PT Summarecon Agung Tbk | Laporan Tahunan 2010 Annual Report

These consolidated financial statements are originally issued in Indonesian language.
PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2010 and 2009
(Expressed in thousands of rupiah, unless otherwise stated)
40. RECENT DEVELOPMENTS AFFECTING ACCOUNTING STANDARDS AND INTERPRETATIONS
Effective for financial statements covering the periods beginning on or after January 1, 2011
(continued):
f. PSAK No. 7 (Revised 2010), “Related Party Disclosures”, requires disclosure of related party
relationships, transactions and outstanding balances, including commitments, in the consolidated
and separate financial statements of a parent, and also applies to individual financial statements.
Early application is allowed.
g. PSAK No. 8 (Revised 2010), “Events after Reporting Period”, prescribes when an entity should
adjust its financial statements for events after the reporting period and the disclosures that an
entity should give about the date when the financial statements are authorized for issue and about
events after the reporting period. This PSAK also requires an entity not to prepare its financial
statements on a going concern basis if events after the reporting period indicate that the going
concern assumption is not appropriate.
h. PSAK No. 10 (Revised 2010), “The Effects of Changes in Foreign Exchange Rates”, prescribes
how to include foreign currency transactions and foreign operations in the financial statements of
an entity and translate financial statements into a presentation currency.
i. PSAK No. 12 (Revised 2009), “Interest in Joint Ventures”, provides guidance to be applied in
accounting for interests in joint ventures and the reporting of joint venture assets, liabilities, income
and expenses in the financial statements of venturers and investors, regardless of the structures or
forms under which the joint venture activities take place.
j. PSAK No. 15 (Revised 2009), “Investments in Associates”, applies to the accounting for
investments in associates and supersedes PSAK No. 15 (1994), “Accounting for Investments in
Associates”, and PSAK No. 40 (1997), “Accounting for Changes in Equity of
Subsidiaries/Associates”.
k. PSAK No. 19 (Revised 2010), “Intangible Assets”, prescribes the accounting treatment for
intangible assets that are not dealt with specifically in other SAKs. It requires the recognition of an
intangible asset if, and only if, the specified criteria are met, and also specifies how to measure the
carrying amount of intangible assets and related disclosures
l. PSAK No. 22 (Revised 2010), “Business Combinations”, applies to a transaction or other event
that meets the definition of a business combination to improve the relevance, reliability and
comparability of the information that a reporting entity provides in its financial statements about a
business combination and its effects.
m. PSAK No. 23 (Revised 2010), “Revenue”, identifies the circumstances in which the criteria on
revenue recognition will be met and, therefore, revenue will be recognized. It prescribes the
accounting treatment of revenue arising from certain types of transactions and events, as well as
practical guidance on the application of criteria on revenue recognition.
n. PSAK No. 25 (Revised 2009), “Accounting Policies, Changes in Accounting Estimates and Errors”,
prescribes the criteria for selecting and changing accounting policies, together with the treatment
and disclosure of changes in accounting policies, changes in accounting estimates and correction
of errors.
o. PSAK No. 48 (Revised 2009), “Impairment of Assets”, prescribes the procedures to be applied to
ensure that assets are carried at no more than their recoverable amount and if the assets are
impaired, an impairment loss should be recognized.
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