PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2013 AND 2012
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5198 63. GOVERNMENT GUARANTEE FOR THE OBLIGATIONS OF LOCALLY INCORPORATED BANKS
Based on the Law of the Republic of Indonesia No. 242004 dated 22 September 2004, the Government of Republic Indonesia has established an independent insurance corporation by the name of Indonesia
Deposit Insurance Corporation LPS. LPS insures public funds, including funds from other banks in form of 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 Rp100,000,000 full amount. Furthermore, 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 increased to Rp2,000,000,000 full
amount from Rp100,000,000 full amount previously, effective starting from 13 October 2008. The interest rate of deposit insurance corporation as at 31 December 2013 and 2012 is 7.25 and 5.5
for deposits denominated in Rupiah, and 1.5 and 1.0 for deposits denominated in foreign currency, respectively.
Based on the Law of the Republic of Indonesia No. 72009, Government Regulation in Lieu of Law on the Indonesia Deposit Insurance Corporation has been enacted into Law starting from 13 January 2009.
64. ACCOUNTS RECLASSIFICATION
Certain accounts in the consolidated financial statements as at 31 December 2012 and 1 January 2012 have been reclassified to conform with the presentation of the consolidated financial statements as at
31 December 2013. The reclassifica tion is related to mutual fund consolidation owned by the Bank’s
subsidiary Axa Mandiri Financial Services, the reclassification of non-controlling interest over net asset of the subsidiary’s mutual fund being consolidated by the Bank’s Subsidiary, the application of line-by-line
consolidation by the Bank’s subsidiary upon policyholder’s investment on unit-linked contracts. The details of the account reclassifications are as follows:
31 December 2012
Before
Reclassification Reclassification
After Reclassification
Consolidated statement of financial position Cash
15,286,190 195,835
15,482,025 Marketable securities
10,769,775 9,554,078
20,323,853 Government Bonds
78,935,756 136,417
79,072,173 Other assets - net
7,339,965 1,147,909
8,487,874 Po
licyholders’ investment in unit-linked contracts 11,034,239
11,034,239 -
Non controlling interests in net assets of consolidated subsidiaries
1,952,745 777,276
1,175,469 Other liabilities
13,002,765 777,276
13,780,041
Consolidated statement of cash flows Cash flow from operating activities
Acquisition of Government Bonds – fair value through profit or loss
63,501,981 202,070
63,299,911 Increasedecrease in operating assets:
Marketable securities – fair value through profit or loss
2,058,994 1,037,314
1,021,680 Other assets
1,428,970 1,037,383
2,466,353 Increasedecrease in operating liabilities and
temporary syirkah funds: Liability to unit-linked holders
- 1,989,973
1,989,973 Other liabilities
3,885,183 773,948
4,659,131 Cash flow from investing activities
Increasedecrease in Government Bonds - available for sale and held to maturity
513,342 136,417
376,925 Increase of investment in subsidiaries
228,303 773,948
1,002,251 Cash and cash equivalents at end of year
111,307,954 195,835
111,503,789 Cash and cash equivalents at beginning of year
108,653,748 214,906
108,868,654
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2013 AND 2012
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5199 64. ACCOUNTS RECLASSIFICATION continued
1 January 2012
Before
Reclassification Reclassification
After Reclassification
Consolidated statement of financial position Cash
11,357,523 214,906
11,572,429 Marketable securities
12,002,918 8,516,764
20,519,682 Government Bonds
78,459,449 202,070
78,661,519 Other assets - net
5,665,238 110,526
5,775,764 Policyholders’ investment in unit-linked contracts
9,044,266 9,044,266
-
65. NEW ACCOUNTING PRONOUNCEMENTS Financial Accounting Standard Board of Indonesian Institute of Accountants DSAK-IAI has issued
several new or revision of SFAS and IFAS below, that are relevant to Group consolidated financial statement, but not yet effective for the financial year beginning 1 January 2013 are:
-
SFAS 102 Revised 2013 Accounting for Murabahah, Technical Bulletin 9: Implementation of Annuity Method in Murabahah and Accounting Guidelines for Indonesian Sharia Banking PAPSI
2013. Bank Indonesia as the banking regulator in Indonesia has issued the revision of Accounting
Guidelines for Indonesian Sharia Banking PAPSI and BI regulation No 1526DPbS “Guidance on implementation of PAPSI 2
013” which should be effectively implemented on 1 August 2013. In September 2013, the Association of Bank Syariah Indonesia ABISINDO as the representative from
syariah banking industry has submitted a letter to Bank Indonesia to request postponement of the implementation PAPSI 2013 above until 1 January 2016. Currently the Subsidiary is still in the
process of preparing action plan in relation with implementation of PAPSI 2013. In December 2013, the Islamic Accounting Standards Boards of Indonesian Istitute of Accountants
has issued PSAK 102 Revision which will be effectively implemented on 1 January 2014 on a prospective catch-up basis. Major change in the PSAK 102 Revision is related to the accounting
treatment for murabahah transaction which in substance categorised as financing transaction. Under PSAK 102 Revision, murabahah transaction which in substance is a murabahah financing
should follow the accounting treatment of SFAS 55: Financial Instrument: Recognition and Measurement, SFAS 50: Financial Instrument: Presentation and PSAK 60: Financial Instruments:
Disclosures and other relevant PSAK. With the issuance of PSAK 102 Revision, starting from 1 January 2014 the Subsidiary will implement the previously issued Technical Bulletin 9
Implementation of Annuaity Method in Murabahah as indicated in the Basis for Conclusion in SFAS 102 Revision. Currently, the Subsidiary is still in the process of evaluating the impact this PSAK 102
Revision.
- IFAS 27 “Transfer assets from customer”
- IFAS 28 “Extinguishing financial liabilities with equity instrument”
- SFAS 65 “Consolidated financial statements”
- SFAS 66 “Joint arrangements”
- SFAS 67 “Disclosure of interests in other entities”
- SFAS 68 “Fair value measurement”
- SFAS 1 revised 2013 “Presentation of financial statements”
- SFAS 4 revised 2013 “Separate financial statements”
- SFAS 15 revised 2013 “Investment in associates and joint ventures”
- SFAS 24 revised 2013 “Employee benefits”
Early adoption of these new and revised standards prior to 1 January 2015 is not permitted.
