangan yang memberikan hak kepada pemegangnya untuk menjual kembali instrumen kepada penerbit dan memperoleh kas atau j p p paset keuangan lain atau secara otomatis menjual kembali kepada penerbitpada saat terjadinya suatu peristiwa yang tidak pasti di masa yang akan datang atau kematian atau purna karya dari pemegang instrumen.

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PSAK 55 R – Instrumen keungan pengakuan dan Pengukuran

► Instrumen keuangan diukur pada pengakuan awal sebesar► Instrumen keuangan diukur pada pengakuan awal sebesar nilai wajar ditambah dengan biaya transaksi kecuali untuk instrumen yang diukur dengan menggunakan nilai wajar.

► Penghapusan (dererecognition) aset keuangan didasarkan► Penghapusan (dererecognition) aset keuangan didasarkan atas kombinasi “risk and reward” dan pendekatan pengendalian. Evaluasi atas risk and reward diakukan sebelum evaluasi atas transfer pengendaliansebelum evaluasi atas transfer pengendalian

► Pengakuan gain/loss atas penghapusan (extinguishment) liabilitas keuangan ketika utang baru diterbitkan memiliki persyaratan (term) yang berbeda dengan utang lama.

► Restrukturisasi utang yang menyebabkan modifikasi substansial term dapat menghasilkan gain/loss pada saat p g g ppenerbitan liabilitas baru.

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Empat kategori aset keuangan:1. Aset keuangan yang ditetapkan untuk diukur pada nilai wajarg y g p p j

melalui laporan laba rugi;2. Investasi dimiliki hingga jatuh tempo;3. Pinjaman yang diberikan atau piutang; dan4. Aset keuangan tersedia untuk dijual.

Dua kategori liabilitas keuangan1) Kewajiban keuangan yang diukur pada nilai wajar melalui laporan1) Kewajiban keuangan yang diukur pada nilai wajar melalui laporan

laba rugi2) Kewajiban lain

Pengukuran aset keuangan dengan menggunakan nilaiPengukuran aset keuangan dengan menggunakan nilai wajar dalam arti luasBeberapa perbedaan dalam praktik dalam mengidentifikasi derivatif majemuk.

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Harga pasar atas aset yang dimiliki atau liabilitas yang k dit bitk d l h h (bid i ) dakan diterbitkan adalah harga penawaran(bid price) dan

untuk aset yang akan dibeli atau liabilitas yang dimiliki adalah harga permintaan (asking price).Pengukuran instrumen keuangan sebesar nilai amortisasi, premium dan diskon dimartisasi dengan menggunakan effective interest rateeffective interest rate.Aturan tainting atas held to maturity investment, pembatasan selama 2 tahun tidak boleh melakukan transfer antar kategori investasi.

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►Bukti obyektif atas penurunan nilai aset keuangan dan►Bukti obyektif atas penurunan nilai aset keuangan dan penilaiannya dilakukan setiap tanggal laporan keuangan.

►Penilaian penurunan nilai dilakukan secara individu dan k l k ifkolektif

►Pembalikan atas penurunan atas piutang, investasi HTM dan AFS instrumen utang dapat dilakukan jika memenuhidan AFS instrumen utang dapat dilakukan jika memenuhi kriteria.

►Reklasifikasi menjadi atau keluar dari FVPL dilarang f yang didesain untuk tujuan hedging

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PSAK 60 – Instrumen Keuangan Pengungkapan

Secara lebih tegas mensyaratkan Entitas harus untuk mengungkapkan informasi yang memungkinkan pengguna laporanmengungkapkan informasi yang memungkinkan pengguna laporan keuangan untuk mengevaluasi signifikansi instrumen keuangan terhadap posisi dan kinerja keuangan.Pengungkapan hirarki nilai wajarPengungkapan hirarki nilai wajar

Tingkat 1 harga kuotasi pasarTingkat 2 Input selain harga kuotasian (dapat diobservasi)

3Tingkat 3 Input yang bukan berdasar harga pasarJenis dan tingkat risiko yang timbul dari instrumen keuanganPengungkapak kualitatif (ekposure timbulnya risiko, tujuan, kebijak dan proses penelolaan risiko)Pengungkapan kuantatif (risiko kredit, risiko likuiditas, analisa sensitivitas)

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Klasifikasi Instrumen Keuangan

Definisi Instrumen Keuangansetiap kontrak yang menambah nilai aset keuangan entitas dansetiap kontrak yang menambah nilai aset keuangan entitas dan

kewajiban keuangan atau instrumen ekuitas entitas lainAset Keuangan

KasKontrak diselesaikan

dengan instrumen ekuitas entitas

Hak kontraktual

Instrumen ekuitas entitas

lain

Kewajiban kontraktual

Liabilitas keuangan

kontrak yang diselesaikan denganinstrumen ekuitas entitasj instrumen ekuitas entitas

Ekuitas

Kontrak yang memberikan hak residual atas aset suatu entitas setelah

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Kontrak yang memberikan hak residual atas aset suatu entitas setelahikurangi dengan seluruh kewajibannya

Instrumen Keuangan

setiap kontrak yang menambah nilai:► aset keuangan entitas , dan (disisi lain)g , ( )► kewajiban keuangan atau instrumen ekuitas entitas lain.

►Aset KeuanganKas

►Kewajiban KeuanganKewajiban kontraktual:

Instrumen ekuitas yang diterbitkan entitas lainHak kontraktual:• untuk menerima kas atau aset

keuangan lainnya dari entitas lain;

Kewajiban kontraktual:• untuk menyerahkan kas atau aset

keuangan lain kepada entitas lain; atau• untuk mempertukarkan aset keuangan

atau kewajiban keuangan dengantit l i d k di iatau

• untuk mempertukarkan aset keuangan dengan entitas lain dengan kondisi berpotensi untung; atau

entitas lain dengan kondisi yang berpotensi tidak menguntungkanentitas;

kontrak yang akan atau mungkindiselesaikan dengan menggunakan

Kontrak yang akan diselesaikan dengan penerbitan instrumen ekuitas entitas• nonderivatif• derivatif

g gginstrumen ekuitas yang diterbitkan entitasdan merupakan suatu:• non derivatif; atau• derivatif

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Ruang Lingkup

PSAK 50 & 55 PSAK 50 DiluarPSAK 50 & 5Investasi Efek Utang dan Efek Investasi di anak perusahaan, Ekuitas perusahaan asosiasi, venturaKredit dan tagihan Piutan sewaUtang Ekuitas Utang sewa, Utang Pajak dan

M f t KManfaat KaryawanKas dan Setara KasDerivatif Derivatif yang ditukarkan

dengan kas atau asetKotrak komoditi yang digunakan sendiridengan kas atau aset

keuangan lain atauinstrumen ekuitas entitas

digunakan sendiriJaminan keuangan

Derivatif pada anak perusahaan, i i dasosiasi dan ventura

Derivatif melekatKomitmen pinjaman yang tersedia untuk dijual

Komitmen pinjaman lainnyatersedia untuk dijual

Kontrak asuransi

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Jenis Instrumen Keuangan

Instrumen Keuangan

AsetKeuangan

LiabilitasKeuangan

InstrumenEkuitas

Instrumen Derivatif

Instrumen Lindung Nilai

Aset Keuangan yang diukur

pada nilai wajar

Liabilitas Keuangan yang

diukur pada

Instrumen Ekuitas Biasa

Derivatif Biasa

Atas Nilai Wajar

p jmelalui laporan

laba rugi

Investas dimiliki hingga jatuh

diukur pada nilai wajar

melalui laporan laba rugi Instrumen

Ekuitas Majemuk

Derivatif Melekat

Atas Arus Kas

gg jtempo

Pinjaman diberikan dan

Piutang

Kewajiban Lainnya

j

Instrumen Ekuitas

Sinstesis

Atas Investasi Neto pada

Operasi Luar Negeri

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Piutang

Aset keuangan tersedia untuk

dijual

Sinstesis

Kategori Aset Keuangan

NOPinjaman

atau Bentuk

Investasi dlm NO Tujuan Spekulatif YES

Piutang Utang

YES

Spekulatif

NO

YES Keinginanmemegang

Available for Sale

Trading

YESDiukur dg Nilai Wajar

Held to maturity No YES

19Nilai Beli

Nilai Wajar

Aset/Kewajiban Keuangan yang Diukur pada Nilai Wajar melalui Laporan Laba Rugi

Diperdagangkan:p g g– Diperoleh/dimiliki untuk tujuan dijual/dibeli kembali dalam waktu

dekat (trading);– Bagian dari portofolio instrumen keuangan tertentu yangBagian 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).instrumen lindung nilai dan efektif).

Ditetapkan untuk dinilai pada Nilai Wajar melaluiL L b R iLaporan Laba Rugi

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Investasi Dimiliki hingga Jatuh Tempo

Kriteria:Aset keuangan non derivatif; P b

Kecuali:dit t k b t Pembayaran

tetap/telah ditentukan; Jatuh tempo telah ditetapkan;

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

Entitas memiliki maksud dan kemampuan untuk

ditetapkan sbg AFS; memenuhi definisipinjaman yang diberikan dan piutang.kemampuan untuk

memiliki hingga jatuh tempo

diberikan dan piutang.

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Pinjaman Diberikan dan Piutang

Kecuali:

Kriteria:

Kecuali:

dimaksudkan utk dijual dlmwaktu dekat (trading);

Aset keuangan non derivatif; Pembayaran

/ l h di k

ditetapkan sbg aset keu pada nilai wajar mel L/R;

diklasifikasikan sbg AFS; tetap/telah ditentukan; tidak mempunyai kuotasi di pasar aktif,

g ;

pinjaman yang diberikan/ piutang yg investasiawalnya tdk akan diperolehkembali scr substansialkembali scr substansial(kecuali krn penurunankualitas), shg hrs diklasifikasikan sbg AFS.

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Aset Keuangan Tersedia untuk Dijual

KriteriaKriteria::KriteriaKriteria::

Aset keuangan non derivatif; Aset keuangan non derivatif;

DitetapkanDitetapkan sebagaisebagai AFSAFS; ;

TidakTidak diklasifikasikandiklasifikasikan sbgsbg: : TidakTidak diklasifikasikandiklasifikasikan sbgsbg: :

pinjamanpinjaman yang yang diberikandiberikan//piutangpiutang, ,

dimilikidimiliki hinggahingga jatuhjatuh tempo, tempo, atauatau

dinilaidinilai padapada nilainilai wajarwajar melaluimelalui L/R.L/R.

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pp jj //

Saling Hapus

Aset keuangan dan liabilitas keuangan saling hapus dan nilai netonya disajikan dalam laporan posisi keuangan jika, dan hanya jika, entitas:

saat ini memiliki hak yang dapat dipaksakan secara hukum untuk l k k li h t j l h t l h di k i t b t dmelakukan saling hapus atas jumlah yang telah diakui tersebut; dan

berniat untuk menyelesaikan secara neto atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara simultan.

Dalam akuntansi untuk transfer atas aset keuangan yangDalam akuntansi untuk transfer atas aset keuangan yang tidak memenuhi kualifikasi penghentian pengakuan, maka entitas tidak boleh melakukan saling hapus aset keuangan yang ditransfer dan liabilitas terkaity g

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Ilustration

In 2007 an entity enters into a contract thatIn 2007 an entity enters into a contract that requires it to issue shares to the value ofCU10,000 on 1 January 2010.

This is a financial liability since the entity is y yrequired to settle the contract by issuing avariable number of shares based on a fixed monetary amount.

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Review

In accordance with IAS32 Financial instruments: presentation, which ONE of the following types of instrument is best described as a contract that evidences a residual interest in the assets of an entity aftera residual interest in the assets of an entity after deducting the liabilities?

A Financial liabilityB GuaranteeC Equity.D Financial asset

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Review

In accordance with IAS32 Financial instruments: presentation, which ONE of the following types of instrument is best described as a contract that evidences a residual interest in the assets of an entity aftera residual interest in the assets of an entity after deducting the liabilities?

A Financial liabilityB GuaranteeC Equity.D Financial asset

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Review

The Stone Company has an account receivable from The Knowles Company of CU55,000. Stone also has an account payable to Knowles of CU15,000.Local law allows the enforceable right of set-off of the recognisedamounts. It is not normal business practice to settle the amounts net.What amount for accounts receivable and accounts payable should be presented in Stone's statement of financial position, according to IAS32 Financial instruments: presentation?

Accounts receivable Accounts payableA CU55,000 CU15,000, ,B CU40,000 NilC CU55,000 NilD Nil CU15 000D Nil CU15,000

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Transfer / Reklasifikasi

Allowed whenHTM

Allowed when justified change intention or eng of tainting period

Allowed under conditionsTAINTING RULETAINTING RULE

AFSFVTPL

No transfer into or out of trading

FVTPL

Reclassification among Sub-categories

• IAS 39 impose strict rules on reclassification of financial assetsPrevent earning management through selective recognition or non– Prevent earning management through selective recognition or non-recognition of gains or loss by reclassification

Reclassification of financial assetFrom To Reason Accounting treatment

HTM AFS Change in intention or ability to hold

1. Asset is remeasured at fair value2. Difference between carrying amount and fair

value taken to equityq y

AFS HTM Re-demonstrated positive intent and ability to hold;Rare situation

1. Fair value carrying amount on that date becomes new amortized cost

2. Previous gain/loss in equity amortized to income statement over remaining life using

where reliable measure of fair value is no longer available

effective interest method3. Difference between new amortized cost and

maturity amount amortized using effective interest method

SLoan HTM or AFS Not allowed None

FVTPL HTM or AFS Not allowed None

HTM or AFS FVTPL Not allowed None

Tainting

Entitas tidak boleh mengklasifikasikan aset keuangang gsebagai investasi dimiliki hingga jatuh tempo, jika dalamtahun berjalan atau dalam kurun waktu dua tahunsebelumnya telah menjual atau mereklasifikasisebelumnya, telah menjual atau mereklasifikasiinvestasi dimiliki hingga jatuh tempo dalam jumlah yang lebih dari jumlah yang tidak signifikan (more than

f )insignificant) sebelum jatuh tempo

Tainting

Kecuali penjualan atau reklasifikasi tersebut dilakukan:p jMendekati jatuh tempo atau tanggal pembeliankembali (contohnya, kurang dari tiga bulan sebelumj t h t )jatuh tempo) Setelah entitas telah memperoleh secara substansialseluruh jumlah pokok aset keuangan tersebut sesuaiseluruh jumlah pokok aset keuangan tersebut sesuaijadwal pembayaran atau entitas telah memperolehpelunasan dipercepat; atau(T k it d k j di t t t b d di l(Terkait dengan kejadian tertentu yang berada di luarkendali entitas, tidak berulang, dan tidak dapatdiantisipasi secara wajar oleh entitas.p j

Pengukuran Awal

Aset dan Kewajiban Keuangan

Diukur pada nilai wajar melalui laba rugi

Tidak diukur pada nilai wajar melalui laba rugimelalui laba rugi wajar melalui laba rugi

Nilai wajar Nilai wajar ditambahBiaya Transaksi

33(biaya transaksi expense) (biaya transaksi dikapitalisasi)

Nilai Wajar

Nil i di d di k kNilai di mana suatu aset dapat dipertukarkan atau suatu kewajiban diselesaikan antara pihak yang memahami dan berkeinginan untuk melakukan g

transaksi wajar (arm’s length transaction)

Bukan nilai yang akan diterima atau dibayarkan entitas dalam suatu transaksi yang dipaksakan, likuidasi yang dipaksakan, atau penjualan akibat

kesulitan keuangan.

Pengukuran – Nilai Wajar

Hirarki Penentuan Nilai Wajar*

Kuotasi harga di pasar aktif;Kuotasi harga di pasar aktif; Jika pasar tidak aktif, maka menggunakan teknikpenilaian yang meliputi:

penggunaan transaksi-transaksi pasar wajar yang terkini antara pihak-pihak yang mengerti, berkeinginan jika tersedia;berkeinginan, jika tersedia; referensi atas nilai wajar terkini dari instrumen lain yang secara substansial sama; analisis arus kas yang didiskonto (discounted cash flow analysis); dan

d l t h i ( ti i i d l)model penetapan harga opsi (option pricing model)

Measurement - at initial recognition

Case Study 1: Interest-free long-term loan to employeesBank grants IDR50 million interest free loan to anBank grants IDR50 million interest-free loan to an employee who has reached 5 years employment payable at end of 5th year.Normal interest rate for 5 year loan to individual is 10.8%.Assuming the present value of IDR50 million over 5 years with monthly repayment at 10 8% interest rate is IDR30with monthly repayment at 10.8% interest rate is IDR30 million.

Question: What is the initial measurement amount of the loan?

Measurement - at initial recognition

Case Study 2: Off-market loan with origination feeBank lends US$1 000 to ABC Company repayable in fullBank lends US$1,000 to ABC Company repayable in full at end of 5th yearInterest at 5% payable annuallyp y yMarket rate of similar loan is 8%ABC Company pays the Bank credit facility fee of US$120US$120Present value at discount rate of 8% of US$1,000 payable in full at end of 5th year plus 5% interest payablepayable in full at end of 5 year plus 5% interest payable annually is equal to US$880

Question: At what amount shall the Bank record the loan at $ $initial recognition - US$1,000 or US$880?

Ilustrasi

An entity issues 100,000 new CU1 ordinary shares which have a fair l f CU2 50 hvalue of CU2.50 per share.

Professional fees in respect of the share issue are CU50,000. The costs are deductible in arriving at the entity’s income tax liability. The

t f t i 40% Th t f th tit ti t th t trate of tax is 40%. The management of the entity estimates that costs incurred internally for time incurred working on the share issue are CU25,000.The internal costs sho ld be recognised in profit or loss for theThe internal costs should be recognised in profit or loss for the period. The professional fees are directly attributable to the transaction and CU30,000 should be deducted from equity(CU50 000 net of 40% tax)(CU50,000 net of 40% tax).Equity will increase by CU220,000 ((100,000 x CU2.50) - CU30,000).

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Review

The Grovemet Company acquired a financial asset at its market l f CU32 B k f f CU2 i d i l ti t thvalue of CU32. Brokers fees of CU2 were incurred in relation to the

purchase.In accordance with IAS39 Financial instruments: recognition and

t t h t t h ld th fi i l t i iti ll bmeasurement at what amount should the financial asset initially berecognised if it is classified as at fair value through profit or loss, or as available for sale?At fair al e thro gh A ailableAt fair value through Availableprofit or loss for saleA CU34 CU32B CU32 CU32C CU32 CU34D CU34 CU34D CU34 CU34

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Review

The Polar Company issued 200 new CU1 ordinary shares at a fair l f CU1 80 h P l id tifi d th f ll i t i l tivalue of CU1.80 each. Polar identified the following costs in relation

to the shareissue:(1) Professional fees of CU40.(2) Internal management time in managing the process of CU30(2) Internal management time in managing the process of CU30.

These costs are deductible in arriving at the entity's income tax liability. The current rate of tax is 30%.In accordance with IAS32 Financial instruments: presentation theIn accordance with IAS32 Financial instruments: presentation, the increase in equity in the statement of financial position of Polar as a result of the transaction will beA CU360A CU360B CU332C CU311D CU320

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Pengukuran Setelah Pengakuan Awal

a) Nilai wajarb) Biaya diamortisasic) Biaya (penggunaan terbatas hanya jikac) aya (pe ggu aa te batas a ya j a

nilai wajar tidak dapat ditentukan)

PSAK 55 mengklasifikasikan: 4 kategori aset keuangan2 k t i k jib k2 kategori kewajiban keuangan

Kategori tersebut menentukan metode yang digunakan untuk pengukuran selanjutnya

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digunakan untuk pengukuran selanjutnya

Biaya Amortisasi

Jumlah saat pengukuran awal

PLUS OR MINUSAkumulasi amortisasi dg effectiv interest method

PLUS OR MINUS

MINUSPembayaran

MINUSPenurunan Nilai

MINUS

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Suku bunga efektif

Suku bunga yang menyamakan antara nilai awal aset g y g ydengan nilai kini dari pembayaran yang diterima di masa mendatang.Nil i l t k t k bi t k iNilai awal aset keuangan termasuk biaya transaksi dan biaya lain terkait dengan perolehan/penerbitan aset/liabilitas keuanganSuku bunga efektif tidak selalu sama dengan suku bunga yang ditetapkan.S k b f ktif di k t k itSuku bunga efektif digunakan untuk mengitung amortisasi premium atau diskon

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Measurement - amortised cost (continued)(continued)

Th “ ff ti i t t t ” i th t th t tlThe “effective interest rate” is the rate that exactly discounts:

• Estimated future cash payments or receiptsEstimated future cash payments or receipts over the expected life of the instrument or, when appropriate, a shorter period, to the instrument’s net carrying amountinstrument s net carrying amount.

• Should include all fees, transaction costs, premiums or discounts paid or received p pbetween contracting parties to the extent they are an integral part of the effective interest rate.

Measurement - amortised cost

Example 1: Fixed-stepped interest rates

Company issued 5-year US$1 000 000 bond with net proceeds ofCompany issued 5 year US$1,000,000 bond with net proceeds of US$1,000,000 (including transaction costs).

Bond pays interest at each anniversary date at 5% for the first 2 d th thyears; then 7% for the 3rd & 4th year; and 8% for the 5th year.

Company may prepay at the end of 4th year at amortised cost with no significant penalty.significant penalty.

Company expects to redeem the bond after 4 years since market interest rate is expected to decline in long term.

What is the effective yield?

What will be the interest expense to be recognized in the profit & loss for each year?


Effective Yield 5.94235%Example 1: Fixed -stepped interest rates (continued)

Year Amortised cost at start of

year

Cash flows Amortization of interest expense

Amortised cost at end of

yearyear expense year

1

21,000,000 (50,000) 59,424 1,009,424

2

3

1,009,424 (50,000) 59,983 1,019,407

1,019,407 (70,000) 60,577 1,009,984

4 1,009,984 (1,070,000) 60,017 0


Example 2: Fixed interest rate with discountCompany purchased bond with 5 years maturity forCompany purchased bond with 5 years maturity for US$950 plus US$50 transaction costs on Dec. 31, 2007.Principal amount of bond is US$1,250p ,Bond has fixed interest of 4.7% payable annually (US$1,250 x 4.7% = US$59 a year)What is the effective yield?What will be the interest income to be recognized in the profit & loss for each year?profit & loss for each year?


Effective Yield 10%Example 2: Fixed interest rate with discount (continued)

Year Amortised cost at start of

year

Amortization of interest

income

Cash flows Amortised cost at end of

yearyear income year

2008 1,000 100 (59) 1,041

2009 1 041 104 (59) 1 0862009 1,041 104 (59) 1,086

2010 1,086 109 (59) 1,136

2011 1,136 113 (59) 1,190

2012 1,190 119 (1,250) + (59) 0


Floating rate debt instrumentsPeriodic re estimation of cash flows to reflect movements inPeriodic re-estimation of cash flows to reflect movements in market interest rates does alter the effective interest rate.If a floating rate financial asset or liability is recognized initially at an amount equal to the principal receivable or payable on maturity, re-estimating the future interest payments normally has no significant effect on the carrying amount of the asset or liability.Amortization of discount or premium:

if it results from change in credit spread or other variables that are not reset to market rates, it is amortised over the expected life of instrument;if it reflects interest that has accrued since interest last paid, or changes in market rates since the floating rate was reset, it will be amortised toin market rates since the floating rate was reset, it will be amortised to the next date when interest rate is reset to market rates.

Pengukuran Selanjutnya

Biaya Keuntunga Bunga Penurunan PembalikanKlasifikasi Neraca Transaksi n atau

KerugianNilai Wajar

danDividen

Nilai PenurunanNilai

FVTPL Nilai wajar Dibebankan Laba ataurugi

Laba ataurugi

By default By default

HTM Biaya Dikapitalisasi - Laba rugi Laba rugi Laba rugiyDiamortisasi

p g g g

PinjamanBiaya

diamortisasiDikapitalisasi

Laba r gi Laba r gi Laba r giPinjamanDiberikan dan

Piutang

diamortisasi - Laba rugi Laba rugi Laba rugi

Pengukuran Selanjutnya

Laporan Keuntungan Bunga Penurunan Pemulihan Klasifikasi Jenis / Biaya

TransaksiPosisi

Keuanganatau

KerugianNilai Wajar

danDividen

Nilai PenurunanNilai

Utang/ Dikapitalisasi

Nilai wajar Pendapatan komprehensif

lain*

Laba Rugi Laba Rugi Laba Rugi

AFS

Ekuitas/ Dikapitalisasi

Nilai wajar Pendapatan komprehensif

lain*

Laba Rugi Laba Rugi Pendapatan komprehensif

lain

Ek i H L b R i L b R iEkuitas:Tidak dapat

diukur secaraandal/

Hargaperolehan

- Laba Rugi Laba Rugi -

andal/ Dikapitalisasi

* Dibebankan ke laba rugi saat pelepasan atau terjadi penurunan nilai

Initial recognition and subsequent measurement

Category Initialrecognition

Subsequentmeasurement

Treatment of changes in carrying amount

FVTPL Cost Fair value 1. Change in fair value to income statement.2. Interest income recognized using effective

interest method

HTM Cost Amortized cost 1 Amortized interest impairment loss and foreignHTM Cost Amortized cost using effective interest method

1. Amortized interest, impairment loss and foreign exchange gain/ loss goes to income statement

Loans and Receivables

Cost Amortized cost using effective

1. Amortized interest, impairment loss and foreign exchange gain/ loss goes to income statementReceivables using effective

interest methodexchange gain/ loss goes to income statement

AFS Cost Fair value 1. Change in fair value taken to equity2. Interest income recognized using effective

interest method3. Debt instrument – impairment loss and foreign

exchange gain/loss goes to income statement4. Hedged item – change in fair value attributable to

hedged risk taken to income statement to offsethedged risk taken to income statement to offset gain/loss on hedging instrument

53

Ilustrasi

An entity classifies as available-for-sale a financial asset with a fair value on initial recognition of CU150 At 31with a fair value on initial recognition of CU150. At 31 December 2006 the cumulative gains recognised in respect of this asset in other comprehensive income are CU50CU50.On 31 December 2007 the entity disposes of the asset for CU320.Profit or loss for the year will include:

Gain on sale of available-for-sale investments CU120 (CU320 proceeds CU200 carrying amount (CU150 + CU50))proceeds – CU200 carrying amount (CU150 + CU50))Reclassified to profit or loss CU50 (recognised in other comprehensive income for the year ended 31 December 2006)

54

Review

Are the following statements concerning the measurement of financial instruments after initial recognition true or false, according to IAS39 Financial instruments: recognition and measurement?

(1) Held-for-trading financial assets are measured at amortised cost.(2) Held-to-maturity investments are measured at fair value.( ) y

Statement (1) Statement (2)

A False FalseA False FalseB False TrueC True FalseD True True

55

Review

The Redmires Company acquired an equity investment a number of years ago for CU300 and classified it as available for sale. At 31 December 20X5 the cumulative loss recognised in other comprehensive income was CU40 and the carrying amount of the investment was CU260.At 31 December 20X6 the issuer of the equity was in severe financial difficulty and the fair value of the equity investment had fallen to CU120.In accordance with IAS39 Financial instruments, recognition andmeasurement, what amount should be recognised in profit or loss in the yearended 31 December 20X6?A CU140B CU180C CU100D Nil

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Share Repurchase

• Listed company buy back their own share toListed company buy back their own share to– Provide support for share price– Market signal of “undervaluation”– Improve earnings per shareImprove earnings per share

• Classified as “treasury shares”Pool of repurchased shares– Pool of repurchased shares

• Accounting treatment – Deduct treasury shares from total shareholder’s equity– No gain or loss recorded on repurchase

57

Journal Entries Pertaining to Share Repurchase

Initial repurchase of treasury shares

Dr Treasury shares ……………….. XX,XXXCr Cash ……………………………. XX,XXXRepurchase of treasury sharesp y

Issued share capital ………………………………... $XX,XXX,XXR t i d i X XXX XXX

Equity section after repurchase

Retained earnings ………………………………….. X,XXX,XXXTotal shareholders’ equity .…………………………. $XX,XXX,XXLess cost of treasury shares ………………………. (XX,XXX)Total shareholders’ equity $XX,XXX,XX

Dr Issued share capital XX XXX

Cancellation of treasury sharesDr Issued share capital………….. XX,XXXCr Treasury shares………………. XX,XXXCancellation of treasury shares

Ketentuan Umum – Penurunan Nilai

Aset keuangan atau kelompok aset keuanganAset keuangan atau kelompok aset keuanganmengalami penurunan nilai apabila:

Nilai tercatat/biaya perolehan diamortisasi > Nilaiyang dapat diperoleh kembaliEvaluasi atas apakah terdapat bukti objektifpenurunan nilai harus dilakukan pada setiap tanggalpenurunan nilai harus dilakukan pada setiap tanggalneraca

Bila terdapat bukti objektif penurunan nilai, makaharus dilakukan estimasi nilai yang dapat diperolehkembali dan mengakui kerugian penurunan nilai

Bukti Objektif Penurunan Nilai

Entitas harus melakukan evaluasi apakah terdapat buktip pobjektif penurunan nilai pada setiap tanggal neraca. Bukti Objektif antara lain:

Kesulitan keuangan signifikan yang dialami penerbit atau peminjam;Kesulitan keuangan signifikan yang dialami penerbit atau peminjam;Pelanggaran kontrak, seperti terjadinya wanprestasi atau tunggakanpembayaran pokok atau bunga;Restrukturisasi atau keringanan (konsesi) akibat pihak peminjammengalami kesulitan;Peminjam akan dinyatakan pailit atau melakukan reorganisasikeuangan lainnya;Hilangnya pasar aktif dari aset keuangan akibat kesulitan keuangan;Hilangnya pasar aktif dari aset keuangan akibat kesulitan keuangan; atauKemungkinan besar bangkrut

Bukti Objektif Penurunan Nilai

Penurunan yang dapat diukur atas estimasi arus kas masa datangy g p gdari kelompok aset keuangan sejak pengakuan awal aset dimaksud, meskipun penurunannya belum dapat diidentifikasi terhadap asetkeuangan secara individual dalam kelompok aset tersebut, termasuk:

memburuknya status pembayaran pihak peminjam dalam kelompok tertentu(misalnya meningkatnya tunggakan pembayaran atau meningkatnya jumlahpihak peminjam kartu kredit yang mencapai batas kreditnya dan hanya mampupihak peminjam kartu kredit yang mencapai batas kreditnya dan hanya mampumembayar cicilan bulanan minimal); ataukondisi ekonomi nasional atau lokal yang berkorelasi dengan wanprestasi atasaset dalam kelompok tersebut (misalnya bertambahnya tingkat pengangguran diarea geografis pihak peminjam turunnya harga komoditas atau memburuknyaarea geografis pihak peminjam, turunnya harga komoditas, atau memburuknyakondisi industri).

Penurunan Nilai – Aset Keuangan yang DicatatBerdasarkan Biaya Perolehan Diamortisasi

Meliputi investasi dalam kelompok dimiliki hingga jatuh tempo p p gg j pserta pinjaman yang diberikan dan piutangAset Individual yang Signifikan:

Pertama kali harus dinilai secara individuPertama kali harus dinilai secara individuJika tidak ada bukti penurunan nilai saat penilaian individu-harus dinilai dalam kelompok yang sama karakteristik risiko kreditnya

Penilaian Kelompok:Untuk aset-aset yang secara individu tidak signifikan dan aset-aset lainTidak dapat dievaluasi secara individual

Penurunan Nilai Kolektif – Aset Keuangan yang Dicatat Berdasarkan Biaya Perolehan Diamortisasi

Penurunan nilai kolektif aset keuangan yangPenurunan nilai kolektif aset keuangan yang dicatat berdasarkan biaya perolehan diamortisasi meliputi:1. Kelompok aset keuangan sejenis yang tidak

signifikan secara individual; dan2. Aset keuangan yang signifikan secara

individual yang tidak mengalami penurunan il i b d k l i i di id lnilai berdasarkan evaluasi secara individual;

Penurunan Nilai Kolektif – Aset Keuangan -Biaya Perolehan Diamortisasi

Jumlah kerugian diukur sebagai selisih antaraJumlah kerugian diukur sebagai selisih antaranilai tercatat aset dengan nilai kini estimasi aruskas masa depan yang didiskonto menggunakansuku bunga efektif awal dari aset tersebutNilai tercatat aset tersebut dikurangi, baiksecara langsung maupun menggunakan pos cadangan. J l h k i j di di k i dJumlah kerugian yang terjadi diakui padalaporan laba rugi.

Penurunan Nilai Kolektif – Aset Keuangan -Biaya Perolehan Diamortisasi

Jika, pada periode berikutnya, jumlah kerugian, p p y , j gpenurunan nilai berkurang, maka kerugian penurunannilai yang sebelumnya diakui harus dipulihkan. P lih t b t tid k b l h kib tk il iPemulihan tersebut tidak boleh mengakibatkan nilaitercatat aset keuangan melebihi biaya perolehandiamortisasi sebelum adanya pengakuan penurunannilai pada tanggal pemulihan dilakukan. Jumlah pemulihan aset keuangan diakui pada laporanlaba rugilaba rugi.

Penurunan Nilai – Aset Keuangan yang Dicatatpada Biaya Perolehan

Jumlah kerugian penurunan nilai diukur berdasarkang pselisih antara nilai tercatat aset keuangan dengan nilaikini dari estimasi arus kas masa depan yang didiskontokan pada tingkat pengembalian yang berlakudidiskontokan pada tingkat pengembalian yang berlakudi pasar untuk aset keuangan serupaKerugian penurunan nilai tersebut tidak dapat dipulihkan.

Penurunan Nilai – Aset Keuangan yang Tersediauntuk Dijual

Ketika penurunan nilai wajar atas aset keuangan yang diklasifikasikan dalam kelompok tersedia untuk dijual telah diakuisecara langsung dalam ekuitas dan terdapat bukti objektif bahwaaset tersebut mengalami penurunan nilai, maka kerugian kumulatif

b l di k i l d l k it hyang sebelumnya diakui secara langsung dalam ekuitas harusdikeluarkan dari ekuitas dan diakui pada laporan laba rugiKerugian penurunan nilai yang diakui pada laporan laba rugi atasi t i i t k it dikl ifik ik b i i tinvestasi instrumen ekuitas yang diklasifikasikan sebagai instrumenekuitas yang tersedia untuk dijual tidak boleh dipulihkan melaluilaporan laba rugi.Jik d i d b ik t il i j i t tJika, pada periode berikutnya, nilai wajar instrumen utang yang diklasifikasikan dalam kelompok tersedia untuk dijual meningkat, maka kerugian penurunan nilai tersebut harus dipulihkan melaluilaporan laba rugilaporan laba rugi.

Impairment of Financial Assets

• Requirements for impairment testing under IAS 39Requirements for impairment testing under IAS 39– Required for all financial instruments except those measured at fair value– Only when there is objective evidence as a result of “loss event(s)”

• Example of “loss event(s)” include:– Issuer encounters significant financial difficulties;

Default of payments– Default of payments– Lender has to grant special concession to the borrower– Borrower faces probable bankruptcy

Disappearance of an active market– Disappearance of an active market– Objective evidence on a decrease of estimated cash flows of the issuer

A ti t t t d d h fi i l t i d• Accounting treatment depends on how financial asset is measured

68

Impairment of Financial Assets M d t A ti d C tMeasured at Amortized Cost

Procedures for assessing impairment (IAS 39: 63-65)Procedures for assessing impairment (IAS 39: 63 65)

Test for impairment forFinancial Assets

Individually Significant Not Individually Significant

Individually CollectivelyIndividually

Fail Pass Fail Pass

Collectively tested with similar credit risk

69

with similar credit risk

Impairment of Financial Assets Measured at Cost

• ExampleExample – Unquoted equity instruments– Derivatives linked to unquoted equity instruments

Impairment loss =Carrying amount -

PV of estimated future cash flows

• Impairment loss cannot be reversed

70

Impairment of AFS Financial Assets

Changes in fair value of AFSChanges in fair value of AFS taken to equity

Decline in fair value must be determined

Objective evidence of impairment Decline in fair valueimpairment

Cumulative loss in equity transferred to income Current fair

valueAcquisition

cost

Previous impairment - -

statement valuecost loss

Debt instrument: Reversible

71

Equity instrument: Non reversible

Impairment of Amortized Costs Assets Example

At January 1, 2006, XYZ Coy lends $5,000,000 to Company A. The effective interest rate on the loan is 8%. As at December 31, 2006, XYZ Coy expects that Company A will not be able to repay all amounts due. A comparison of the original contractual cash flows and estimated expected cash flows follows:


Year Original Expected ImpairmentC l C h Fl C l l iContractual Cash Flow CalculationCash flow

(5,000,000) (5,000,000) (4,413,390)(5,000,000) (5,000,000) ( , 3,390)

2006 1,650,000 - - 2007 1,550,000 250,000 250,000 2008 1,450,000 2,100,000 2,100,000 2009 1,350,000 3,000,000 3,000,0002009 1,350,000 3,000,000 3,000,000

6,000,000 5,350,000 5,350,000 EIR 8.0% 1.9% 8%


NetYear Accrued Cash Loan Valuation Carrying

Interest Received Balance Allowance Amount

2006 5,000,000 (586,610) 4,413,390

2007 353 071 250 000 5 103 071 (586 610) 4 516 4612007 353,071 250,000 5,103,071 (586,610) 4,516,461

2008 361,317 2,100,000 3,364,388 (586,610) 2,777,778

2009 222,222 3,000,000 586,610 (586,610) -

5,350,000


Interest income recognition assuming the use of interest methodJournal:

2006 Dr. Provision for doubtful debtors 586.610 Cr. Allowance for doubtful debtors (586.610)

2007 Dr Loan 353 0712007 Dr. Loan 353.071 Cr. Interest income (353.071)

D C h d B k 250 000Dr. Cash and Bank 250.000 Cr. Loan (250.000)

Penghentian Pengakuan Aset Keuangan

Entitas menghentikan pengakuan aset keuangan, jika dang g g jhanya jika:(a) hak kontraktual atas arus kas yang berasal dari aset

keuangan tersebut berakhir; ataukeuangan tersebut berakhir; atau(b) entitas mentransfer aset keuangan yang memenuhi

kriteria penghentian pengakuanp g p g

Penghentian Pengakuan Aset Keuangan

1. Consolidate subsidiaries (including SPEs)

Derecognise

2. Do derecognition principles applyto part or all of assets?

3. Have the rights to cash flows expired? Yes

Yes

g

Don’t derecognise

g

4. Has entity transferred its right to receive cash flows?

Has entity assumed obligation

No

NoNoYes Don t derecognise

Derecognise

y gto pass through cash flows?

5. Has entity transferred substantially all risks/rewards?Yes

No

Yes

Derecognise

Don’t derecognise5. Has entity retained substantially all risks/rewards?

6. Has entity retained control of the assets?No

Yes

Yes

No

Continue to recognise the assets toextent of continuing involvement

Penghentian Pengakuan Kewajiban Keuangan

Entitas mengeluarkan kewajiban keuanganEntitas mengeluarkan kewajiban keuangan(atau bagian dari kewajiban keuangan) darineracanya, jika dan hanya jika,

Kewajiban keuangan tersebut berakhir, yaitu ketikakewajiban yang ditetapkan dalam kontrakdilepaskan atau dibatalkan atau kadaluwarsadilepaskan atau dibatalkan atau kadaluwarsa.


Pertukaran di antara peminjam dan pemberi pinjamanp j p p jyang saat ini ada atas instrumen utang denganpersyaratan yang berbeda secara substansial dicatatsebagai penghapusan (extinguishment) kewajibansebagai penghapusan (extinguishment) kewajibankeuangan awal dan pengakuan kewajiban keuanganbaru. Demikian juga, modifikasi secara substansial atasketentuan kewajiban keuangan yang saat ini ada ataubagian dari kewajiban keuangan tersebut dicatatbagian dari kewajiban keuangan tersebut dicatatsebagai penghapusan kewajiban keuangan awal danpengakuan kewajiban keuangan baru.


Syarat-syarat yang digunakan berbedaSyarat syarat yang digunakan berbedasecara substansial apabila:

Nilai kini arus kas yang didiskontoNilai kini arus kas yang didiskontoberdasarkan syarat-syarat didiskontomenggunakan suku bunga efektif awal, gg g ,berbeda sedikitnya 10 persen dari nilai kinisisa arus kas yang didiskonto yang berasaldari kewajiban keuangan semula.

Derecognition of a Financial Asset

• Refers to the removal of the financial asset from the balance sheetRefers to the removal of the financial asset from the balance sheet– In a group, all subsidiaries and special purpose entities are consolidated

before derecognition (IAS 39:15)

• Conditions for partial derecognition of financial asset (IAS 39:16)– Contains specifically identified cash flows– Forms fully proportionate share of cash flowsForms fully proportionate share of cash flows– Forms fully proportionate share of specifically identified cash flows

• E g of partial derecognitionE.g. of partial derecognition– interest rate strip from the transfer of interest cash flows while principal

cash flows remain with transferor

81


Derecognition ofDerecognition of financial asset

Gain/ (loss)Gain/ (loss) recognized in income

statement

EntiretySum of consideration received

PartialSum of consideration received for part

less carrying amountless cumulative gain/ loss

recognized in equity

less carrying amount of partless proportionate share of cumulative

gain/ loss recognized in equity

82


Right to cash flows of the asset has expired

Transferred right Retained not

Conditions for derecognition

Transferred right to receive cash

flows and substantially all i k d d

Retained not substantially some risks and reward, and not retained

t l

83

risks and rewards control


Conditions for derecognition

Right to cash flows of Retained not

substantially some Transferred right

to receive cash flows gthe asset has expired

yrisks and reward, and not retained control

and substantially all risks and rewards

84


Event Why it qualifyA sale together with an option to Seller has transferred substantially allA sale, together with an option to repurchase at fair value of the asset at the time of repurchase

Seller has transferred substantially all risks and rewards and is not obligated to repurchase the financial asset

A sale together with a put option held Seller is unlikely to be exposed to riskA sale, together with a put option held by the buyer or a call option held by a seller that is deeply out-of-the-money

Seller is unlikely to be exposed to risk associated with changes in the fair value of the financial asset

Event Why it does not qualifyEvent Why it does not qualifyA sale with an agreement by the seller to repurchase the same asset at a fixed price

There is no transfer of substantial risk and rewards

fixed priceA sale, together with a put or call option that is deeply in-the-money

Highly unlikely that the option will become out-of-the-money before expiry and seller is likely to repurchase p y y pthe asset

85

Derecognition of a Financial Liability

• Only when the borrower’s obligation relating to the liability are fullyOnly when the borrower s obligation relating to the liability are fully discharged, cancelled or expired (IAS 39:39)

• Treatment of financial liability• Treatment of financial liability– Replacement of debt instrument should be treated as an extinguishment

of original financial liability and the recognition of a new financial liability (IAS 39:40)( )

– Partial derecognition permitted

• Gain/ (losses) reported in income statement as with financial assetGain/ (losses) reported in income statement as with financial asset

86

Instrumen Keuangan Majemuk

Komponen-komponen tersebut harus diklasifikasikanp psecara terpisah sebagai kewajiban keuangan, asetkeuangan, atau instrumen ekuitasNil i t t t l t i t k j kNilai tercatat awal suatu instrumen keuangan majemukdialokasikan pada komponen ekuitas dan kewajiban:

Komponen ekuitas yang dialokasikan adalah nilai sisa dari nilaiwajar instrumen keuangan secara keseluruhan dikurangidengan nilai komponen kewajiban yang ditetapkan secaraterpisah

Contoh: Obligasi Konversi

Compound Financial Instruments

Definition of compound financial instruments

Instruments that have both debt or equity instruments

Non-derivative host instrument and embedded derivative

Accounting standards

IAS 32 : Accounting from issuer’s IAS 39: Accounting from perspective investor’s perspective

Example of convertible bond

Issuer’s perspectiveLower coupon rate leads to lower cash outflow

Investor’s perspectiveInvestor willing to accept lower coupon rate in exchange for the

i i f i l i l i

88

cash outflow equity option for potential capital gain

Controversies

• Main issue: whether the debt and equity component should be separately recognized on balance sheetshould be separately recognized on balance sheet

• IAS 32– Requires debt and equity elements to be separated

• More relevant information, resulting in the reflection of effective borrowing cost

– Total proceeds allocated using incremental method• Fair value of debt instrument calculated from the present value of the

cash flow from the instrument• Residual (total proceeds – FV of debt) allocated to equity component

under “Capital Reserve – Equity option)

89

Illustration :Initial recognition of debt and equity

ScenarioConvertible bond issued at par on 1 Jan 20x1Convertible bond issued at par on 1 Jan 20x1Nominal value of $100,000Repayable at 31 December 20x3Repayable at 31 December 20x3Annual coupon at 4% per annumConvertible at $1 of bond to 0.75 ordinary sharesEffective interest of 10% per annum

90


PV of interest payment (2,000 x PVIFA10%,3) ……….. $ 9,947

Debt Component

PV of principal at maturity (100,000 x PVF10%,3) ……… 75,132PV of debt component …….……………………………. $85,079

Note:1. Discount rate based on effect market interest rate of 10% 2. PVIFA10%,3 is PV of ordinary annuity at 10% for 3 periods3 PVF10% 3 is the PV of $1 at the end of period 3 at 10% discount3. PVF10%,3 is the PV of $1 at the end of period 3 at 10% discount

91


Value of equity = $100,000 – Value of debt component$100 000 000 $85 079

Equity Component

= $100,000,000 - $85,079 = $14,921

Note:Note:1. Bond issued at discount of $14,921 (equals to value of equity) because

bond issue at par2. Discount of bond = Fair value – Nominal value3. Value of equity = Nominal value – Value of debt component

92


Journal entry at date of issue

Dr Cash 100,000Dr Unamortized discount on bond (B/S) 14,921Cr 4% Bond payable (B/S) 100,000p y ( )Cr Capital reserve – Equity option (B/S) 14,921Record debt and equity components of convertible bond

93


Journal entry at year-end y y

Dr Interest expense ……………………… 8,508Cr Unamortized bond discount ………… 4,508Cr Cash …………………………………… 4,000Record interest expense using effective interest rate method

N tNote:1. Interest expense is based on the effective interest rate of 10%: $85,079 x 0.12. Amortization of bond discount is the difference between the effective interest

expense and the cash interest paid: $8,508 - $4,000p p , ,

94

Journal Entries Pertaining to Amortization of Bond

Dr Amortization of discount (I/S) XX XXXDr Amortization of discount (I/S) ……….. XX,XXXCr Unamortized discount (B/S) ………… XX,XXXAmortization of discount for first half-year

Dr Interest expense (I/S) ………………... XX,XXX

Cr Cash (B/S) ……………………………. XX,XXXC h i t t idCash interest paid

Dr Interest expense (I/S) ………………... XX,XXX

Or combined as follows

Cr Cash (B/S) ……………………………. XX,XXXCr Unamortized discount (B/S) ………… XX,XXXInterest paid for period ended 30 June 20x0

95

Interest paid for period ended 30 June 20x0

Conversion of Bond Before or At Maturity

Occurs:At ifi ti i t l t i i i dil ti• At specific time intervals to minimize dilution effect

• Only when there is economic interest

The following are recorded when partial conversion occurs:occurs:

1. Issue of paid-up shares on conversion,2. The balance in the discount on the bond

dj t d ti t ladjusted proportionately

96

Jurnal Entries Conversion of Bond

Dr Bond payable XXX,XXX

Conversion of bond

Dr Capital reserve – Equity options XX,XXXCr Ordinary shares XXX,XXXCr Unamortized discount on bond XX XXXCr Unamortized discount on bond XX,XXXConversion of bond to ordinary shares

97

Effect of the Separation of Debt and Equity Elements in a Compound Financial Instrument

No split accounting Split accountingg g

Net income Net earnings higher Net earnings lower

Balance sheet Higher carrying amount; lower equity

Lower carrying amount; higher equitylower equity higher equity

Selected financial ratios

Net profit margin Higher LowerNet profit margin Higher Lower

Debt-equity ratio Higher Lower

Return on equity Higher Lower

Times interest earned Higher Lower

98

Allocation of Transaction Costs

• Cost incurred in issuing debt instruments, and convertible bondsCost incurred in issuing debt instruments, and convertible bonds– Include professional fees, registration fees, stamp duties, and

advertising costs

Transaction cost on debt Transaction cost on equity

Accounted for as yield Accounted for as deductionAccounted for as yield adjustments to the

effective interest rate

Accounted for as deductionfrom equity after deducting any

related income tax benefit

99

Allocation of Transaction Costs to Debt and Equity Components

Amount allocated to debt component:

= Fair value of debt component x Transaction costs= Fair value of debt component x Transaction costsTotal proceeds of convertible bond

Amount allocated to equity component:

= Value of equity component x Transaction costsT t l d f tibl b dTotal proceeds of convertible bond

100

Ilustrasi

An entity issues 3,000 convertible, 10-year bonds at CU100 each, with a nominal interest rate of 5%.The fair value of similar 10 year bonds with no convertible element is CU250,000.The conversion details are 100 shares for each bond to be exercisedThe conversion details are 100 shares for each bond to be exercised after 5 years but before the redemption date in 10 years time.At the date of issuance of the financial instrument, the following amounts should be recognised:amounts should be recognised:Proceeds of bond issue (3,000 x CU100) CU300,000Fair value of liability component CU250,000Equity component (CU300,000 less CU250,000) CU50,000

101

Offsetting Financial Assets and Financial Liabilities

OffsettingRefers to the reporting of a recognized financial asset/ liability as a single

net financial asset/ liability in the balance sheet

Conditions (IAS 32:42)

Currently has a legalenforceable right to set off

recognized amounts

Intends to either settle on net basis, or realize asset and settle

liability simultaneously

Conditions (IAS 32:42)

recognized amounts

Prohibiting of offsetting when

liability simultaneously

Creation of “synthetic” instrument

Obligations expected to be paid off through insurance claims

Financial assets pledged as

collateral or set aside in trust

Different counterparties

involved

102

insurance claimsaside in trust

Evaluation of Fair Value as a Basis of the Measurement of Financial Instruments

Arguments for fair value accounting

Cost accountingFair value accounting

Arguments for fair value accounting

Opportunities for earning management

Reluctance of loan

Discourage earning management

g

Reluctance of loan managers to foreclose

problem loansProvide relevant and useful information to

users of financialusers of financial statements

103

Evaluation of Fair Value as a Basis of the Measurement of Financial Instruments

Undue fluctuationsfluctuations in reported earnings

Arguments against

fair value accounting

Does not reflect

purpose

Reliability issues

accounting

104

Derivatif

Instrumen keuangan atau kontrak lain dengan karakteristik:

Nilainya berubah akibat dari perubahan variabel d i ( t k b h il i t kyang mendasari (spt suku bunga, harga, nilai tukar,

dll).Tanpa investasi awal neto atau nilainya lebih kecilTanpa investasi awal neto atau nilainya lebih kecil dari nilai kontrak sejenis yang memberi pengaruh yang sama terhadap perubahan faktor pasar.Di l ik d t l t t t diDiselesaikan pd tanggal tertentu di masa mendatang.

Derivative Financial Instruments

A derivative is a financial instrument that meets the following three criteria:

Its value changes in response to a change in

an “underlying”Settled at a future dateRequires little or no initial

investment

Scope Exemption:

IAS 39:5 exempts contracts which meet the definition of a derivative from theIAS 39:5 exempts contracts which meet the definition of a derivative from the standard if the contract is entered into to meet the entity’s usual purchase, sale or usage requirements

106

Karakteristik Derivatif

Derivatif yang berdiri sendiri (Freestanding derivative).

Misalnya option, forward contract, swap, future contractcontract

Derivatif Melekat (Embedded derivative)Komponen dari hybrid/combined instrument;Komponen dari hybrid/combined instrument;Didalamnya terdapat kontrak utama non derivatif;Sebagian arus kas yg berasal dari instrumen yang di b k b i i ti d i tif b di idigabungkan bervariasi seperti derivatif yg berdiri sendiri.Terdapat persyaratan untuk diakui terpisahp p y p


Example of derivative instruments and their underlying

Types of derivative instruments

Underlying Used by

Option contracts Security price Producers trading firmsOption contracts(call and put)

Security price Producers, trading firms, financial institutions, and speculators

Forward contracts Foreign exchange Various companiese.g. foreign exchange forward contract

g grate

p

Future contracts Commodity prices Producers and consumerse.g. commodity futuresSwaps Interest rate Financial institutions

108


• Use of derivativesUse of derivatives1. Manage market risk 2. Reduce borrowing cost3 Profit from trading or speculation3. Profit from trading or speculation

• Types of derivatives1 Forward type derivatives such as forward contracts future contracts1. Forward type derivatives such as forward contracts, future contracts

and swaps2. Option-type derivatives such as call and put options, caps and collars

and warrants3. Free standing derivatives4. Embedded derivatives

109

Forward Contracts

• An agreement between two parties (counterparties) whereby oneAn agreement between two parties (counterparties) whereby one party agrees to buy and the other party agrees to sell a specified amount (notional amount) of an item at a fixed price (forward rate) for delivery at a specified future date (forward date)

• Can either be a forward purchase contract or a forward sales contract, depending on the perspective of the counterpartiescontract, depending on the perspective of the counterparties

Sells Forward “A” Company “B” CompanyContract

“Forward sales contract” “Forward purchase contract”110

Forward Contracts

• Not standardized contracts as they are not traded on an exchange– They entail counterparty risks– They are can be tailored to specific needs of counterparties– They involve lower transaction costs

• Fair value of forward contract:

Notional x– Current forward rate׀) contracted forward rate ׀)Notional

amountx

(1+r) t

whereContracted forward rate is forward rate r = discount rateContracted forward rate is forward rate fixed at inceptionCurrent forward rate is forward rate for remaining period to maturity

r discount rate

t = period to maturity

111

At inception date, the fair value of a forward contract is nil.

Future Contracts

• A future contract is similar to a forward contract except that it is aA future contract is similar to a forward contract except that it is a standardized contract and is traded on an exchange

• Futures contracts are marked-to-market and settled on a daily basis• Futures contracts are marked-to-market and settled on a daily basis

• Futures contracts require payment of a margin deposit which has tobe maintained throughout the contract period

• Wide range of exchange-traded future contracts– Commodity futures– Interest rate futures– Currency futuresy

112

Option Contracts

• Contract that gives holder the right but not the obligation to buy orContract that gives holder the right but not the obligation to buy or sell a specified item at a specified price

• 2 type of option contracts• 2 type of option contracts1. Call option – right, but not obligation to buy2. Put option – right, but not obligation to sell

• Can be American option (exercisable anytime to expiration) or European option (exercisable only on maturity date)

• Can also be customized (not traded) or standard contract quoted on exchange (listed options)

113

Option Contracts

• Main featuresMain features– Purchaser (holder) pays premium to seller (writer of option)– Holder has the right, but not obligation to perform; while write has

obligation to performg p– Asymmetrical pay-off profile

• Holder has limited loss (due to premium) and unlimited gain• Writer has limited gain and unlimited lossg

Relationship between the strike price and the underlyingStrike price> Underlying

Strike price> Underlying

Strike price> Underlyingy g

(spot price)y g

(spot price)y g

(spot price)Holder of call option

Out-of-the-money At-the-money In-the-money

114

Holder of put option

In-the-money At-the-money Out-of-the-money

Option Contracts

• Fair value of option contractFair value of option contract

Fair value of an option = Intrinsic value + Time value

Diminishes over timeListed options = quoted priceNot traded options = Valuation Zero at expiration Not traded options = Valuation model ( Black-Scholes model)

Call option = Max [0, Notional amount x (Spot price – Strike Price)Put option = Max [0, Notional amount x (Strike price – Spot Price)

Tan & Lee Chapter 9

©2009 115

Embedded Derivatives

• Derivative that is part of a hybrid financial instrumentDerivative that is part of a hybrid financial instrument

Host Instrument

Hybrid Instrument

Host Instrument

Embedded derivative:Linked to underlying and change inLinked to underlying and change in

underlying causes change in cash flow

• Example is bond whose ultimate proceed are linked to price of commodity, such as oil, or to a consumer price index

116

Split Accounting of Embedded Derivatives

• IAS 39 requires embedded derivatives to be separately recognizedIAS 39 requires embedded derivatives to be separately recognized from the host instrument and accounted for in the same way as a stand-alone derivative if the following conditions are met:

Conditions for separation of embedded derivative

Economic characteristics and risk of host instrument are

Hybrid instrument is not measured at fair value,

with changes in fair

There is a separate instrument with same of host instrument are

not closely related to that of the derivative

with changes in fair value recognized in

profit and loss

terms as the embedded derivative

Tan & Lee Chapter 9

©2009 117

Derivatif Melekat

Entitas yang diharuskan untuk memisahkan derivatif melekat dari kontrak utamanya, namun tidakdapat mengukur derivatif melekatnya

t i h k k l h k t ksecara terpisah, maka keseluruhan kontrak yang digabungkan diperlakukan sebagai aset/liabilitas keuangan yang dimiliki untukaset/liabilitas keuangan yang dimiliki untuk diperdagangkan

Accounting for Derivatives

Default accounting treatment for derivatives under IAS 39:• Derivatives are classified under the Fair Value through Profit or

Loss category and changes in their fair values are taken to incomeLoss category and changes in their fair values are taken to income statement

• Exception - when a derivative is designated as a hedge of an identified risk and the hedge is effective In this case accounting foridentified risk and the hedge is effective. In this case, accounting for the derivative follows hedge accounting rules

119

Accounting for Forward Contract

At inception During life of contract Closing position orAt inception During life of contract Closing position or at expiration

Dr Forward Contract (asset)

Dr Cash

No journal entry as

(asset)Cr Gain on forward contractor

Cr Forward contract

j yfair value is nil Dr Loss on forward

contractCr Forward Contract

or

Dr Forward contract

Cr Cash(liability)

Adjust fair value and Close out and record

Cr Cash

120

jrecord gain/loss net settlement of

contract

Accounting for Future Contract


Dr CashCr Gain on future

Dr CashDr Gain on f t reCr Gain on future

contract

or

Dr Gain on future contractCr Margin ContractDr Margin deposit

Dr Loss on futurescontractCr Cash

Dr CashCr Loss on future contract

Cr Cash

Record daily Close out and recover

Cr Margin Contract

Record payment of

121

ysettlement of future contracts

margin depositp y

initial margin deposit

Accounting for Purchased Option Contract


Dr Option ContractCr Gain on option

Dr Cash*Dr Gain on optionCr Gain on option

contract

or

Dr Gain on option contractCr Option ContractDr Option contract

(asset)Dr Loss on option contractCr Option Contract

or

Dr Cash*Cr Loss on option contract

(asset)Cr Cash

p

Adjust for fair value Close out and record

Cr Option Contract

Record payment of

(* assume expires in-the-money)

122

jand record gain/loss net settlement of

contract

p yinitial margin deposit

Accounting for Written Option Contract


Dr Option ContractCr Gain on future

Dr Option contractCr Gain on OptionCr Gain on future

contract

or

Cr Gain on Option Contract

Dr CashCr Option contract

(Expires out-of-the-money)

Dr Loss on futurescontractCr Option Contract

or

Dr Option contractDr Loss on optionCr Cash

Cr Option contract (liability)

money)

p

Adjust for fair value Close out and record Record payment of

(Expires in-the-money)

123

jand record gain/loss net settlement of

contract

p yinitial margin deposit

Hedging

• Propose is to neutralize an exposed riskPropose is to neutralize an exposed risk– Loss on hedge item offset by gain on hedging instrument– Reduce volatility than preserve gains

• Other ways of hedging through non-derivative derivatives– Money market instruments (money market hedge)

Natural hedge (offsetting foreign currency assets and liability in the– Natural hedge (offsetting foreign currency assets and liability in the same currency)

• Special accounting rules called “hedge accounting” applies when• Special accounting rules called hedge accounting applies when derivatives are used for hedging purposes

124

Rationale of Hedge Accounting

• Arises because of the mismatch of income-offsetting effect betweenArises because of the mismatch of income offsetting effect between hedged item and hedging instrument

• Situations requiring hedge accounting• Situations requiring hedge accounting– Hedge item and hedging instrument are measured using different bases

(One is at cost while the other is at fair value)– Hedged item yet to be recognized in financial statementHedged item yet to be recognized in financial statement– Different treatment for changes in fair value (changes taken to equity

while the other is taken to income statement)

125

Risks That Qualify for Hedge Accounting

Specific risksInterest rate risk Price riskSpec c s sthat qualify for

hedge accountingForeign exchange risk Credit risk

Risks must be specific risk, not general business risks

Possible for a derivative to hedge more than one risk

126

Qualifying Hedging Instruments (IAS 39: 72 – 73)

• Instruments that qualify include:Instruments that qualify include:– Designated derivatives (except written options)– Embedded Derivatives– Designated non-derivatives financial asset/ liability that hedge foreignDesignated non derivatives financial asset/ liability that hedge foreign

exchange risks only

• Value used to determine hedge effectivenessValue used to determine hedge effectiveness– If used in its entirety, fair value is used– If broken into time value and intrinsic value, permissible to use intrinsic

value. However, it must be explicitly documented at inception, p y p

• If derivative is used as a hedge of more than 1 risk– Individual designated component must meet hedge accounting criteriaIndividual designated component must meet hedge accounting criteria– Permissible for portion of notional amount to be designated

127

Qualifying Hedged Items (IAS 39: 78 -79)

Qualify Do not qualify

• Financial assets and liabilities with exposure to changes in fair value

• Held-to-maturity instruments (regardless of fixed rate or variable rate)value

• Non-financial assets exposed to foreign exchange or price risks

variable rate)

• Investment in an associated company

• Firm commitment

• Highly probable forecast g y ptransaction with exposures to future cash flows

• Net investment in foreign entity

128

• Net investment in foreign entity

Criteria for Hedge Accounting(IAS 39: 88)

C diti t b t f h d ti t l

Enterprise must have exposure to risk that affects income

Conditions to be met for hedge accounting to apply

statement

Derivative contract specifically entered to hedge underlying exposureexposureHedge must be highly effective

Effectiveness of hedge can be reliably measuredEffectiveness of hedge can be reliably measured

Hedging relationship must be formally documented at the inception of the hedge

129

inception of the hedge

Classification of Hedging Relationships

Causes Explanation

Hedge of “the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm commitment, or an identified portion of such asset, liability or firm commitment which is attributable to a particular

Fair valuehedge

or firm commitment, which is attributable to a particular risk and could affect profit or loss” (IAS 39:86a)

Hedge of “the exposure to variability in cash flows that(i) is attributable to a particular risk associated with aC h fl (i) is attributable to a particular risk associated with a recognized asset or liability (such as all or some future interest payment on variable debt instrument )or a highly probable future transaction, and

Cash flow hedge

(ii) could affect profit or loss” (IAS 39:86b)

Hedge of a net investment in a

Hedge of the foreign currency risk associated with a foreign operation whose financial statements are required

130

investment in a foreign entity

o e g ope at o ose a c a state e ts a e equ edto be translated into the presentation currency of the parent company

Jenis Lindung Nilai

Lindung nilai atas nilai wajar: suatug jlindung nilai terhadap eksposure:

perubahan nilai wajar atas aset ataupe uba a a aja atas aset ataukewajiban yang telah diakuiatau komitmen pasti yang belum diakui, ataup y g ,bagian yang telah diidentifikasi dari aset, kewajiban, atau komitmen pasti tersebut, yang dapat diatribusikan pada risiko tertentudan dapat memengaruhi laporan laba rugi

Jenis Lindung Nilai

Lindung nilai atas arus kas: suatu lindungnilai terhadap eksposur variabilitas arus kasyang:

d t di t ib ik d i ik t t t t k itdapat diatribusikan pada risiko tertentu yang terkaitdengan aset atau kewajiban yang telah diakui(misalnya seluruh atau sebagian pembayaran bunga( y g y gdi masa depan atas utang dengan suku bungavariabel) atau yang dapat diatribusikan pada risikotertentu yang terkait dengan prakiraan transaksitertentu yang terkait dengan prakiraan transaksiyang kemungkinan besar terjadi, dandapat memengaruhi laporan laba rugi.

Classification of Hedging Relationships

• The designation of a derivative as a fair value hedge or a cash flowThe designation of a derivative as a fair value hedge or a cash flow hedge is determined by the hedged risk, that is, whether the entity has a fair value exposure or a cash flow exposure

• An exception where a derivative can be designated as either a fair value hedge or a cash flow hedge is where the hedged risk is the foreign exchange risk of a firm commitmentforeign exchange risk of a firm commitment

133

Jenis Lindung Nilai

Lindung nilai atas investasi netogpada operasi di luar negeri

Sama seperti Lindung Nilai Arus KasSa a sepe t du g a us asEffective Hedge to be disclosed in Equity CapitalpNon effective hedge to be disclosed in P/LForeign Operation in Foreign Currency AreaForeign Operation in Foreign Currency Area

Akuntansi Lindung Nilai

Perlakuan akuntansi khusus bagi transaksi hedging g g gyang mencakup instrumen hedging dan hedge item, yang bertujuan untuk memastikan keuntungan atau kerugian atas instrumen hedging dan hedge item diakuikerugian atas instrumen hedging dan hedge item diakui dalam laporan Laba Rugi periode yang sama.

Jik tid k dit k k ki i t h tJika tidak diterapkan, kemungkinan �missmatch antara keuntungan/kerugian instrumen hedge dengan keuntungan/kerugian hedge itemg g g

Tidak seluruh lindung nilai dapat memenuhi persyaratan untuk Hedge Accounting menurut PSAK 55untuk Hedge Accounting menurut PSAK 55

Kriteria

● Pada saat dimulainya lindung nilai terdapat penetapan dan● Pada saat dimulainya lindung nilai terdapat penetapan dan pendokumentasian formal atas hubungan lindung nilai dan tujuan manajemen risiko entitas serta strategi pelaksanaan li d il ilindung nilai.

● Lindung nilai diharapkan akan sangat efektif dalam rangka saling hapus atas perubahan nilai wajar atau perubahan arussaling hapus atas perubahan nilai wajar atau perubahan arus kas

● Untuk lindung nilai atas arus kas suatu prakiraan transaksi● Untuk lindung nilai atas arus kas, suatu prakiraan transaksi yang merupakan subjek dari suatu lindung nilai harus bersifat kemungkinan besar terjadi dan terdapat eksposur

b h k d t hi l l bperubahan arus kas yang dapat memengaruhi laporan laba rugi

Kriteria (Lanjutan)

● Efektivitas lindung nilai dapat diukur secara andal● Efektivitas lindung nilai dapat diukur secara andal

● Lindung nilai dinilai secara berkesinambungan dan ditentukan bahwa efektivitasnya sangat tinggi sepanjang ditentukan bahwa efektivitasnya sangat tinggi sepanjangperiode pelaporan keuangan di mana lindung nilai tersebut ditetapkan

Perlakuan Akuntansi

Lindung Nilai atas NilaiW j

Lindung Nilai Arus KasWajar

1. Keuntungan atau kerugiandari hedging instrument

Langsung diakui di labaatau rugi

Jika efektif, diakui di ekuitas

2. Penyesuaian atas hedged item

Untuk perubahan nilai wajaryang disebabkan hedged risk, keuntungan atau

N/A

kerugian langsung diakui dilaba atau rugi

3. Ketidakefektifan lindungnilai dicatat di laba atau

By default Dihitungnilai dicatat di laba ataurugi

4. Keuntungan atau kerugiandi ekuitas ditransfer ke

N/A Pada saat yang samadengan hedged item diakui

laba atau rugig g

di laba atau rugi

Hedge Effectiveness

125%Hedge is ineffective

100%Hedge is effective

Hedge is effective80%

Hedge is effective

Hedge is ineffective

Assessing Hedge Effectiveness

• IAS 39:9 - The degree to which changes in the fair value or cashIAS 39:9 The degree to which changes in the fair value or cash flows of the hedged item that is attributable to a hedged risk are offset by changes in the fair value or cash flow of the hedging instrument

• Hedge effectiveness is evaluated– Prospectively on inception of hedge; andProspectively on inception of hedge; and– Retrospectively on an ongoing basis

• On inception hedge effectiveness is assessed on• On inception, hedge effectiveness is assessed on– Comparison of the principal or critical terms– Historical analysis

Correlation analysis– Correlation analysis

140


• During the duration of hedge, hedge effectiveness is assessed onDuring the duration of hedge, hedge effectiveness is assessed on dollar-offset method:

• Hedge effectiveness ratio (HER):

Hedge effectiveness(or delta ratio) =

Changes in fair value or future cash flow of hedging instrumentChanges in fair value or future cash flow of hedged item

0 8 1 20.8 1.25

• Exceptions for effective hedge even if HER falls out of range– IAS 39 allows hedge effectiveness to be assessed on cumulative basis

Effective hedge (IAS 39: AG 105b)

S 39 a o s edge e ect e ess to be assessed o cu u at e bas sif hedge is designated and conditions are properly documented

Tan & Lee Chapter 9

©2009 141


• Exclusion of time value of certain derivatives to be excluded fromExclusion of time value of certain derivatives to be excluded from hedge relationship– Derivative separated into 2 component

1. Time value (options) or interest (forwards)1. Time value (options) or interest (forwards)2. Intrinsic (options) or spot element (forwards)

– Excluded time value taken to income statement as per default treatment– Should result in highly effective hedge, as intrinsic/ spot componentShould result in highly effective hedge, as intrinsic/ spot component

moves in tandem with underlying, while time/interest component does not

– If critical terms of hedging instruments and hedged item are exactly the same, HER should be equal or around 1

142

Accounting for a Fair Value Hedge

Hedged Item (recognized asset or liability or firm commitment) Hedging Instruments

Income statementGain (loss) on hedging instrument

Change in fair value Change in fair value

Gain (loss) on hedging instrument offset loss (gain) on hedged item

Balance sheet

Change in fair value adjusted against carrying amount

Change in fair value adjusted against carrying amount

143

against carrying amount against carrying amount

Illustration Hedge of inventory (fair value hedge)g y ( g )

ScenarioScenario31/10/20x3

Inventory of 10,000 ounces of goldCarried at cost of $3 000 000 ($300 per ounce)Carried at cost of $3,000,000 ($300 per ounce)Price of gold was $352 per ounce

1/11/20x3Sold forward contract on 10 000 ounce for forward price of $350 ounceSold forward contract on 10,000 ounce for forward price of $350 ounce Forward contract matures on 31/3/20x4

31/12/20x3F d i f 31/3/20 4 t t $340 d t iForward price for 31/3/20x4 contract was $340 per ounce and spot price of gold was $342 per ounceHedge effective ratio of 1 on 31/12/20x3

144


1/11/20x31/11/20x3No entry or just a memorandum entry as the fair value of the forward

contract is nil

31/12/20 331/12/20x3

Dr Forward contract ………………. 100,000Cr Gain on forward contract ……... 100,000C Ga o o a d co t act 00,000Gain on forward contract: 10,000 x ($340 -$350)

Dr Loss on inventory 100 000

Taken to income statement

Dr Loss on inventory ……………… 100,000Cr Inventory ……………………….. 100,000Gain on forward contract: 10,000 x ($342 - $352)

145


31/3/20x431/3/20x4Inventory is sold to third-party at $330 per ounce (also maturity date of

forward contractDr Forward contract 100 000Dr Forward contract ………………. 100,000Cr Gain on forward contract ……... 100,000Gain on forward contract: 10,000 x ($330 -$340)

Dr Loss on inventory ……………… 120,000Cr Inventory ……………………….. 120,000Gain on forward contract: 10,000 x ($330 - $342)

Dr Cash …………………………….. 3,300,000C S l 3 300 000

146

Cr Sales ……………………………. 3,300,000Sale of inventory: 10,000 x $330

Accounting for a Cash Flow Hedge

Effective Cash Flow Hedge (IAS 39:95)

Effective portion Ineffective portion of gain/ loss of gain/ loss

Recognized directly in equity through Recognized in profit q y gstatement of changes in equity

or loss

147

Accounting for a Cash Flow Hedge

Cash flow hedges are applicable to the following:

Forecasted transactions involving

financial and non Other transactionsfinancial and non-financial

assets/liabilities which will result in cash

Other transactions which affect future cash flows

Interest rate swaps

inflow/ outflow

148

Illustration Effective and ineffective portions of a cash flow hedge

ScenarioScenario1/1/20x1

Entered into futures contract to hedged forecast transaction at 30/4/20x130/4/20x1Classified as cash flow hedge

P i d di i f i l i l fPeriod ending ∆ in fair valueof future contracts

∆ in present value of expected future cash flow

31/1/20x1 $100 $(105)28/2/20x1 90 (80)31/3/20x1 103 (105)30/4/20x1 (38) 45

149

( )

Illustration Effective and ineffective portions of a cash flow hedge

Determination of effective and ineffective portions of a cash flow hedge

Cumulative Cumulative

Lesser of two

cumulative

Effective portion

credited/

Ineffectiveportion

credited/ (debited) to

Period

Cumulative ∆ in FV of

future contracts

Cumulative∆ in PV of expected cash flow

cumulative amount in absolute

terms

credited/ (debited) to

equity in current

(debited) to income

statement in current

ending (a) (b) (c) period) period31/1/20x1 $100 $(105) $100 $100 $028/2/20x1 190 (185) 185 85 5( )31/3/20x1 293 (290) 290 105 (2)30/4/20x1 255 (245) 245 (45) 7

150

Ilustrasi

An entity has entered into a hedging relationship. At the year-end the entity assesses the fair value of the hedged item and hedging instrument, and the following gains and losses arise:

H d d it i f CU500Hedged item – gain of CU500

Hedging instrument – loss of CU600

The effectiveness of the hedge is calculated as:CU600 / CU500 = 120% -

the hedge is therefore assessed as being highly effective.

151

Ilustrasi

An entity has hedged future cash flows on a financial liability using an interest related derivative. The effectiveness of the hedge has been ssessed at 90%. g %The additional interest costs relating to the derivative are CU20,000.

CU18,000 of the interest costs are recognised in other comprehensive income. The CU2,000 remaining (the ineffective portion) is recognised in profit or loss for the period.

152

Hedge of a Net Investmentin a Foreign Entity

• Hedge risk is foreign exchange riskApplies to foreign operations whose functional currencies are the– Applies to foreign operations whose functional currencies are the currencies of the country where the foreign operations are located

– Closing rate method may result in significant translation loss from depreciating currenciesp g

• Accounting treatment similar to cash flow hedge

Hedge effectiveness=Cumulative change in fair value of hedging instrument (A)Cumulative translation difference on net investment (B)

– Hedge is effective if the delta ratio is between 0.8 and 1.25.– Unlike a fair value hedge or a cash flow hedge, a non-derivative is

allowed to be the hedging instrument for example a foreign currencyallowed to be the hedging instrument, for example, a foreign currency loan.

153

IllustrationHedge of a Net Investment in a Foreign Entity

ScenarioScenarioFunctional currency is the dollar ($)Acquired 100% interest in foreign company (functional currency is FC)

31/12/20x3Exchange rate is $1.85 to FC1Loan of FC1 200 000 at 5% interest taken to hedge foreign investmentLoan of FC1,200,000 at 5% interest taken to hedge foreign investmentForeign currency translation reserves showed $15,000 (credit balance)

31/12/20031/12/200x4Exchange rate is $1.70 to FC1Average rate is $1.78 to FC1Foreign company reported net profit of FC380,000

154


Translation difference in foreign investment’s FS for 31/12/20x4

On net assets on 1/1/20x4 (FC 1,200,000 x $(1.70-1.85) ……. $(180,000)On net profit for 20x4 (FC380,000 x $(1.70-1.85) …………….. (30,400)Translation loss for 20x4 $(210,400)Foreign currency translation reserves (credit balance) (195,400)

Journal entries for parent31/12/20x3

Dr Cash 2 200 000Dr Cash …………………………….. 2,200,000Cr Loan payable …………………... 2,200,000The loan payable is designated as a hedge of the net investment:FC1 200 000 t t f $1 85

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FC1,200,000 x spot rate of $1.85


31/12/20x4

Dr Interest expense ………………. 106,800Cr Accrued interest ……………….. 106,800Interest expense during the year at 5% x FC1 200 000 x $1 78Interest expense during the year at 5% x FC1,200,000 x $1.78

Dr Accrued interest ……………….. 106,800Cr Cash …………………………….. 102,000

T k iC Cas 0 ,000Cr Exchange gain …………………. 4,800Settlement of accrued interest at year-end

Taken to equity to offset translation loss

Dr Loan payable …………………... 180,000Cr Foreign currency translation

reserves …………………………180,000

Exchange gain on FC loan taken directly to equity:FC 1,200,000 x ($1.70 - $1.85) 156

Discontinuation or Termination of Hedge Accounting

Consideration for discontinuation or termination of hedge accounting

Hedging instrument has reached maturity date or is closed off or

Hedge designation is revoked

Criteria for hedge accountingdate or is closed off or

terminatedis revokedis no longer met

Accounting treatment depends on type of hedge

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Evaluation of Hedge Accounting

• Objective of hedge accountingObjective of hedge accounting– Reflect effectiveness of hedging activities of a firm– Reduce volatility of reported earnings

• Compliance with hedge accounting may result in considerable expenditure of resources

• There are challenges in compliance with hedge accounting criteria for macro hedges

• Issue is whether the additional costs of compliance more than offset the benefit of applying hedge accounting

158

159

PSAK 60 : INSTRUMEN KEUANGANPSAK 60 : INSTRUMEN KEUANGAN PENGUNGKAPAN

Ringkasan

Pengaturan mengenai pengungkapan g g p g g pinstrumen keuangan yang berbeda dari pengaturan sebeluma:

Ruang lingkup mengatur yang sebelunya belum diaturSignifikansi dari instrumen keuanganSignifikansi dari instrumen keuanganPenjelasan lebih rinci mengenai risiko likuiditas

Signifikansi Instrumen Keuangan

Instrumen keuangan signifikan mempengaruhi g g p gposisi keuangan perusahaan.Secara lebih tegas mensyaratkan entitas untuk mengungkapkan informasi yang memungkinkan pengguna laporan keuangan untuk mengevaluasi signifikansi instrumen keuangan terhadap posisi g g p pdan kinerja keuangan.

Pengungkapan Laporan Posisi Keuangan

Kategori Aset Keuangan dan Liabilitas KeuanganAset Keuangan Atau Liabilitas Keuangan yangDiukur Pada Nilai Wajar Melalui Laporan Laba RugiReklasifikasiReklasifikasiPenghentian PengakuanAgunangPenyisihan Kerugian Kredit Instrumen Keuangan Majemuk DenganB b D i tif M l k tBeberapa Derivatif Melekat Wanprestasi Dan Pelanggaran

Pengungkapan Laporan Laba Rugi Komp.

Pos-pos Penghasilan, Beban, Keuntungan atau KerugianPengungkapan LainnyaKebijakan AkuntansiKebijakan AkuntansiAkuntansi Lindung NilaiNilai WajarNilai Wajar

Jenis dan Tingkat Risiko yang Timbul

Pengungkapan Kualitatifg g pPengungkapan Kuatitaif

Risiko kreditAset keuangan yang melewati jatuh tempo atau mengalami penurunan nilaiAgunan dan peningkatan kualitas kredit yang diperolehRisiko likuiditasRisiko PasarAnalisis SensitivitasAnalisis SensitivitasPengungkapan risiko pasar lainnya

Review

In accordance with IFRS7 Financial instruments: disclosures which of the following best describesdisclosures, which of the following best describes the risk that an entity will encounter if it has difficulty in meeting obligations associated withdifficulty in meeting obligations associated with its financial liabilities?A Liquidity risk.q yB Credit riskC Financial riskC Financial riskD Payment risk

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Main References

Standar Akuntansi KeuangangDewan Standar Akuntansi KeuanganMateri Publik hearing PSAK 50, 55 dan 60IFRS DeloitteSlide Sharing Session Overview on the Impac of PSAK 50 and 55 (Revised 2006)Per June 28, 2010 ct, Enrst & YoungIAS PlusInternational Financial Reporting Standards – Certificate Learning Material The Institute of Chartered Accountants, England and Wales

166

TERIMA KASIHDwi MartaniDepartemen Akuntansi FEUIDepartemen Akuntansi [email protected] atau [email protected]

167

psak 50 dan 55 overview

Documents

money strike

journal entries

ias39 financial

ias32 financial

receive cash

initial margin

total shareholders

instrumen