How IAS 16 regulates the Depreciation of PPE ?

IAS 16 Property, Plant and Equipment Par. 43 states that each part of an item of property, plant, and equipment with a cost that is significant in relation to the total cost of the item shall be depreciated separately, and such depreciation charge shall be charged to the income statement unless it is included in the cost of producing another asset.

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Revenue recognition from the sale of goods

Revenue from the sale of goods should be recognized if all of the five conditions mentioned below are met.

• The reporting entity has transferred significant risks and rewards of ownership of the goods to the buyer;
• The entity does not retain either continuing managerial involvement (akin to that usually associated with ownership) or effective control over the goods sold;
• The quantum of revenue to be recognized can be measured reliably;
• The probability that economic benefits related to the transaction will flow to the entity exists; and
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.

The determination of the point in time when a reporting entity is considered to have transferred the significant risks and rewards of ownership in goods to the buyer is critical to the recognition of revenue from the sale of goods.

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PPSAK No. 1 tentang Pencabutan PSAK 32, PSAK 35 dan PSAK 37 telah diterbitkan

Pada tanggal 31 Maret 2009 kemarin (baca posting saya sebelumnya : Rencana Penarikan PSAK 32, PSAK 35 dan PSAK 37), DSAK-IAI telah mengumumkan rencana penarikan atas PSAK 32 : Akuntansi Kehutanan, PSAK 35 : Akuntansi Pendapatan Jasa Telekomunikasi, dan PSAK 37 : Akuntansi Penyelenggaraan Jalan Tol.

Selanjutnya, pada tanggal 16 Juni 2009, DSAK-IAI telah menerbitkan Pernyataan Pencabutan Standar Akuntansi Keuangan (PPSAK) No. 1 tentang Pencabutan PSAK 32 : Akuntansi Kehutanan, PSAK 35 : Akuntansi Pendapatan Jasa Telekomunikasi dan PSAK 37 : Akuntansi Penyelenggaraan Jalan Tol.

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Standar Akuntansi Entitas Tanpa Akuntabilitas Publik (SAK-ETAP)

Berikut ini isi dari berita di situs IAI dengan judul “Peluncuran Standar Akuntansi Syariah dan Standar Akuntansi ETAP (Entitas Tanpa Akuntabilitas Publik)” yang dipublikasikan pada tanggal 15 Juli 2009.

Ikatan Akuntan Indonesia (IAI) akan meluncurkan standar akuntansi syariáh dalam tiga bahasa serta standar akuntansi ETAP (SAK ETAP) di dalam acara Seminar Nasional Akuntansi “Tiga pilar Standar Akuntansi Indonesia” yang dilaksanakan oleh Universitas Brawijaya dan Ikatan Akuntan Indonesia di kota Malang pada tanggal 17-18 Juli 2009.

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When to Recognize Revenue ?

“Revenue is recognized when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably” (IAS 18 Revenue).

Revenue can take various forms, such as sales of goods, provision of services, royalty fees, franchise fees, management fees, dividends, interest, subscriptions, and so on.

The principle issue in the recognition of revenue is its timing – at what point is it probable that future economic benefit will flow to the entity and can the benefit be measured reliably.

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Code of Ethics for Professional Accountants (revised July 2009)

On July 10, 2009, the International Ethics Standards Board for Accountants (IESBA) has issued a revised Code of Ethics for Professional Accountants (the Code), clarifying requirements for all professional accountants and significantly strengthening the independence requirements of auditors. The revised Code has been released following the consideration and approval by the Public Interest Oversight Board (PIOB) of due process and extensive public interest consultation.

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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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