PSAK 50 dan 55 Overview - Blog Staff UI

PSAK 50 dan 55 

Overview 

Dwi Martani 

Ketua Departemen Akuntansi FEUI 

Anggota Tim Implementasi IFRS 

1

Agenda 

1 

Overview PSAK 50 dan 55 dan perubahanya 

2 

Definisi 

3 Pengakuan, pengukuran, penyajian 

4 

Ilustrasi dan Contoh 

2

Instrumen Keuangan 50,55,60 

Instrumen Keuangan 

IAS 32 IAS 39 IFRS 7 

PSAK 50 PSAK 55 PSAK 60 

• Definisi dan klasifikasi 

• Definisi, klasifikasi 

• Pemisahan liabilitas 

dan reklasifikasi 

keuangan dan ekuitas • Pengakuan dan 

• Akuntansi untuk 

penghapusan 

instrumen keuangan 

majemuk. 


penarikan saham dan 

saham treasury 

• Saling hapus atas aset 

dan liablitas 

• Pengukuran setelah 

pengakuan awal 


derivarif untuk 

diperdagangkan dan 

hedging. 

• Pengungkapan 

instrumen 

keuangan dan 

risiko 

3

Challenging issues from financial instruments 

Distinguishing 

between financial 

i liability and equity 

instrument 

Recognition 

of “off-balance 

sheet” instruments 

including executory 

contracts 

Separation of 

embedded 

derivatives 

Different 

accounting 

treating for 

hedging and 

trading 

instruments 

4

Perbandingan Pengaturan - Transaksi 

• PSAK 50 (1998): 

• Investor 

• Investasi dalam efek 

tertentu 

• Efek utang 

• Efek ekuitas 

• PSAK 55 (1999): 

• Investor 

• Intrumen derivatif dan 

transaksi lindung nilai. 

• Aspek Perlakuan Akuntansi: 

• Pengakuan, Pengukuran, 

Penyajian dan 

Pengungkapan 

• PSAK 50 (Rev. 2010): 

• Penerbit efek 

• Penyajian Kewajiban keuangan 

dan Ekuitas 

• saling hapus aset keuangan 

dengan kewajiban keuangan 

• Revisi 2010 Puttable instrument 

• PSAK 55 (Rev.2006): 

• Investor/pemilik hak tagih 

• Pengakuan dan pengukuran 

• Instrumen keuangan 

– Aset keuangan 

– Kewajiban ajba keuangan 

• Instrumen derivatif 

• Akuntansi lindung nilai 

• PSAK 60 (Rev.2010): 

• Pengungkapan instrumen 

keuangan 

5

Perbedaan Pengaturan 

• Ruang lingkup 

• Pengakuan 

• Kategori instrumen keuangan 

• Fair value option 

• Reklasifikasi 

• Penurunan nilai 

• Penghentian pengakuan 

6

PSAK 50 R – 

Instrumen Keuangan Penyajian 

• Skop meliputi seluruh tipe instrumen keuangan 

• Definisi detail atas instrumen keuangan : aset 

keuangan, liabilitas keuangan dan instrumen 

ekuitas 

• Instrumen ekuitas adalah kontrak yang 

memberikan kepada pemegangnya hak residu 

atas aset entitas setelah dikurangi dengan semua 

liabilitas 

• Alokasi nilai buku instrumen keuangan untuk 

komponen ekuitas dan utang. Nilai utang 

ditetapkan terlebih dahulu 

7

PSAK 50 R – 


• Pembelian saham diperoleh kembali (treasury 

stock) dicatat sebagai perubahan atas ekuitas 

sehingga tidak ada keuntungan/kerugian yang 

diakui 

• Termasuk dalam definisi aset dan liabilitas 

keuangan adalah kontrak yang diselesaikan 

dengan instrumen ekuitas suatu entitas. 

• Aset dan liabilitas keuangan diakui ketika entitas 

mengambil bagian dalam suatu kontrak provisi 

atas suatu instrumen 

8

PSAK 50 R (2010) – 


• Semua ketentuan tentang pengungkapan dipindahkan ke 

PSAK 60 (IFRS 7) 

• Tambahan pengaturan khusus tentang : 

• puttable instrument , kewajiban untuk menyerahkan bagian aset neto 

secara prorata saat likuidasi, dan rights, opsi, waran dikategorikan dan 

disajikan sebagai liabilitas keuangan, akan tetapi dapat dikategorikan 

sebagai instrumen ekuitas jika memenuhi syarat-syarat tertentu.puttable 

instrument 

• Instrumen yang mempunyai fitur opsi jual (puttable instrument) adalah 

instrumen keuangan yang memberikan hak kepada pemegangnya untuk 

menjual kembali instrumen kepada penerbit dan memperoleh kas atau 

aset keuangan lain atau secara otomatis menjual kembali kepada penerbit 

pada saat terjadinya suatu peristiwa yang tidak pasti di masa yang akan 

datang atau kematian atau purna karya dari pemegang instrumen. 

9

PSAK 55 R – Instrumen keungan pengakuan dan 

Pengukuran 

► Instrumen keuangan diukur pada pengakuan awal sebesar 

nilai wajar ditambah dengan biaya transaksi kecuali untuk 

instrumen yang diukur dengan menggunakan nilai wajar. 

► Penghapusan (dererecognition) aset keuangan didasarkan 

atas kombinasi “risk and reward” dan pendekatan 

pengendalian. Evaluasi atas risk and reward diakukan 

sebelum evaluasi atas transfer pengendalian 

► Pengakuan gain/loss atas penghapusan (extinguishment) 

liabilitas keuangan ketika utang baru diterbitkan memiliki 

persyaratan (term) yang berbeda dengan utang lama. 

► Restrukturisasi utang yang menyebabkan modifikasi 

substansial term dapat menghasilkan gain/loss pada saat 

penerbitan liabilitas baru. 

10


Pengukuran 

• Empat kategori aset keuangan: 

1. Aset keuangan yang ditetapkan untuk diukur pada nilai wajar 

melalui laporan laba rugi; 

2. Investasi dimiliki hingga jatuh tempo; 

3. Pinjaman yang diberikan atau piutang; dan 

4. Aset keuangan tersedia untuk dijual. 

• Dua kategori liabilitas keuangan 

1) Kewajiban keuangan yang diukur pada nilai wajar melalui laporan 

laba rugi 

2) Kewajiban lain 

• Pengukuran aset keuangan dengan menggunakan nilai 

wajar dalam arti luas 

• Beberapa perbedaan dalam praktik dalam mengidentifikasi 

derivatif majemuk. 

11


Pengukuran 

• Harga pasar atas aset yang dimiliki atau liabilitas yang 

akan diterbitkan adalah harga penawaran(bid price) dan 

untuk aset yang akan dibeli atau liabilitas yang dimiliki 

adalah harga permintaan (asking price). 

• Pengukuran instrumen keuangan sebesar nilai amortisasi, 

premium dan diskon dimartisasi dengan menggunakan 

effective interest rate. 

• Aturan tainting atas held to maturity investment, 

pembatasan selama 2 tahun tidak boleh melakukan 

transfer antar kategori investasi. 

12


Pengukuran 

► Bukti obyektif atas penurunan nilai aset keuangan dan 

penilaiannya dilakukan setiap tanggal laporan keuangan. 

► Penilaian penurunan nilai dilakukan secara individu dan 

kolektif 

k ► Pembalikan atas penurunan atas piutang, investasi HTM 

dan AFS instrumen utang dapat dilakukan jika memenuhi 

kriteria. 

► Reklasifikasi menjadi atau keluar dari FVPL dilarang f yang 

didesain untuk tujuan hedging 

13

PSAK 60 – 

Instrumen Keuangan Pengungkapan 

• Secara lebih tegas mensyaratkan Entitas harus untuk 

mengungkapkan informasi yang memungkinkan pengguna laporan 

keuangan untuk mengevaluasi signifikansi instrumen keuangan 

terhadap posisi dan kinerja keuangan. 

• Pengungkapan hirarki nilai wajar 

• Tingkat 1 harga kuotasi pasar 

• Tingkat 2 Input selain harga kuotasian (dapat diobservasi) 

• Tingkat 3 Input yang bukan berdasar harga pasar 

• Jenis dan tingkat risiko yang timbul dari instrumen keuangan 

• Pengungkapak kualitatif (ekposure timbulnya risiko, tujuan, kebijak 

dan proses penelolaan risiko) 

• Pengungkapan kuantatif (risiko kredit, risiko likuiditas, analisa 

sensitivitas) 

14

Klasifikasi Instrumen Keuangan 

Definisi Instrumen Keuangan 

setiap kontrak yang menambah nilai aset keuangan entitas dan 

kewajiban keuangan atau instrumen ekuitas entitas lain 

Aset Keuangan 

Kas 

Instrumen 

ekuitas entitas 

lain 

Hak 

kontraktual 

Kontrak diselesaikan 

dengan instrumen 

ekuitas entitas 

Liabilitas keuangan 

Kewajiban kontraktual 

kontrak yang diselesaikan dengan 

instrumen ekuitas entitas 

Ekuitas 

Kontrak yang memberikan hak residual atas aset suatu entitas setelah 

ikurangi dengan seluruh kewajibannya 

15


• setiap kontrak yang menambah nilai: 

► aset keuangan entitas , dan (disisi lain) 

► kewajiban keuangan atau instrumen ekuitas entitas lain. 

►Aset Keuangan 

• Kas 

• Instrumen ekuitas yang diterbitkan 

entitas lain 

• Hak kontraktual: 

• untuk menerima kas atau aset 

keuangan lainnya dari entitas lain; 

atau 

• untuk mempertukarkan aset 

keuangan dengan entitas lain 

dengan kondisi berpotensi untung; 

atau 

• Kontrak yang akan diselesaikan dengan 

penerbitan instrumen ekuitas entitas 

• nonderivatif 

• derivatif 

►Kewajiban Keuangan 

• Kewajiban kontraktual: 

• untuk menyerahkan kas atau aset 

keuangan lain kepada entitas lain; atau 

• untuk mempertukarkan aset keuangan 

atau kewajiban keuangan dengan 

entitas lain dengan kondisi i yang 

berpotensi tidak menguntungkan 

entitas; 

• kontrak yang akan atau mungkin 

diselesaikan dengan menggunakan 

instrumen ekuitas yang diterbitkan entitas 

dan merupakan suatu: 

• non derivatif; atau 

• derivatif 

16

Ruang Lingkup 

PSAK 50 & 55 PSAK 50 DiluarPSAK 50 & 5 

Investasi Efek Utang dan Efek 

Ekuitas 

Kredit dan tagihan 

Investasi di anak perusahaan, 

perusahaan asosiasi, ventura 

Piutan sewa 

Utang Ekuitas Utang sewa, Utang Pajak dan 

Manfaat Karyawan 

Kas dan Setara Kas 

Derivatif 

Derivatif pada anak perusahaan, 

asosiasi i dan ventura 

Derivatif melekat 

Komitmen pinjaman yang 

tersedia untuk dijual 

Derivatif yang ditukarkan 

dengan kas atau aset 

keuangan lain atau 

instrumen ekuitas entitas 

Kotrak komoditi yang 

digunakan sendiri 

Jaminan keuangan 

Komitmen pinjaman lainnya 

Kontrak asuransi 

17

Jenis Instrumen Keuangan 


Aset 

Keuangan 

Liabilitas 

Keuangan 

Instrumen 

Ekuitas 

Instrumen 

Derivatif 

Instrumen 

Lindung Nilai 

Aset Keuangan 

yang diukur 

pada nilai wajar 

melalui laporan 

laba rugi 

Investas dimiliki 

hingga jatuh 

tempo 

Pinjaman 

diberikan dan 

Piutang 

Liabilitas 

Keuangan yang 

diukur pada 

nilai wajar 

melalui laporan 

laba rugi 

Kewajiban 

Lainnya 

Instrumen 

Ekuitas Biasa 

Instrumen 

Ekuitas 

Majemuk 

Instrumen 

Ekuitas 

Sinstesis 

Derivatif 

Biasa 

Derivatif 

Melekat 

Atas Nilai 

Wajar 

Atas Arus Kas 

Atas Investasi 

Neto pada 

Operasi Luar 

Negeri 

Aset keuangan 

tersedia untuk 

dijual 

18

Kategori Aset Keuangan 

Pinjaman 

atau 

Piutang 

NO 

Bentuk 

Investasi dlm 

Utang 

NO 

Tujuan 

Spekulatif 

YES 

YES 

NO 

YES 

Keinginan 

memegang 

Available for 

Sale 

Trading 

YES 

Diukur dg 

Nilai Wajar 

Held to 

maturity 

No 

YES 

Nilai Beli 

Nilai Wajar 

19

Aset/Kewajiban Keuangan yang 

Diukur pada Nilai Wajar melalui Laporan Laba Rugi 

 

Diperdagangkan: 

g 

– 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). 

 

Ditetapkan untuk dinilai pada Nilai Wajar melalui 

Laporan Laba Rugi 

20

Investasi Dimiliki hingga Jatuh Tempo 

Kriteria: 

• Aset keuangan non 

derivatif; 

• Pembayaran 

tetap/telah ditentukan; 

• Jatuh tempo telah 

ditetapkan; 

• Entitas memiliki 

maksud dan 

kemampuan untuk 

memiliki hingga jatuh 

tempo 

Kecuali: 

‣ditetapkan t k sbg aset 

keu pada nilai wajar 

melalui L/R; 

‣ ditetapkan sbg AFS; 

‣ memenuhi definisi 

pinjaman yang 

diberikan dan piutang. 

21

Pinjaman Diberikan dan Piutang 

Kecuali: 

Kriteria: 

• Aset keuangan non 

derivatif; 

• Pembayaran 

tetap/telah ditentukan; 

• tidak mempunyai 

kuotasi di pasar aktif, 

‣ dimaksudkan utk dijual dlm 

waktu dekat (trading); 

‣ ditetapkan sbg aset keu 

pada nilai wajar mel L/R; 

‣ diklasifikasikan sbg AFS; 

‣ pinjaman yang diberikan/ 

piutang yg investasi 

awalnya tdk akan diperoleh 

kembali scr substansial 

(kecuali krn penurunan 

kualitas), shg hrs 

diklasifikasikan sbg AFS. 

22

Aset Keuangan Tersedia untuk Dijual 

Kriteria: 

• Aset keuangan non derivatif; 

• Ditetapkan sebagai AFS; 

• Tidak diklasifikasikan sbg: 

• pinjaman yang diberikan/piutang, 

• dimiliki hingga jatuh tempo, atau 

• dinilai pada nilai wajar melalui L/R. 

23

Saling Hapus 

• Aset keuangan dan liabilitas keuangan saling hapus dan nilai 

netonya disajikan dalam laporan posisi keuangan jika, dan 

hanya jika, entitas: 

• saat ini memiliki hak yang dapat dipaksakan secara hukum untuk 

melakukan k saling hapus atas jumlah yang telah diakui i tersebut; t dan 

• berniat untuk menyelesaikan secara neto atau untuk merealisasikan aset 

dan menyelesaikan liabilitasnya secara simultan. 

• Dalam akuntansi untuk transfer atas aset keuangan yang 

tidak memenuhi kualifikasi penghentian pengakuan, maka 

entitas tidak boleh melakukan saling hapus aset keuangan 

yang ditransfer dan liabilitas terkait 

24

Ilustration 

• In 2007 an entity enters into a contract that 

requires it to issue shares to the value of 

CU10,000 on 1 January 2010. 

• This is a financial liability since the entity is 

required to settle the contract by issuing a 

variable number of shares based on a fixed 

monetary amount. 

25

Review 

• In accordance with IAS32 Financial instruments: 

presentation, which ONE of the following types of 

instrument is best described as a contract that evidences 

a residual interest in the assets of an entity after 

deducting the liabilities 

• A Financial liability 

• B Guarantee 

• C Equity. 

• D Financial asset 

26

Review 

• In accordance with IAS32 Financial instruments: 

presentation, which ONE of the following types of 

instrument is best described as a contract that evidences 

a residual interest in the assets of an entity after 

deducting the liabilities 

• A Financial liability 

• B Guarantee 

• C Equity. 

• D Financial asset 

27

Review 

• The Stone Company has an account receivable from The Knowles 

Company of CU55,000. Stone also has an account payable to 

Knowles of CU15,000. 

• Local law allows the enforceable right of set-off of the recognised 

amounts. It is not normal business practice to settle the amounts net. 

• What amount for accounts receivable and accounts payable should 

be presented in Stone's statement of financial position, according to 

IAS32 Financial instruments: presentation 

Accounts receivable Accounts payable 

• A CU55,000 CU15,000 

• B CU40,000 Nil 

• C CU55,000 Nil 

• D Nil CU15,000 

28

Transfer / Reklasifikasi 

HTM 

Allowed when 

justified change 

intention or eng of 

tainting period 

Allowed under 

conditions 

TAINTING RULE 

FVTPL 

No transfer into 

or out of trading 

AFS

Reclassification among Sub-categories 

• IAS 39 impose strict rules on reclassification of financial assets 

– Prevent earning management through selective recognition or nonrecognition 

of gains or loss by reclassification 

Reclassification of financial asset 

From To Reason Accounting treatment 

HTM AFS Change in 

intention or ability 

to hold 

AFS HTM Re-demonstrated 

positive intent and 

ability to hold; 

Rare situation 

where reliable 

measure of fair 

value is no longer 

available 

Loan HTM or AFS Not allowed None 

FVTPL HTM or AFS Not allowed None 

HTM or AFS FVTPL Not allowed None 

1. Asset is remeasured at fair value 

2. Difference between carrying amount and fair 

value taken to equity 

1. Fair value carrying amount on that date 

becomes new amortized cost 

2. Previous gain/loss in equity amortized to 

income statement over remaining life using 

effective interest method 

3. Difference between new amortized cost and 

maturity amount amortized using effective 

interest method

Tainting 

• Entitas tidak boleh mengklasifikasikan aset keuangan 

sebagai investasi dimiliki hingga jatuh tempo, jika dalam 

tahun berjalan atau dalam kurun waktu dua tahun 

sebelumnya, telah menjual atau mereklasifikasi 

investasi dimiliki hingga jatuh tempo dalam jumlah yang 

lebih dari jumlah yang tidak signifikan (more than 

insignificant) ) sebelum jatuh tempo

Tainting 

• Kecuali penjualan atau reklasifikasi tersebut dilakukan: 

• Mendekati jatuh tempo atau tanggal pembelian 

kembali (contohnya, kurang dari tiga bulan sebelum 

jatuh tempo) 

• Setelah entitas telah memperoleh secara substansial 

seluruh jumlah pokok aset keuangan tersebut sesuai 

jadwal pembayaran atau entitas telah memperoleh 

pelunasan dipercepat; atau 

• (Terkait dengan kejadian tertentut t yang berada di luar 

kendali entitas, tidak berulang, dan tidak dapat 

diantisipasi secara wajar oleh entitas.

Pengukuran Awal 

Aset dan Kewajiban 

Keuangan 

Diukur pada nilai wajar 

melalui laba rugi 

Tidak diukur pada nilai 

wajar melalui laba rugi 

Nilai wajar 

Nilai wajar ditambah 

Biaya Transaksi 

(biaya transaksi expense) 

(biaya transaksi dikapitalisasi) 

33

Nilai Wajar 

Nilai i di mana suatu aset dapat dipertukarkan k atau 

suatu kewajiban diselesaikan antara pihak yang 

memahami dan berkeinginan untuk melakukan 

transaksi wajar (arm’s length transaction) 

Bukan nilai yang akan diterima atau dibayarkan 

entitas dalam suatu transaksi yang dipaksakan, 

likuidasi yang dipaksakan, atau penjualan akibat 

kesulitan keuangan.

Pengukuran – Nilai Wajar

Hirarki Penentuan Nilai Wajar* 

• Kuotasi harga di pasar aktif; 

• Jika pasar tidak aktif, maka menggunakan teknik 

penilaian yang meliputi: 

• penggunaan transaksi-transaksi pasar wajar yang 

terkini antara pihak-pihak yang mengerti, 

berkeinginan, jika tersedia; 

• referensi atas nilai wajar terkini dari instrumen lain 

yang secara substansial sama; 

• analisis arus kas yang didiskonto (discounted cash 

flow analysis); dan 

• model penetapan harga opsi (option pricing i model)

Measurement - at initial recognition 

Case Study 1: Interest-free long-term loan to employees 

• Bank grants IDR50 million interest-free loan to an 

employee who has reached 5 years employment payable 

at end of 5 th year. 

• Normal interest rate for 5 year loan to individual is 10.8%. 

• Assuming the present value of IDR50 million over 5 years 

with monthly repayment at 10.8% interest rate is IDR30 

million. 

Question: What is the initial measurement amount of the 

loan

Measurement - at initial recognition 

Case Study 2: Off-market loan with origination fee 

• Bank lends US$1,000 to ABC Company repayable in full 

at end of 5 th year 

• Interest at 5% payable annually 

• Market rate of similar loan is 8% 

• ABC Company pays the Bank credit facility fee of 

US$120 

• Present value at discount rate of 8% of US$1,000 

payable in full at end of 5 

th year plus 5% interest payable 

annually is equal to US$880 

Question: At what amount shall the Bank record the loan at 

initial recognition - US$1,000 or US$880

Ilustrasi 

• An entity issues 100,000 new CU1 ordinary shares which have a fair 

value of CU2.50 per share. 

• Professional fees in respect of the share issue are CU50,000. The 

costs are deductible in arriving at the entity’s income tax liability. The 

rate of tax is 40%. The management of the entity estimates t that t costs 

incurred internally for time incurred working on the share issue are 

CU25,000. 

• The internal costs should be recognised in profit or loss for the 

period. The professional fees are directly attributable to the 

transaction and CU30,000 should be deducted from equity 

(CU50,000000 net of 40% tax). 

• Equity will increase by CU220,000 ((100,000 x CU2.50) - CU30,000). 

39

Review 

• The Grovemet Company acquired a financial asset at its market 

value of CU32. Brokers fees of CU2 were incurred in relation to the 

purchase. 

• In accordance with IAS39 Financial instruments: recognition and 

measurement at what amount should the financial i asset initially iti be 

recognised if it is classified as at fair value through profit or loss, or 

as available for sale 

At fair value through 

Available 

profit or loss 

for sale 

• A CU34 CU32 

• B CU32 CU32 

• C CU32 CU34 

• D CU34 

CU34 

40

Review 

• The Polar Company issued 200 new CU1 ordinary shares at a fair 

value of CU1.80 each. Polar identified d the following costs in relation 

to the shareissue: 

• (1) Professional fees of CU40. 

• (2) Internal management time in managing the process of CU30. 

• These costs are deductible in arriving at the entity's income tax 

liability. The current rate of tax is 30%. 

• In accordance with IAS32 Financial instruments: presentation, the 

increase in equity in the statement of financial position of Polar as a 

result of the transaction will be 

• A CU360 

• B CU332 

• C CU311 

• D CU320 

41

Pengukuran Setelah Pengakuan Awal 

a) Nilai wajar 

b) Biaya diamortisasi 

c) Biaya (penggunaan terbatas hanya jika 

nilai wajar tidak dapat ditentukan) 

• PSAK 55 mengklasifikasikan: 

• 4 kategori aset keuangan 

• 2 kategori kewajiban keuangan 

• Kategori tersebut menentukan metode yang 

digunakan untuk pengukuran selanjutnya 

42

Biaya Amortisasi 

PLUS OR MINUS 

MINUS 

Jumlah saat pengukuran 

awal 

Akumulasi amortisasi dg 

effectiv interest method 

Pembayaran 

MINUS 

Penurunan Nilai 

43

Suku bunga efektif 

• Suku bunga yang menyamakan antara nilai awal aset 

dengan nilai kini dari pembayaran yang diterima di 

masa mendatang. 

• Nilai i awal aset keuangan termasuk biaya transaksi 

dan biaya lain terkait dengan perolehan/penerbitan 

aset/liabilitas keuangan 

• Suku bunga efektif tidak selalu sama dengan suku 

bunga yang ditetapkan. 

• Suku bunga efektif digunakan untuk mengitung 

amortisasi premium atau diskon 

44

Measurement - amortised cost 

(continued) 

The “effective interest t rate” is the rate that t exactly 

discounts: 

• Estimated future cash payments or receipts 

over the expected life of the instrument or, 

when appropriate, a shorter period, to the 

instrument’s s net carrying amount. 

• Should include all fees, transaction costs, 

premiums or discounts paid or received 

between contracting parties to the extent they 

are an integral part of the effective interest rate.


Example 1: Fixed-stepped interest rates 

• Company issued 5-year US$1,000,000 bond with net proceeds of 

US$1,000,000 (including transaction costs). 

• Bond pays interest at each anniversary date at 5% for the first 2 

d th th 

years; then 7% for the 3 rd & 4 th year; and 8% for the 5 th year. 

• Company may prepay at the end of 4 th year at amortised cost with no 

significant penalty. 

• Company expects to redeem the bond after 4 years since market 

interest rate is expected to decline in long term. 

• What is the effective yield 

• What will be the interest expense to be recognized in the profit & 

loss for each year


Example 1: Fixed -stepped interest rates (continued) 

Effective Yield 5.94235% 

1 

2 

3 

Year 

Amortised Cash flows Amortization Amortised 

cost at start of 

of interest cost at end of 

year expense year 

1,000,000 (50,000) 59,424 1,009,424 

1,009,424 (50,000) 59,983 1,019,407 

1,019,407 (70,000) 60,577 1,009,984 

4 1,009,984 (1,070,000) 60,017 0


Example 2: Fixed interest rate with discount 

• Company purchased bond with 5 years maturity for 

US$950 plus US$50 transaction costs on Dec. 31, 2007. 

• Principal amount of bond is US$1,250 

• Bond has fixed interest of 4.7% payable annually 

(US$1,250 x 4.7% = US$59 a year) 

• What is the effective yield 

• What will be the interest income to be recognized in the 

profit & loss for each year


Example 2: Fixed interest rate with discount 

(continued) 

Effective Yield 10% 

Year 

Amortised Amortization Cash flows Amortised 

cost at start of of interest 

cost at end of 

year income year 

2008 1,000 100 (59) 1,041 

2009 1,041 104 (59) 1,086 

2010 1,086 109 (59) 1,136 

2011 1,136 113 (59) 1,190 

2012 1,190 119 (1,250) + (59) 0


Floating rate debt instruments 

• Periodic re-estimation estimation of cash flows to reflect movements in 

market interest rates does alter the effective interest rate. 

• If a floating rate financial asset or liability is recognized initially 

at an amount equal to the principal receivable or payable on 

maturity, re-estimating the future interest payments normally 

has no significant effect on the carrying amount of the asset 

or liability. 

• Amortization of discount or premium: 

• if it results from change in credit spread or other variables that are not 

reset to market rates, it is amortised over the expected life of 

instrument; 

• if it reflects interest that has accrued since interest last paid, or changes 

in market rates since the floating rate was reset, it will be amortised to 

the next date when interest rate is reset to market rates.

Pengukuran Selanjutnya 

Biaya Keuntunga Bunga Penurunan Pembalikan 

Klasifikasi Neraca Transaksi natau 

Kerugian 

Nilai Wajar 

dan 

Dividen 

Nilai Penurunan 

Nilai 

FVTPL 

Nilai wajar Dibebankan Laba atau 

rugi 

y 

Diamortisasi 

Laba atau 

rugi 

By default 

By default 

HTM Biaya Dikapitalisasi - Laba rugi Laba rugi Laba rugi 

Pinjaman 

Diberikan dan 

Piutang 

Biaya Dikapitalisasi 

diamortisasi - Laba rugi Laba rugi Laba rugi

Pengukuran Selanjutnya 

Klasifikasi 

AFS 

Jenis / Biaya 

Transaksi 

Utang/ 

Dikapitalisasi 

Ekuitas/ 


Laporan Keuntungan Bunga Penurunan Pemulihan 

Posisi atau dan Nilai Penurunan 

Keuangan Kerugian Dividen 

Nilai 

Nilai Wajar 

Nilai wajar 

Nilai wajar 

Pendapatan 

komprehensif 

lain* 

Pendapatan 

komprehensif 

lain* 

Laba Rugi Laba Rugi Laba Rugi 

Laba Rugi Laba Rugi Pendapatan 

komprehensif 

lain 

Ekuitas: 

Harga - Laba Rugi Laba Rugi - 

Tidak dapat 

diukur secara 

andal/ 


perolehan 

* Dibebankan ke laba rugi saat pelepasan atau terjadi penurunan nilai

Initial recognition and subsequent 

measurement 

Category 

Initial 

recognition 

Subsequent 

measurement 

Treatment of changes in carrying amount 

FVTPL Cost Fair value 1. Change in fair value to income statement. 

2. Interest income recognized using effective 

interest method 

HTM Cost Amortized cost 

1. Amortized interest, impairment loss and foreign 

using effective exchange gain/ loss goes to income statement 


Loans and 

Receivables 

Cost 

Amortized cost 

using effective 


1. Amortized interest, impairment loss and foreign 

exchange gain/ loss goes to income statement 

AFS Cost Fair value 1. Change in fair value taken to equity 

2. Interest income recognized using effective 


3. Debt instrument – impairment loss and foreign 

exchange gain/loss goes to income statement 

4. Hedged item – change in fair value attributable to 

hedged risk taken to income statement to offset 

gain/loss on hedging instrument 

53

Ilustrasi 

• An entity classifies as available-for-sale a financial asset 

with a fair value on initial recognition of CU150. At 31 

December 2006 the cumulative gains recognised in 

respect of this asset in other comprehensive income are 

CU50. 

• On 31 December 2007 the entity disposes of the asset 

for CU320. 

• Profit or loss for the year will include: 

• Gain on sale of available-for-sale investments CU120 (CU320 

proceeds – CU200 carrying amount (CU150 + CU50)) 

• Reclassified to profit or loss CU50 (recognised in other 

comprehensive income for the year ended 31 December 2006) 

54

Review 

• Are the following statements concerning the measurement of 

financial instruments after initial recognition true or false, according 

to IAS39 Financial instruments: recognition and measurement 

(1) Held-for-trading financial assets are measured at amortised cost. 

(2) Held-to-maturity investments are measured at fair value. 

• Statement (1) Statement (2) 

• A False False 

• B False True 

• C True False 

• D True True 

55

Review 

• The Redmires Company acquired an equity investment a number of 

years ago for CU300 and classified it as available for sale. At 31 

December 20X5 the cumulative loss recognised in other 

comprehensive income was CU40 and the carrying amount of the 

investment was CU260. 

• At 31 December 20X6 the issuer of the equity was in severe financial 

difficulty and the fair value of the equity investment had fallen to 

CU120. 

• In accordance with IAS39 Financial instruments, recognition and 

measurement, what amount should be recognised in profit or loss in 

the yearended 31 December 20X6 

• A CU140 

• B CU180 

• C CU100 

• D Nil 

56

Share Repurchase 

• Listed company buy back their own share to 

– Provide support for share price 

– Market signal of “undervaluation” 

– Improve earnings per share 

• Classified as “treasury shares” 

– Pool of repurchased shares 

• Accounting treatment 

– Deduct treasury shares from total shareholder’s equity 

– No gain or loss recorded on repurchase 

57

Journal Entries Pertaining to Share Repurchase 

Initial repurchase of treasury shares 

Dr Treasury shares ……………….. XX,XXX 

Cr Cash ……………………………. XX,XXX 

Repurchase of treasury shares 

Equity section after repurchase 

Issued share capital ………………………………... 

$XX,XXX,XX 

Retained earnings ………………………………….. 

X,XXX,XXXXXX XXX 

Total shareholders’ equity .…………………………. 

Less cost of treasury shares ………………………. 

Total shareholders’ equity 

Cancellation of treasury shares 

Dr Issued share capital………….. XX,XXXXXX 

$XX,XXX,XX 

(XX,XXX) 

$XX,XXX,XX 

Cr Treasury shares………………. XX,XXX 

Cancellation of treasury shares

Ketentuan Umum – Penurunan Nilai 

• Aset keuangan atau kelompok aset keuangan 

mengalami penurunan nilai apabila: 

• Nilai tercatat/biaya perolehan diamortisasi > Nilai 

yang dapat diperoleh kembali 

• Evaluasi atas apakah terdapat bukti objektif 

penurunan nilai harus dilakukan pada setiap tanggal 

neraca 

• Bila terdapat bukti objektif penurunan nilai, maka 

harus dilakukan estimasi nilai yang dapat diperoleh 

kembali dan mengakui kerugian penurunan nilai

Bukti Objektif Penurunan Nilai 

• Entitas harus melakukan evaluasi apakah terdapat bukti 

objektif penurunan nilai pada setiap tanggal neraca. 

• Bukti Objektif antara lain: 

• Kesulitan keuangan signifikan yang dialami penerbit atau peminjam; 

• Pelanggaran kontrak, seperti terjadinya wanprestasi atau tunggakan 

pembayaran pokok atau bunga; 

• Restrukturisasi atau keringanan (konsesi) akibat pihak peminjam 

mengalami kesulitan; 

• Peminjam akan dinyatakan pailit atau melakukan reorganisasi 

keuangan lainnya; 

• Hilangnya pasar aktif dari aset keuangan akibat kesulitan keuangan; 

atau 

• Kemungkinan besar bangkrut

Bukti Objektif Penurunan Nilai 

• Penurunan yang dapat diukur atas estimasi arus kas masa datang 

dari kelompok aset keuangan sejak pengakuan awal aset dimaksud, 

meskipun penurunannya belum dapat diidentifikasi terhadap aset 

keuangan secara individual dalam kelompok aset tersebut, 

termasuk: 

• memburuknya status pembayaran pihak peminjam dalam kelompok tertentu 

(misalnya meningkatnya tunggakan pembayaran atau meningkatnya jumlah 

pihak peminjam kartu kredit yang mencapai batas kreditnya dan hanya mampu 

membayar cicilan bulanan minimal); atau 

• kondisi ekonomi nasional atau lokal yang berkorelasi dengan wanprestasi atas 

aset dalam kelompok tersebut (misalnya bertambahnya tingkat pengangguran di 

area geografis pihak peminjam, turunnya harga komoditas, atau memburuknya 

kondisi industri).

Penurunan Nilai – Aset Keuangan yang Dicatat 

Berdasarkan Biaya Perolehan Diamortisasi 

• Meliputi investasi dalam kelompok dimiliki hingga jatuh tempo 

serta pinjaman yang diberikan dan piutang 

• Aset Individual yang Signifikan: 

• Pertama kali harus dinilai secara individu 

• Jika tidak ada bukti penurunan nilai saat penilaian individu-harus 

dinilai dalam kelompok yang sama karakteristik risiko kreditnya 

• Penilaian Kelompok: 

• Untuk aset-aset yang secara individu tidak signifikan dan asetaset 

lain 

• Tidak dapat dievaluasi secara individual

Penurunan Nilai Kolektif – Aset Keuangan yang 

Dicatat Berdasarkan Biaya Perolehan Diamortisasi 

Penurunan nilai kolektif aset keuangan yang 

dicatat berdasarkan biaya perolehan diamortisasi 

meliputi: 

1. Kelompok aset keuangan sejenis yang tidak 

signifikan secara individual; dan 

2. Aset keuangan yang signifikan secara 

individual yang tidak mengalami penurunan 

nilai i berdasarkan evaluasi secara individual; 

id

Penurunan Nilai Kolektif – Aset Keuangan - 

Biaya Perolehan Diamortisasi 

• Jumlah kerugian diukur sebagai selisih antara 

nilai tercatat aset dengan nilai kini estimasi arus 

kas masa depan yang didiskonto menggunakan 

suku bunga efektif awal dari aset tersebut 

• Nilai tercatat aset tersebut dikurangi, baik 

secara langsung maupun menggunakan pos 

cadangan. 

• Jumlah kerugian yang terjadi diakui i pada 

laporan laba rugi.

Penurunan Nilai Kolektif – Aset Keuangan - 

Biaya Perolehan Diamortisasi 

• Jika, pada periode berikutnya, jumlah kerugian 

penurunan nilai berkurang, maka kerugian penurunan 

nilai yang sebelumnya diakui harus dipulihkan. 

• Pemulihan tersebut t tidak boleh mengakibatkan nilai 

i 

tercatat aset keuangan melebihi biaya perolehan 

diamortisasi sebelum adanya pengakuan penurunan 

nilai pada tanggal pemulihan dilakukan. 

• Jumlah pemulihan aset keuangan diakui pada laporan 

laba rugi.

Penurunan Nilai – Aset Keuangan yang Dicatat 

pada Biaya Perolehan 

• Jumlah kerugian penurunan nilai diukur berdasarkan 

selisih antara nilai tercatat aset keuangan dengan nilai 

kini dari estimasi arus kas masa depan yang 

didiskontokan pada tingkat pengembalian yang berlaku 

di pasar untuk aset keuangan serupa 

• Kerugian penurunan nilai tersebut tidak dapat dipulihkan.

Penurunan Nilai – Aset Keuangan yang Tersedia 

untuk Dijual 

• Ketika penurunan nilai wajar atas aset keuangan yang 

diklasifikasikan dalam kelompok tersedia untuk dijual telah diakui 

secara langsung dalam ekuitas dan terdapat bukti objektif bahwa 

aset tersebut mengalami penurunan nilai, maka kerugian kumulatif 

yang sebelumnya diakui i secara langsung dalam ekuitas harus 

dikeluarkan dari ekuitas dan diakui pada laporan laba rugi 

• Kerugian penurunan nilai yang diakui pada laporan laba rugi atas 

investasi i instrumen ekuitas yang diklasifikasikanifik sebagai instrumen 

ekuitas yang tersedia untuk dijual tidak boleh dipulihkan melalui 

laporan laba rugi. 

• Jika, pada periode berikutnya, nilai i wajar instrumen utang yang 

diklasifikasikan dalam kelompok tersedia untuk dijual meningkat, 

maka kerugian penurunan nilai tersebut harus dipulihkan melalui 

laporan laba rugi.

Impairment of Financial Assets 

• Requirements for impairment testing under IAS 39 

– Required for all financial instruments except those measured at fair value 

– Only when there is objective evidence as a result of “loss event(s)” 

• Example of “loss event(s)” include: 

– Issuer encounters significant financial difficulties; 

– Default of payments 

– Lender has to grant special concession to the borrower 

– Borrower faces probable bankruptcy 

– Disappearance of an active market 

– Objective evidence on a decrease of estimated cash flows of the issuer 

• Accounting treatment t t depends d on how financial i asset is measured 

68

Impairment of Financial Assets 

Measured at Amortized Cost 

Procedures for assessing impairment (IAS 39: 63-65) 

65) 

Test for impairment for 

Financial Assets 

Individually Significant 

Not Individually Significant 

Individually 

Individually 

Collectively 

Fail Pass Fail Pass 

Collectively tested 

with similar credit risk 

69

Impairment of Financial Assets Measured at Cost 

• Example 

– Unquoted equity instruments 

– Derivatives linked to unquoted equity instruments 

Impairment loss = Carrying 

amount 

- 

PV of estimated 

future cash flows 

• Impairment loss cannot be reversed 

70

Impairment of AFS Financial Assets 

Changes in fair value of AFS 

taken to equity 

Decline in fair value must be 

determined 

Objective evidence of 

impairment 

Decline in fair value 

Cumulative loss in equity 

transferred to income 

statement 

Acquisition 

cost 

Current fair 

- - 

value 

Previous 

impairment 

loss 

Debt instrument: Reversible 

Equity instrument: Non reversible 

71

Impairment of Amortized Costs Assets 

Example 

At January 1, 2006, XYZ Coy lends 

$5,000,000 to Company A. The effective 

interest rate on the loan is 8%. As at 

December 31, 2006, XYZ Coy expects 

that Company A will not be able to repay 

all amounts due. A comparison of the 

original contractual cash flows and 

estimated expected cash flows follows:


Example 

Year Original Expected Impairment 

Contractual Cash hFlow Cl Calculationl Cash flow 

(5,000,000) (5,000,000) (4,413,390) 

2006 1,650,000 - - 

2007 1,550,000 250,000 250,000 

2008 1,450,000 2,100,000 2,100,000 

2009 1,350,000 3,000,000 3,000,000 

6,000,000 5,350,000 5,350,000 

EIR 8.0% 1.9% 8%


Example 

Net 

Year Accrued Cash Loan Valuation Carrying 

Interest Received Balance Allowance Amount 

2006 5,000,000 (586,610) 4,413,390 

2007 353,071 250,000000 5,103,071 071 (586,610) 610) 4,516,461 

461 

2008 361,317 2,100,000 3,364,388 (586,610) 2,777,778 

2009 222,222 3,000,000 586,610 (586,610) - 

5,350,000


Example 

Interest income recognition assuming the use of interest method 

Journal: 

2006 Dr. Provision for doubtful debtors 586.610 

Cr. Allowance for doubtful debtors (586.610) 

2007 Dr. Loan 353.071 

Cr. Interest income (353.071) 

D C h d B k 250 000 

Dr. Cash and Bank 250.000 

Cr. Loan (250.000)

Penghentian Pengakuan Aset Keuangan 

Entitas menghentikan pengakuan aset keuangan, jika dan 

hanya jika: 

(a) hak kontraktual atas arus kas yang berasal dari aset 

keuangan tersebut berakhir; atau 

(b) entitas mentransfer aset keuangan yang memenuhi 

kriteria penghentian pengakuan

Penghentian Pengakuan Aset Keuangan 

1. Consolidate subsidiaries (including SPEs) 

2. Do derecognition principles apply 

to part or all of assets 

3. Have the rights to cash flows expired 

No 

4. Has entity transferred its right to receive cash flows 

Yes 

Derecognise 

Yes 

No 

Has entity assumed obligation 

to pass through cash flows 

No 

Don’t derecognise 

Yes 

5. Has entity transferred substantially all risks/rewards 

No 

5. Has entity retained substantially all risks/rewards 

No 

6. Has entity retained control of the assets 

Yes 

Continue to recognise the assets to 

Yes 

Yes 

No 

Derecognise 

Don’t derecognise 

Derecognise 

extent of continuing involvement

Penghentian Pengakuan Kewajiban Keuangan 

• Entitas mengeluarkan kewajiban keuangan 

(atau bagian dari kewajiban keuangan) dari 

neracanya, jika dan hanya jika, 

• Kewajiban keuangan tersebut berakhir, yaitu ketika 

kewajiban yang ditetapkan dalam kontrak 

dilepaskan atau dibatalkan atau kadaluwarsa.


• Pertukaran di antara peminjam dan pemberi pinjaman 

yang saat ini ada atas instrumen utang dengan 

persyaratan yang berbeda secara substansial dicatat 

sebagai penghapusan (extinguishment) kewajiban 

keuangan awal dan pengakuan kewajiban keuangan 

baru. 

• Demikian juga, modifikasi secara substansial atas 

ketentuan kewajiban keuangan yang saat ini ada atau 

bagian dari kewajiban keuangan tersebut dicatat 

sebagai penghapusan kewajiban keuangan awal dan 

pengakuan kewajiban keuangan baru.


• Syarat-syarat yang digunakan berbeda 

secara substansial apabila: 

• Nilai kini arus kas yang didiskonto 

berdasarkan syarat-syarat didiskonto 

menggunakan suku bunga efektif awal, 

berbeda sedikitnya 10 persen dari nilai kini 

sisa arus kas yang didiskonto yang berasal 

dari kewajiban keuangan semula.

Derecognition of a Financial Asset 

• Refers to the removal of the financial asset from the balance sheet 

– In a group, all subsidiaries and special purpose entities are consolidated 

before derecognition (IAS 39:15) 

• Conditions for partial derecognition of financial asset (IAS 39:16) 

– Contains specifically identified cash flows 

– Forms fully proportionate share of cash flows 

– Forms fully proportionate share of specifically identified cash flows 

• E.g. of partial derecognition 

– interest rate strip from the transfer of interest cash flows while principal 

cash flows remain with transferor 

81


Derecognition of 

financial asset 

Gain/ (loss) 

recognized in income 

statement 

Entirety 

Sum of consideration received 

less carrying amount 

less cumulative gain/ loss 

recognized in equity 

Partial 

Sum of consideration received for part 

less carrying amount of part 

less proportionate share of cumulative 

gain/ loss recognized in equity 

82


Right to cash 

flows of the 

asset has 

expired 

Transferred right 

to receive cash 

flows and 

substantially all 

risks and rewards 

Conditions for 

derecognition 

Retained not 

substantially some 

risks and reward, 

and not retained 

control 

83


Conditions for derecognition 

Right to cash flows of 

the asset has expired 

Transferred right 

to receive cash flows 

and substantially all 

risks and rewards 

Retained not 

substantially some 

risks and reward, and 

not retained control 

84


Event 

A sale, together with an option to 

repurchase at fair value of the asset at 

the time of repurchase 

A sale, together with a put option held 

by the buyer or a call option held by a 

seller that is deeply out-of-the-money 

Event 

A sale with an agreement by the seller 

to repurchase the same asset at a 

fixed price 

A sale, together with a put or call 

option that is deeply in-the-money 

Why it qualify 

Seller has transferred substantially all 

risks and rewards and is not obligated 

to repurchase the financial asset 

Seller is unlikely to be exposed to risk 

associated with changes in the fair 

value of the financial asset 

Why it does not qualify 

There is no transfer of substantial risk 

and rewards 

Highly unlikely that the option will 

become out-of-the-money before 

expiry and seller is likely to repurchase 

the asset 

85

Derecognition of a Financial Liability 

• Only when the borrower’s obligation relating to the liability are fully 

discharged, cancelled or expired (IAS 39:39) 

• Treatment of financial liability 

– Replacement of debt instrument should be treated as an extinguishment 

of original financial liability and the recognition of a new financial liability 

(IAS 39:40) 

– Partial derecognition permitted 

• Gain/ (losses) reported in income statement as with financial asset 

86

Instrumen Keuangan Majemuk 

• Komponen-komponen p tersebut harus diklasifikasikan 

secara terpisah sebagai kewajiban keuangan, aset 

keuangan, atau instrumen ekuitas 

• Nilaii tercatatt t awal suatu instrumen keuangan majemuk 

dialokasikan pada komponen ekuitas dan kewajiban: 

• Komponen ekuitas yang dialokasikan adalah nilai sisa dari nilai 

wajar instrumen keuangan secara keseluruhan dikurangi 

dengan nilai komponen kewajiban yang ditetapkan secara 

terpisah 

• Contoh: Obligasi Konversi

Compound Financial Instruments 

Definition of compound financial instruments 

Instruments that have both debt or 

equity instruments 

Non-derivative host instrument and 

embedded derivative 

Accounting standards 

IAS 32 : Accounting from issuer’s 

perspective 

IAS 39: Accounting from 

investor’s perspective 

Example of convertible bond 

Issuer’s perspective 

Lower coupon rate leads to lower 

cash outflow 

Investor’s perspective 

Investor willing to accept lower 

coupon rate in exchange for the 

equity option for potential capital gain 

88

Controversies 

• Main issue: whether the debt and equity component 

should be separately recognized on balance sheet 

• IAS 32 

– Requires debt and equity elements to be separated 

• More relevant information, resulting in the reflection of effective 

borrowing cost 

– Total proceeds allocated using incremental method 

• Fair value of debt instrument calculated from the present value of the 

cash flow from the instrument 

• Residual (total proceeds – FV of debt) allocated to equity component 

under “Capital Reserve – Equity option) 

89

Illustration : 

Initial recognition of debt and equity 

Scenario 

• Convertible bond issued at par on 1 Jan 20x1 

• Nominal value of $100,000 

• Repayable at 31 December 20x3 

• Annual coupon at 4% per annum 

• Convertible at $1 of bond to 0.75 ordinary shares 

• Effective interest of 10% per annum 

90



Debt Component 

PV of interest payment (2,000 x PVIFA10%,3) ……….. $ 9,947 

PV of principal at maturity (100,000 x PVF10%,3) ……… 75,132 

PV of debt component …….……………………………. $85,079 

Note: 

1. Discount rate based on effect market interest rate of 10% 

2. PVIFA10%,3 is PV of ordinary annuity at 10% for 3 periods 

3. PVF10%,3 is the PV of $1 at the end of period 3 at 10% discount 

91



Equity Component 

Value of equity 

= $100,000 – Value of debt component 

= $100,000,000 000 000 - $85,079 

= $14,921 

Note: 

1. Bond issued at discount of $14,921 (equals to value of equity) because 

bond issue at par 

2. Discount of bond = Fair value – Nominal value 

3. Value of equity = Nominal value – Value of debt component 

92



Journal entry at date of issue 

Dr Cash 100,000 

Dr Unamortized discount on bond (B/S) 14,921 

Cr 4% Bond payable (B/S) 100,000 

Cr Capital reserve – Equity option (B/S) 14,921 

Record debt and equity components of convertible bond 

93



Journal entry at year-end 

Dr Interest expense ……………………… 8,508 

Cr Unamortized bond discount ………… 4,508 

Cr Cash …………………………………… 4,000 

Record interest expense using effective interest rate method 

Note: 

1. Interest expense is based on the effective interest rate of 10%: $85,079 x 0.1 

2. Amortization of bond discount is the difference between the effective interest 

expense and the cash interest paid: $8,508 - $4,000 

94

Journal Entries Pertaining 

to Amortization of Bond 

Dr Amortization of discount (I/S) ……….. XX,XXXXXX 

Cr Unamortized discount (B/S) ………… XX,XXX 

Amortization of discount for first half-year 

Dr Interest expense (I/S) ………………... XX,XXX 

Cr Cash (B/S) ……………………………. XX,XXX 

Cash interest t paid 

Or combined as follows 

Dr Interest expense (I/S) ………………... XX,XXX 

Cr Cash (B/S) ……………………………. XX,XXX 

Cr Unamortized discount (B/S) ………… XX,XXX 

Interest paid for period ended 30 June 20x0 

95

Conversion of Bond Before or At Maturity 

Occurs: 

• At specific time intervals to minimize i i dilution 

effect 

• Only when there is economic interest 

The following are recorded when partial conversion 

occurs: 

1. Issue of paid-up shares on conversion, 

2. The balance in the discount on the bond 

adjusted d proportionately 

t 96

Jurnal Entries Conversion of Bond 

Conversion of bond 

Dr Bond payable XXX,XXX 

Dr Capital reserve – Equity options XX,XXX 

Cr Ordinary shares XXX,XXX 

Cr Unamortized discount on bond XX,XXXXXX 

Conversion of bond to ordinary shares 

97

Effect of the Separation of Debt and Equity 

Elements in a Compound Financial Instrument 

No split accounting 

Split accounting 

Net income Net earnings higher Net earnings lower 

Balance sheet 

Selected financial ratios 

Higher carrying amount; 

lower equity 

Lower carrying amount; 

higher equity 

Net profit margin Higher Lower 

Debt-equity ratio Higher Lower 

Return on equity Higher Lower 

Times interest earned Higher Lower 

98

Allocation of Transaction Costs 

• Cost incurred in issuing debt instruments, and convertible bonds 

– Include professional fees, registration fees, stamp duties, and 

advertising costs 

Transaction cost on debt 

Accounted for as yield 

adjustments to the 

effective interest rate 

Transaction cost on equity 

Accounted for as deduction 

from equity after deducting any 

related income tax benefit 

99

Allocation of Transaction Costs to 

Debt and Equity Components 

Amount allocated to debt component: 

= Fair value of debt component x Transaction costs 

Total proceeds of convertible bond 

Amount allocated to equity component: 

= Value of equity component x Transaction costs 

Ttl Total proceeds of convertible bond 

100

Ilustrasi 

• An entity issues 3,000 convertible, 10-year bonds at CU100 each, 

with a nominal interest rate of 5%. 

• The fair value of similar 10 year bonds with no convertible element is 

CU250,000. 

• The conversion details are 100 shares for each bond to be exercised 

after 5 years but before the redemption date in 10 years time. 

• At the date of issuance of the financial instrument, the following 

amounts should be recognised: 

• Proceeds of bond issue (3,000 x CU100) CU300,000 

• Fair value of liability component CU250,000 

• Equity component (CU300,000 less CU250,000) CU50,000 

101

Offsetting Financial Assets and Financial Liabilities 

Offsetting 

Refers to the reporting of a recognized financial asset/ liability as a single 

net financial asset/ liability in the balance sheet 

Conditions (IAS 32:42) 

Currently has a legal 

enforceable right to set off 

recognized amounts 

Intends to either settle on net 

basis, or realize asset and settle 

liability simultaneously 

Prohibiting of offsetting when 

Creation of 

“synthetic” 

instrument 

Different 

counterparties 

involved 

Financial assets 

pledged as 

collateral or set 

aside in trust 

Obligations 

expected to be 

paid off through 

insurance claims 

102

Evaluation of Fair Value as a Basis of the Measurement 

of Financial Instruments 

Arguments for fair value accounting 

Fair value 

accounting 

Discourage earning 

management 

Provide relevant and 

useful information to 

users of financial 

statements 

Cost accounting 

Opportunities for 

earning management 

Reluctance of loan 

managers to foreclose 

problem loans 

103

Evaluation of Fair Value as a Basis of the Measurement 

of Financial Instruments 

Undue 

fluctuations 

in reported 

earnings 

Reliability 

issues 

Arguments 

against 

fair value 

accounting 

Does not 

reflect 

purpose 

104

Derivatif 

• Instrumen keuangan atau kontrak lain dengan 

karakteristik: 

• Nilainya berubah akibat dari perubahan variabel 

yang mendasari (spt suku bunga, harga, nilai i tukar, 

dll). 

• Tanpa investasi awal neto atau nilainya lebih kecil 

dari nilai kontrak sejenis yang memberi pengaruh 

yang sama terhadap perubahan faktor pasar. 

• Diselesaikan ik pd tanggal tertentu t t di masa 

mendatang.

Derivative Financial Instruments 

A derivative is a financial instrument that meets the following three criteria: 

Its value changes in 

response to a change in 

an “underlying” 

Requires little or no initial 

investment 

Settled at a future date 

Scope Exemption: 

IAS 39:5 exempts contracts which meet the definition of a derivative from the 

standard if the contract is entered into to meet the entity’s usual purchase, 

sale or usage requirements 

106

Karakteristik Derivatif 

• Derivatif yang berdiri sendiri (Freestanding 

derivative). 

• Misalnya option, forward contract, swap, future 

contract 

• Derivatif Melekat (Embedded derivative) 

• Komponen dari hybrid/combined instrument; 

• Didalamnya terdapat kontrak utama non derivatif; 

• Sebagian arus kas yg berasal dari instrumen yang 

digabungkan bervariasi i seperti derivatif yg berdiri 

i 

sendiri. 

• Terdapat persyaratan untuk diakui terpisah


Example of derivative instruments and their underlying 

Types of derivative 

instruments 

Underlying 

Used by 

Option contracts 

Security price 

Producers, trading firms, 

(call and put) 

financial institutions, and 

speculators 

Forward contracts Foreign exchange Various companies 

e.g. foreign exchange 

forward contract 

rate 

Future contracts Commodity prices Producers and consumers 

e.g. commodity futures 

Swaps Interest rate Financial institutions 

108


• Use of derivatives 

1. Manage market risk 

2. Reduce borrowing cost 

3. Profit from trading or speculation 

• Types of derivatives 

1. Forward type derivatives such as forward contracts, future contracts 

and swaps 

2. Option-type derivatives such as call and put options, caps and collars 

and warrants 

3. Free standing derivatives 

4. Embedded derivatives 

109

Forward Contracts 

• An agreement between two parties (counterparties) whereby one 

party agrees to buy and the other party agrees to sell a specified 

amount (notional amount) of an item at a fixed price (forward rate) 

for delivery at a specified future date (forward date) 

• Can either be a forward purchase contract or a forward sales 

contract, depending on the perspective of the counterparties 

“A” Company 

Sells Forward 

Contract 

“B” Company 

“Forward sales contract” 

“Forward purchase contract” 

110

Forward Contracts 

• Not standardized contracts as they are not traded on an exchange 

– They entail counterparty risks 

– They are can be tailored to specific needs of counterparties 

– They involve lower transaction costs 

• Fair value of forward contract: 

Notional 

amount 

where 

x 

‏(׀ Current׀)‏ forward rate – contracted forward rate 

(1+r) t 

Contracted forward rate is forward rate 

fixed at inception 

Current forward rate is forward rate for 

remaining period to maturity 

r = discount rate 

At inception date, the fair value of a forward contract is nil. 

t = period to maturity 

111

Future Contracts 

• A future contract is similar to a forward contract except that it is a 

standardized contract and is traded on an exchange 

• Futures contracts are marked-to-market and settled on a daily basis 

• Futures contracts require payment of a margin deposit which has to 

be maintained throughout the contract period 

• Wide range of exchange-traded future contracts 

– Commodity futures 

– Interest rate futures 

– Currency futures 

112

Option Contracts 

• Contract that gives holder the right but not the obligation to buy or 

sell a specified item at a specified price 

• 2 type of option contracts 

1. Call option – right, but not obligation to buy 

2. Put option – right, but not obligation to sell 

• Can be American option (exercisable anytime to expiration) or 

European option (exercisable only on maturity date) 

• Can also be customized (not traded) or standard contract quoted on 

exchange (listed options) 

113


• Main features 

– Purchaser (holder) pays premium to seller (writer of option) 

– Holder has the right, but not obligation to perform; while write has 

obligation to perform 

– Asymmetrical pay-off profile 

• Holder has limited loss (due to premium) and unlimited gain 

• Writer has limited gain and unlimited loss 

Relationship between the strike price and the underlying 

Holder of call 

option 

Holder of put 

option 

Strike price> 

Underlying 

Strike price> 

Underlying 

Strike price> 

Underlying 

(spot price) (spot price) (spot price) 

Out-of-the-money At-the-money In-the-money 

In-the-money At-the-money Out-of-the-money 

114


• Fair value of option contract 

Fair value of an option = Intrinsic value + Time value 

Listed options = quoted price 

Not traded options = Valuation 

model ( Black-Scholes model) 

Diminishes over time 

Zero at expiration 

Call option = Max [0, Notional amount x (Spot price – Strike Price) 

Put option = Max [0, Notional amount x (Strike price – Spot Price) 

Tan & Lee Chapter 

9 

©2009 115

Embedded Derivatives 

• Derivative that is part of a hybrid financial instrument 

Hybrid Instrument 

Host Instrument 

Embedded derivative: 

Linked to underlying and change in 

underlying causes change in cash flow 

• Example is bond whose ultimate proceed are linked to price of 

commodity, such as oil, or to a consumer price index 

116

Split Accounting of Embedded 

Derivatives 

• IAS 39 requires embedded derivatives to be separately recognized 

from the host instrument and accounted for in the same way as a 

stand-alone derivative if the following conditions are met: 

Conditions for separation of embedded derivative 

Economic 

characteristics and risk 

of host instrument are 

not closely related to 

that of the derivative 

There is a separate 

instrument with same 

terms as the embedded 

derivative 

Hybrid instrument is not 

measured at fair value, 

with changes in fair 

value recognized in 

profit and loss 


9 

©2009 117

Derivatif Melekat 

• Entitas yang diharuskan untuk memisahkan 

derivatif melekat dari kontrak utamanya, namun 

tidakdapat mengukur derivatif melekatnya 

secara terpisah, maka keseluruhan kontrak 

k 

yang digabungkan diperlakukan sebagai 

aset/liabilitas keuangan yang dimiliki untuk 

diperdagangkan

Accounting for Derivatives 

Default accounting treatment for derivatives under IAS 39: 

• Derivatives are classified under the Fair Value through Profit or 

Loss category and changes in their fair values are taken to income 

statement 

• Exception - when a derivative is designated as a hedge of an 

identified risk and the hedge is effective. In this case, accounting for 

the derivative follows hedge accounting rules 

119

Accounting for Forward Contract 

At inception During life of contract Closing position or 

at expiration 

No journal entry as 

fair value is nil 

Dr Forward Contract 

(asset) 

Cr Gain on forward 

contract 

or 

Dr Loss on forward 

contract 

Cr Forward Contract 

(liability) 

Dr Cash 

Cr Forward contract 

Dr Forward contract 

Cr Cash 

Adjust fair value and 

record gain/loss 

Close out and record 

net settlement of 

contract 

120

Accounting for Future Contract 


at expiration 

Dr Margin deposit 

Cr Cash 

Dr Cash 

Cr Gain on future 

contract 

or 

Dr Loss on futures 

contract 

Cr Cash 

Dr Cash 

Dr Gain on future 

contract 

Cr Margin Contract 

Dr Cash 

Cr Loss on future 

contract 

Cr Margin Contract 

Record payment of 

initial margin deposit 

Record daily 

settlement of future 

contracts 

Close out and recover 

margin deposit 

121

Accounting for Purchased Option Contract 


at expiration 

Dr Option contract 

(asset) 

Cr Cash 



Dr Option Contract 

Cr Gain on option 

contract 

or 

Dr Loss on option 

contract 

Cr Option Contract 

Adjust for fair value 

and record gain/loss 

Dr Cash* 

Dr Gain on option 

contract 


Dr Cash* 

Cr Loss on option 

contract 


(* assume expires in-the-money) 



contract 

122

Accounting for Written Option Contract 


at expiration 

Dr Cash 

Cr Option contract 

(liability) 



Dr Option Contract 

Cr Gain on future 

contract 

or 

Dr Loss on futures 

contract 


Adjust for fair value 

and record gain/loss 


Cr Gain on Option 

Contract 

(Expires out-of-the- 

money) 


Dr Loss on option 

Cr Cash 

(Expires in-the-money) 



contract 

123

Hedging 

• Propose is to neutralize an exposed risk 

– Loss on hedge item offset by gain on hedging instrument 

– Reduce volatility than preserve gains 

• Other ways of hedging through non-derivative derivatives 

– Money market instruments (money market hedge) 

– Natural hedge (offsetting foreign currency assets and liability in the 

same currency) 

• Special accounting rules called “hedge accounting” applies when 

derivatives are used for hedging purposes 

124

Rationale of Hedge Accounting 

• Arises because of the mismatch of income-offsetting offsetting effect between 

hedged item and hedging instrument 

• Situations requiring hedge accounting 

– Hedge item and hedging instrument are measured using different bases 

(One is at cost while the other is at fair value) 

– Hedged item yet to be recognized in financial statement 

– Different treatment for changes in fair value (changes taken to equity 

while the other is taken to income statement) 

125

Risks That Qualify for Hedge Accounting 

Interest rate risk 

Foreign exchange risk 

Specific c risks 

s 

that qualify for 

hedge accounting 

Price risk 

Credit risk 

Risks must be specific risk, 

not general business risks 

Possible for a derivative to 

hedge more than one risk 

126

Qualifying Hedging Instruments 

(IAS 39: 72 – 73) 

• Instruments that qualify include: 

– Designated derivatives (except written options) 

– Embedded Derivatives 

– Designated non-derivatives financial asset/ liability that hedge foreign 

exchange risks only 

• Value used to determine hedge effectiveness 

– If used in its entirety, fair value is used 

– If broken into time value and intrinsic value, permissible to use intrinsic 

value. However, it must be explicitly documented at inception 

• If derivative is used as a hedge of more than 1 risk 

– Individual designated component must meet hedge accounting criteria 

– Permissible for portion of notional amount to be designated 

127

Qualifying Hedged Items 

(IAS 39: 78 -79) 

Qualify 

Do not qualify 

• Financial assets and liabilities 

with exposure to changes in fair 

value 

• Non-financial assets exposed to 

foreign exchange or price risks 

• Held-to-maturity instruments 

(regardless of fixed rate or 

variable rate) 

• Investment in an associated 

company 

• Firm commitment 

• Highly probable forecast 

transaction with exposures to 

future cash flows 

• Net investment in foreign entity 

128

Criteria for Hedge Accounting 

(IAS 39: 88) 

Conditions to be met for hedge accounting to apply 

Enterprise must have exposure to risk that affects income 

statement 

Derivative contract specifically entered to hedge underlying 

exposure 

Hedge must be highly effective 

Effectiveness of hedge can be reliably measured 

Hedging relationship must be formally documented at the 

inception of the hedge 

129

Classification of Hedging Relationships 

Causes 

Fair value 

hedge 

Explanation 

Hedge of “the exposure to changes in fair value of a 

recognized asset or liability or an unrecognized firm 

commitment, or an identified portion of such asset, liability 

or firm commitment, which is attributable to a particular 

risk and could affect profit or loss” (IAS 39:86a) 

Hedge of “the exposure to variability in cash flows that 

Cash flow 

(i) is attributable to a particular risk associated with a 

hedge recognized asset or liability (such as all or some future 

interest payment on variable debt instrument )or a highly 

probable future transaction, and 

(ii) could affect profit or loss” (IAS 39:86b) 

Hedge of a net 

investment in a 

foreign entity 

Hedge of the foreign currency risk associated with a 

foreign operation o whose financial a statements e ts are required 

ed 

to be translated into the presentation currency of the 

parent company 

130

Jenis Lindung Nilai 

• Lindung nilai atas nilai wajar: suatu 

lindung nilai terhadap eksposure: 

• perubahan a nilai wajar atas aset atau 

kewajiban yang telah diakui 

• atau komitmen pasti yang belum diakui, atau 

bagian yang telah diidentifikasi dari aset, 

kewajiban, atau komitmen pasti tersebut, 

yang dapat diatribusikan pada risiko tertentu 

dan dapat memengaruhi laporan laba rugi


• Lindung nilai atas arus kas: suatu lindung 

nilai terhadap eksposur variabilitas arus kas 

yang: 

• dapat diatribusikan ib ik pada risiko ik tertentut t yang terkait 

dengan aset atau kewajiban yang telah diakui 

(misalnya seluruh atau sebagian pembayaran bunga 

di masa depan atas utang dengan suku bunga 

variabel) atau yang dapat diatribusikan pada risiko 

tertentu yang terkait dengan prakiraan transaksi 

yang kemungkinan besar terjadi, dan 

• dapat memengaruhi laporan laba rugi.

Classification of Hedging Relationships 

• The designation of a derivative as a fair value hedge or a cash flow 

hedge is determined by the hedged risk, that is, whether the entity 

has a fair value exposure or a cash flow exposure 

• An exception where a derivative can be designated as either a fair 

value hedge or a cash flow hedge is where the hedged risk is the 

foreign exchange risk of a firm commitment 

133


• Lindung nilai atas investasi neto 

pada operasi di luar negeri 

• Sama a seperti Lindung Nilai Arus Kas 

• Effective Hedge to be disclosed in Equity 

Capital 

• Non effective hedge to be disclosed in P/L 

• Foreign Operation in Foreign Currency Area

Akuntansi Lindung Nilai 

• Perlakuan akuntansi khusus bagi transaksi hedging 

g 

yang mencakup instrumen hedging dan hedge item, 

yang bertujuan untuk memastikan keuntungan atau 

kerugian atas instrumen hedging dan hedge item diakui 

dalam laporan Laba Rugi periode yang sama. 

• Jika tidak diterapkan, kemungkinan ki missmatch antara 

keuntungan/kerugian instrumen hedge dengan 

keuntungan/kerugian g hedge item 

• Tidak seluruh lindung nilai dapat memenuhi persyaratan 

untuk Hedge Accounting menurut PSAK 55

Kriteria 

● 

● 

● 

Pada saat dimulainya lindung nilai terdapat penetapan dan 

pendokumentasian formal atas hubungan lindung nilai dan 

tujuan manajemen risiko entitas serta strategi pelaksanaan 

lindung nilai. 

i 

Lindung nilai diharapkan akan sangat efektif dalam rangka 

saling hapus atas perubahan nilai wajar atau perubahan arus 

kas 

Untuk lindung nilai atas arus kas, suatu prakiraan transaksi 

yang merupakan subjek dari suatu lindung nilai harus 

bersifat kemungkinan besar terjadi dan terdapat eksposur 

perubahan bh arus kas yang dapat memengaruhi laporan lb laba 

rugi

Kriteria (Lanjutan) 

● 

● 

Efektivitas lindung nilai dapat diukur secara andal 

Lindung nilai dinilai secara berkesinambungan dan 

ditentukan bahwa efektivitasnya sangat tinggi sepanjang 

periode pelaporan keuangan di mana lindung nilai tersebut 

ditetapkan

Perlakuan Akuntansi 

1. Keuntungan atau kerugian 

dari hedging instrument 

Lindung Nilai atas Nilai 

Wajar 

Langsung diakui di laba 

atau rugi 

Lindung Nilai Arus Kas 

Jika efektif, diakui di ekuitas 

2. Penyesuaian atas hedged 

item 

3. Ketidakefektifan lindung 

nilai dicatat di laba atau 

rugi 

4. Keuntungan atau kerugian 

di ekuitas ditransfer ke 

laba atau rugi 

Untuk perubahan nilai wajar 

yang disebabkan hedged 

risk, keuntungan atau 

kerugian langsung diakui di 

laba atau rugi 

By default 

N/A 

N/A 

Dihitung 

Pada saat yang sama 

dengan hedged item diakui 

di laba atau rugi

Hedge Effectiveness 

125% 

100% 

80% 

Hedge is effective 

Hedge is effective 

Hedge is ineffective 

Hedge is ineffective

Assessing Hedge Effectiveness 

• IAS 39:9 - The degree to which changes in the fair value or cash 

flows of the hedged item that is attributable to a hedged risk are 

offset by changes in the fair value or cash flow of the hedging 

instrument 

• Hedge effectiveness is evaluated 

– Prospectively on inception of hedge; and 

– Retrospectively on an ongoing basis 

• On inception, hedge effectiveness is assessed on 

– Comparison of the principal or critical terms 

– Historical analysis 

– Correlation analysis 

140


• During the duration of hedge, hedge effectiveness is assessed on 

dollar-offset method: 

• Hedge effectiveness ratio (HER): 

Hedge effectiveness 

= 

(or delta ratio) 

Changes in fair value or future cash flow of hedging instrument 

Changes in fair value or future cash flow of hedged item 

08 0.8 12 1.25 

Effective hedge (IAS 39: AG 105b) 

• Exceptions for effective hedge even if HER falls out of range 

– IAS 39 allows hedge effectiveness ect e ess to be assessed on cumulative u basis s 

if hedge is designated and conditions are properly documented 


9 

©2009 141


• Exclusion of time value of certain derivatives to be excluded from 

hedge relationship 

– Derivative separated into 2 component 

1. Time value (options) or interest (forwards) 

2. Intrinsic (options) or spot element (forwards) 

– Excluded time value taken to income statement as per default treatment 

– Should result in highly effective hedge, as intrinsic/ spot component 

moves in tandem with underlying, while time/interest component does 

not 

– If critical terms of hedging instruments and hedged item are exactly the 

same, HER should be equal or around 1 

142

Accounting for a Fair Value Hedge 

Hedged Item (recognized asset 

or liability or firm commitment) 

Change in fair value 

Hedging Instruments 

Change in fair value 

Income statement 

Gain (loss) on hedging instrument 

offset loss (gain) on hedged item 

Balance sheet 

Change in fair value adjusted 

against carrying amount 

Change in fair value adjusted 

against carrying amount 

143

Illustration 

Hedge of inventory (fair value hedge) 

Scenario 

31/10/20x3 

• Inventory of 10,000 ounces of gold 

• Carried at cost of $3,000,000 ($300 per ounce) 

• Price of gold was $352 per ounce 

1/11/20x3 

• Sold forward contract on 10,000 000 ounce for forward price of $350 ounce 

• Forward contract matures on 31/3/20x4 

31/12/20x3 

• Forward price for 31/3/20x4 contract t was $340 per ounce and spot price 

of gold was $342 per ounce 

• Hedge effective ratio of 1 on 31/12/20x3 

144

Illustration 


1/11/20x3 

No entry or just a memorandum entry as the fair value of the forward 

contract is nil 

31/12/20x33 

Dr Forward contract ………………. 100,000 

Cr Gain on forward contract ……... 100,000 

Gain on forward contract: 10,000 x ($340 -$350) 

Dr Loss on inventory ……………… 100,000000 

Taken to income 

statement 

Cr Inventory ……………………….. 100,000 

Gain on forward contract: 10,000 x ($342 - $352) 

145

Illustration 


31/3/20x4 

Inventory is sold to third-party at $330 per ounce (also maturity date of 

forward contract 

Dr Forward contract ………………. 100,000000 

Cr Gain on forward contract ……... 100,000 

Gain on forward contract: 10,000 x ($330 -$340) 

Dr Loss on inventory ……………… 120,000 

Cr Inventory ……………………….. 120,000 

Gain on forward contract: 10,000 x ($330 - $342) 

Dr Cash …………………………….. 3,300,000 

Cr Sales ……………………………. 3,300,000300 000 

Sale of inventory: 10,000 x $330 

146

Accounting for a Cash Flow Hedge 

Effective Cash Flow Hedge (IAS 39:95) 

Effective portion 

of gain/ loss 

Recognized directly 

in equity through 

statement of 

changes in equity 

Ineffective portion 

of gain/ loss 

Recognized in profit 

or loss 

147

Accounting for a Cash Flow Hedge 

Cash flow hedges are applicable to the following: 

Forecasted 

transactions involving 

financial and nonfinancial 

assets/liabilities which 

will result in cash 

inflow/ outflow 

Interest rate swaps 

Other transactions 

which affect future 

cash flows 

148

Illustration 

Effective and ineffective portions of a cash flow hedge 

Scenario 

1/1/20x1 

• Entered into futures contract to hedged forecast transaction at 

30/4/20x1 

• Classified as cash flow hedge 

Period ending 

∆ in fair value 

∆ in present value of 

of future contracts expected future cash flow 

31/1/20x1 $100 $(105) 

28/2/20x1 90 (80) 

31/3/20x1 103 (105) 

30/4/20x1 (38) 45 

149

Illustration 

Effective and ineffective portions of a cash flow hedge 

Determination of effective and ineffective portions of a cash flow hedge 

Lesser of 

two 

Effective 

portion 

Ineffective 

portion 

credited/ 

Cumulative 

Cumulative 

cumulative 

credited/ 

(debited) to 

Period 

∆ in FV of 

future 

contracts 

∆ in PV of 

expected 

cash flow 

amount in 

absolute 

terms 

(debited) to 

equity in 

current 

income 

statement 

in current 

ending (a) (b) (c) period) period 

31/1/20x1 $100 $(105) $100 $100 $0 

28/2/20x1 190 (185) 185 85 5 

31/3/20x1 293 (290) 290 105 (2) 

30/4/20x1 255 (245) 245 (45) 7 

150

Ilustrasi 

An entity has entered into a hedging relationship. At the year-end the 

entity assesses the fair value of the hedged item and hedging 

instrument, and the following gains and losses arise: 

Hedged d item – gain of CU500 

Hedging instrument – loss of CU600 

The effectiveness of the hedge is calculated as: 

CU600 / CU500 = 120% - 

the hedge is therefore assessed as being highly effective. 

151

Ilustrasi 

An entity has hedged future cash flows on a financial 

liability using an interest related derivative. The 

effectiveness of the hedge has been ssessed at 90%. 

The additional interest costs relating to the derivative are 

CU20,000. 

CU18,000 of the interest costs are recognised in other 

comprehensive income. The CU2,000 remaining (the 

ineffective portion) is recognised in profit or loss for the 

period. 

152

Hedge of a Net Investment 

in a Foreign Entity 

• Hedge risk is foreign exchange risk 

– Applies to foreign operations whose functional currencies are the 

currencies of the country where the foreign operations are located 

– Closing rate method may result in significant translation loss from 

depreciating currencies 

• Accounting treatment similar to cash flow hedge 

Hedge effectiveness= 

Cumulative change in fair value of hedging instrument (A) 

Cumulative translation difference on net investment (B) 

– Hedge is effective if the delta ratio is between 0.8 and 1.25. 

– Unlike a fair value hedge or a cash flow hedge, a non-derivative is 

allowed to be the hedging instrument, for example, a foreign currency 

loan. 

153

Illustration 

Hedge of a Net Investment in a Foreign Entity 

Scenario 

• Functional currency is the dollar ($) 

• Acquired 100% interest in foreign company (functional currency is FC) 

31/12/20x3 

• Exchange rate is $1.85 to FC1 

• Loan of FC1,200,000 000 at 5% interest taken to hedge foreign investment 

• Foreign currency translation reserves showed $15,000 (credit balance) 

31/12/200x4 

• Exchange rate is $1.70 to FC1 

• Average rate is $1.78 to FC1 

• Foreign company reported net profit of FC380,000 

154

Illustration 


Translation difference in foreign investment’s FS for 31/12/20x4 

On net assets on 1/1/20x4 (FC 1,200,000 x $(1.70-1.85) ……. $(180,000) 

On net profit for 20x4 (FC380,000 x $(1.70-1.85) …………….. (30,400) 

Translation loss for 20x4 $(210,400) 

Foreign currency translation reserves (credit balance) (195,400) 

Journal entries for parent 

31/12/20x3 

Dr Cash …………………………….. 2,200,000200 000 

Cr Loan payable …………………... 2,200,000 

The loan payable is designated as a hedge of the net investment: 

FC1,200,000 000 x spot rate of $1.85 

155

Illustration 


31/12/20x4 

Dr Interest expense ………………. 106,800 

Cr Accrued interest ……………….. 106,800 

Interest expense during the year at 5% x FC1,200,000 000 x $1.78 

Dr Accrued interest ……………….. 106,800 

Cr Cash …………………………….. 102,000 Tk Taken to equity 

Cr Exchange gain …………………. 4,800 to offset 

Settlement of accrued interest at year-end 

translation loss 

Dr Loan payable …………………... 180,000 

Cr 

Foreign currency translation 

reserves ………………………… 

Exchange gain on FC loan taken directly to equity: 

FC 1,200,000 x ($1.70 - $1.85) 

180,000 

156

Discontinuation or Termination 

of Hedge Accounting 

Consideration for discontinuation or termination of hedge accounting 

Hedging instrument 

has reached maturity 

date or is closed off or 

terminated 

Criteria for 

hedge accounting 

is no longer met 

Hedge designation 

is revoked 

Accounting treatment depends on type of hedge 

157

Evaluation of Hedge Accounting 

• Objective of hedge accounting 

– Reflect effectiveness of hedging activities of a firm 

– Reduce volatility of reported earnings 

• Compliance with hedge accounting may result in considerable 

expenditure of resources 

• There are challenges in compliance with hedge accounting criteria 

for macro hedges 

• Issue is whether the additional costs of compliance more than offset 

the benefit of applying hedge accounting 

158

159 

PSAK 60 : INSTRUMEN KEUANGAN 

PENGUNGKAPAN

Ringkasan 

• Pengaturan mengenai pengungkapan 

g p 

instrumen keuangan yang berbeda dari 

pengaturan sebeluma: 

• Ruang lingkup mengatur yang sebelunya belum 

diatur 

• Signifikansi dari instrumen keuangan 

• Penjelasan lebih rinci mengenai risiko likuiditas

Signifikansi Instrumen Keuangan 

• Instrumen keuangan signifikan mempengaruhi 

posisi keuangan perusahaan. 

• Secara lebih tegas mensyaratkan entitas untuk 

mengungkapkan informasi yang memungkinkan 

pengguna laporan keuangan untuk mengevaluasi 

signifikansi instrumen keuangan terhadap posisi 

dan kinerja keuangan.

Pengungkapan Laporan Posisi Keuangan 

• Kategori Aset Keuangan dan Liabilitas Keuangan 

• Aset Keuangan Atau Liabilitas Keuangan yang 

• Diukur Pada Nilai Wajar Melalui Laporan Laba Rugi 

• Reklasifikasi 

• Penghentian Pengakuan 

• Agunan 

• Penyisihan Kerugian Kredit 

• Instrumen Keuangan Majemuk Dengan 

• Beberapa Derivatif Melekat 

• Wanprestasi Dan Pelanggaran

Pengungkapan Laporan Laba Rugi Komp. 

• Pos-pos Penghasilan, Beban, Keuntungan atau 

Kerugian 

• Pengungkapan Lainnya 

• Kebijakan Akuntansi 

• Akuntansi Lindung Nilai 

• Nilai Wajar

Jenis dan Tingkat Risiko yang Timbul 

• Pengungkapan g Kualitatif 

• Pengungkapan Kuatitaif 

• Risiko kredit 

• Aset keuangan yang melewati jatuh tempo atau mengalami 

penurunan nilai 

• Agunan dan peningkatan kualitas kredit yang diperoleh 

• Risiko likuiditas 

• Risiko Pasar 

• Analisis Sensitivitas 

• Pengungkapan risiko pasar lainnya

Review 

• In accordance with IFRS7 Financial instruments: 

disclosures, which of the following best describes 

the risk that an entity will encounter if it has 

difficulty in meeting obligations associated with 

its financial liabilities 

• A Liquidity risk. 

• B Credit risk 

• C Financial risk 

• D Payment risk 

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Main References 

• Standar Akuntansi Keuangan 

Dewan Standar Akuntansi Keuangan 

• Materi Publik hearing PSAK 50, 55 dan 60 

• IFRS Deloitte 

• Slide Sharing Session Overview on the Impac of PSAK 50 and 55 (Revised 

2006)Per June 28, 2010 ct, Enrst & Young 

• IAS Plus 

• International Financial Reporting Standards – Certificate Learning Material 

The Institute of Chartered Accountants, England and Wales 

166

TERIMA KASIH 

Dwi Martani 

Departemen Akuntansi FEUI 

martani@ui.ac.id atau dwimartani@yahoo.com 

08161932935 

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