PSAK 50 & 55 (Revisi 2006)

Financial Instruments -
Presentation, Recognition,
Measurement & Disclosure

Agus E. Siregar
Anggota DSAK - IAI
Accounting of FinancialInstrum ents

Financial Instruments

PSAK 50 PSAK 55
(IAS 32) (IAS 39)

Disclosure and Recognition and

presentation of measurement of
Financial Financial
Instruments Instruments

2
 SCOPE
Within scope of PSAK 50 dan 55 Within scope of PSAK 50 only 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 – e.g:
IRS
Currency forwards/swaps
Purchased/written options
Commodity contracts Own use commodity contracts
Collars/caps Derivatives on own shares
Credit derivatives settled only by delivery of a Financial guarantess
Cash or net share settleable fixed number of shares for a
fixed amount of cash.
Derivatives on own shares
Derivatives on subsidiaries, associates
and joint ventures
Embedded derivatives
Loan commitments held for trading Other loan commitments
3
Insurance contracts
C O NTENTS O F PSAK 50 & 55

 Classification – liability vs. equity

 Categories of financial instruments
 Measurement attributes
 The fair value option
 Impairment of financial assets
 Derecognition
 Disclosures of Financial Instruments
4
IAS 39 – MAIN IDEAS
 ALL financial assets & financial liabilities should be
shown on the Balance Sheet
 Fair value is generally a more relevant measure of a
financial asset than is historic cost
 Changes in fair values of financial assets are
measures of an entity’s performance and should be
reported in the financial statements
 The substance of a financial instrument should
determine how it is accounted for, not its form

5
FinancialInstrum ents - Definitions

 Financial instrument
A contract that creates a financial asset of one
entity and a financial liability or equity
instrument of another entity.
 Financial asset
 Financial liability
 Equity instrument

6
 Financial Instrument

Financial asset Financial liability Equity instrument

Fundamental Loans/ Receivables Liabilities Held for  Plain Equity

Financial asset Held
Trading Capital
to Maturity

Available for Sale

Trading Assets

Derivatives
Plain Derivatives Other liabilities  Compound
Embedded Derivatives Equity
Instrument

Fair Value Hedge

Hedging
Instruments Cash-flow Hedge  Synthetic
Hedge of a net investment in Equity
a foreign operation Instrument

Macro Hedge
7
FINANC IAL ASSETS
 FOUR CATEGORIES:
 FINANCIAL ASSETS AT FV THROUGH P/L
 HELD TO MATURITY INVESTMENTS
 LOANS AND RECEIVABLES
 AVAILABLE FOR SALE FINANCIAL
ASSETS

8
CATEGORIES OF FINANCIAL ASSETS

Other debt no for

Loans & yes
capital speculative
receivables no purpose

no
yes

Available-for-sale Trading
Intention no
yes
to keep

yes Fair Value

measurable
no
Held-to maturity

yes

Purchase costs Fair Value

9
MEASUREMENT O F FINANC IAL
ASSETS
Financial Assets Measurement Changes in Impairment test (if
Carrying Amount objective
evidence)

Financial assets at FV Fair Value Income Statement No

through P/L

Loans and Receivables Amortised Cost Income Statement Yes

Held to Maturity Amortised Cost Income Statement Yes

Investments

AFS Financial Assets Fair Value Equity Yes

10
 ASET/LIABILITAS KEUANGAN
PADA NILAI WAJAR MELALUI LAP L/R

 DIPERDAGANGKAN:
• Diperoleh/dimiliki untuk tujuan dijual/dibeli kembali dalam waktu
dekat; (trading)
• Bagian dari portofolio instrumen keuangan tertentu yang
memiliki pola ambil untung dalam jangka pendek; atau
• merupakan derivatif (kecuali derivatif yang ditetapkan sebagai
instrumen lindung nilai dan efektif).

2. DITETAPKAN UNTUK DINILAI PADA NILAI WAJAR

MELALUI LAP LABA RUGI (Designated at initial
recognition – the fair value option)

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INVESTASI YANG DIMILIKI
HINGGA JATUH TEMPO ......(1)

KRITERIA:
 Aset keuangan non KECUALI:
derivatif;
 Pembayaran ditetapkan sbg aset
tetap/telah ditentukan; keu pada nilai wajar
 Jatuh tempo telah melalui L/R;
ditetapkan;  ditetapkan sbg AFS;
 Entitas memiliki  memenuhi definisi
maksud dan kredit dan tagihan.
kemampuan untuk
memiliki hingga
jatuh tempo

12
 KREDIT & TAGIHAN

KECUALI:
 ditetapkan sbg aset
keu pada nilai wajar
KRITERIA:
mel L/R;
 Aset keuangan non  diklasifikasikan sbg
derivatif; trading/AFS;
 Pembayaran  dimaksudkan utk
tetap/telah ditentukan; dijual dlm waktu dekat;
 tidak mempunyai  kredit/tagihan yg
kuotasi di pasar aktif. investasi awalnya tdk
akan diperoleh kembali
scr substansial (kec
krn penurunan kualitas),
shg hrs diklasifikasikan
sbg AFS.

13
Asset Keuangan Tersedia Untuk Dijual

KRITERIA:
 Aset keuangan non derivatif;
 Ditetapkan sbg AFS;
 Tidak diklasifikasikan sbg:
(a) kredit/tagihan,
(b) dimiliki hingga jatuh tempo,
atau
(c) dinilai pada nilai wajar melalui L/R.

14
  Reclassification of Financial Assets

never

Held for Trading Held to Maturity

never
never never
never never

never

never
Loans and receivables
Allowed only when active never
market emerged after
classification

Available for Sale Allowed under conditions

Allowed when justified

15
 TAINTING RULE

LARANGAN UNTUK KLASIFIKASI HTM SELAMA

2 TAHUN JIKA :
 Entitas menjual/mereklasifikasi investasi HTM dalam
jumlah yang cukup signifikan, kecuali:
• dilakukan saat mendekati jatuh tempo/tgl pembelian kembali;
• entitas telah menagih hampir seluruh jumlah pokok
aset keuangan; atau
• terkait dengan kejadian tertentu yang berada diluar kendali
entitas, tidak berulang, dan tidak dapat diantisipasi secara wajar
oleh entitas.

16
MEASUREMENT

17
 INITIAL MEASUREMENT

ASET KEUANGAN / LIABILITAS KEUANGAN

DIAKUI PADA NILAI WAJAR TIDAK DIAKUI PADA NILAI WAJAR

MELALUI LAPORAN L/R MELALUI LAPORAN L/R

NILAI WAJAR NILAI WAJAR

+
BIAYA TRANSAKSI

18
Fair Value (Nilai Wajar)

 Amount for which an asset could be

exchanged, or liability settled, between
knowledgeable, willing parties in an arms
length transaction

19
ASUMSI PENG UKURAN
NILAI WAJAR

 Going Concern;
 Tidak terdapat pembatasan skala operasi
secara material;
 Transaksi tidak dilaksanakan dengan
persyaratan yg merugikan.

20
 NILAI WAJAR (Hierarchy)
HARGA KUOTASI DI PASAR AKTIF

Dianggap ada jika:

• Harga kuotasi tersedia dan dapat
diperoleh secara rutin;
• Mencerminkan transaksi pasar yang
aktual dan rutin dalam suatu transaksi
yang wajar.

 Aset yang dimiliki  Aset yang akan diperoleh

 Liabilitas yang diterbitkan  Liabilitas yang dimiliki

Harga Penawaran Berlaku Harga Permintaan

(Current Bid Price) (Asking Price)
21
 NILAI WAJAR

HARGA KUOTASI TIDAK TERSEDIA

TEKNIK PENILAIAN

Discounted Option
Cash Flow Recent arm’s length Fair Value of
Pricing
Analysis market transactions Similar Instruments
Models

22
SUBSEQ UENT MEASUREMENT –
FINANC IAL ASSETS

Financial Assets Measurement Changes in Impairment test (if

Carrying Amount objective evidence)

Financial assets at FV Fair Value Income Statement No

through P/L

Loans and Amortized Cost Income Statement Yes

Receivables

Held to Maturity Amortized Cost Income Statement Yes

Investments

AFS Financial Assets Fair Value Equity Yes

23
SUBSEQ UENT MEASUREMENT –
FINANC IAL LIABILITIES

Financial Liabilities Measurement

Financial liabilities at FV Fair value
through P/L

Other (non trading) financial Amortized cost

liabilities

24
Amortized Cost

• Amortized Cost = Cash Paid – Principal

Repayment +/- Unamortised premium or
discount – Impairment

• Requires use of Effective Interest Rate

(EIR) Method.
• No option to use straight line method.
• Revisions to estimates must be made
using cumulative catch up method
25
Effective Interest Rate (EIR)
 EIR method is a method of calculating amortization using
the effective interest rate of a financial asset or liability
 EIR is the rate that exactly discount the estimated stream
of future cash flow/receipts through the expected life of
financial instrument, to arrive at a present value that
equals the initial cost of the financial instrument.
 EIR will differ from contractual interest rate when there
are : transaction fees; premium or discount; and/or
stepped up/down interest rate/ margin.
 EIR of instrument that have call, put, pre-payment or term
extension options should be determined based on
expected life.
 Steps to be taken : 1. Determine the cost at initial
recognition; 2.Calculate effective interest rate; 3.
Recognized effective interest in P/L and adjust amortized
cost.
26
Im pairm ent of FinancialAssets
 All financial assets must be evaluated for
impairment – except those measured at FVTPL
 IAS 39 is an ‘incurred loss’ model
 Recognised only if incurred
 Future expected losses not recognised
 Under IAS 39, for a loss to be recognised
 objective evidence of impairment must have occurred
after the initial recognition
 Loss event must have reliably measurable effect on
the PV of estimated future CF
27
Im pairm ent: Individualvs. collective
assessm ent of FinancialAssets
 Individually significant assets:
 Must first be individually assessed
 If no objective evidence of impairment on an individual
basis –must be evaluated collectively in a group of
financial assets with similar credit risk characteristics

 Collective evaluation:
 For assets not individually significant and other assets
not evaluated individually

28
PENURUNAN NILAI DAN TIDAK
TERTAGIHNYA ASET KEUANGAN

 Terdapat “Bukti Obyektif” atas

penurunan nilai
 Evaluasi penurunan dilakukan setiap
Tanggal Neraca

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IMPAIRMENT CRITERIA

Significant
financial High Granting of
difficulty of probability a concession
the issuer of to issuer
bankruptcy

Disappearance Adverse change

of an active in a factor
market Breach (e.g.
because of of contract unemployment
financial rates)
difficulties

30
PENGHENTIAN PENGAKUAN

Pengeluaran aset keuangan atau kewajiban

keuangan yang sebelumnya telah diakui
dari neraca entitas.

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 DEREC O G NITIO N – FIN ASSETS

Consolidation

Part or entire asset?

YES

Right to cash flow expired Derecognition

NO
Right to cash flow transferred
NO NO
YES Pass through arrangement No derecognition
YES YES
Substantially all risk & Derecognition
rewards transferred
NO YES
Substantially all risk & No derecognition
rewards retained
NO NO
Control retained ? Derecognition

YES
Continuing involvement ? 32
 Consolidation

Part or entire asset?

YES
Rights to cash flows expired? Derecognition
NO
Rights to cash flows transferred?
NO
Consolidate all YES NO
Pass through arrangement? No derecognition
Subsidiaries
(including any SPEs) YES
YES
Substantially all risk and reward Derecognition
transferred?

NO
YES
Substantially all risk and reward No derecognition
retained?

NO
NO
Control retained? Derecognition
YES

Continuing involment
33
 Consolidation

Part or entire asset?

YES
Rights to cash flows expired? Derecognition
NO
Rights to cash flows transferred?
Determine whether the NO
Flowchart should be YES NO
Pass through arrangement? No derecognition
Applied to a part or all
YES
of an asset (or group of
YES
similar assets) Substantially all risk and reward Derecognition
transferred?

NO
YES
Substantially all risk and reward No derecognition
retained?

NO
NO
Control retained? Derecognition
YES

Continuing involment
34
 Consolidation

Part or entire asset?

YES
Rights to cash flows expired? Derecognition
NO
Rights to cash flows transferred?
NO
Have the right to the YES NO
Cash flows from the Pass through arrangement? No derecognition
Asset expired? YES
YES
Substantially all risk and reward Derecognition
transferred?

NO
YES
Substantially all risk and reward No derecognition
retained?

NO
NO
Control retained? Derecognition
YES

Continuing involment
35
 Consolidation

Part or entire asset?

YES
Rights to cash flows expired? Derecognition
NO
Rights to cash flows transferred?
NO
YES NO
Pass through arrangement? No derecognition
Has the entity
transferred its rights to YES
receive the cash flows YES
Substantially all risk and reward Derecognition
From the asset? transferred?

NO
YES
Substantially all risk and reward No derecognition
retained?

NO
NO
Control retained? Derecognition
YES

Continuing involment
36
 Consolidation

Part or entire asset?

YES
Has the entity assumed Rights to cash flows expired? Derecognition
an obligation to pay the
NO
cash flows from the
Rights to cash flows transferred?
asset?
YES NO
NO
Pass through arrangement? No derecognition
YES
YES
Substantially all risk and reward Derecognition
transferred?

NO
YES
Substantially all risk and reward No derecognition
retained?

NO
NO
Control retained? Derecognition
YES

Continuing involment
37
 Consolidation

Part or entire asset?

YES
Has the entity Rights to cash flows expired? Derecognition
Transferred
NO
substantially all risk
Rights to cash flows transferred?
and reward?
YES NO
NO
Pass through arrangement? No derecognition
YES
YES
Substantially all risk and reward Derecognition
transferred?

NO
YES
Substantially all risk and reward No derecognition
retained?

NO
NO
Control retained? Derecognition
YES

Continuing involment
38
 Consolidation

Part or entire asset?

YES
Rights to cash flows expired? Derecognition
Has the entity
NO
retained substantially
all risk and reward? Rights to cash flows transferred?

YES NO
NO
Pass through arrangement? No derecognition
YES
YES
Substantially all risk and reward Derecognition
transferred?

NO
YES
Substantially all risk and reward No derecognition
retained?

NO
NO
Control retained? Derecognition
YES

Continuing involment
39
 Consolidation

Part or entire asset?

YES
Rights to cash flows expired? Derecognition
Has the entity
NO
retained control of
the asset? Rights to cash flows transferred?

YES NO
NO
Pass through arrangement? No derecognition
YES
YES
Substantially all risk and reward Derecognition
transferred?

NO
YES
Substantially all risk and reward No derecognition
retained?

NO
NO
Control retained? Derecognition
YES

Continuing involment
40
 Consolidation

Part or entire asset?

YES
Rights to cash flows expired? Derecognition
NO
Continuing involement Rights to cash flows transferred?

YES NO
NO
Pass through arrangement? No derecognition
YES
YES
Substantially all risk and reward Derecognition
transferred?

NO
YES
Substantially all risk and reward No derecognition
retained?

NO
NO
Control retained? Derecognition
YES

Continuing involment
41
C O NTO H PENERAPAN PRINSIP
PENG HENTIAN PENG AKUAN
(Derecognition)
 Perjanjian penjualan efek dg janji dibeli kembali dan
jaminan surat berharga (repo style transaction) –
aset yang secara substansial sama  tidak
dihentikan pengakuannya karena pihak yang
mentransfer secara substansial masih memiliki
seluruh risiko dan manfaat.
 Hak pertama untuk menolak pembelian kembali
pada nilai wajar  menghentikan pengakuan aset.
 Opsi jual dan opsi beli dalam posisi sangat untung
 tidak dihentikan pengakuannya.
 Aset yang tergantung dari nilai wajar opsi jual atau
opsi beli atau forward repurchase agreement -
menghentikan pengakuan aset.

42
Derecognition
FinancialLiabilities
 Derecognition if extinguished
 discharged,
 cancelled or
 expires
 Extinguishment occurs through:
 Debtor repays the creditor, or
 Debtor is legally released from primary
responsibility for the liability.
43
 DERIVATIF

Instrumen keuangan atau kontrak lain dengan

karakteristik:
• Nilainya berubah akibat dari perubahan variabel yg
mendasari (spt suku bunga, harga, nilai tukar, dll).
• Tanpa investasi awal neto atau nilainya lebih kecil
dari nilai kontrak sejenis yang memberi pengaruh
yang sama thd perubahan faktor pasar.
• Diselesaikan pd tgl tertentu di masa mendatang.

44
 KARAKTERISTIK INS.
DERIVATIF

 Dibedakan :
 Freestanding derivatif (option,
forward contract, swap, future
contract)
 Em bedded derivatif

45
 EMBEDDED DERIVATIF

 Kom ponen dr hybrid/com bined

instrum ent;
 Didalam nya tdp kontrak utam a non
derivatif;
 Sebagian arus kas yg berasaldr
instrum en yg digabungkan bervariasi spt
derivatif yg berdiri sendiri.

46
EMBEDDED DERIVATIVES –
Accounting Treatm ent

Split and seoarately account

Is it
Is the contract Would it be a
NO YES closely NO
carried at FV derivative if it
related to
through P/L was
the host
freestanding
contract

YES NO YES

Do not split out the embedded derivative

47
DERIVATIF MELEKAT YANG DIPISAHKAN

PENCATATAN KONTRAK PENCATATAN

UTAMA DERIVATIF

Instrumen Non Instrumen

keuangan keuangan

PSAK 55 PSAK lain PSAK 55

yang sesuai

48
Entitas yang diharuskan untuk memisahkan
derivatif melekat dari kontrak utamanya, namun
tidak dapat mengukur derivatif melekatnya secara
terpisah, maka keseluruhan kontrak yang
digabungkan diperlakukan sebagai aset/liabilitas
keuangan yang dimiliki untuk diperdagangkan.

49
HEDGE ACCOUNTING

50
 OBJECTIVE OF HEDGING &
HEDGE ACCOUNTING

Changes GAIN LOSS Changes in

in fair fair value of
value of HEDGING
HEDGED INSTRUMENT
ITEM
LOSS GAIN

Unsur yang dilindungi Instrumen pelindung

 Management expectation
 Effectiveness vs Ineffectiveness
51
52
53
 JENIS LINDUNG NILAI

Floating-Rate Assets Fixed-Rate Assets

Floating-Rate Liabilities Fixed-Rate Liabilities
Forecasted Transactions Firm C om m itm ents
Cash Flow Fair V alue
Hedges Hedges

FX-Denom inated Foreign FX-Denom inated

Forecasted Transactions
(Third Party or Intercom pany)
Currency AFS Securities or
Firm C om m itm ents
Hedges

Net Investm ents in Foreign O perations 54

Hedge… Fair Value Hedging

 Definition A fair value hedge is a hedge of exposure to

changes in the fair value of a recognised asset or liability
arising from a specific risk.
 Examples An interest rate swap hedging changes in fair value
of a fixed rate borrowing due to changes in interest
rates.
A forward currency contract hedging a foreign currency
receivable, including debt.
 Accounting C hanges in fair value of both the hedged item and
the hedge instrum ent are recognised in the Incom e
statem ent.
 Usage Requires docum entation & testing, but is
econom ically no different from “Trading” designation as all
changes in fair value go to incom e.
55
56
Hedge… C ash Flow Hedging
 Definition A cash flow hedge is a hedge of an exposure to
changes in future cash flows … for exam ple variable ` interest rate
risk.
 Examples A variable rate corporate loan asset hedged with an
interest rate swap to convert the floating rate loan coupons into fixed rate.
A highly probable forecast issuance of variable rate debt
hedged by a swaption to protect against increases in
m arket rate for debt during the pre issuance period.
 Accounting To the extent the hedge is effective, changes in fair value of
the hedging instrum ent are deferred into a specialreserve
(‘Equity’) and released into the incom e statem ent only
when the hedged item affects the sam e
 Usage Extensive docum entation & testing is needed due to the
57
different treatm ents for the effective and ineffective
58
59
HEDG E O F A NET INVESTMENT
IN A FO REIG N O PERATIO N

 Sim ilar to cash-flow hedges

 Effective hedge to be disclosed in equity capital
 Non-effective hedge subject to incom e statem ent
 Foreign O peration:
 Subsidiary
 Associated enterprise
 Joint venture
 Branch office
In a “foreign currency area”

60
 Hedge Types...

FLOAT FIXED
Assets Bank Liabilities Bank

FIXED FLOAT FIXED FLOAT

Markets Markets

C onvert Floating Rate > Fixed Rate C onvert Fixed Rate > Floating Rate
= =
C ash Flow Hedge Fair Value Hedge
61
 KRITERIA AKUNTANSI LINDUNG NILAI

1. Saat dimulainya lindung nilai, tdp penetapan &

pendokumentasian formal atas hubungan lindung nilai, tujuan
manajemen risiko entitas & strategi pelaksanaan lindung nilai;
2. Hubungan lindung nilai diharapkan efektif;
3. Untuk lindung nilai arus kas, prakiraan transaksi yg merupakan
subyek dari lindung nilai harus bersifat kemungkinan besar
terjadi dan tdp eksposur yg mempengaruhi L/R;
4. Efektivitas lindung nilai dapat diukur secara handal;
5. Lindung nilai dinilai secara berkesinambungan dan efektif
sepanjang periode lindung nilai.

62
 DOKUMENTASI YANG DIPERLUKAN

 Identifikasi hedged item s vs hedging

instrum ents.
 Sifat risiko yang dilindungi
 Strategi m anajem en risiko dan lindung nilai
 Penilaian efektifitas instrum en lindung nilai

63
HEDG E EFFEC TIVENESS
REQ UIREMENTS

 Risks m ust be identifiable

 Risk m ust be foreseeable
 Risk m ust be realistically m easured
 Precise attribution of hedging instrum ent to hedged
item
Reason:
 Im pact of hedging in financialreport should be as
neutralas possible
64
 HEDGE EFFECTIVENESS

50

+ 20 Perubahan nilai wajar hedging instruments

20

-20 - 20 Perubahan nilai wajar hedged items

-50
Kw - 1 Kw - 2 Kw - 3 Kw - 4 65
HEDG E EFFEC TIVENESS

 Efektifitas dihitung secara prospektif dan

retrospektif
 Hasil aktual berada dalam kisaran 80 -125%
 Seluruh lindung nilai yang tidak efektif diakui
dalam laporan L/R (termasuk ketidakefektifan
dalam kisaran 80 -125%)

66
 2. Lindung nilai tidak lagi
1. Instrum en yg dilindung nilai m em enuhi kriteria
jatuh tem po/dijual/ akuntansi lindung nilai
dihentikan/direalisasi (cth: tidak lagi efektif)

PENG HENTIAN AKUNTANSI

LINDUNG NILAI

3. Lindung nilai arus kas 4. Entitas m encabut

untuk transaksi yang penetapan lindung
diperkirakan tidak lagi nilai
diharapkan untuk
terjadi
67
 AKHIR
PRESENTASI

Terima Kasih
Disclaimer : Presentasi ini bukan merupakan pendapat Dewan Standar
Akuntansi Keuangan (DSAK) – IAI maupun Bank Indonesia 68