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PSAK 25 (Revisi 2009): KEBIJAKAN AKUNTANSI, PERUBAHAN ESTIMASI AKUNTANSI, DAN KESALAHAN

Jakarta, 23 November 2010


Basar Alhuenius
Tim Implementasi IFRS Ikatan Akuntan Indonesia

SOSIALISASI PSAK DANA PENSIUN Jakarta, 23 November 2010

Agenda
Objective

Selecting and applying accounting policies Accounting for changes in: - accounting policies - accounting estimates Corrections of material prior period errors

Objective
PSAK 25 prescribes the: selection criteria used in determining accounting policies, as well as the accounting treatment and disclosure of changes to accounting policies;

requirements for changes to accounting estimates and the accounting treatment and disclosure of such changes; definition of errors and the accounting treatment and disclosure of error.

Objective
The application of a standard set of criteria obviously ensures consistency amongst different entities however, it also ensures that consistency exists between the current and previous financial statements of a particular entity.

Agenda
Objective

Selecting and applying accounting policies Accounting for changes in: - accounting policies - accounting estimates Corrections of material prior period errors

Selection of Accounting Policy

Main Changes from PSAK 25 (1994)


-

Provide guidance in the selection of accounting policies when there are no specific SAKs applicable for transactions, events or other conditions. Accounting policies for a period should be selected and applied consistently for similar transactions, events and circumstances unless a Standard or Interpretation requires or permits a categorisation of items for which different policies may be appropriate

Selection of Accounting Policy

Main Changes from PSAK 25 (1994) (cont'd)


-

A change in accounting policy should be made only if it:

is required by PSAK; or results in a more reliable and relevant presentation in the financial statements of the effects of transactions or other events on the entitys financial position, performance or cash flows

Note: Early adoption of a policy to reassess assets in accordance with PSAK 16: Fixed assets or PSAK 19: Intangible assets which will result to adoption of revaluation method is considered a change in accounting policy that should be dealt with under PSAK 16 or PSAK 19 and not in accordance with PSAK 25.
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Consistency of accounting policies

Select and apply accounting policy consistently for similar transactions, other events and conditions
May adopt different policies where - a Standard or an Interpretation requires or permits categorisation of items for which different policies may be appropriate - but accounting policy shall be selected and applied consistency to each category

Disclosure Judgment and Estimation

Disclose the judgements made by management that have the most significant effect on the amounts recognised in the financial statements Disclose information about key assumptions concerning the future, and other key sources of estimation uncertainty - disclose for those assets and liabilities their nature; and their carrying amount as of the balance sheet date

Case Example 1 Materiality Considerations


Question

An entity constructs its own property, plant & equipment. A small proportion (Rp 100mio) of the costs that are capitalised each year for these assets do not meet the definition of cost as set out in PSAK 16. These costs are immaterial both in the context of the entitys profits and balance sheet position, is it appropriate for the entity not to apply the accounting policy for PP&E to them?

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Case Example 1 Materiality Considerations


Answer

PSAK 25 states that the accounting policies in PSAKs need not be applied when the effect of applying them is immaterial. In this case, it can be argued that as applying PSAK to these amounts would be immaterial in the context of both the balance sheet and income statement, then this would be acceptable under the materiality provisions of PSAK 25.

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Agenda
Objective

Selecting and applying accounting policies Accounting for changes in: - accounting policies - accounting estimates Corrections of material prior period errors

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Changes in Accounting Policies


Consistency is important Change an accounting policy only if the change:
is required by a Standard or an Interpretation; or results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the entitys financial position, financial performance or cash flows

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Selection of Accounting Policy Main Changes from PSAK 25 (1994) (cont'd)


Accounting Policy Hierarchy 1. PSAK Pronouncement
2. Similar PSAK (mandatory) 3. Framework (mandatory)
May consider: Most recent pronouncement of other standard setting body which has similar framework with PSAK (e.g. IFRS), Other accounting literature, and Acceptable Industry Practices, to the extent that these do not conflict with 1), 2) and 3) above
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Selection of Accounting Policy Main Changes from PSAK 25 (1994) (cont'd)


Changes in accounting policies

Application of a standard or interpretation

Voluntary change in accounting policy

Specific transitional provisions Yes Apply specific transitional provisions

No

Apply change retrospectively

Applying Changes In Accounting Policy


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Applying Changes in Accounting Policies


Impracticable Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so.

Period specific effects

Cumulative effect at the beginning of the current period

Apply new accounting policy as at the beginning of the earliest period for which retrospective application is practicable

Apply new accounting policy prospectively from the earliest date practicable and adjust the comparative information
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Changes in Accounting Policies: Disclosures


When initial application of a Standard or an Interpretation has an effect, disclose: - The title of the Standard or Interpretation; - When applicable, that the change is made in accordance with its transitional provisions; - The nature of the change; - When applicable, a description of the transitional provisions; - When applicable, the transitional provisions that might have an effect on the future periods; - For current period and each prior period presented, to the extent practicable, the amount of the adjustment: for each financial statement line item affected; and for basic and diluted earnings per share;

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Changes in Accounting Policies: Disclosures


When initial application of a Standard or an Interpretation has an effect, disclose (contd): - The amount of the adjustment relating to periods before those presented, to the extent practicable; and - If retrospective application required is impracticable, the circumstances that led to the existence of that condition and a description of how and from when the change has been applied
Need not repeat these disclosure in subsequent periods

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Changes in Accounting Policies: Disclosures


When a voluntary change has an effect, disclose: - The nature of the change; - The reasons why applying new accounting policy provides reliable and more relevant information; - For current period and each prior period presented, to the extent practicable, the amount of the adjustment: for each financial statement line item affected; and for basic and diluted earnings per share - The amount of the adjustment relating to periods before those presented, to the extent practicable; and - If retrospective application required is impracticable, the circumstances that led to the existence of that condition and a description of how and from when the change has been applied
Need not repeat these disclosure in subsequent periods
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Changes in Accounting Policies: Disclosures


When not applying a new Standard or Interpretation that has been issued but is not yet effective, disclose: - this fact; - known or reasonably estimable information relevant to assessing the possible impact that application of the new Standard or Interpretation will have on the financial statements in the period of initial application.

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Agenda
Objective

Selecting and applying accounting policies Accounting for changes in: - accounting policies - accounting estimates Corrections of material prior period errors

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Main Changes from PSAK 25 (1994)


Definition and guidance on certain terms

PSAK 25 (R2009) provides further guidance on the following:


-

Material omissions or misstatements. Impracticability

concept relevant in making retrospective restatements

Elimination of fundamental errors concept.

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Errors
Prior period errors: Omission from, and misstatements in, the financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that: - available when financial statements for those periods were authorised for issue; and - reasonably expected to have been obtained and taken into account in the preparation and presentation of those financial statements

Such errors include the effects of mathematical mistakes in applying accounting policies, oversights or misinterpretations of facts, and fraud
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Correction of Material Prior Period Errors


Correct material prior period errors retrospectively in the first set of financial statements authorised for issue after discovery by: - restating the comparative amounts for the prior period presented in which the error occurred; or - if the error occurred before the earliest prior period presented, restating the opening balances of assets, liabilities and equity for the earliest prior period presented

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Case Example 2
Upon investigation, the new Chief Financial Officer of PT Pialang Kece discovered that the entity had not depreciated its equipment since purchase 3 years ago (2006). The entity presents current year (2009) and the prior year (2008) on the financial statements. Should this have been classified as an error, and if so, how would be the error have been accounted for? What would the outcome have been?

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Case Example 2
Answer The error should be accounted for retrospectively, by either: Restating comparative amounts for the prior period(s) in which the error occurred, or If the error occurred before the earliest prior period presented, restating the opening balance of retained earnings for the earliest prior period presented. This ensures the financial statements are presented as if the error have never occurred.

Due to the fact that the error occurred before the earliest period presented (the error occurred in 2006, which is before the earliest period presented 2008), the opening balance of retained earnings for the earliest period presented (2008) should be restated.
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Correction of Material Prior Period Errors


Impracticable

Period specific effects

Cumulative effect at the beginning of the current period

Restate the opening balances of assets and liabilities and equity for the earliest period for which retrospective restatement is practicable

Restate comparative information to correct the error prospectively from the earliest date practicable

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Disclosure of Prior Period Errors


The nature of the prior period error: - For each prior period presented, to the extent practicable, the amount of the correction: for each financial statement line item affected; and for basic and diluted earnings per share - The amount of the correction at the beginning of the earliest prior period presented; and - If retrospective restatement is impracticable, the circumstances that led to the existence of that condition and a description of how and from when the error has been corrected Need not repeat these disclosures in subsequent periods
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Effective date

Effective for financial statements for periods beginning on or after 1 January 2011.

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Questions & Answers

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Basar Alhuenius basaralhuenius@yahoo.com atau balhuenius@deloitte.com

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This document may not be reproduced in whole or part or made available without prior written consent of Bapepam LK & IAI.

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