IFRS for Small and Medium-sized Entities

On Thursday, 9 July 2009, IASB has published the IFRS for SMEs. Following is the Press Release which was posted from the IASB website :

The International Accounting Standards Board (IASB) issued today an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs), which are estimated to represent more than 95 per cent of all companies*. The standard is a result of a five-year development process with extensive consultation of SMEs worldwide.

The IFRS for SMEs is a self-contained standard of about 230 pages tailored for the needs and capabilities of smaller businesses. Many of the principles in full IFRSs for recognising and measuring assets, liabilities, income and expenses have been simplified, topics not relevant to SMEs have been omitted, and the number of required disclosures has been significantly reduced. To further reduce the reporting burden for SMEs revisions to the IFRS will be limited to once every three years.

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Fair Value at Initial Recognition (ED Fair Value Measurement)

Paragraph 34 – 37 of  Exposure Draft (ED) Fair Value Measurement (ED/2009/5) regulates the Fair Value at Initial Recognition of asset or liability.

When an asset is acquired or a liability is assumed in an exchange transaction for that asset or liability, the transaction price is the price paid to acquire the asset or received to assume the liability (often referred to as an entry price).

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ED PSAK No. 1 (revisi 2009) tentang Penyajian Laporan Keuangan

Dewan Standar Akuntansi Keuangan (DSAK) IAI pada tanggal 21 April 2009 kemarin telah menyetujui Exposure Draft (ED) PSAK 1 (revisi 2009) tentang Penyajian Laporan Keuangan untuk disebarluaskan dan ditanggapi oleh kalangan anggota IAI, Dewan Konsultatif SAK, Dewan Pengurus Nasional IAI, perguruan tinggi dan individu/organisasi/lembaga lain yang berminat.

ED PSAK 1 (Revisi 2009) : Penyajian Laporan Keuangan ini yang merupakan adopsi dari IAS 1 : Presentation of Financial Statements merevisi PSAK 1 (1998) : Penyajian Laporan Keuangan.

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Penghapusan Sanksi Administrasi bagi WP Orang Pribadi yang terlambat lapor SPT Tahunan

Harian Bisnis Indonesia terbitan tanggal 1 Mei 2009 kemarin memberitakan bahwa :

Ketentuan mengenai penghapusan sanksi administrasi berupa denda atas keterlambatan penyampaian surat pemberitahuan tahunan (SPT) PPh Wajib Pajak (WP) orang pribadi (OP), sudah bisa dilaksanakan. Dirjen Pajak Darmin Nasution dalam surat 27 April 2009 No. S-128/PJ/2009, telah memberikan instruksi kepada seluruh jajarannya untuk melaksanakan ketentuan itu. "Terhadap WP orang pribadi baru yang terlambat menyampaikan SPT yaitu menyampaikan SPT PPh OP tahun pajak 2008 dalam jangka waktu 1 April 2009 sampai dengan 31 Desember 2009, sanksi administrasi berupa denda dapat dipertimbangkan untuk dihapuskan secara jabatan," kata Darmin dalam surat itu yang diterima Bisnis, kemarin.

Bagaimana pengaturan lebih lanjut menurut Surat Dirjen Pajak No. S-128/PJ/2009 tersebut ?  Baca penjelasannya di sini >>

Determining Fair Values in Business Combination (based on IFRS 3)

Accounting for acquisitions requires a determination of the fair value for each of the acquired company’s identifiable tangible and intangible assets and for each of its liabilities at the date of combination (except for assets which are to be resold and which are to be accounted for at fair value less costs to sell under IFRS 5).

IFRS 3 provides illustrative examples of how to treat certain assets, particularly intangibles, but provides no general guidance on determining fair value. The Phase II revisions to IFRS 3, promised by iASB, are expected to provide more detailed guidance on this topic. A separate project on fair value measurements is likely to result in the issuance of a new IFRS on this topic, very likely to be heavily based on the recent US GAAP standard, FAS 157.

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Kapan Jatuh Tempo Pembayaran PPh 29 Tahun Pajak 2008 ?

Kapan batas akhir pembayaran Pajak Penghasilan (PPh) pasal 29 untuk tahun pajak 2008 ? Mungkin ini yang menjadi pertanyaan kita berkaitan dengan akan berakhirnya jangka waktu penyampaian SPT Tahunan PPh untuk Wajib Pajak Badan pada 30 April 2009 nanti.

Kalau tahun-tahun sebelumnya, kita semua sudah tahu bahwa batas akhir pembayaran PPh pasal 29 Kurang Bayar adalah pada tanggal 25 Maret sesuai dengan ketentuan dalam Pasal 29 UU No. 7 Tahun 1983 tentang Pajak Penghasilan sebagaimana telah beberapa kali diubah terakhir dengan UU No. 17 Tahun 2000 (UU PPh) yang menyatakan bahwa :

Apabila pajak yang terutang untuk suatu Tahun Pajak ternyata lebih besar daripada kredit pajak sebagaimana dimaksud dalam Pasal 28 ayat (1), maka kekurangan pajak yang terutang harus dilunasi selambat-lambatnya tanggal 25 bulan ke-tiga setelah Tahun Pajak berakhir, sebelum Surat Pemberitahuan Tahunan (SPT Tahunan) disampaikan.

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How to treat the costs incurred subsequent to purchase or self-construction of PPE

Costs that are incurred subsequent to the purchase or construction of the long-lived asset, such as those for repairs, maintenance, or betterments, may involve an adjustment to the carrying value, or may be expensed, depending on the precise facts and circumstances.

To qualify for capitalization, costs must be associated with incremental benefits. Costs can be added to the carrying value of the related asset only when it is probable that future economic benefits beyond those originally anticipated for the asset will be received by the entity.

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The Scope of IAS 16 PPE and Initial recognition of Self-constructed assets

I’ve posted two articles regarding on accounting for Property, Plant and Equipment (PPE).

The first article titled “The Scope of IAS 16 Property, Plant and Equipment” and the other “Initial recognition of self-constructed assets”.

Essentially, the same accounting principles that have been established for recognition of the cost of purchased assets also apply to self-constructed assets.

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Rencana penarikan PSAK 32, PSAK 35 dan PSAK 37

Selain pengumuman penerbitan PSAK 26 (Revisi 2008) Biaya Pinjaman yang menggantikan PSAK 26 (1997) Biaya Pinjaman, DSAK-IAI pada tanggal 31 Maret 2009 kemarin juga mengumumkan “Rencana penarikan atas PSAK 32 : Akuntansi Kehutanan, PSAK 35 : Akuntansi Pendapatan Jasa Telekomunikasi, dan PSAK 37 : Akuntansi Penyelenggaraan Jalan Tol”.

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