NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and
For the period of six months ended 30 June 2012 and 2011 unaudited
Expressed in thousand of rupiah, unless otherwise stated
68 44 hectares of land of Grand Orchard, located in Pegangsaan Dua. On 24 November 2011, the East
Jakarta District Court decided to refuse the plaintiff’s claim. However, on 21 December 2011, the plaintiff filed an appeal to the Jakarta High Court. As of 30 June 2012, no decision has been made
by the Jakarta High Court.
g.
The Company defendant vs. Iin Parwati plaintiff in relation to fence installation above the plaintiff’s ground. On 28 November 2011, the Tangerang District Court decided to refuse the
plaintiff’s claim. However, on 30 November 2011, the plaintiff filed an appeal to the Banten High Court. As of 30 June 2012, no decision has been made by the Banten High Court.
h. The Company defendant and PT Persada Graha Permai co-defendant vs. R. Bey Ubaydillah
plaintiff concerning a claim over approximately 53,120 square meters of land located in Pegangsaan Dua. As of 30 June 2012, no decision has been made by the East Jakarta district
Court.
i.
Ministry of Law and Human Rights defendant and CDA defendent intervension vs. PT Citraputra Lestari plaintiff concerning legality of the Ministry of Law and Human Right’s decision about the
amendment of the articles of association of CDA and the receipt of report on the amendment. On 20 December 2010, the Jakarta State Administrative Court decided to refuse the plaintiff’s claim.
However, on 14 September 2011, the plaintiff filed an appeal to the Jakarta High State Administrative Court, which affirmed the Jakarta State Administrative Court’s decision. On 23
November 2011, the plaintiff filed an appeal to the Supreme Court. As of 30 June 2012, no decision has been made by the Supreme Court.
The Company’s management believes that the above litigations will not have a material effect and will not influence the going concern status of the Company and that these can be settled in accordance with
existing laws.
39. RECENT DEVELOPMENTS AFFECTING ACCOUNTING STANDARDS AND INTERPRETATIONS
The following are several accounting standards published by the Indonesian Financial Accounting Standards Board DSAK that are considered relevant to the financial reporting of the Company and
Subsidiaries but will be effective only starting on 1 January 2012 :
a. PSAK 10 Revised 2010, The Effects of Changes in Foreign Exchange Rates
This revised PSAK 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.
b.
PSAK 13 2011, Investment Property This PSAK shall be applied in the recognition, measurement and disclosure of investment property,
including the measurement in a lessees financial statements of investment property interests held under a lease accounted for as a finance lease and to the measurement in a lessors financial
statements of investment property provided to a lessee under an operating lease
c.
PSAK 16 2011, Property, Plant and Equipment This PSAK prescribes the accounting treatment for property, plant and equipment so that users of
the financial statements can discern information about an entitys investment in its property, plant and equipment and the changes in such investment. The principal issues in accounting for property,
plant and equipment are the recognition of the assets, the determination of their carrying amounts and the depreciation charges and impairment losses to be recognized in relation to them.
d.
PSAK 18 Revised 2010, Accounting and Reporting by Retirement Benefit Plans This revised PSAK is concerned with the determination of the cost of retirement benefits in the
financial statements of employers having plans. This Standard complements PSAK 24 Revised
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and
For the period of six months ended 30 June 2012 and 2011 unaudited
Expressed in thousand of rupiah, unless otherwise stated
69 2010.
e.
PSAK 24 Revised 2010, Employee Benefits This revised PSAK establishes the accounting and disclosures for employee benefits of an entity
and requires the recognition of liability and expense when an employee has provided service and the entity consumes economic benefit arising from the service.
f. PSAK 26 2011, Borrowing Costs
This PSAK provides that borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset form part of the cost of that asset. Other borrowing costs are
recognized as an expense.
g.
PSAK 46 Revised 2010, Accounting for Income Taxes This revised PSAK prescribes the accounting treatment for income taxes to account for the current
and future tax consequences of the future recoverysettlement of the carrying amount of assetsliabilities that are recognized in the statement of financial position; and transactions and
other events of the current period that are recognized in the financial statements.
h. PSAK 50 Revised 2010, Financial Instruments: Presentation
This revised PSAK establishes the principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities.
i. PSAK 55 2011, Financial Instruments: Recognition and Measurement
This PSAK establishes principles for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. The requirements for presenting information
about financial instruments are prescribed in PSAK 50 Revised 2010, Financial Instruments: Presentation. The requirements for disclosing information about financial instruments are in PSAK
60, Financial Instruments: Disclosures.
j. PSAK 56 Revised 2011, Earnings per Share
This revised PSAK prescribes principles for the determination and presentation of earnings per share, so as to improve performance comparisons between different entities in the same period and
between different reporting periods for the same entity.
k.
PSAK 60, Financial Instruments: Disclosures This PSAK requires disclosures in financial statements that enable users to evaluate the
significance of financial instruments for financial position and performance; and the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and
at the end of the reporting period, and how the entity manages those risks.
l.
ISAK 15, PSAK 24 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
This interpretation provides guidance on how to assess the limit on the amount of surplus in a defined scheme that can be recognized as an asset under PSAK 24 Revised 2010, Employee
Benefits
m. ISAK 20, Income Taxes - Changes in the Tax Status of an Entity or its Shareholders
This interpretation prescribes how an entity should account for the current and deferred tax consequences of a change in its tax status or that of its shareholders.
n. PPSAK 7, Revocation of PSAK 44, Accounting for Real Estate Development Activities
This revocation applies to all entities that apply PSAK 44 and which are involved in the real estate
