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o. Taxation continued
The amounts of additional tax principal and penalty imposed through a Tax Assessment Letter “SKP” shall be recognized as income or expense in the current period of the consolidated statement of comprehensive income, unless further settlement
is submitted. The amounts of tax principal and penalty imposed through SKP are deferred as long as they meet the asset recognition criteria.
Indonesian tax regulations do not apply a concept of consolidated tax returns. Otherwise, the tax balances in the consolidated financial statements represent the combination of the Entity’s and its Subsidiaries tax position.
p. Employee Benefit Liabilities
Effective on January 1, 2012, the Entity adopted PSAK No. 24 Revised 2010, “Employee Benefits”. The revised PSAK permit an entity to adopt any systematic method that results in faster recognition of actuarial gainslosses, which among others, is
immediate recognition of actuarial gainslosses in the period in which they occur in other comprehensive income. The Entity decided to retain its previous method in accounting the actuarial gainlosses i.e. the 10 corridor method.
The Entity provide defined post-employment benefits to their employees in accordance with Labor Law No. 132003. No funding has been made to this defined benefit plan.
The cost of providing post-employment benefits is determined using the Projected Unit Credit method. The accumulated unrecognized actuarial gains or losses that exceed 10 of the present value of the defined benefit obligations at the
beginning of the reporting period is recognized on a straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested,
and otherwise is amortized on a straight-line method over the average period until the benefits become vested.
The benefit obligation recognized in the consolidated statements of financial position represents the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains or losses and unrecognized past service cost.
q. Non-current assets held for sale and discontinued operations
In accordance with PSAK No. 58 Revised 2009, non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Non-current assets and disposal groups are
classified as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is
available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Fixed assets and intangible
assets once classified as held for sale are not depreciated or amortized.
In the consolidated statement of comprehensive income of the reporting period, and of the comparable period of the previous year, income and expenses from discontinued operations are reported separately from income and expenses from
continuing operations, down to the level of profit after taxes, even when the Entity retains a non-controlling interest in the subsidiary after the sale.
r. Basic Earnings Per Share
Effective on January 1, 2012, the Entity applied PSAK No. 56 Revised 2011 “Earnings Per Share”, which replaces PSAK No. 56 Earnings Per Share. Based on PSAK No. 56 Revised 2011 “Earnings Per Share”, Earnings per share is computed by
dividing the profit attributable to the equity holders of the parent by the weighted average number of shares outstanding during the period. Earnings per share calculations are based on 146.312.474 shares, 118,267,864 shares and 98,236,000
shares for the year ended December 31, 2012, 2011 and 2010.
s. Segment Information
In accordance with PSAK No. 5 Revised 2009,Operating Segments, business segments provide information of products or services that are subjected to risks and returns that are different from those of other business segments. Geographical
segments provide information of products or services within a particular economic environment that are subject to risks and returns that are different from those of components operating in other economic environments.
Revenue, expense, assets and liabilities segments are determined before intra-group balances and transactions within the group are eliminated as part of the consolidation process.
02
t. Quasi-reorganization
Pursuant to PSAK No. 51 Revised 2003, a quasi reorganization is an accounting procedure which enables an entity to restructure its equity by eliminating its deficit and reappraising all of its assets and liabilities in fair value. By this procedure,
the Entity is expected to continue its business as if it was a fresh start, with a statement of financial position showing a better financial position with no past deficit.
Quasi-reorganization was applied according to PSAK No.51, quasi-reorganization, on the statements of financial position as of December 31, 2011. Quasi-reorganization both in law and accounting was performed by the Entity according to PSAK No.
51, with the method as follows: 1. To appraise the value of assets and liabilities base on the market value.
2. To set off between the result of appraised assets and liabilities with accumulated deficits. After quasi-organization above, the Entity has eliminated the accumulated losses from equity structure and booked the
additional gain in capital. The details calculation are as follows:
Revaluation of fixed assets
Appraised fixed assets 210,920,290
Fixed assets as of December 31, 2011 37,574,390
Difference in revaluation of fixed assets 173,345,900
Elimination of accumulated deficits 171,914,266
Difference in valuation of assets and liabilities 1,431,634
Before After
Fixed assets 37,574,390
210,920,290 Difference in valuation of assets and liabilities
- 1,431,634
Deficit 171,914,266
-
u. Changes of Accounting Policies
The followings are amendments of accounting standards, changes and interpretations, which become effective starting January 1, 2012 and relevant to Entity and its Subsidiary:
PSAK No. 10 Revised 2010 “The Effects of Changes in Foreign Exchange Rates”
This PSAK describes how to include foreign transactions and operations in the consolidated financial statements of an entity and translate financial statements into a presentation currency. Each entity considers the primary indicators and other
indicators in determining its functional currency. The Entity determined that its functional currency is US Dollar but decided that the presentation currency for the consolidated financial statements is Indonesian Rupiah for consistency with the
previous presentation currency.
For adapting this PSAK, all the accounts of the Entity, which are kept in Rupiah, have been remeasured into US Dollar, being the functional currency, using the following procedures on a retrospective basis:
a. Foreign currency monetary items are translated using the closing rate; b. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange
rate at the date of the transaction; and c. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the
date when the fair value was determined.
02
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
Quasi-reorganization December 31, 2011
PT ERATEX DJAJA Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
continued
For the years ended December 31, 2012 and 2011 Expressed in thousands of Rupiah and in thousands of United States Dollars, unless otherwise stated
PT ERATEX DJAJA Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
continued
For the years ended December 31, 2012 and 2011 Expressed in thousands of Rupiah and in thousands of United States Dollars, unless otherwise stated
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u. Changes of Accounting Policies continued
