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SUMMARY

ACCOUNTING THEORY
(SUBJECT CODE: ECAU601401)

PSAK 19, 57, 71 AND 73

Lecturer:
Mrs. Siti Nuryanah, S.E., M.S.M., M.Bus.Acc., Ph.D.

Group Member
1. Eggie Auliya Husna 1706105246
2. Fendhi Birowo 1706105290
3. M. Avisena 1506736064
4. Yolanda Tamara 1406612275

SALEMBA EXTENSION CLASS


ACCOUNTING PROGRAM
FACULTY OF ECONOMICS AND BUSINESS
UNIVERSITY OF INDONESIA
YEAR 2018
MINDMAP FOR PSAK 19, 57, 71 AND 73

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PSAK 19 (ADJUSTMENT OF 2010)
INTANGIBLE ASSETS

THE OBJECTIVES
The objectives of PSAK 19 (Revised 2010) are to determine the accounting treatment for
intangible assets that are not specifically regulated in other standards. PSAK 19 (Revised
2010) also regulates how to measure the carrying amount of intangible assets and determine
the disclosures that must be made for intangible assets.

SCOPE
PSAK must be applied in accounting for intangible assets, except:
a) intangible assets regulated by other PSAK;
b) financial assets as defined in PSAK 50 (Revised 2010): Financial Instruments:
Presentation;
c) Mining rights and expenditures carried out in the framework of exploration, development
and mining of minerals, oil, natural gas (as stipulated in PSAK 33 (Revised 2011) and
PSAK 64).

MAIN CONCEPT
There are three fundamental characteristics to be able to determine whether the expenditure
of resources or the creation of liabilities carried out by entities in the acquisition,
development, maintenance or improvement of intangible resources can be categorized as
intangible assets. The three fundamental characteristics are:
- Identification (identifiability)
- Control
- Economic benefits of the future (future economic benefits)

TYPES OF INTANGIBLE ASSETS


Here are the types of intangible assets regulated by PSAK 19 (Revised 2010):
- Intangible assets that are physical, such as compact disks (which contain computer
software), legal documentation (which contains licenses or patents), or films in terms of
more significant intangible elements,
- Expenditures of advertising, training, business pioneering, research and development, and
- Rights arising from license agreements for things like films, video recordings, stage
works, manuscripts, patents, and copyrights.

INITIAL RECOGNITION AND MEASUREMENT


Intangible assets must be recognized if, and only if:
1. most likely the entity will obtain future economic benefits from the asset; and
2. the acquisition cost of the asset can be measured reliably [par. 21].
In assessing the possibility of future economic benefits, the entity must use reasonable and
accountable assumptions which are the best estimates of management of the prevailing
economic conditions throughout the asset's useful life [par. 22]. Intangible assets must
initially be recognized at cost [par. 24].

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MEASUREMENT AFTER RECOGNITION
The entity must choose either the cost model in paragraph 74 or the revaluation model in
paragraph 75 as its accounting policy. If an intangible asset is recorded using the revaluation
model, all other assets in the class must be recorded using the same model, unless there is no
active market for the asset.

THE USEFUL LIFE


The useful life of an intangible asset arising from a contract or other legal right cannot be
longer than the contract period or other legal rights, but can be shorter depending on the
period when the asset can be used by the entity.

INTANGIBLE ASSETS WITH LIMITED BENEFIT PERIOD


Amortization Period and Amortization Method
Amortization must be stopped at the earlier of the time between when assets are classified as
assets held for sale (or included in the group of removable assets classified as assets held for
sale) in accordance with PSAK 58 (revised 2009): Non-current Assets Held for Sold and
Discontinued Operations and the date when the asset is terminated.

Residual Value
The residual value of an intangible asset should be assumed to be zero, except:
a) there is a commitment from a third party to buy the asset at the end of its useful life; or
b) there is an active market for these assets and:
i. the residual value of the asset can be determined by referring to the prices prevailing
in the market, and
ii. there is a considerable possibility that the active market will remain available until the
end of the asset's useful life [par. 100].

Review of Amortization Period and Amortization Method


The amortization period and the amortization method are reviewed at least at the end of each
financial year. If there is any changes, it must be recorded as changes in accounting estimates
in accordance with PSAK 25 (revised 2009): Accounting Policies, Changes in Accounting
Estimates, and Errors [par.104].

INTANGIBLE ASSETS WITH UNLIMITED USEFUL LIFE


Termination and Release
An intangible asset must be terminated if:
a) in (process) release; or
b) when there is no future economic benefit expected from its use or release [par. 112].
Gains or losses arising from derecognition of an intangible asset must be determined as the
difference between the net disposal value (if any) and the fair value of the asset. This matter
must be recognized in the income statement when the asset is derecognized (except PSAK 30
(revised 2007).

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PSAK 57 (ADJUSTMENT OF 2014)
PROVISION, CONTINGENCY LIABILITY, AND CONTINGENCY ASSETS

DEFINITION
Contingent assets are potential assets that arise from past events and their existence becomes
certain with the occurrence or non-occurrence of one or more future events that are not fully
within the entity's control.

Contingent liabilities are:


1. potential liabilities arising from past events and their existence becomes certain with the
occurrence or non-occurrence of one or more future events that are not fully within the
entity's control; or
2. current obligations arising as a result of past events, but not recognized because:
 there is no possibility of an entity issuing resources that contain economic benefits
(hereinafter referred to as "resources") to settle its obligations; or
 the amount of the obligation cannot be measured reliably.
A binding event is an event that creates a legal obligation or constructive obligation which
results in the entity having no other alternative but to settle the obligation.
Provisions are liabilities with uncertain times and amounts.

RECOGNITION
Provisions are recognized if:
 the entity has current obligations (both legal and constructive) as a result of past events;
 most likely the settlement of these obligations results in an outflow of resources
containing economic benefits; and
 reliable estimates of the amount of liability can be made.
If the above conditions are not met, then the provision is not recognized.
Entities are not permitted to recognize liabilities and contingent assets.

MEASUREMENT
 Amounts recognized as provision are the best estimate of expenditure required to settle
present obligations at the end of the reporting period.
 In determining the best estimate of a provision, an entity considers various risks and
uncertainties that always affect events and circumstances.
 If the time value of money is sufficiently material, the provision amount is the present
value of the estimated expenditure needed to settle the obligation.
 Future events that can affect the amount needed to complete an obligation are reflected in
the amount of provision if there is objective evidence that the event will occur.
 Benefits related to the plan for asset disposal should not be considered in calculating a
provision.

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PSAK 71
FINANCIAL INSTRUMENTS

INITIAL RECOGNITION
When the entity becomes party to the contractual provisions of the instrument.

INITIAL MEASUREMENT
At fair value, plus for those financial assets and liabilities not classified at fair value through
profit or loss, directly attributable transaction costs.
•Fair value - is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date
•Directly attributable transaction costs - incremental costs that are directly attributable to
the acquisition, issue or disposal of a financial asset or financial liability.

FINANCIAL ASSETS - SUBSEQUENT CLASSIFICATION AND MEASUREMENT


Financial Assets are classified as either:
(1) Amortised cost,
Category classification criteria
Both of the below conditions must be met:
i. Business model objective: financial assets held in order to collect contractual cash
flows
ii. Contractual cash flow characteristics: solely payments of principal and interest on the
principal amount outstanding.
Subsequent measurement
 Amortised cost using the effective interest method.
(2) Fair value through profit or loss,
Category classification criteria
 Financial assets that do not meet the amortised cost criteria
 Financial assets designated at initial recognition. The option to designate is available:
 If doing so eliminates, or significantly reduces, a measurement or recognition
inconsistency (i.e. ‘accounting mismatch’).
Note: the option to designate is irrevocable.
Subsequent measurement
 Fair value, with all gains and losses recognised in profit or loss.
(3) Fair Value through other comprehensive income

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Table 1. FVTOCI for Equity Instruments and Debt Instruments
IMPAIRMENT OF FINANCIAL ASSETS

Table 2. Impairment of Financial Assets

FINANCIAL ASSETS - SUBSEQUENT CLASSIFICATION AND MEASUREMENT

Table 3. Financial Liabilities Measurement

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PSAK 73
LEASES

THE OBJECTIVES
 establishes the principle of recognition, measurement, presentation and disclosure of
leases by introducing a single accounting model especially for tenants.

SETTING PRINCIPLES
Lessee are required to recognize right-of-use assets and lease liabilities. There are 2
exceptions:
1. Short-term leases and
2. Leases for low-value underlying assets.
Lessee classifies the lease as an operating lease or finance lease and records the two types of
lease differently.

LEASE PERIOD
The entity determines the lease period as an irrevocable lease period and the period covered
by the option to extend the lease, if the lessee is sufficiently certain to execute the option, and
the period covered by the option to terminate the lease, if the lessee is sufficiently certain not
to execute the option.

SALE AND LEASEBACK TRANSACTIONS


Leases require that if the seller-the lessee transfers assets, which meets the requirements of
PSAK 72, to the buyer-the lessee and leases the asset back from the buyer-the lessee, then the
seller-the lessee or the buyer-the lessee records the transfer and lease contract.

LEASE SCOPE
Leases stipulate that all leases, including leases of usufructuary rights assets under sub-leases,
fall within the scope of PSAK 73, except:
1. Lease in the framework of exploration or mining of minerals, oil, natural gas and similar
resources that cannot be renewed
2. Biological assets lease (PSAK 69)
3. Service concession agreement (ISAK 16)
4. Intellectual property licenses (PSAK 72)
5. Rights owned by tenants in license agreements (PSAK 19) for items such as films, video
recordings, stage works, patents and copyrights.

LEASE IDENTIFICATION
A contract constitutes, or contains, a lease if the contract gives the right to control the use of
the identification asset for a period of time
1. To be exchanged for rewards
2. The period of time can be described as the number of uses of identification assets such as
production units.
3. The entity reassesses the contract if the terms and conditions of the contract change

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RECOGNITION EXCEPTIONS
Lessee may choose not to apply the requirements in paragraphs 22–49 for: (par 6)
 short-term leases; and
 rent with a baseline asset of low value (as described below paragraphs PP03 – PP08):
If paragraph 06 is applied for short-term leases, the lessee considers the lease as new lease
for the purpose of this statement, if:
 There is a change in the lease period (for example, the tenant executes an option that
was not previously included in the lease determination).
 Short-term rental selection is made based on the class of underlying assets related to
usufructuary rights.
 The underlying asset class is a grouping of underlying assets with similar properties
and uses in the entity's operations.
 The selection for rent with low-value underlying assets can be made on the basis of
lease-per-lease.

ACCOUNTING FOR LESSEE


Single Accounting Model
Initial Recognition and Measurement
 Recognize the usufructuary rights assets and lease liabilities
 Measuring the asset rights at the cost of acquisition.
 Measuring lease liabilities at the present value of lease payments that have not been paid
on the initial date. Lease payments are discounted using an implicit interest rate in the
lease if the interest rate can be determined. An entity may use the tenant's incremental loan
interest rate if the implicit interest rate on the lease cannot be determined.

Subsequent Measurements
 Measuring usufructuary rights assets by applying the cost model, unless the entity applies
another measurement model; and
 Measuring lease liabilities to reflect interest on lease liabilities, leases that have been paid,
and revaluation or modification of leases or fixed rental payments in substance revising
and re-measuring lease liabilities to reflect changes in lease payments

Presentation and Disclosures for Lessee


- Leases require that the operating lease assets are presented in the statement of financial
position according to the nature of the funder's assets
- Require disclosure of information that provides a basis for users of financial statements to
assess the impact of leases on tenants' financial statements, in particular additional
disclosures for tenants regarding lessee risk exposures primarily related to residual value
risk.

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REFERENCES

Saptono, Prianto B. (2014). PSAK 19: Aset Tak Berwujud. Retrieved from the website
http://www.transformasi.net/articles/read/153/psak-19-aset-tak-berwujud.html
SS Binus Team. (2017). PSAK 57: Provisi, Liabilitas Kontinjensi, dan Aset Kontinjensi.
Retrieved from the website https://accounting.binus.ac.id/2017/08/15/psak-57-
penyesuaian-2014-provisi-liabilitas-kontinjensi-dan-aset-kontinjensi/
Aditya Tarigan. (2015). PSAK 73 Tentang Sewa. Retrieved from the website
https://www.infoakuntan.me/2018/06/psak-73-tentang-sewa.html
BDO Indonesia. (2018). PSAK 71 for Banking and Multifinance. Retrieved from the website
https://www.bdo.co.id/getmedia/BDO_PSAK71-Financial-Institution/

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