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PSAK 60:

INSTRUMEN KEUANGAN:
PENGUNGKAPAN

PSAK TERKINI SESUAI DENGAN PROGRAM KONVERGENSI IFRS DAN PENERAPANNYA

Basar Alhuenius
Tim Implementasi IFRS
Bogor, 15 Nopember 2011

OVERVIEW SINGKAT ATAS


PSAK 60 (R2010) DAN PSAK LAMA
o Pengaturan
mengenai
pengungkapan
Instrumen Keuangan yang berbeda dari
pengaturan sebelumnya adalah:
Ruang Lingkup, mengatur halhal yang
sebelumnya belum diatur
Menegaskan signifikansi dari instrumen
keuangan
Penjelasan lebih rinci mengenai risiko
2
likuiditas

OVERVIEW SINGKAT ATAS


PSAK 60 (R2010) DAN PSAK LAMA
RUANG LINGKUP
o 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 (revisi
2006)
Hak dan kewajiban imbalan kerja (PSAK 24)
Kontrak asuransi (PSAK 62)
Instrumen, kontrak dan kewajiban keuangan dari
transaksi berbasis saham (PSAK 53)
Instrumen ekuitas puttable instrument (PSAK 50
3
(revisi 2010))

OVERVIEW SINGKAT ATAS


PSAK 60 (R2010) DAN PSAK LAMA
SIGNIFIKANSI INSTRUMENT KEUANGAN

o Secara lebih tegas mensyaratkan entitas


untuk mengungkapkan informasi yang
memungkinkan pengguna laporan keuangan
untuk mengevaluasi signifikansi instrumen
keuangan terhadap posisi dan kinerja
keuangan.
4

OVERVIEW SINGKAT ATAS


PSAK 60 (R2010) DAN PSAK LAMA
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.
5

OVERVIEW SINGKAT ATAS


PSAK 60 (R2010) DAN PSAK LAMA
PENGUNGKAPAN KUALITATIF

o Eksposur dan timbulnya risiko


o Tujuan, kebijakan dan proses pengelolaan
risiko serta metode untuk mengukur
o Perubahan atas kedua hal di atas
6

OVERVIEW SINGKAT ATAS


PSAK 60 (R2010) DAN PSAK LAMA
PENGUNGKAPAN KUANTITATIF

o 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
7
kredit

OVERVIEW SINGKAT ATAS


PSAK 60 (R2010) DAN PSAK LAMA
PENGUNGKAPAN KUANTITATIF

o Pengungkapan Risiko Likuiditas 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) 8

OVERVIEW SINGKAT ATAS


PSAK 60 (R2010) DAN PSAK LAMA
PENGUNGKAPAN KUANTITATIF
o Pengungkapan Analisa Sensitivitas yang belum
disyaratkan sebelumnya
untuk setiap jenis risiko pasar, yang menunjukkan
bagaimana laba rugi dan ekuitas terpengaruh oleh
perubahan pada variable risiko yang relevan
asumsi dan metode yang digunakan dalam
analisa sensitivitas
perubahan dari asumsi dan metode yang
digunakan
sebelumnya,
dan
alasan
9
perubahannya.

PSAK 60 (IFRS 7) WILL REPLACE THE DISCLOSURE


REQUIREMENTS IN PSAK 50 (R 2006).

IFRS 7

10

Classes of Financial
Instruments and Level of
Disclosure

11
11

Classes of Financial Instruments and


Level of Disclosure

Classes of financial instruments


Group financial instruments into classes that are appropriate to
the nature of the information disclosed
Sufficient information shall be provided to permit
reconciliation to the line items presented in the balance
sheet
At a minimum, the classes are required to distinguish between
instruments measured at amortized cost from those
measured at fair value
Classes described here are determined by the entity and are
not the same as categories of financial instruments in PSAK 55.
Level of disclosure required depends on the extent of the
entitys use of financial instruments and its exposure to
financial risks.
12
Classes here will be more granular than PSAK 55 categories.

Significance of Financial
Instruments for Financial
Position and Performance

13

Disclosure Requirements
Balance Sheet Disclosures
Carrying amounts for each of the PSAK
categories
(either at face of f/s or
notes to f/s)
Reclassifications of financial instruments
from fair value to amortized cost or vice
versa.
Disclosures about derecognitions,
including transfers of financial assets for
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which derecogntion accounting is not

Disclosure Requirements
Example Disclosure of Financial Instrument
Classification & Carrying Amounts
2010

2009

900,000
875,000
700,000
625,000
400,000

950,000
850,000
775,000
650,000
600,000

3,500,000

3,825,000

Fair value though profit or loss (FVTPL)


Held for trading
Designated as FVTPL

860,000
700,000

900,000
740,000

Financial liabilities at amortized cost (FLAC)


Financial guarantee contracts

685,000
475,000

600,000
380,000

2,720,000

2,620,000

Financial Assets
Fair value though profit or loss (FVTPL)
Held for trading
Designated as FVTPL
Held-to-maturity investments
Loans and receivables
Available-for-sale financial assets

Financial Liabilities

15

Disclosure Requirements
Special disclosures about items initially designated to be
measured at fair value through profit and loss.
Applies to Loans and Receivables and financial liabilities that are
designated as FVTPL.
Issue: gain recognized due to credit downgrade of a financial liability.
Due to an entitys financial difficulties, there will be an increase of
credit risk
This increase in credit risk will reduce the fair value of the liability,
and hence the entity will recognize a gain
Need to separate the amount of change in fair value due to credit
risk from change due to other risks.
Also disclose difference between carrying amount and the amount
contractually required to repay at maturity
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Disclosure Requirements
Balance Sheet (contd)

Information about financial assets


pledged as collateral and about financial
or non-financial assets held as collateral.
Reconciliation of the allowance account
for credit losses (bad debts).
Information about compound financial
instruments with multiple embedded
derivatives.
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Breaches of terms of loan agreements.

Disclosure Requirements

Income Statement and Equity


Items of income, expense, gains, and losses, with
separate disclosure of gains and losses from each of the
financial instruments categories in accordance with
PSAK 55 (R2006).
Interest income and interest expense for those financial
instruments that are not measured at fair value through
profit and loss.
Fee income and expense.
Amount of impairment losses on financial assets.
Interest income on impaired financial assets.
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Disclosure Requirements
Accounting policies for financial instruments

PSAK 60 requires disclosures of any information about


scope and nature of financial instruments.
The criteria applied in determining when to recognize a
financial asset or financial liability and when to
derecognize it;
The basis of measurement applied to financial assets
and financial liabilities on initial recognition and
subsequently;
The basis on which income and expenses arising from
financial assets and financial liabilities are recognized
and measured.
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Disclosure Requirements
Information about hedge accounting.
Description of each type of hedge
Descriptions of hedging instruments
Nature of risks hedged

20

Disclosure Requirements
For cash flow hedge:

The periods in which the cash flows are expected to occur,


when they are expected to enter into the determination of profit
or loss, and a description, if any

If a gain or loss on hedging instrument in a cash flow hedge, an


entity should disclose the following:

The amount that was recognized in equity during the


period.

The amount that was removed from equity and


included in profit or loss for the period.

The amount that was removed from equity during the


period and included in the initial measurement in a
hedged highly probable forecast transaction.
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For fair value hedge:

Example Hedge Accounting Disclosures

22

Disclosure Requirements

Fair value disclosures.


Need to be disclosed for each class of financial assets
and liabilities.
Permits comparison with carrying amount in the balance
sheet.
Not required if carrying value approximates fair value
(eg short term trade receivables and payables)
Description of how fair value was determined.
Detailed information if fair value cannot be reliably
measured.
23

Example Fair Value Disclosures of


financial assets and liabilities
2010

Financial Assets
Cash and cash equivalents
Short-term receivables
Long-term receivables
AFS investments
HTM investments
Derivatives
Other assets

Financial Liabilities
Bonds payable
Long-term liabilities
Deposits from customers
Accrued expenses
Other liabilities

Carrying
Amount

2009

Fair Value

Carrying
Amount

Fair Value

1,200,000
900,000
875,000
700,000
650,000
500,000
370,000

1,200,000
895,000
770,000
700,000
525,000
500,000
360,000

1,450,000
1,350,000
1,150,000
900,000
875,000
640,000
500,000

1,450,000
1,340,000
1,025,000
900,000
800,000
640,000
480,000

5,195,000

4,950,000

6,865,000

6,635,000

2,225,000
1,700,000
975,000
850,000
600,000

1,850,000
1,450,000
950,000
850,000
580,000

2,800,000
2,100,000
1,050,000
935,000
824,000

2,150,000
1,790,000
1,000,000
935,000
817,000

6,350,000

5,680,000

7,709,000

6,692,000

Nature and Extent of Risks


arising from Financial
Instruments

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Disclosure Risk Exposure (1/2)


Qualitative Disclosures
Risk exposures and how they arise.
Managements objectives, policies, and
processes for managing those risks.
Changes from the prior period.
Quantitative Disclosures
Summary quantitative data about exposure to
each risk.
Based on information provided to key
management persons.
Concentration of risk (geographical, industry
sector, customer group).
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Disclosure

Risk Exposure (2/2)

Objective: Assess on and off-balance


sheet Risks related to future cash
flows of financial instruments:
Market Risk:
1. Currency Risk.
2. Interest rate risk (fixed rate instruments).
3. Price risk.

Credit Risk.
Liquidity Risk.
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Disclosure Market Risk

Market risk
Components: Interest rates, foreign currency, commodity
prices, other prices
PSAK 60 (IFRS 7) requires sensitivity analysis
Can be combined if risks are interdependent
Disclose methods and assumptions to prepare analysis
VaR (value at risk) analysis (optional)
Statistical measure of downside risk that reflects
interdependencies between risk variables.
The maximum loss that the portfolio is expected to
suffer over a specified holding period (1 or 10 days)
If one day VAR of a portfolio is $10m at the 99%
confidence level, entity will lose more
than $10m in
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only 1 out of 100 days

Example Value at Risk (VaR) Analysis

Note: Diversification of
risks reduces total risk
exposure.

29

Disclosure Market Risk


Fair Value interest rate risk
The risk that the fair value or future
cash flows of a financial instrument will
fluctuate because of changes in market
interest rates
Arises on interest bearing financial
instruments on balance sheet like loans
and receivables; and
Off balance sheet instruments,30 like some

Example Interest Rate Sensitivity


Analysis

31

Example Swaps to Hedge CF Interest Rate


Risks

Receive floating, pay fixed:


Hedge floating interest payments
in rising interest rates
environment.
32

Disclosure Market Risk


Foreign Currency Risks
Exposure to exchange rate fluctuations
Disclose which foreign currencies most
affected by
Management policy to manage this risk
Sensitivity analysis for % changes of FX
rates impact to P&L
33

Example FX Forward
Contracts

34

Example Foreign Currency Sensitivity


Analysis

35

Disclosure Credit Risk


Credit Risk: Risk of loss as a result of failure by
client or counterparty to meet contractual
obligations
Objectives, policies and processes.
Both on and off balance sheet.
Maximum amount of credit risk exposure.
Credit quality.
Significant concentrations of credit risks (ie
geographical, industry sector).
Description of collateral, other credit
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Example Credit Risk


Disclosure

37

Disclosure Credit Risk


Management

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Disclosure Liquidity Risk

Liquidity risk is risk defined as the risk that an entity will


encounter difficulty meeting obligations associated with
financial liabilities.
Quantitative: Analysis by maturity dates time bands.
Amounts have to be on undiscounted basis.
Separate Non derivative and Derivatives.
Qualitative: Managing liquidity risk.
What is done in stress conditions (economic crisis,
rating downgrade).
Hold deposits at Central banks to meet liquidity
needs.
Committed borrowing facilities (stand-by
39 lines of

Disclosure Requirements

Maturity Profile of Financial Assets and Financial


Liabilities
31 December 2010

Assets
Cash and cash equivalents
Trading assets
Loans and advances to
banks
Loans and advances to
customers - net
Investment securities
Other assets - net

Liabilities
Trading liabilities
Deposits from banks
Deposits from customers
Marginal deposits
Managers checks and
demand drafts
outstanding
Bills and acceptances
payable
Accrued expenses and

Up to
1
month

1 to 3
months

3 to 12
months

1 year to
2 years

2 to 3
Years

xxx
xxx

xxx
xxx

xxx
xxx

xxx
xxx

Xxx
Xxx

xxx
xxx

xxx
xxx

xxx

xxx

xxx

xxx

Xxx

xxx

xxx

xxx
xxx
xxx

xxx
xxx
xxx

xxx
xxx
xxx

xxx
xxx
xxx

Xxx
xxx
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xxx
xxx
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xxx
xxx
xxx

xxx

xxx

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xxx
xxx
xxx
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xxx
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xxx
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xxx
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xxx
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xxx
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xxx
xxx
xxx
xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

xxx

Over
3 years Total

Disclosure Price Risk


The risk that fair value or future cash
flows of a financial instrument will
fluctuate because of changes in
market prices (outside of those
arising from interest rate risk or
currency risk).
Examples: equity price, commodity price
risk, prepayment risk.
41

Example: Equity Price Sensitivity Analysis

42

Impairment Disclosure
Requirement

43

Disclosure Requirements
Allowance account for credit losses
- An entity shall establish a different account
(e.g. allowance for impairment loss) rather than
directly reducing the carrying amount of the
loan.
- An entity shall present separately, impairment
losses determined by individual impairment
assessment and impairment losses determined
by collective impairment assessment.
- An entity shall disclose a reconciliation of
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changes in the account in the period
for each

Disclosure Requirements
2010

2009

Individual Impairment

193,000

150,000

Collective Impairment

288,000

230,000

481,000

380,000

Individual Impairment

85,000

70,000

Collective Impairment

143,000

125,000

228,000

195,000

Individual Impairment

45,000

20,000

Collective Impairment

82,000

55,000

127,000

75,000

Balance at beginning of year

Provisions charged to operations

Accounts written-off

Discount unwind1

The impact of discounting inherent within the provisions balance is unwound as


Individual
12,000
7,000
the
time to Impairment
receiving the expected recovery cash flows draws
nearer.

Collective Impairment

27,000

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12,000

Disclosure Requirements
Significant accounting policies
- An entity shall in the summary of
significant accounting policies, the
measurement basis (or bases) used in
preparing the financial statements and
the other accounting policies used that
are relevant to an understanding of the
financial statements.
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Disclosure Requirements
Impairment Losses on Loans and
Advances to Customers
The recoverable amount of loans and advances to customers carried at
amortized costs is calculated as the present value of the expected future
cash flows, discounted at the instruments current effective interest rate.
The carrying amount of the asset is reduced through the use of an
allowance account and the amount of loss is recognized in the
statements of income and expenses.
Individually assessed impairment allowances are made against the
carrying amount of loans and advances that are identified as being
impaired based on regular reviews of outstanding balances to reduce
these loans and advances to their recoverable amounts. Collectively
assessed impairment allowances are maintained to reduce the carrying
amounts of portfolios of similar loans and advances, not specifically
47 amounts at the
identified to be impaired, to their estimated recoverable

Transition and effective date


Financial statements for periods
beginning on or after 1 January 2012.
Earlier application permitted;
disclosure required

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