NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued JUNE 30, 2012 UNAUDITED AND DECEMBER 31, 2011 AUDITED
AND SIX MONTHS PERIOD ENDED JUNE 30, 2012 AND 2011 UNAUDITED Figures in tables are presented in billions of Rupiah, unless otherwise stated
14
1. GENERAL continued d. Subsidiaries continued
b GSD continued
Based on notarial deed No. 48 dated February 7, 2012 of Sri Ahyani, S.H., which was approved by the MoJHR as in his Letter No. AHU-22272.AH.01.012012 dated April 27, 2012,
GSD established a subsidiary with Yakes, an affiliated company of the Company, called PT Graha Yasa Selaras “GYS” with 51 ownership. GYS will engage in tourism business. For
six months period ended June 30, 2012, GYS had no financial and operational activities.
c Metra
Based on notarial deed No. 2 dated January 3, 2012 of Sjaaf De Carya Siregar, S.H., Infomedia’s stockholder issued 17,142,857 shares which amounted to Rp 9 billion. Metra, a
stockholder of Infomedia, bought all the newly issued shares. As a result, the Company’s ownership in Infomedia is diluted to 49.
On April 3, 2012, based on notarial Metra’s Sirculer, Metra’s stockholders agreed to increase its issued and fully paid capital from Rp.1,423 billion to Rp.1,533 billion by issuing 11,000,000
additional new shares with a nominal value of Rp.10,000 per share to be issued and fully paid by the Company for additional paid in capital purpose on the Sigma.
e. Authorization of the consolidated financial statements
The consolidated financial statements were authorized for issue by the Board of Directors on July 27, 2012.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with Indonesian Financial Accounting Standars “IFAS” and Regulation of the Capital
Market and Financial Institution Supervisory Board “Badan Pengawas Pasar Modal dan Lembaga Keuangan” or Bapepam-LK No. VIII.G.7 regarding “Financial Statements Presentation Guidelines for
Issuers or Public Industry” and KEP-347BL2012 regarding “Financial Statements Presentation Guidelines for Issuers or Public Industry”.
a. Basis of preparation of financial statements
The interim consolidated financial statements for six months period ended June 30, 2012 and 2011 has been prepared in accordance with Statement of Financial Accounting Standards
“Pernyataan Standar Akuntansi Keuangan” or “PSAK” No. 3 Revised 2010, “Interim financial reporting”. The interim consolidated financial statements should be read in conjuction with the
annual financial statements for the year ended December 31, 2011.
The consolidated financial statements, except for the consolidated statements of cash flows, are prepared on the accrual basis of accounting. The measurement basis used is historical cost,
except for available-for sale financial assets. The consolidated statements of cash flows are prepared using the direct method and present the
changes in cash and cash equivalents from operating, investing and financing activities. Figures in the consolidated financial statements are rounded to and presented in billions of
Indonesian Rupiah “Rp.”, unless otherwise stated. The Company has reclassified non-controlling interest as at December 31, 2010 amounting to
Rp.11,996 billion as part of equity and presented the consolidated statement of financial position as at the beginning of the comparative period.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued JUNE 30, 2012 UNAUDITED AND DECEMBER 31, 2011 AUDITED
AND SIX MONTHS PERIOD ENDED JUNE 30, 2012 AND 2011 UNAUDITED Figures in tables are presented in billions of Rupiah, unless otherwise stated
15
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of preparation of financial statements continued
Changes to the statement of financial accounting standards and interpretation to statement of financial accounting standards
On January 1 , 2012, the Company and its subsidiaries adopted new and revised PSAK and interpretations of statement of financial accounting standards “Interpretasi Standar Akuntansi
Keuangan” or “ISAK” that are mandatory for application from that date. Changes to the Company and its subsidiaries’ accounting policies have been made as required, in accordance with the
transitional provisions in the respective standards and interpretations.
• PSAK 60, “Financial Instruments: Disclosures”
PSAK 60 introduces three level hierarchy for fair value measurement disclosures and require entities to provide additional disclosures about the relative reliability of fair value
measurements. In addition, the standards clarify the requirement for the disclosure of liquidity risk.
The adoption of these new and revised standards and interpretations did not result in substantial changes to the Company and its subsidiaries’ accounting policies and had no material effect on
the amounts reported for the current period or prior financial year: •
PSAK 10 Revised 2010, “The Effects of Changes in Foreign Exchange Rates” •
PSAK 13 Revised 2011, “Investment Property” •
PSAK 16 Revised 2011, “Fixed Assets” •
PSAK 18 Revised 2010, “Accounting and Reporting by Retirement Benefit Plans” •
PSAK 24 Revised 2010, “Employee Benefits” •
PSAK 26 Revised 2011, “Borrowing Costs” •
PSAK 28 Revised 2010, “Accounting for Loss Insurance” •
PSAK 30 Revised 2011, “Leases” •
PSAK 33 Revised 2011, “Stripping Activities and Environmental management in General Mining”
• PSAK 34 Revised 2010, “Construction Contracts”
• PSAK 36 Revised 2010, “Accounting for Life Insurance”
• PSAK 45 Revised 2011, “Financial Reporting for Non-Profit Organizations”
• PSAK 46 Revised 2011, “Income Taxes”
• PSAK 50 Revised 2010, “Financial Instruments: Presentation”
• PSAK 53 Revised 2010, “Share-based Payments”
• PSAK 55 Revised 2011, “Financial Instruments: Recognition and Measurement”
• PSAK 56 Revised 2011, “Earning per Share”
• PSAK 61, “Accounting for Government Grants and Disclosures of Government Assistance”
• PSAK 62, “Insurance Contracts”
• PSAK 63, “Financial Reporting in Hyperinflationary Economies”
• PSAK 64, “Exploration and Evaluation of Mineral Resources”
• ISAK 13, “Hedges of a Net Investment in a Foreign Operation”
• ISAK 15 - PSAK 24, “The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction •
ISAK 16, “Service Concession Arrangements” •
ISAK 18, “Government Assistance - No Specific Relation to Operating Activities” •
ISAK 19, “Applying the Restatement Approach under PSAK 63: Financial Reporting in Hyperinflationary Economies”
• ISAK 20, “Income Taxes - Changes in the Tax Status of an Entity or its Shareholders”
• ISAK 22, “Service Concession Arrangements : Disclosure”
