PSAK

IFRSPSAK Convergence: The Second Wave 2013 Osman Bing Satrio & Eny
IFRS PSAK Convergence:

The Second Wave
Rosita Uli Sinaga
Financial Service Industry/Audit Advisory Services Leader
17 October 2013
2013 Osman Bing Satrio &Eny
Table of Contents
IFRS PSAK Convergence: The Second Wave 2
1. IFRS PSAK Convergence Status in Indonesia
3. PSAK Updates 2013
Second Wave Convergence
5. IASB Current Projects
2. DSAK IAIs Work Plan
4. Major IFRS Updates
IFRS PSAK Convergence Status
in Indonesia
3 IFRS PSAK Convergence: The Second Wave
Accounting Standard History in Indonesia
4
Pre PAI
1973
PAI
1973
PAI
1984
Harmonization
with IAS
1994 2007
IFRS
Convergence
2008 2012
Second Wave
Convergence
2013 2015
IFRS PSAK Convergence: The Second Wave
Framework of Indonesias Accounting Standard
Financial Accounting
Standards
SAK for sharia transaction*
1st Pillar
SAK
based
IFRS
SAK
for
SMEs
2nd Pillar
SAP
SAK for not for profit organization*
Government
Accounting
Standards
*Depend on related transaction
The gap 1 January 2012 (illustration only)
6
PSAK
1 Jan 2009 2010 2011 2012
IFRS
The gap after 1 January 2012 (illustration only)
7
New IFRS effective in
1 January 2013
(IFRS 10, IFRS 11, IFRS
12, IFRS 13)
1 Jan 2009 2010
2011 2012 expected in 2015
IFRS
PSAK
2013
DSAK IAIs Work Plan
IFRS Convergence 2013 & Beyond (1/2)
9
Adopts new
IFRSs between
1 Jan 2009
1 Jan 2013
IFRS 9
Financial
Instruments
IFRS 10
Consolidated
Financial
Statements
IFRIC 20
Stripping Cost
in the
Production
Phase of a
Surface Mine
IFRS 12
Disclosure of
Interest in
Other Entities
IFRS 13 Fair
Value
Measurements
IFRIC 18
Transfer of
Assets from
Customers
IFRIC 19
Extinguishing
Financial
Liabilities with
Equity
IFRS Convergence 2013 & Beyond (2/2)
Make amendment and/or revision to existing SAK, based on significant
changes between 1 J anuary 2009 to 1 J anuary 2013, such as:
IAS 1 Presentation of Financial Statements
IAS 19 Employee Benefit
IAS 27 Separate Financial Statements
IAS 28 Investments in Associates and J oint Venture
Perform minor amendments to further minimise the differences between SAK
and IFRSs as of 1 J anuary 2013
Develop analysis on issues such as financial accounting standards for the
not-for-profit entities, accounting guidance for micro entities, and the need of
establishing another accounting tier in Indonesia
10
1
2
3
Importance of Analysing The Potential Effects of
Implementing The New Standards
Taking the experience when PSAK 50/55, PSAK 10, and PSAK
28, 36, and 62 was first applied, it is important for entities to
conduct analysis on how the new standards will affect each
entities business process
DSAK IAI, through the public consultation process (public hearing
and ED comments period) is ready to hear any comments that the
public might have on the new standards
Any constructive comments and inputs are welcomed
International Participation and Active Contribution
12
Continue to actively contribute and participate in
various regional and global forums as well as directly
communicating to IFRIC and IASB
Asian-Oceanian Standard-setters Group (AOSSG)
Emerging Economies Group (EEG)
World Standard Setters forum (WSS)
International Forum of Accounting Standard Setters (IFASS), etc
Actively raise and communicate relevant IFRS-based
implementation and/or interpretation issues as
identified in Indonesia to various forums
Accounting for Land
Accounting for TelecommunicationTower
1
2
Indonesias Continuing Commitment Towards Converging
into IFRS
Indonesias stated policy is to maintain its national GAAP and converge it
gradually with IFRSs, minimising the significant differences between the two.
Indonesia does not have a plan or timetable for full adoption of IFRSs.
The general approach taken by Indonesia with regard to the IFRS convergence
process is to gradually converge the local standards with IFRSs, starting with
minimising the significant differences between the two.
Indonesia intends to analyse the readiness of industry and other constituents in
implementing the first wave of standards resulting from the convergence process
before developing the next wave of new standards. Indonesia aims to provide a
sufficient transitional period of 3 to 4 years for new standards while minimising
any gaps between the effective dates of new IFRSs and new Indonesian
standards.
PSAK Updates - 2013
Second Wave Convergence
PSAK 38 (Revised 2012) Business Combination of Entities Under Common
Control
Applicable to business combination involving entities or businesses under
common control, as defined in PSAK 22 Business Combinations.
SAK Effective 1 January 2013
is a business combination in which all of
the combining entities or businesses are
ultimately controlled by the same party or
parties both before and after the
business combination, and that control
is not transitory.
is an entity which directly or indirectly
(through one or more intermediaries),
controls or is controlled by or is under the
same control.
Business combinations under common
control
Entities under common control
Main Differences on PSAK 38 (r2012)
Issues PSAK 38 (r2012)
Scope Business combination of entities under common
control (the acquirer and the acquiree)
Nature of common control Not temporary
Difference between the transfer price and book
value
Recorded as additional paid in capital
If no longer under common control or when the
corresponding assets, liabilities, shares, or other
ownership instruments are transferred to an entity
which is not under common control
Difference remains part of additional paid in
capital
Application of pooling of-
interests method of
accounting
The financial statements should be presented as if
the entities had been combined from the period in
which the merging entities were placed under
common control
Effective Date:
The standard shall be applied prospectively, effective 1 J anuary 2013.
Prior years account:
Upon initial application, the balance of the Difference in Value from Restructuring
Transaction between Entities under Common Control under PSAK 38 (r2004) shall be
included as part of additional paid-in-capital and shall not be transferred to profit or loss
nor reclassified to retained earnings.
*) Will be discussed in the next sessions
PSAK Updates Issued in 2013
Standards Title Status
New and Revised Standards
ISAK 27 Transfer of Assets from Customer
Finalized on 12 J uly
2013
Efffective 1 J anuary
2014
ISAK 28
Extinguishing Financial Liabilities with Equity
Instruments
ISAK 29
Stripping Costs in the Production Phase of a Surface
Mine
Exposure Drafts
PSAK 1 (r2013) Presentation of Financial Statements
Published on 12 J uly
2013
Comments expected
to be received at the
latest 27 September
2013
Estimated to be
effective 1 J anuary
2015
PSAK 4 (r2013)* Separate Financial Statements
PSAK 15 (r2013)* Investments in Associates and J oint Ventures
PSAK 24 (r2013)* Employee Benefits
PSAK 65* Consolidated Financial Statements
PSAK 66* J oint Arrangements
PSAK 67* Disclosure of Interests in Other Entities
PSAK 68* Fair Value Measurement
ISAK 27 Transfer of Assets from Customer
SCOPE
1. Accounting for transfers of items of
PPE by entities that receive such
transfers from their customers
2. Agreements in which an entity
receives from a customer:
an item of PPE or
cash
That entity must use either to
connect the customer to a network
or to provide customer with ongoing
access to a supply of goods or
services, or to do both.
3. Does not apply to agreements in
which the transfer is either a
government grant as defined in
PSAK 61 or infrastructure on ISAK
16.
REGULATES
1. Fulfillment of the definition of assets
over fixed assets and assets
acquired or constructed using cash
transferred by the customer.
2. Recognition and measurement of
assets transferred.
3. Credit balance resulting from
transfer of asset transaction.
4. Identification of separately
identifiable services.
5. Revenue recognition of services
identified.
6. Accounting for cash being
transferred.
ISAK 28
Extinguishing Financial Liabilities with Equity Instruments
SCOPE
1. Addresses accounting - a financial
liability are renegotiated and result in
the entity issuing equity instruments
to a creditor of the entity to
extinguish all or part of the financial
liability.
2. Does not address the accounting by
the creditor.
3. Not applied to transactions when
creditors are facing some situations.
REGULATES
1. Issuance of entity's equity
instruments issued to extinguish all
or part of a financial liability
'consideration paid' in accordance
with PSAK 55 par. 41
2. Measurement of equity instrument
issued to extinguish financial liability
3. Financial liabilities partially
terminated
4. Recognition of difference on
financial liability and the amount
paid; recognition of equity
instruments issued to end financial
liabilities
ISAK 29
Stripping Costs in the Production Phase of a Surface Mine
SCOPE
This Interpretation applies to waste
removal costs that are incurred in
surface mining activity during the
production phase of the mine
('production stripping costs')
ISSUES
1. Recognition of production stripping
costs as an asset;
2. Initial measurement of the stripping
activity asset; and
3. Subsequent measurement of the
stripping activity asset.
ED PSAK 1 (r2013)
Presentation of Financial Statements
Topic ED PSAK 1 (r2013) PSAK 1 (r2009)
Report title Statement of profit or loss and other
comprehensive income for the
period
Statement of comprehensive income
for the period
Definition Add definition for: profit or loss,
owners, reclassification adjustment,
and total comprehensive income
No such definitions
Financial statements
component
Point 1-5 +Comparative
information
1.) Statement of financial position;
2.) Statement of comprehensive
income; 3.) Statement of changes in
equity; 4.) Statement of cash flows;
5.) Notes on financial statement
Comparative
information
Add requirements for presentation
and disclosure: 1.)Minimum
comparative information; 2.)
Additional comparative information
No such requirements
Other comprehensive
income presentation
Presented based on groups:
a.) will not be reclassified
subsequently to profit or loss;
b.) will be reclassified subsequently
to profit or loss
Presented in the group of other
comprehensive income
Major IFRS Updates
IFRS Updates - New and Amended Standards (1/2)
New and Revised Standards
Interpretations
23
Standards Effective Date
IFRS 9 Financial Instruments (r2010) 1 J anuary 2015
IFRS 10 Consolidated Financial Statements 1 J anuary 2013
IFRS 11 J oint Arrangements
1 J anuary 2013
IFRS 12 Disclosure of Interests in Other Entities
1 J anuary 2013
IFRS 13 Fair Value Measurement 1 J anuary 2013
IAS 19 Employee Benefits (r2011) 1 J anuary 2013
IAS 27 Separate Financial Statements (r2011) 1 J anuary 2013
IAS 28 Investments in Associates and J oint Ventures (r2011) 1 J anuary 2013
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine 1 J anuary 2013
IFRIC 21 Levies 1 J anuary 2014
IFRS Updates - New and Amended Standards (2/2)
Amendments
24
Presentation of Items of Other Comprehensive Income
(Amendments to IAS 1)
1 J uly 2012
Disclosures Offsetting Financial Assets and Financial Liabilities
(Amendments to IFRS 7)
1 J anuary 2013
Government Loans (Amendments to IFRS 1) 1 J anuary 2013
Annual Improvements 2009-2011 Cycle 1 J anuary 2013
Consolidated Financial Statements, J oint Arrangements and
Disclosure of Interests in Other Entities: Transition Guidance
1 J anuary 2013
IASB Current Project
IASB Projects
Project Summary
Estimated
Completion Date
Annual improvements -
2010-2012 cycle
The IASB's annual improvements project (for the 2010-
2012 cycle), designed to provide a streamlined process
for dealing efficiently with a collection of amendments to
IFRSs.
4
th
quarter, 2013
2011-2013 cycle
2013 cycle).
4
th
quarter, 2013
2012-2014 cycle
2014 cycle).
4
th
quarter, 2013
Conceptual Framework -
Comprehensive IASB
project
An IASB-only comprehensive project focusing on the
elements of financial statements, measurement,
reporting entity, presentation and disclosure.
Deliberation is
expected in the
1
st
quarter, 2014
Earnings per share A joint IASB-FASB project to converge the requirements
for the calculation of earnings per share.
No date
IASB Projects
Project Summary
Estimated
Completion Date
Effective dates and
transition
A joint IASB-FASB project seeking views on when new
financial reporting standards resulting primarily from
the Boards' work to improve and achieve convergence
of IFRSs and US GAAP should become effective.
No date
Financial instruments-
Comprehensive project
A multi-faceted joint IASB-FASB project to rewrite the
requirements for accounting for financial instruments,
consisting of a number of sub-projects.
No date
General hedge
accounting
A project to reassess accounting requirements for hedge
accounting to enable companies to better reflect their
risk management activities in their financial statements
Expected in the 3
rd
/4
th
quarters of 2013.
Impairment
A joint IASB-FASB project to consider how impairment of
financial assets should be measured and recognised.
Deliberation
expected in 3
rd
quarter, 2013
IASB Projects
Project Summary
Estimated
Completion Date
Financial instruments -
Limited reconsideration
of IFRS 9
A project to consider making limited and targeted
improvements to IFRS 9 'Financial Instruments'.
Redeliberations in
the 3
rd/
4
th
quarter
2013.
Financial instruments -
Macro hedge
accounting
A project to consider risk management strategies
referring to open portfolios (macro hedging) which are
not specifically covered by the IASBs project on general
hedge accounting.
Discussion paper is
expected to be
issued in the 4
th
quarter, 2013.
Government grants Project to reconsider the requirements for government
grant accounting.
On hold
IAS 1 Disclosures
about going concern
A narrow scope project to clarify the disclosure
requirements about the assessment of going concern in
IAS 1 'Presentation of Financial Statements'.
ED in 4th quarter,
2013
IASB Projects
Project Summary
Estimated
Completion Date
IAS 12 Recognition
of deferred tax assets
for unrealised losses
A narrow scope project to clarify the accounting for
deferred tax assets for unrealised losses.
ED in 4
th
quarter,
2013
IAS 16/IAS 38
Acceptable methods
of depreciation and
amortisation
A project to amend IAS 16 and IAS 38 to clarify the
meaning of the term 'consumption of the expected future
economic benefits embodied in the asset' when
determining an appropriate depreciation or amortisation
method.
ED issued on 4 Dec
2012, and finalised
in 4
th
quarter, 2013
IAS 19 Discount rate A project to clarify the determination of the discount rate
used when applying IAS 19 'Employee Benefits',
particularly around the requirement to use market yields
on high quality corporate bonds or government bonds.
ED expected in 4
th
quarter, 2013
IAS 19 Employee
contributions to
defined benefit plans
A project to consider the accounting treatment of
employee contributions to defined benefit plans in
respect of service, as to whether they should be treated
as a reduction in cost to the entity of the short term
benefit (e.g. salary) or a reduction in the post-
employment benefit cost.
ED issued on 25
Mar 2013, finalised
in 4
th
quarter, 2013
IASB Projects
Project Summary
Estimated
Completion Date
IAS 27 Equity
method in separate
financial statements
A project to consider the restoring of the option to use
the equity method of accounting in the separate financial
statements of an investor, and to clarify some matters
related to balances with subsidiaries and joint
arrangements.
ED expected in 4
th
quarter, 2013
IAS 28 Reflecting
other net asset changes
when applying the
equity method of
accounting
A project to provide guidance on whether and where an
investor should account for its share of the changes in
the net assets of the associate that are not recognised
in profit or loss or other comprehensive income (OCI) of
the associate (i.e. other net asset changes).
ED published on 22
Nov 2012, finalized
on 4
th
quarter, 2013
IAS 32 Put options
over non-controlling
interests (NCIs)
A project to determine how an entity should account for
changes in the carrying amount of financial liability for a
written put option over a non-controlling interest (NCI).
Draft Interpretation DI/2012/2 'Put Options Written on
Non-controlling Interests' was released on 31 May 2012
.
ED expected on 4
th
quarter, 2013
IASB Projects
Project Summary
Estimated
Completion Date
IAS 41 Bearer
biological assets
A limited scope project to consider an amendment to
IAS 41 'Agriculture' in relation to bearer biological
assets, as to whether these assets would be better
accounted for under IAS 16 'Property, Plant and
Equipment' rather than using the fair value
measurement approach prescribed by IAS 41.
ED was published
on 26 J une 2013.
Redeliberations
expected on 1
st
quarter, 2014
IASB-FASB
convergence
An joint IASB-FASB project designed to eliminate a
variety of differences between IFRS and US GAAP.
On going
IFRS 2 Entity
termination of an
employee's
employment
An IFRS Interpretations Committee project considering
the accounting treatment in IFRS 2 'Share-based
Payment' of share-based payment awards when the
entity terminates the employment of an employee.
No date
IFRS 2 Issues
related to IFRS 2
An IASB project to consider various issues that have
arisen since IFRS 2 'Share-based Payment' was issued
in 2004, to discuss and decide whether (and if so, how)
the issues identified should be addressed.
On hold
IASB Projects
Project Summary
Estimated
Completion Date
IFRS 2 Vesting and
non-vesting conditions
A project to clarify the definition of 'vesting conditions'
and 'non-vesting conditions' in IFRS 2 'Share-based
Payments'.
No date
IFRS 5 Definition of
'discontinued
operations'
It is a joint IASB-FASB project to develop a common
definition of, and common disclosures about,
discontinued operations.
On hold
IFRS 10/IAS 28 Sales
or contributions of
assets between an
investor and its
associate/joint venture
A project to eliminate the apparent conflict between IAS
28 'Investments in Associates and J oint Ventures' and
IFRS 10 'Consolidated Financial Statements' in relation
to sales or contributions of assets between an investor
and its associate/joint venture.
Expected to be
finalized on 4
th
quarter, 2013
IFRS 11 Acquisition
of an interest in a joint
operation
A project to amend IFRS 11 'J oint Arrangements' to add
guidance on how to account for the acquisition of an
interest in a joint operation that is a business by applying
the relevant principles for business combinations in
IFRS 3 'Business Combinations' and other IFRSs.
Expected to be
finalized on 4
th
quarter, 2013
IASB Projects
Project Summary
Estimated
Completion Date
IFRS 13 - Unit of
account
A project to consider the unit of account for financial
assets that are investments in subsidiaries, joint
ventures and associates measured at fair value.
ED expected 4
th
quarter, 2013
IFRS for SMEs -
Comprehensive review
2012-2014
A project to undertake a review of the IFRS for SMEs to
assess the first two years of experience that entities
have had in applying the standard.
Deliberations
expected in 3
rd
quarter of 2013
Insurance contracts -
Comprehensive
project
A joint IASB-FASB project to a develop a common,
high-quality standard that will address recognition,
measurement, presentation and disclosure
requirements for insurance contracts.
ED was published
on 20 J une 2013.
Comments 25
October 2013.
Leases This joint IASB-FASB project seeks to improve the
accounting for leases by developing an approach that
is more consistent with the conceptual framework
definitions of assets and liabilities.
Comments expected
on Sep 2013,
redeliberations
expected on 4
th
quarter, 2013
IASB Projects
Project Summary
Estimated
Completion Date
Materiality This project seeks to develop application guidance or
educational material on materiality, with input from an
advisory group.
2
nd
half, 2013
Post-implementation
review IFRS 3
A post-implementation review of IFRS 3 'Business
Combinations' to review important issues identified as
contentious and to consider any unexpected costs or
implementation problems encountered.
Request information
expected to be
published on 4
th
quarter, 2013
Rate-regulated
activities
An IASB project to consider whether IFRSs should
require entities operating in rate-regulated environments
to recognise assets and liabilities arising from the effects
of rate regulation.
Discussion Paper in
the 4
th
quarter, 2013.
Revenue recognition A joint IASB-FASB project to clarify the principles for
recognising revenue and to develop a common revenue
standard for IFRS and US GAAP.
3
rd
quarter, 2013
Q&A session
35 IFRS PSAK Convergence: The Second Wave 35
Disclaimer
The content of this presentation is based on the current status of
Pernyataan Standar Akuntansi Keuangan (PSAK), its exposure drafts,
interpretations and best practice.
The information, comments and material presented in this document are
provided for information purposes only and are not to be used or
considered as specific advice to account for transactions. When
determining the proper accounting treatment the specific circumstances of
each entity or transaction need to be taken into account. The presentation
is not addressing all possible technical aspects and does not claim to be
complete or exhaustive.
Deloitte will not accept any liability related to the information provided in
this presentation and its interpretation.
This document may not be reproduced in whole or part or made available
without prior written consent of Deloitte.
Deloitte refers to one or more of Deloitte Touche TohmatsuLimited, and its network of member firms, a UK private company limitedby guarantee. Please see www.deloitte.com/about for a detailed
description of the legal structure of Deloitte Touche TohmatsuLimitedand its member firms.
Member of Deloitte Touche TohmatsuLimit

PSAK

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

PSAK

Transféré par

Droits d'auteur :

Formats disponibles

IFRSPSAK Convergence: The Second Wave 2013 Osman Bing Satrio & Eny

IFRS PSAK Convergence:

Vous aimerez peut-être aussi