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AKUNTANSI INSTRUMEN KEUANGAN

PSAK 50, 55 DAN 60

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

Sumber:
1. Materi Pelatihan PSAK 50 & 55 Ludovicus Sensi dan Yakub
2. Materi Pelatihan PSAK 50 & 55 Sri Yanto
3. Practical Implementation Guide and Workbook IFRS, Willey
4. Quick Reference Guide to the Practical Differences between IFRS and US GAAP
BRIEF CV
Arie Pratama, SE, M.Ak, CPSAK, CPMA, CertIFR, CPA(id)

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

08.00 – 08.30 Registrasi

08.30 – 09.00 Pembukaan Pelatihan

09.00 – 10.00 Overview Instrumen Keuangan dan PSAK terkait Instrumen Keuangan

10.00 – 10.30 Coffee Break

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

12.00 – 13.00 Istirahat, Shalat, dan Makan Siang

13.00 – 15.00 PSAK 55 : Akuntansi Pengakuan dan Pengukuran Instrumen Keuangan

15.00 – 15.30 Coffee Break

15.30 – 17.00 PSAK 55 : Akuntansi Pengakuan dan Pengukuran Instrumen Keuangan

3
JADWAL ACARA (tentatif)
Jam Deskripsi

08.30 – 10.00 PSAK 50 : Akuntansi Penyajian Instrumen Keuangan

10.00 – 10.30 Coffee Break

10.30 – 12.00 PSAK 50 : Akuntansi Penyajian Instrumen Keuangan

12.00 – 13.00 Istirahat, Shalat, dan Makan Siang

13.00 – 15.00 PSAK 60 : Akuntansi Pengungkapan Instrumen Keuangan

15.00 – 15.30 Coffee Break

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

16.30 penutupan

4
I. THE CHANGES - Apa yang berubah ?

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

5
1. Scope
Marketable
securities
(PSAK 50)

Financial
instruments
Derivative & (PSAK 50-55-60)
Hedging
(PSAK 55)

PSAK 50 (IAS 32) PSAK 55 (IAS 39) PSAK 60 (IFRS 7)

• Pengakuan (recognition) • Pengungkapan


• Penyajian (presentation)
• Pengukuran(measurement) (disclosure)

6
Instrumen Keuangan 50,55,60

Instrumen Keuangan

IAS 32 IAS 39 IFRS 7

PSAK 50 PSAK 55 PSAK 60


• Definisi dan klasifikasi • Definisi, klasifikasi dan  Pengungkapan
• Pemisahan liabilitas reklasifikasi instrumen
keuangan dan ekuitas • Pengakuan dan keuangan dan
• Akuntansi untuk instrumen penghapusan risiko
keuangan majemuk. • Pengukuran setelah
• Akuntansi untuk penarikan pengakuan awal
saham dan saham treasury • Akuntansi untuk derivarif
• Saling hapus atas aset dan untuk diperdagangkan
liablitas dan hedging.

7
2. Classification

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

Trading
Fair value through
Trading
profit or loss Fair value
option

Available for sale Available for sale

Hold to maturity

Hold to maturity

Loan and receivable

8
3. Measurement

Simple interest Effective interest

Mark to market

Mark to market Mark to fair value

Mark to model

9
4. Impairment

Expected losses Incurred losses

Individual provisioning
Generic
provisioning
Collective provisioning

10
II. SCOPE & DEFINITIONS

11
1. Scope (Ruang Lingkup)
PSAK 50 and 55 PSAK 50 Out of scope
Debt and equity investments Investments in subsidiaries,
associates and joint ventures

Loans and receivables Lease receivables


Own debt Own equity Lease payables
Tax balances
Employee benefits
Cash and cash equivalents
Derivatives Derivatives on own shares Own use commodity contracts
settled only by delivery of a
fixed number of shares for a Financial guarantees
fixed amount of cash
Derivatives on subsidiaries,
associates and joint ventures
Embedded derivatives
Loan commitments held for trading Other loan commitments

Insurance contracts

12
2. Investment in share

No significance
influence, jointly Significance influence Jointly control Control
control, or control

<20% 20<50% >50%

Financial
Associates Joint venture Subsidiary
instrument

Fair value Equity method Equity method or Consolidation


Proportionate
consolidation

13
3. Financial Instruments

Financial Assets Financial Liabilities Equity Instruments

FVPL FVPL Plain

AFS
Basic Financial Amortised Compound
Assets Cost
HTM

LR

Plain
Derivatives
Embedded

Cash flow
Accounting
Hedge Fair value
Hedging
Net investment
Macro Hedge

14
4. Definition
 Financial instrument is any contract that gives
rise to:
a financial asset of one entity and
a financial liability or equity instrument of another
entity

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

15
5. Financial asset
 Cash
 An equity instrument of another entity
 A contractual right
to receive cash or another financial asset from
another entity; or
to exchange financial assets or financial liabilities with
another entity under conditions that are potentially
favourable to the entity; or
 A contract that will or may be settled in the
entity’s own equity instruments and is:
A non derivative
A derivative

16
6. Financial liability
 A contractual obligation:
to deliver cash or another financial asset to
another entity; or
to exchange financial assets or financial liabilities
with another entity under conditions that are
potentially unfavourable to the entity; or
 A contract that will or may be settled in the entity’s
own equity instruments and is:
a non derivative
a derivative

17
Cont’d
 Kewajiban Keuangan
setiap kewajiban yang berupa:
Kewajiban kontraktual:
untuk menyerahkan kas atau aset keuangan lain kepada
entitas lain; atau
untuk mempertukarkan aset keuangan atau kewajiban
keuangan dengan entitas lain dengan kondisi yang
berpotensi tidak menguntungkan entitas;
kontrak yang akan atau mungkin diselesaikan
dengan menggunakan instrumen ekuitas yang
diterbitkan entitas dan merupakan suatu:
non derivatif; atau
derivatif

18
7. Equity instrument
 Any contract that evidences a residual
interest in the assets of an entity after
deducting all of its liabilities

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

19
PERHATIAN !
 We should clarify some points arising from these
definitions. Firstly, one or two terms above should
be themselves defined.
 A contract need not be in writing, but it must
comprise an agreement that has clear economic
consequences and which the parties to it cannot
avoid, usually because the agreement is
enforceable in law.
 An equity here could be an individual,
partnership, incorporated body or government
agency.
20
PERHATIAN !
 The definitions of financial assets and financial
liabilities may seem rather circular, referring as they
do to the terms financial asset and financial
instrument. The point is that there may be a chain of
contractual rights and obligations, but it will lead
ultimately to the receipt or payment of cash or the
acquisition or issue of an equity instrument.

21
PERHATIAN !
 IAS 32 makes it clear thet the following items are not
financial instruments:
 Physical assets, eg inventories, property, plant and
equipment, leased assets and intangible assets
(patents, trademarks etc)
 Prepaid expense, deferred revenue and most
warranty obligations
 Liabilities or assets that are not contractual in nature
 Contractual rights/obligations that do not involve
transfer of a financial asset, eg commodity futures
contracts, operating lease.

22
Latihan Soal – Case 1
 Mohon identifikasi apakah item berikut ini dapat diklasifikasikan sebagai financial
asset atau financial liability, serta alasannya.

1. Company A is evaluating whether each of these items is a financial instrument


and whether it should be accounted for under IAS 32 (PSAK 50).
a. Cash deposited in banks
b. Gold bullion deposited in banks
c. Trade accounts receivable
d. Investments in debt instruments
e. Investments in equity instruments, where Company A does not have
significant influence over the investee
f. Investments in equity instruments, where Company A has significant
influence over the investee

23
Latihan Soal – Case 1
 Company A is evaluating whether each of these items is a financial instrument
and whether it should be accounted for under IAS 32 (PSAK 50).
g. Prepaid expenses
h. Financial lease receivables or payables
i. Deferred revenue
j. Statutory tax liabilities
k. Provision for estimated litigation losses
l. An electricity purchase contract that can be net settled in cash
m. Issued debt instruments
n. Issued equity instruments

24
FINANCIAL INSTRUMENTS CLASSIFICATION
& RECLASSIFICATION

Sumber:
1. Materi Pelatihan PSAK 50 & 55 Ludovicus Sensi dan Yakub
2. Materi Pelatihan PSAK 50 & 55 Sri Yanto
3. Practical Implementation Guide and Workbook IFRS, Willey
4. Quick Reference Guide to the Practical Differences between IFRS and US GAAP
I. CLASSIFICATION

a. Financial Asset
b. Financial Liability
c. Equity Instruments

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A. Financial assets

1 2 3 4

Fair value through Hold to Loan and Available for


profit or loss maturity receivable sale

Fair value
Trading
option

Accounting
mismatch

Managed &
evaluated by FV

27
1 Fair value through profit or loss
Conditions (syarat)
 It is classified as held for trading
 Upon initial recognition it is designated by the entity as at
fair value through profit or loss (fair value option)

a. Trading
 acquired or incurred principally for the purpose of selling
or repurchasing it in the near term
 part of a portfolio of identified financial instruments that
are managed together and for which there is evidence of a
recent actual pattern of short term profit taking
 a derivative (except for a derivative that is a designated
and effective hedging instrument)

28
...
b. Fair value option
 Upon initial recognition it is designated by the
entity as at fair value through profit or loss,
regardless the purpose for stand-by or held to
maturity

 Objectives:
Eliminate accounting mismatch
Entities that are managed and evaluated on basis of fair
value

29
2 Held to maturity
 Conditions
1. Non derivative financial assets with fixed or
determinable payments and fixed maturity
2. Entity has the positive intention and ability to
hold to maturity
 Exception
1. Determination FVTPL
2. Availabel for sale
3. Meet definition of LR

30
HTM – No positive intention
 The entity intends to hold the financial asset for an
undefined period

 The entity stands ready to sell the financial asset (other


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

 The issuer has a right to settle the financial asset at an


amount significantly below its amortized cost

31
HTM – No ability
 It does not have the financial resources
available to continue to finance the
investment until maturity

 It is subject to an existing legal or other


constraint that could frustrate its intention to
hold the financial asset to maturity

32
3 Loan and Receivable
 Conditions
non-derivative financial assets with fixed or determinable
payments
not quoted in an active market

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

33
4 Available for Sale
 Conditions
those non-derivative financial assets that
are designated as available for sale
are not classified as loans and receivables, held-to-
maturity investments, or financial assets at fair value
through profit or loss

34
B. Financial liability

1 2

Fair value through Amortised


profit or loss cost
Other Liability

Fair value Umum Terjadi


Trading
option

Sangat Jarang Terjadi

35
C. Equity Instruments
 Equity instrument. Any contract that evidences a residual interest in
the assets of an entity after deducting all of its liabilities.

 This definition reflects the basic accounting equation that states


that equity equals assets less liabilities.

 Example of equity instruments include:


 Ordinary shares (that cannot be put back to the issuer by the
holder)
 Preference shares (that cannot be redeemed by the holder or
provide for nondiscretionary dividends)
 Warrants or written call options (that allow the holder to
subsribe for-or purchase-a fixed number of nonputtable
ordinary shares in exchange for a fixed amount of cash or an-
other financial asset).

36
Latihan Soal – Case 2
Shipping Manufacturing Limited (SML) is experienced in
making different kind of vessels and ships. Worldwide
Transportation Group (WTG), one of the largest marine
transportation groups, intends to order 100 cargo vessels
from some shipping manufacturers. As a small shipping
manufacturer, SML is required to deposit $1 million for the
bidding process of WTG. If SML is elected as one of the
manufacturers to make the new vessels for WTG, the
deposit will be retained by WTG and will not be returned to
SML until the contract completed. The estimated duration
of contract is about 3 years.

Discuss the proper initial measurement of the deposit in


SML’s financial statements.

37
Latihan Soal Case 3
Seven Ball Limited purchases a five-year debt instrument
with a principal amount of $10 million that is indexed to
the share price of Balloon Limited. At maturity, Seven Ball
Limited will receive the principal amount plus or minus the
change in the fair value of 1 million shares of Balloon
Limited. The current share price is $80. No separate interest
payments are made in the debt instruments. The purchase
price is $10 million. Seven Ball Limited classifies the debt
instrument as available for sale.

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

38
II. RECLASSIFICATION

39
Highlight
never

Fair value through profit or loss never Held to maturity

never never
never never
never

Under certain
never Loan and receivable conditions

Under certain
When active conditions
Allowed only when marker rose
active market emerged
after classification never

Available for sale

40
HTM to AFS
Permitted
Not more than not significant
Fulfill condition in slide 11-13

If not meet the conditions


All remain investment in HTM shall be reclassified
to AFS
No more HTM in year of reclassification and next
two year

41
AFS
AFS to HTM
Changes in intention or ability
After “tainting rule”

LR to AFS
Active market rise

42
Impact of reclassification
From To Profit or loss Equity
FVPL - -
HTM AFS - FV – BV date of reclassification
LR AFS FV – BV date of reclassification
AFS HTM • Amortise gain or loss in equity
to profit or loss (fixed maturity)
• Gain or loss in equity transfer
to profit or loss when
sold/disposed (not fixed
maturity)

43 43
Reklasifikasi HTM (Tainting Rules)

Aset HTM DIJUAL TAINTING RULES

more then insignificant amount

Klasifikasi HTM
Dijual / Dapat digunakan
Direklasifikasi Lagi

09 Juni 2008 Thn 2011

31 Des 2008 31 Des 2009 31 Des 2010

Tainting
Cleansed Period

HTM AFS

44
Catatan Penting Reklasifikasi
Pengecualian tainting rules dalam penjualan / reklasifikasi aset HTM :

1. Dilakukan mendekati tanggal jatuh tempo, sehingga perubahan


market rate tidak berpengaruh signifikan terhadap nilai wajarnya;
2. Terjadi setelah entitas memperoleh secara substansial seluruh
jumlah pokok aset keuangan sesuai jadwal pembayaran atau
entitas telah memperoleh pelunasan dipercepat;
3. Terkait dengan kejadian tertentu yang berada di luar kendali
entitas, tidak berulang dan tidak dapat diantisipasi secara wajar
oleh entitas.

45
Financial liability

Fair value through Amortised


profit or loss cost

Fair value
Trading
option

Accounting
mismatch

Managed &
evaluated by FV

No reclassification

46
Latihan Soal – Case 4
Reclassification of Remaining Held-to-Maturity Investments Due to Tainting

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

Amortized cost Fair value


Largeman Industries, Inc. bonds $140,000 $128,000
Cheris Corp. bonds 85,000 85,000
Farber Associates Inc. bonds 111,000 116,000
Crook & Co. bonds 44,000 40,000
$380,000 $369,000

47
Latihan Soal – Case 4
SOLUTION: In accordance with IAS 39, if more than an
insignificant amount of held-to-maturity investments are sold or
reclassified (and the sales do not qualify for exemption), all
remaining held-to-maturity investments must be reclassified as
available for sale, with the difference between their carrying
amounts investments and their fair values on the date of
reclassification recognized in other comprehensive income. U.S.
International would thus make the following journal entry to
record the reclassifications:

48
Latihan Soal – Case 4

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


Investment in Cheris bonds (available for sale) 85,000
Investment in Farber bonds (available for sale) 116,000
Investment in Crook bonds (available for sale) 40,000
Other comprehensive income ($380,000 − $369,000) 11,000
Investment in Largeman bonds (held to maturity) 140,000
Investment in Cheris bonds (held to maturity) 85,000
Investment in Farber bonds (held to maturity) 111,000
Investment in Crook bonds (held to maturity) 44,000

Note that the fair value at the time of reclassification of each investment
becomes its amortized cost in the available-for-sale category for purposes
of subsequent accounting.

49
FINANCIAL INSTRUMENT RECOGNITION
& MEASUREMENT

Sumber:
1. Materi Pelatihan PSAK 50 & 55 Ludovicus Sensi dan Yakub
2. Materi Pelatihan PSAK 50 & 55 Sri Yanto
3. Practical Implementation Guide and Workbook IFRS, Willey
4. Workbook: Quick Reference Guide to the Practical Differences between IFRS and US GAAP
Lingkup Bahasan

 Pengukuran (measurement)
1. Pengukuran Awal (Initial Measurement) Aset Keuangan dan
Kewajiban Keuangan
2. Pengukuran Aset Keuangan setelah Pengakuan Awal
(Subsequent Measurement)
3. Pengukuran Kewajiban Keuangan setelah Pengakuan Awal
(Subsequent Measurement)
4. Pertimbangan dalam Pengukuran Nilai Wajar (Fair Value
Consideration)

51
1. Initial measurement

Financial instruments (financial


assets & financial liabilities)

Measured at Fair value through profit Not measured at Fair value through
or loss profit or loss

Fair value Fair value + transaction costs

Incremental costs
Transaction costs
Directly attributable
52
Interest free loan
Entity A lends Rp1.000 to Entity B, 5 year, no interest, as LR
Entity A expects other econimic benefits
Similiar loan, interest 10%
Initial measurement PV (1000,5,10%) = 621
Loan 621
Expense/other asset 379
Cash 1.000

53
SUBSEQUENT MEASUREMENT -
FINANCIAL ASSETS

54
Subsequent measurements
Classification Subsequent Changes in fair Changes in Impairment
measurement value amortized costs (If objective
evidence)
Fair value through Fair value Profit or loss - No
profit or loss
Available for sale Fair value Equity (other Profit or loss Yes
comprehensive
income)
Held to maturity Amortized cost with - Profit or loss Yes
effective interest
rate method
Loan and receivable Amortized cost with - Profit or loss Yes
effective interest
rate method

55
Equity instruments – cost
 Conditions
Not quoted in active market; and
Its fair value can’t be determined reliably

 Fair value can’t be determined reliably


the variability in the range of reasonable fair value
estimates is not significant for that instrument or
the probabilities of the various estimates within
the range can be reasonably assessed and used in
estimating fair value

56 56
Cont’d
 Availability of fair value
Not available become available >>> classified as available
for sale (fair value)
Available become not available >>> classified as available
for sale (at cost)
Changes in fair value (equity) not to reclassified

No reversal impairment

57
Pengukuran Aset Keuangan
setelah Pengakuan Awal (Conclusion)

Nilai wajar
tanpa dikurangi
biaya penjualan/pelepasan

KECUALI UNTUK:

Pinjaman Investasi Instrumen Derivatif terkait dengan


Diberikan & Dimiliki hingga Ekuitas instrumen ekuitas
Piutang Jatuh Tempo (yang tak memiliki (yang tak memiliki
kuotasi kuotasi &
& nilai wajar) nilai wajar)
harga perolehan
diamortisasi dengan
metode suku bunga harga perolehan
efektif
58
SUBSEQUENT MEASUREMENT -
FINANCIAL LIABILITIES

59
Subsequent measurement
Classification Subsequent Changes in fair value Changes in amortized
measurement costs
Liabilities measured at Fair value Profit or loss -
fair value through profit
or loss

Other liabilities Amortized costs with - Profit or loss


effective interest rate
method

60
Cont’d

Financial liabilities Subsequent measurement


Financial liabilities that arise when a • Shall continue to recognize the
transfer of a financial asset does not transferred asset in its entirety
qualify for de-recognition • Shall recognize a financial liability for
the consideration received
Financial liabilities that arise when a The extent to which it is exposed to
transfer of a financial asset when the changes in the value of the transferred
continuing involvement approach asset
applies

61
Kewajiban: Suku bunga efektif
Ilustrasi Metode Suku Bunga Efektif :

Perusahaan XYZ menerbitkan Obligasi, 5 th, dengan nominal Rp. 100 juta, dengan
harga Rp. 94.418.000,-.
Bunga = 8% p.a, dibayar tahunan.
Biaya transaksi untuk menjual obligasi tsb = Rp. 2.000.000,-
Tahap 1 – Menentukan nilai pada saat pengakuan awal (cost at initial recognition)

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


Cash Flow
Tahap 2 – Kalkulasi suku bunga efektif
92,418,000
1 - 8,000,000
8.000 8.000 8.000 8.000 108.000
2 - 8,000,000
3 - 8,000,000
10% 4 - 8,000,000
92.418 5 - 108,000,000
- 47,582,000
EIR 10.00%

62
Suku bunga efektif
Ilustrasi Metode Suku Bunga Efektif :

Tahap 3 – Amortisasi harga perolehan dengan suku bunga efektif

Book Effective actual Amortised actual Book


Value interest interest cost principal Value
Thn Awal rate paid with paid Akhir
10.00% E IR
(1) (2) (3)=(2)xEIR (4) (5)=(3)-(4) (6) (7) = (2)+(5)-(6)

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


2 93,659,910 9,366,102 8,000,000 1,366,102 - 95,026,012
3 95,026,012 9,502,714 8,000,000 1,502,714 - 96,528,725
4 96,528,725 9,652,987 8,000,000 1,652,987 - 98,181,712
5 98,181,712 9,818,288 8,000,000 1,818,288 100,000,000 -

63
Jurnal
Amortized Cost FVTPL

Pada saat penerbitan: Pada saat penerbitan:


Db. Kas 92.418.000 Db. Kas 92.418.000
Kr. Hutang Obligasi 92.418.000 Db. Beban Transaksi 2.000.000
Akhir periode 1: Kr. Hutang Obligasi 94.418.000
Akhir periode berikutnya, misal, nilai wajar
Db. Beban Bunga 9.241.910 obligasi menjadi 93.000.000:
Kr. Kas 8.000.000 Db. Hutang Obligasi 1.418.000
Kr. Hutang Obligasi 1.241.910 Kr. Untung 1.418.000
Jurnal pengakuan bunga dan Selanjutnya disesuaikan dengan nilai wajar
penyesuaian berikutnya
dilakukan berdasarkan tabel
amortisasi.
64
Implementation issues in a retail bank
Effective interest rate calculation on loans
• Under IFRS, loans are accounted at amortised
cost and interest rates recorded in P&L under
the effective interest rate method
• Heavy operational implications to adapt the
IT systems
• For most banks, effective interest rate
calculations have been implemented in the
systems for standard fixed rate loans only
Implementation issues in a retail bank
Effective interest rate calculation on loans
• For floating rate loans, IAS 39 requires effective
interest rate to be reassessed at each period end
• This requirement is hard and costly to achieve in
the systems
• It also creates volatility
Operational shortcut applied by many banks :
 effective interest rate on floating rate loans are only calculated at
inception and maintained throughout the life of the instrument
 requirement however to demonstrate that this shortcut has no material
impacts
Implementation issues in a retail bank
Identification of loans that are off-market rates
• It requires the initial value of loans granted at off-
market rate to be adjusted
• The difference between the amount granted and the
initial value is recorded in P&L
• In order to identify off-market rates on an
operational basis two approaches have been
followed :
– Develop an IT system to benchmark actual loans rates with average rates
calculated internally by controlling. Loans below “x” basis points as
compared to the controlling rates are considered off market
– Other banks consider that rates are market rates as long as they can
demonstrate that other banks issue loans at similar rates
Implementation issues in a retail bank
Impairment of loan portfolios
• Loan are impaired only if their is objective
evidence of a risk (incurred losses)
• Impairment at inception of the loan are
specifically forbidden
• Impairment is therefore only allowed if the
three following conditions are met :
– Loss event
– Occurring after the loan is granted and before period end
– That has a measurable impact on the future cash flows of the loan
FAIR VALUE – APA ARTINYA ?

69
RUANG LINGKUP FAIR VALUE DALAM PSAK

Aset Properti
Tetap PSAK PSAK Investasi
16 13

Instrumen
Keuangan FAIR
PSAK VALUE
50,55,60 IFRS 13 Aset takberwujud
PSAK
19

PSAK
48, 58 Penurunan
IAS Nilai
41 Aset Tidak Lancar
Agikultur
Dimiliki untuk Dijual dan
Operasi yang Dihentikan
70
Definisi Fair Value IFRS 3

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

• “...the price that would be received to sell an asset or transfer


a liability in an orderly transaction between market
participants at the measurement date.”
IFRS 13 para 9

71
Definisi Fair Value IFRS 3

Exit price didaarkan pada pasa aktif. Jika tidak ada didasarkan teknik
valuasi.
Bukan berasal dari transaksi dari pihak yang mengalami kesulitan
keuangan
Nilai fair value merupkan pengukuran pasar, bukan ukuran spesifik
suatu entitas. Konsekuensinya entitas yang memiliki keinginan
untuk memegang aset tersebut atau menjualnya tidak relevan dalam
pengukuran nilai wajar.
Biaya transaksi diabaikan karena bukan merupakan karakteristik dari
aset dan liabilitas yang diukur.
Mengasumsikan terjadi di pasar.

72
Hirarki Fair Value 73

Apakah ada harga kuotasian


Yes dalam pasar aktif untuk aset
No
atau liabilitas yang identik
(Level 1)

Gunakan nilai wajar Apakah ada input selain


pengukuran dengan Level 1 harga kuotasioan yang
dapat diobservasi*
Harus digunakan tanpa
penyesuaian No
Yes

Gunakan input selain Gunakan input yang


Harga kuotasian yang bukan berdasarkan
* Maksimumkan input yang dapat
diobservasi, termasuk informasi pasar dapat diobservasi baik harga pasar yang
dan informasi publik lainnya
‡ Input yang tidak dapat diobservasi
secara langsung atau tidak dapat diobservasi.
diantaranya data entitas (anggaran, langsung, pengukuan ‡ Level 3
proyeksi), harus disesuaikan jika Level 2
pelaku pasar menggunakan asumsi
berbeda
73
IMPAIRMENT

74
Impairment
 The amount by which the carrying amount of an asset
exceeds its recoverable amount

 There is objective evidence of impairment as a result of one


or more events that occurred after the initial recognition of
the asset (loss event)

 The loss event (or events) has an impact on the estimated


future cash flows of the financial asset or group of financial
assets that can be reliably estimated

 Impairment more permanent than changes in fair value


(temporary)

75
Process of impairment

Indications of impairment

no yes

Calculate impairment loss

no impairment loss impairment loss

76
Cont’d
 Significant financial difficulty of the issuer or
obligor

 The lender, for economic or legal reasons relating


to the borrower’s financial difficulty, granting to
the borrower a concession that the lender would
not otherwise consider

 A breach of contract, such as a default or


delinquency in interest or principal payments

77
Cont’d
 It becoming probable that the borrower will enter
bankruptcy or other financial reorganization

 The disappearance of an active market for that


financial asset because of financial difficulties

 Observable data indicating that there is a measurable


decrease in the estimated future cash flows from a
group of financial assets since the initial recognition of
those assets, although the decrease cannot yet be
identified with the individual financial assets in the
group

78
Type of impairment
 Type of impairment
Individual
Collective

 Level ofmateriality to determine individual


and collective impairment

79
Cont’d
 Individual
Indications of individual impairment >>> calculate
impairment loss
If no impairment loss >>> add to collective impairment
Calculation based on discounted expected future cash flow
with original EIR

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

80
Summary – Financial assets
Classifi Type of Initial Measurement Subsequent Measurement Impairment
cation Instrument
FVTPL Debt, equity •Fair value •Fair value -
and derivative •Transaction costs as •FV changes in profit or loss
expense
HTM Debt Fair value + Amortised costs by EIR •Impairment loss
transaction costs •Reverse impairment loss
(not exceed carrying amount
if no impairment)
LR Debt Idem Idem Idem

AFS Debt Fair value + •Amortised costs by EIR •Impairment loss


transaction cost •Fair value •Reverse impairment loss
•FV changes in OCI (not exceed carrying amount
if no impairment)
Equity Fair value + •Fair value •Impairment loss
transaction costs •FV changes in OCI •Reverse impairment loss
Equity (not Fair value + Costs •Impairment loss
reliably transaction costs •No reverse impairment loss
measurable)

81
Perhatian !
 Theimpairment requirements apply to these
types of financial assets:
 Loans and receivables.
 Held-to-maturity investments
 Available-for-sale financial assets
 Investments ain unquoted equity instruments
whose fair value cannot be reliably measured.

82
Perhatian !
 The only category of financial assets that is
not subject to testing for impairment s
financial assets at fair value through profit or
loss, because any declines in value for such
assets are recognized immediately in profit or
loss irrespective of whether there is any
objective evidence of impairment.

 Financial liabilities are not subject to testing


for impairment.
83
Perhatian !
 For loans and receivables and held-to-maturity
investments, impaired assets are measured at the
present value of the estimated future cash flows
discounted using the original effective interest rate of
the financial assets (i.e., the effective interest rate that is
used to determine amortized cost).

 Any difference between the previous carrying amount


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

84
Latihan Soal – Case 5
Tat Keung Limited lends $2 million to Customer
LC. Based on historical experience, Tat Keung
Limited expects that 2% of the principal amount
of loans given will not be recovered. In view of
subprime and credit crunch in the United States
and worldwide market, the directors of Tat Keung
Limited proposed to recognise an immediate
impairment loss of $40,000 when the loan is
made to Customer LC.

Please discuss whether this treatment is allowed


by PSAK 55.

85
INSTRUMEN KEUANGAN:
PENYAJIAN DAN PENGUNGKAPAN
2. Presentation
Presentation from the perspective of the issuer on

The issuer of a financial instrument is required to classify the


Liability and equity instrument, or its component parts, on initial recognition as
a financial liability,
Compound financial a financial asset or
instruments an equity instrument
in accordance with
Treasury shares the substance of the contractual arrangement and
the definitions of a financial liability, a financial asset and
an equity instrument.
Interests, dividends,
losses and gains

Offsetting
2. Presentation
Presentation from the perspective of the issuer on

Liability and equity


2. Presentation
Presentation from the perspective of the issuer on

Contractual Obligation to Deliver Cash/Financial Asset


Liability and equity
In differentiating a financial liability from an equity
instrument, a critical feature is the existence of a
contractual obligation of an issuer either
1. to deliver cash or another financial asset to the
holder or
2. to exchange financial assets or financial liabilities with
the holder under conditions that are potentially
unfavourable to the issuer. For equity instrument, an
issuer has no such contractual obligation.
If an entity does not have an unconditional right to avoid
delivering cash or another financial asset to settle a
contractual obligation,
 the obligation meets the definition of a financial liability.
Latihan Soal – Case 6
2. During 2004, entity A has issued a number of financial instruments. It is evaluating
how each of these instruements should be presented under IAS 32:
a. A perpetual bond (i.e., a bond that does not have a maturity date) that pays
5% interest each year.
b. A mandatory redeemable share with a fixed redemption amount (i.e., a
share that will be redeemed by the entity at a future date)
c. A share that is redeemable at the option of the holder for a fixed amount of
cash.
d. A sold (written) call option that allows that holder to purchase a fixed
number of ordinary shares from Entity A for a fixed amount of cash.

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

90
2. Presentation Example

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


liability if:
It provides for mandatory redemption by the issuer for a fixed or determinable
amount at a fixed or determinable future date.
It gives the holder the right to require the issuer to redeem the instrument at or
after a particular date for a fixed or determinable amount.

The following circumstances indicate that an entity does not have


unconditional right to avoid delivering cash or another financial asset:
1. A restriction on the ability of an entity to satisfy a contractual
obligation, such as lack of access to foreign currency or the need to
obtain approval for payment from a regulatory authority; and
2. A contractual obligation that is conditional on a counterparty
exercising its right to redeem.
2. Presentation
Presentation from the perspective of the issuer on

Settlement in an Entity’s Own Equity Instruments


Liability and equity A contract is not an equity instrument solely because it
may result in the receipt or delivery of the entity’s own
equity instruments.
‒ An entity may have a contractual right or obligation to
receive (or deliver) a number of its own shares (or
other equity instruments) that varies so that the fair
value of the entity’s own equity instruments to be
received (or delivered) equals the amount of the
contractual right (or obligation).
‒ A contract that will be settled by the entity delivering
or receiving a fixed number of its own equity
instruments in exchange for a variable amount of
cash or another financial asset is also a financial
asset or financial liability.
2. Presentation Example

Knut Limited contracted to deliver 100 shares of its own equity


instruments in return for an amount of cash calculated to equal
the value of 1,000 ounces of gold.
Is it an equity instrument?

The contract is not an equity instrument.


Even a fixed number of Knut’s own equity instrument will be delivered, Knut will
receive a variable amount of cash calculated to equal the value of 1,000 ounces
of good. Knut’s fixed number of its own equity instrument is thus not exchanged
for a fixed amount of cash or a fixed amount of another financial asset.
2. Presentation
Presentation from the perspective of the issuer on

Contingent Settlement Provisions


Liability and equity
Require the entity to deliver cash or another financial asset
in the event of the occurrence or non-occurrence of
uncertain future events (or on the outcome of uncertain
circumstances) that are beyond the control of both the
issuer and the holder of the instrument.
Even there is contingent settlement provision in an
instrument, the issuer still does not have the unconditional
right to avoid delivering cash or another financial asset.
Therefore, it is a financial liability of the issuer unless:
1. the part of the contingent settlement provision that
could require settlement in cash or another financial
asset is not genuine; or
2. the issuer can be required to settle the obligation in
cash or another financial asset only in the event of
liquidation of the issuer.
2. Presentation
Presentation from the perspective of the issuer on

Settlement Options
Liability and equity
When a derivative financial instrument gives one party a
choice over how it is settled (e.g. the issuer or the holder
can choose settlement net in cash or by exchanging
shares for cash),
‒ it is a financial asset or a financial liability
• unless all of the settlement alternatives would
result in it being an equity instrument.
2. Presentation
Presentation from the perspective of the issuer on

The issuer of a non-derivative financial instrument is also


required to evaluate the terms of the financial instrument
to determine whether it contains both
Compound financial ‒ a liability, and
instruments
‒ an equity component.
IAS 32 addresses the requirements on separating a
compound financial instrument from the issuer’s
perspective while IAS 39 sets out the requirements from
the holder’s perspective.
Both are explained together in section 5 of Chapter 15.
Latihan Soal – Case 7
 The sum of the initially recognized carying amounts of the iability and
equity components always equals the amount that would have been
assigned to the instrument as a whole.
 Entity A issues a bond with a principal amount of $100,000. The holder
of the bond has the right to convert the bond into ordinary shares of
Entity A. On issuance, Entity A receives proceeds of $100,000. By
discounting the principal and interest cash flows of the bond using
interest rates for similar bonds without an equity component, Entity A
determines that the fair value of a similar bond without any equity
component would have been $91,000. Therefore, the initial carrying
amount of the liability component $91,000. The initial carrying amount
of the equity component is computed as the difference between the
total proceeds (fair value) of $100,000 and the initial carrying amount
of the liability component of $91,000. Thus the initial carrying amount
of the equity component is $9,000.

 Bagaimana jurnal entri nya?

97
Latihan Soal – Case 7
 Entity A makes journal entry:

Dr Cash 100,000
Cr Financial liability 91,000
Cr Equity 9,000

The subsequent accounting for the liability component is governed by IAS


39. For instance, if the liability component is measured at amortized cost,
the difference between the initial carrying amount of the liability component
($91,000 in the example) ad the principal amount at maturity ($100,000 in
the example) is amortized to profit or loss as an adjustment of interest
expense in accordance with the effective interest method. This has the
effect of increasing interest expense as compared with the stated interest
rate on the bond.

98
2. Presentation
Presentation from the perspective of the issuer on

Treasury shares (an entity’s own equity instruments


reacquired by itself or its subsidiaries)
Those instruments are deducted from equity
Cannot be classified as an asset
No gain or loss is recognised in profit or loss on the
purchase, sale, issue or cancellation of an entity’s own
Treasury shares
equity instruments.
Such treasury shares may be acquired and held by the
entity or by other members of the consolidated group.
Consideration paid or received is reognised directly in
equity.
The amount of treasury shares held is disclosed separately
either on the face of the balance sheet or in the notes.
Accounting for Treasury Shares
Illustration 11-8

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


of its share at $8 per share.
Treasury shares (4,000 x $8) 32,000
Cash 32,000

SO 3 Explain the accounting for treasury shares.


Accounting for Treasury Shares

Equity Section with Treasury Shares


Illustration 11-9

Both the number of shares issued (100,000), outstanding (96,000), and the
number of shares held as treasury (4,000) are disclosed.

SO 3 Explain the accounting for treasury shares.


Accounting for Treasury Shares

Disposal of Treasury Shares


Above Cost
Below Cost

Both increase total assets and equity.

SO 3 Explain the accounting for treasury shares.


Above
Accounting for Treasury Shares Cost
Illustration: On February 1, 2011, Mead acquired 4,000 of its
share at $8 per share.
On July 1, Mead sells for $10 per share 1,000 shares of its
treasury share, previously acquired at $8 per share.

July 1 Cash 10,000


Treasury shares (1,000 x $8) 8,000
Share premium - treasury 2,000

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


transactions with its own shareholders.

SO 3 Explain the accounting for treasury shares.


Below
Accounting for Treasury Shares Cost
Illustration: On February 1, 2011, Mead acquired 4,000 of its
share at $8 per share.
On Oct. 1, Mead sells an additional 800 treasury shares at $7
per share.

Oct. 1 Cash 5,600


Share premium - treasury 800
Treasury shares (800 x $8) 6,400

SO 3 Explain the accounting for treasury shares.


Below
Accounting for Treasury Shares Cost
Illustration: On February 1, 2011, Mead acquired 4,000 of its
share at $8 per share.
On Dec. 1, assume that Mead, Inc. sells its remaining 2,200
shares at $7 per share.

Dec. 1 Cash 15,400 Limited


to
Share premium - treasury 1,200 balance
on
Retained earnings 1,000 hand
Treasury shares (2,200 x $8) 17,600

SO 3 Explain the accounting for treasury shares.


2. Presentation
Presentation from the perspective of the issuer on

Interest, dividends, losses and gains relating to a financial


instrument or a component that is a financial liability
are recognised as income or expense in profit or loss.
Distributions to holders of an equity instrument  dividends
are debited by the entity directly to equity, net of any
related income tax benefit.
Transaction costs of an equity transaction, other than costs
of issuing an equity instrument that are directly attributable
Interests, dividends,
losses and gains
to the acquisition of a business,
shall be accounted for as a deduction from equity, net of
any related income tax benefit.
2. Presentation
Presentation from the perspective of the issuer on

Financial asset and a financial liability are offset and the net
amount presented in the balance sheet when, and only
when, an entity:
1. currently has a legally enforceable right to set off the
recognised amounts; and
2. intends either
to settle on a net basis, or
to realise the asset and settle the liability
simultaneously.
In accounting for a transfer of a financial asset that does not
qualify for derecognition,
Offsetting
‒ the entity is not allowed to offset the transferred
asset and the associated liability
PSAK 60

 PSAK 60 mengatur persyaratan pengungkapan


dalam laporan keuangan terhadap instrumen
keuangan.
 Sebelumnya diatur dalam PSAK 50 (revisi
2006): Instrumen Keuangan: Penyajian dan
Pengungkapan
 ED PSAK 60 diadopsi dari IFRS 7 versi Maret
2009

108
Perubahan PSAK 50  PSAK 50 & PSAK 60

 Pengaturan mengenai pengungkapan


Instrumen Keuangan yang berbeda dari
pengaturan sebelumnya adalah:
Ruang Lingkup, mengatur hal‐hal yang sebelumnya
belum diatur
Menegaskan signifikansi dari instrumen keuangan
Penjelasan lebih rinci mengenai risiko likuiditas

109
Ruang Lingkup

 Untuk semua entitas dengan seluruh jenis


instrumen keuangan, kecuali:
Penyertaan dalam entitas anak, entitas asosiasi dan ventura
bersama, kecuali PSAK 4, 12, dan 15 menginjinkan
menerapkan sesuai PSAK 55 (r2006)
Hak dan kewajiban imbalan kerja (PSAK 24)
Kontrak asuransi (PSAK 28) Instrumen, kontrak dan
kewajiban keuangan dari transaksi berbasis saham
(ED PSAK 53)
Instrumen ekuitas – puttable
Instrument (ED PSAK 50 (r 2010))

110
Signifikansi Instrumen Keuangan

Instrumen keuangan signifikan mempengaruhi


posisi keuangan perusahaan.
Secara lebih tegas mensyaratkan entitas untuk
mengungkapkan informasi yang memungkinkan pengguna
laporan keuangan untuk mengevaluasi signifikansi
instrumen keuangan terhadap posisi dan kinerja keuangan.
Laporan Posisi Keuangan
Hal yang tidak disyaratkan dalam pengungkapan
sebelumnya dalam Laporan Posisi Keuangan:
Nilai tercatat tiap kategori
Jika menetapkan pinjaman yang diberikan dan piutang dan
liabilitas keuangan yang diukur pada nilai wajar melalui
laporan laba rugi.
Jumlah reklasifikasi ke dan dari setiap kategori
Rekonsiliasi perubahan pos penurunan nilai selama
periode berjalan untuk setiap kelompokaset keuangan

112
11
3
Laporan Laba Rugi Komprehensif

Hal yang tidak disyaratkan dalam pengungkapan


sebelumnya dalam Laporan Laba Rugi
Komprehensif:
Laba atau rugi neto aset keuangan atau liabilitas keuangan
Total pendapatan dan beban bunga
Pendapatan dan beban imbalan dari aset atau liabilitas
keuangan dan aktivitas wali amanat
Pendapatan bunga dari aset keuangan yang mengalami
penurunan nilai
Jumlah kerugian penurunan nilai

114
11
5
Pengungkapan Nilai Wajar

Pengukuran nilai wajar yang diakui dalam laporan posisi


keuangan mengungkapkan:
Tingkatan Hirarki Nilai Wajar:
Tingkatan
Tingkat 1 harga kuotasian (belum disesuaikan) dalam pasar aktif untuk aset
Tingkatyang
atau liabilitas 1 identik;
Tingkat 2 input selain harga kuotasian yang termasuk dalam Tingkat 1 yang
dapat diobservasi untuk aset atau liabilitas, baik secara langsung
(yaituTingkat 2
sebagai harga) atau secara tidak langsung (yaitu diperoleh
dari harga); dan
Tingkat 3 inputTingkat
untuk aset3atau liabilitas yang bukan berdasarkan data pasar
yang dapat diobservasi (input yang tidak dapat diobservasi).
11
7
Jenis dan Tingkat Risiko yang Timbul

Pengungkapan Kualitatif
Pengungkapan Kuantitatif
Risiko kredit
Aset keuangan yang melewati jatuh tempo atau mengalami
penurunan nilai
Agunan dan peningkatan kualitas kredit yang diperoleh
Risiko likuiditas
Risiko Pasar
Analisis Sensitivitas
Pengungkapan risiko pasar lainnya
JENIS DAN TINGKAT RISIKO YANG TIMBUL DARI INSTRUMEN
KEUANGAN

Secara tegas mensyaratkan entitas untuk


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

119
Pengungkapan Kualitatif

Eksposur dan timbulnya risiko

Tujuan, kebijakan dan proses pengelolaan


risiko serta metode untuk mengukur

Perubahan atas kedua hal diatas

120
Pengungkapan Kualitatif

Pengungkapan Risiko Kredit yang belum


disyaratkan sebelumnya:
Jumlah dan analisa umur aset keuangan
yang jatuh tempo tetapi tidak mengalami
penurunan nilai
Jumlah dan analisa dan faktor penurunan nilai
Uraian agunan dan peningkatan perikatan kredit

121
12
2
CONTOH PENGUNGKAPAN
TERKAIT AGUNAN

12
3
Pengungkapan Kualitatif

Pengungkapan Risiko Kredit yang belum


disyaratkan sebelumnya:
1) Analisa jatuh tempo untuk non‐ derivatif
liabilitas keuangan
2) Analisa jatuh tempo untuk derivatif liabilitas
keuangan
3) Uraian pengelolaan risiko likuiditas
yang melekat pada point (1) dan (2)

124
12
5
CONTOH

12
6
Pengungkapan Kualitatif

Pengungkapan Analisa Sensitivitas yang


belum disyaratkan sebelumnya
untuk setiap jenis risiko pasar, yang menunjukkan
bagaimana laba rugi dan ekuitas terpengaruh oleh
perubahan pada variabel risiko yang relevan
Asumsi dan metode yang digunakan dalam analisa
sensitivitas
Perubahan dari asumsi dan metode yang digunakan
sebelumnya, dan alasan perubahannya.

127
12
8
Ilustrasi – Kebijakan Manajemen Risiko
Risiko keuangan
Risiko usaha  kendali pemerintah, patungan, kontraktor, cadangan,
penetapan harga oleh pemerintah
Risiko keuangan 
Risiko pasar  risiko nilai tukar mata uang asing, harga komoditi – analisis
sensitivitas
Risiko kredit  umur piutang, informasi penurunan nilai, rating utang yang dimiliki
Risiko likuiditas

Manajemen Modal
Kebijakan dewan direksi adalah untuk mempertahankan basis modal
yang kuat untuk menjaga keyakinan investor, kreditur dan pasar, dan
untuk mempertahankan perkembangan bisnis di masa yang akan
datang.
Nilai wajar
129
Sumber : LK Pertamina 2012
Ilustrasi – Pengungkapan Nilai wajar
Nilai wajar adalah suatu jumlah dimana suatu aset dapat dipertukarkan
atau suatu liabilitas diselesaikan antara pihak yang memahami dan
berkeinginan untuk melakukan transaksi wajar.
Perbedaan pada setiap tingkatan metode penilaian dijelaskan sebagai
berikut:
Harga dikutip (tidak disesuaikan) dari pasar yang aktif untuk aset atau liabilitas yang
identik (Tingkat 1);
Input selain harga yang dikutip dari pasar yang disertakan pada Tingkat 1 yang dapat
diobservasi untuk aset dan liabilitas, baik secara langsung (yaitu sebagai sebuah harga)
atau secara tidak langsung (yaitu sebagai turunan dari harga) (Tingkat 2);
Input untuk aset atau liabilitas yang tidak didasarkan pada data pasar yang dapat
diobservasi (informasi yang tidak dapat diobservasi) (Tingkat 3).

130
Sumber : LK Pertamina 2012
IFRS 9 : NEW STANDARD ON
FINANCIAL INSTRUMENT

13
A comparison of IAS 39, IFRS 9 and IFRS 9R

IAS 39 IFRS 9 IFRS 9 R

Financial •  FVTPL •  FVTPL •  FVTPL


asset - Debt •  AFS •  Amortised •  Amortised
•  L&R cost cost
•  HTM •  FVOCI

Financial •  FVTPL •  FVTPL •  FVTPL


asset - Equity
•  AFS •  FVOCI •  FVOCI

Financial
•  FVTPL •  FVTPL •  FVTPL
liability
•  Amortised •  Amortised •  Amortised
cost cost cost

8
Overview of three categories

Is objective of the entity’s Is objective of the entity’s


No No
business model to hold the business model to collect
financial assets to collect contractual cash flows and
contractual cash flows? for sale?

Yes Yes

Do contractual cash flows represent solely payments of principal No


and interest? Fair
value
Yes Yes
through
Yes
Does the company apply the fair value option to eliminate an P&L
accounting mismatch?

No No

Amortised cost FV-OCI

9
Business model test
Business model assessment on debt instruments
IFRS 9 – Improvements*

To hold To sell To hold and to sell

Credit portfolios or Liquidity and run-off


Trading portfolios
investment portfolios portfolios

Analyse indiviual contractual Analyse indiviual contractual


cashflow characteristics Residual category cashflow characteristics
(CCC) of instrument (CCC) of instrument
no no

yes yes yes

Measured at fair value


Measured at cost Measured at fair value
through OCI

Key question is Key question is


where these lines where these lines
are drawn. are drawn. 11
IFRS 9 New impairment model
- Moving from incurred loss to expected loss

On initial Financial assets that were If deteriorated to


originated into investment credit-impaired*
recognition
grade and have
(Bucket 1) (subset of Bucket
deteriorated below
investment grade since
2/3)
origination OR that were * there is objective
originated below evidence of the criteria in
paragraphs 59(a)-(e) of
investment grade and IAS 39
suffered a significant
Interest revenue deterioration in credit
calculated on gross quality since origination.
carrying amount Interest revenue
(Bucket 2/3)
Reserve full lifetime calculated on the
expected losses Interest revenue net carrying
associated with the calculated on gross amount
probability of a loss carrying amount
in the 12 months Lifetime expected
after the reporting Lifetime expected loss
allowance loss allowance
date.

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Three-bucket approach

Different model for different portfolios


•  Non credit-impaired on initial recognition
•  Credit-impaired on initial recognition
•  Loan commitments and guarantees
•  Trade receivables, lease receivables and modified assets

32
Some of the proposed changes under the new
hedging rules

Topic IAS 39 IFRS 9 – Proposed changes


Effectiveness testing 80-125% •  No more threshold, hedge must be “unbiased”
•  Qualitative and/or quantitative assessment based on
management’s risk strategy
Hedging risk Prohibited, Permitted as long as risk component is
components of non- except FX risk •  separately identifiable and
financial hedged items •  reliably measureable
Derivatives as Prohibited Permitted
hedged items
Hedging of net Prohibited Cash flow hedges of net positions are only be available for
position of forecast hedges of foreign currency risk as long as the items within
transactions the net position are specified in such a way that the pattern of
how they will affect the income statement is set out as part of
the initial hedge designation.
Basis adjustment Choice Mandatory

39
Some of the proposed changes under the new
hedging rules

Topic IAS 39 IFRS 9 – Proposed changes


Hedging a ‘layer’ of an Prohibited Permitted
entire item
Accounting for time Prohibited Based on the nature of the hedged item:
value of options •  ‘transaction related’: to be recognised in OCI with
reclassification to P/L
•  ‘time period related’: to be recognised in OCI and
amortised
Fair value hedging Changes in FV •  IAS 39 mechanics retained
to P&L, •  Require single note about cash flow and fair value hedges
adjustment to •  Disclosure of fair value hedge adjustment
hedged item

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TERIMA KASIH

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