PT Barasentosa Lestari - GMR

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<strong>PT</strong> BARASENTOSA LESTARI NOTES TO FINANCIAL STATEMENTS (Continned) March 31,2011 and 2010 (In US Dollar Currency) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) d. Transactions with Related Parties In conducting its busin
<strong>PT</strong> BARASENTOSA LEST ARI NOTES TO FINANCIAL STATEMENTS (Continued) March 31, 2011 and 2010 (In US Dollar Currency) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) f. Plant and Equipment (Continued) When assets are retired or otherwise disposed of, their carrying values and the related accumulated depreciation are eliminated from the financial statements and the resulting gains and losses on the disposal of plant and equipment are recognized in the statements of income. Plant and equipment are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount of the assets exceeds its recoverable amounts which is the higher of an asset's net selling price and value in use. For the purpose of assessing impairment, assets are grouped at lowest level for which they are separately identifiable cash flow. g. Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Borrowings are classified as current liabilities unless the Company has unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. h. Expense Recognition Expenses that do not meet the conditions for deferred exploration expenditure recognition are treated as expenses in the current period and recognized when these are incurred (accrual basis). 1. Foreign Currency Translation (1) Reporting Currency The financial statements are presented in US Dollar. (2) Transactions and Balances Transactions denominated in Rupiah and other currencies are converted into US Dollar at the exchange rate prevailing at the date of the transaction. At the balance sheet date, monetary assets and liabilities in Rupiah and other foreign currencies are translated at the exchange rates prevailing at that date. Exchange gains and losses arising on transactions in Rupiah and other foreign currencies and on the translation of Rupiah and other foreign currencies monetary assets and liabilities are recognized in the statement of income. 13
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PT Barasentosa Lestari - GMR

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