PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2010, 2009 AND 2008
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5175 58. GOVERNMENT GUARANTEE FOR THE OBLIGATIONS OF LOCALLY INCORPORATED BANKS
continued The government charged the premium associated with the guarantee program in accordance with
applicable regulations Note 36. Based on Presidential Decree No. 152004 dated 27 February 2004 about the duty cessation and the
closure of IBRA, and the Minister of Finance Decree No. 84KMK.062004 dated 27 February 2004, the Government of the Republic of Indonesia established a Government Guarantee Unit UP3, a new
institution to replace IBRA, to continue implementing the Government Guarantee Program for Liability in Local Banks.
In accordance with the Regulation of the Minister of Finance No. 17PMK.052005 dated 3 March 2005, starting on 18 April 2005 types of bank liabilities are guaranteed by the Government Guarantee
Program include demand deposits, saving deposits, time deposits and fund borrowings from other banks in form of Interbank Money Market transactions.
Government Guarantee Program through Government Guarantee Unit UP3 was terminated on 22 September 2005, as stated in the Regulation of the Minister of Finance of the Republic of Indonesia
No. 68PMK.052005 dated 10 August 2005 about Premium Calculation and Payment of Government Guarantee Programs on Obligations of Banks for the period 1 July until 21 September 2005. In lieu of
UP3, the Government has established an independent institution, the Indonesia Deposit Insurance Corporation LPS based on the Law of the Republic of Indonesia No. 24 year 2004 dated 22
September 2004 concerning the Indonesia Deposit Insurance Corporation, where LPS ensure public funds, including funds from other banks in demand deposits, time deposits, certificates of deposit,
savings andor other equivalent form.
Based on the Indonesia Deposit Insurance Corporation Regulation No. 1PLPS2006 dated 9 March 2006 concerning the Deposit Guarantee Program, the maximum guaranteed amount for each customer
in one bank is amounting to Rp100,000,000 full amount.
In accordance with Government Regulation PP No. 66 year 2008 regarding the Amount of the Guaranteed Savings Guaranteed by Indonesia Deposit Insurance Corporation, the value of each
customer deposits in one bank guaranteed by the Government is amounting to Rp2,000,000,000 full amount which was previously Rp100,000,000 full amount, effective since 13 October 2008.
Based on the Law of the Republic of Indonesia No. 7 year 2009, Government Regulation in Lieu of Law on the Indonesia Deposit Insurance Corporation has been enacted into Law since the date of 13
January 2009.
59. NEW ACCOUNTING STANDARDS
Financial Accounting Standard Board of Indonesian Institute of Accountants DSAK-IAI has issued revision of the following accounting standards which will be effective as at 1 January 2011 as follows:
- SFAS 1 Revised 2009 - Presentation of Financial Statements,
- SFAS 2 Revised 2009 - Statements of Cashflows,
- SFAS 3 Revised 2010 – Interim Financial Reporting,
- SFAS 4 Revised 2009 - Consolidated Financial Statements and Separate Financial Statements,
- SFAS 5 Revised 2009 - Operating Segments,
- SFAS 7 Revised 2010 - Related Party Disclosures,
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2010, 2009 AND 2008
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5176 59. NEW ACCOUNTING STANDARDS continued
- SFAS 8 Revised 2010 - Events after the Reporting Period,
- SFAS 12 Revised 2009 - Interest in Joint Ventures,
- SFAS 15 Revised 2009 - Investment in Associates,
- SFAS 19 Revised 2010 - Intangible Assets,
- SFAS 22 Revised 2010 - Business Combination,
- SFAS 23 Revised 2010 - Revenue,
- SFAS 25 Revised 2009 - Accounting Policies, Changes in Accounting Estimates and Errors,
- SFAS 48 Revised 2009 - Impairment of Assets,
- SFAS 57 Revised 2009 - Provisions, Contingent Liabilities and Contingent Assets,
- SFAS 58 Revised 2009 - Non-Current Assets Held for Sale and Discountinued Operations,
- Interpretation of SFAS 7 Revised 2009 - Consolidation of Special Purpose Entities,
- Interpretation of SFAS 9 - Changes in Existing Decommissioning, Restoration and Similar Liabilities,
- Interpretation of SFAS 10 - Customer Loyalty Program,
- Interpretation of SFAS 11 - Distribution of Non-Cash Assets to Owners,
- Interpretation of SFAS 12 - Jointly Controlled Entities - Non Monetary Contributions by Venturers,
- Interpretation of SFAS 14 - Intangible Assets - Web Site Cost,
- Interpretation of SFAS 17 - Interim Financial Reporting and Impairment.
DSAK-IAI has also issued revision of the following accounting standards which are applicable for financial statements covering periods beginning on or after 1 January 2012:
- SFAS 10 Revised 2010 - The Effects of Changes in Foreign Exchange Rates,
- SFAS 24 Revised 2010 - Employee Benefits,
- SFAS 46 Revised 2010 - Income Taxes,
- SFAS 53 Revised 2010 - Share-Based Payment,
- SFAS 61 Revised 2010 - Accounting for Government Grants and Disclosure of Government
Assistance, -
SFAS 63 - Financial Reporting in Hyperinflationary Economies, -
Interpretation of SFAS 13 - Hedge of Net Investment in a Foreign Operation, -
Interpretation of SFAS 15 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction,
- Interpretation of SFAS 18 - Government Assistance,
- Interpretation of SFAS 20 - Income Taxes – Changes in the Tax Status of an Entity or its
Shareholders. Bank Mandiri and Subsidiaries is currently evaluating the impact of the implementation of these revised
standards on the consolidated financial statements.
60. SUBSEQUENT EVENTS
a. Limited Public Offering On 27 December 2010, the Bank has submitted its first registration to the Capital Market Supervisory
Board and Financial Institution Bapepam-LK in relation to the Limited Public Offering with Pre- emptive Right Issue LPO of 2,336,838,591 shares of B series. The LPO has been approved by
Board of Commissioners through its letter dated 29 April 2010. The Bank has informed Bank Indonesia about the LPO through its letter dated 17 September 2010. The LPO has also been
legislated through Government Regulation PP No. 75 year 2010 dated 20 November 2010.
The LPO has been approved by Bapepam-LK through letter No.S-807BL2011 on 27 January 2011, where the LPO would become effective after obtaining approval from the shareholders in the
Extraordinary General Shareholders Meeting which were held on 28 January 2011.
