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 511 1. GENERAL continued
h. Structure and Management continued
As at 31 December 2010, the members of Bank Mandiri’s Risk Monitoring and Good Corporate Governance Committees are as follows:
Chairman concurrently as member : Pradjoto
Member :
Edwin Gerungan Member
: Muchayat
Member :
Cahyana Ahmadjayadi Member
: Krisna Wijaya
Member :
Tama Widjaja Secretary ex-officio
: Lisana Irianiwati
Since closing of Annual General Shareholders’ Meeting on 17 May 2010 and becames effective as member of Risk Monitoring and Good Corporate Governance Committee, related to appointment as Commissioner as per Bank Indonesia’s approval on 25 October 2010.
Since closing of Extra-Ordinary General Shareholders’ Meeting on 5 July 2010 and becames effective as member of Risk Monitoring and Good Corporate Governance Committee, related to appointment as Independent Commissioner as per Bank Indonesia’s approval on 25 October 2010.
As at 31 December 2009 and 2008, the members of Bank Mandiri’s Risk Monitoring Committees were as follows:
2009 2008
Chairman concurrenly as member: Soedarjono
Soedarjono Member
: Edwin Gerungan
Edwin Gerungan Member
: Gunarni Soeworo
Gunarni Soeworo Member
: Tama Widjaja
Tama Widjaja Secretary ex-officio
: Pardi Sudradjat
Pardi Sudradjat
Until the closing of Annual General Shareholders’ Meeting on 17 May 2010.
As at 31 December 2009 and 2008, the members of Bank Mandiri’s Good Corporate Governance Committees comprised of the following:
2009 2008
Chairman concurrenly as member: Muchayat
Muchayat Member
: Gunarni Soeworo
Gunarni Soeworo Member
: Mahmuddin Yasin
Mahmuddin Yasin Member
: -
Anwar Isham Secretary ex-officio
: Mustaslimah
Mustaslimah
Since closing of Annual General Shareholders’ Meeting on 29 May 2008. Effectively resigned on 01 January 2009.
As at 31 December 2010, 2009 and 2008 Bank Mandiri has a total of 25,236 employees, 22,909 employees and 22,408 employees unaudited, respectively.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Directors are responsible for the preparation of the consolidated financial statements of the Bank and Subsidiaries “Group” which have been completed on 30 March 2011.
The principal accounting policies adopted in preparing the consolidated financial statements of the Bank and Subsidiaries are set out below:
a. Basis of Preparation of the Consolidated Financial Statements
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in Indonesia: Statements of Financial Accounting Standards “SFAS”
Regulations of Bank Indonesia, Regulation of Capital Market Supervisory Board and Financial Institution Bapepam-LK No VIII.G.7 regarding “Financial Statements
Presentation Guidelines” included in the Appendix of the Decree of the Chairman of the Bapepam-LK No. KEP-06PM2000
dated 13 March 2000 and Circular Letter No. SE-02BL2008 dated 31 January 2008 regarding “the Guidelines on Financial Statement Presentations and Disclosures for issuers or Public Companies
in General Mining, Oil and Gas and Banking Industry”.
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 512 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
a. Basis of Preparation of the Consolidated Financial Statements continued
The consolidated financial statements have been prepared under the historical cost, except for financial assets classified as available for sale, financial assets and liabilities held at fair value
through profit and loss and all derivative instruments which have been measured at fair value. The consolidated financial statements are prepared under the accrual basis of accounting.
The consolidated statements of cash flows are prepared based on the modified direct method by classifying cash flows on the basis of operating, investing and financing activities. For the purpose
of the consolidated statements of cash flows, prior to 1 January 2010, cash and cash equivalents include cash, current accounts with Bank Indonesia and current accounts with other banks. Since
1 January 2010, for the purpose of the consolidated statement of cash flows, cash and cash equivalents include cash, current accounts with Bank Indonesia, current accounts with other banks
and other short term highly liquid investments with original maturities of three months or less. This change is due to the withdrawal of SFAS No. 31 “Accounting for Banks “, which is applied
prospectively. Therefore there is no restatement of prior years consolidated statements of cash flows.
The financial statements of a Subsidiary company engaged in sharia banking have been prepared in conformity with the Statement of Financial Accounting Standards SFAS No. 101, “Presentation
of Financial Statement for Sharia Banking”, SFAS No. 102, “Accounting for Murabahah”, SFAS No. 104, “Accounting for Istishna”, SFAS No. 105, ”Accounting for Mudharabah”, SFAS No. 106,
“Accounting for Musyarakah”, SFAS No. 107, “Accounting for Ijarah”, SFAS No. 59, “Accounting for Sharia Banking”, Accounting Guidelines for Indonesian Sharia Banking PAPSI and other
accounting principles generally accepted established by the Indonesian Institute of Accountants and also accounting and reporting guidelines prescribed by the Indonesian banking regulatory authority
and Bapepam-LK.
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in Indonesia requires the use of estimates and assumptions that affects:
• the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the consolidated financial statements; •
the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on Management’s best knowledge of current events and
activities, actual results may differ from those estimates. Figures in the consolidated financial statements are rounded to and stated in millions of Rupiah,
unless otherwise stated.
b. Changes in accounting policies in current year
Since 1 January 2010, there are some changes in accounting policies due to the implementation of new SFAS and the withdrawal of SFAS No. 31, “Accounting for Banks”. The primary changes are
the implementation SFAS 50 Revised 2006 “Financial instruments: Presentation and Disclosure” and SFAS 55 Revised 2006 “Financial instruments: Recognition and Measurement”.
