PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2011 AND DECEMBER 31, 2010 AND CONSOLIDATED COMPREHENSIF STATEMENTS OF INCOME FOR THE THREE MONTHS
PERIOD ENDED MARCH 31, 2011 AND 2010 Continued
- 4 - The consolidated statements of cash flows are prepared using the direct method with
classifications of cash flows into operating, investing and financing activities. The reporting currency used in the preparation of the consolidated financial statements is the
Indonesian Rupiah Rp. Unless otherwise stated, all figures presented in the consolidated financial statements are stated in thousands of Rupiah
b. Adoption of Revised Statements of Financial Accounting Standards
The Company and its subsidiaries have adopted the following revised PSAKs effective January 1, 2010 and have applied these standards prospectively:
1.
PSAK 50 Revised 2006, “Financial Instruments: Presentation and Disclosures”, which contains the requirements for the presentation of financial instruments and identifies the
information that should be disclosed. The presentation requirements apply to the classification of financial instruments, from the perspective of the issuer, into financial
assets, financial liabilities and equity instruments; the classification of related interest, dividends, losses and gains; and the circumstances in which financial assets and financial
liabilities should be offset. This PSAK also requires the disclosure of, among others, information about factors that affect the accounting policies applied to those instruments.
This standard superseded PSAK 50, “Accounting for Certain Investments in Securities”. 2.
PSAK 55 Revised 2006, “Financial Instruments: Recognition and Measurement”, which establishes the principles for recognizing and measuring financial assets, financial
liabilities and some contracts to buy or sell non-financial items. This PSAK provides the definitions and characteristics of derivatives, the categories of financial instruments,
recognition and measurement, hedge accounting and determination of hedging relationships, among others. This standard superseded PSAK 55 Revised 1999,
“Accounting for Derivative Instruments and Hedging Activities”. In adopting the above new standards, the Company and its subsidiaries have identified
below transition adjustment in accordance with the Technical Bulletin No. 4 concerning the Transition Provisions for the First Adoption of PSAK 50 Revised 2006 and PSAK 55
Revised 2006 as issued by the Indonesian Institute of Accountants.
As reported As adjusted
January 1, 2010 Adjustments
January 1, 2010 Rp 000
Rp 000 Rp 000
Liabilities Noncurrent liabilities
Other payables 75,200,000
75,200,000 -
Equity Mandatorily convertible loans
- 75,200,000
75,200,000
The above transition adjustment represents the classification of mandatorily convertible loans into fixed number of Company‟s shares of stock as equity instruments.
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2011 AND DECEMBER 31, 2010 AND CONSOLIDATED COMPREHENSIF STATEMENTS OF INCOME FOR THE THREE MONTHS
PERIOD ENDED MARCH 31, 2011 AND 2010 Continued
- 5 - 3. PSAK
26 Revised 2008, “Borrowing Costs”, which contains the accounting treatment for borrowing costs and requires an entity to capitalize borrowing costs that are directly
attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. This standard also requires an entity to recognize other borrowing
costs as expense. This standard superseded PSAK 26 1997 “Borrowing Cost”.
The adoption of this standard has no material impact, on the Company and its subsidiaries consolidated financial statements.
c. Principles of Consolidation and Accounting for Business Combination
