PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2011 AND 2010
Expressed in millions of Rupiah, unless otherwise stated
Appendix 514 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
b. Changes in accounting policies in current year continued
- 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 Discontinued 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 – Website Cost, and
- Interpretation of SFAS 17 – Interim Financial Reporting and Impairment.
The followings are the changes impacted by the above new standards that are relevant and significant to the Bank’s consolidated financial statements:
b.i. SFAS 1 Revised 2009 - “Presentation of Financial Statements” The PSAK 1 Revised 2009 is applied retrospectively and therefore certain comparative
information have been represented. The significant impact on changes of this accounting standard to the Group:
• The consolidated financial statements comprise of consolidated statements of financial position balance sheet, consolidated statements of income, consolidated statements of
comprehensive income, consolidated statements of changes in equity, consolidated statements of cash flow, notes to the consolidated financial statements and consolidated
statements of financial position balance sheet at the beginning of the comparative period if the Group implement restrospectively a new or revised accounting standard or change in
accounting policy or reclassify certain accounts in the prior period consolidated financial statements. Whilst, previously, the consolidated financial statements comprise of
consolidated balance sheets, consolidated statements of income, consolidated statements of changes in equity, consolidated statements of cash flow and notes to the consolidated
financial statements.
• Non-controlling interest is presented within equity, whilst previously minority interest is presented between liabilities and equity refer to Note 60.
• Additional disclosures required amoung others: source of uncertainty estimation and capital management refer to Note 3.
• Corporate income tax payable is classified as separate line in the consolidated statements of financial position as current tax liabilities. Previously, corporate income tax liabilities is
presented as part of taxes liabilities refer to Note 60. On 13 September 2011, Financial Accounting Standard Board of Indonesian Institute of
Accountants DSAK-IAI has issued “Buletin Teknis” No. 7 “The Change of Presentation of Non-Controlling Interest and its Impact to Comparative Financial Statements” which mentioned
that presentation of non-controlling interest based on SFAS 1 Revised 2009 is a reclassification where the impact to the earliest comparative period of consolidated statement
of financial position should be represented.
Comparative information has been represented to conform with the revised standard. The changes in this accounting policy only impacts the presentation aspect and threfefore there is
no impact to earnings per share.
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2011 AND 2010
Expressed in millions of Rupiah, unless otherwise stated
Appendix 515 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
b. Changes in accounting policies in current year continued
b.ii. IFAS No. 10, “Customer Loyalty Program” Customer loyalty program are used by entities to provide customers with incentives to buy their
goods or services. If a customer buys goods or services, the entity grants the customer award credits often described as ‘points’. The customer can redeem the award credits for awards
such as free or discounted goods or services. This Interpretation applies to customer loyalty award credits that:
• an entity grants to its customers as part of a sales transaction, i.e. a sale of goods, rendering of services or use by a customer of entity assets; and
• subject to meeting any further qualifying conditions, the customers can redeem in the future for free or discounted goods or services.
At end of reporting period, loyalty award are recognised as expenses based on its fair value. Prior to 1 January 2011, cost related to customer loyalty program is recognized on cash basis.
b.iii. SFAS 5 Revised 2009, “Operating Segments” Starting 1 January 2011, the Group presents operating segment based on the Group’s internal
report that presented to the chief operating decision-maker in accordance with SFAS 5 Revised 2009. The chief operating decision-maker is Board of Directors.
Prior to 1 January 2011, the Group disclosed the operating segment based on nature of business that consists of: banking, sharia banking, securities, insurance, financing, remittances
and others.
The comparative information has been restated to comply with the standard refer to Note 52. b.iv. SFAS 25 Revised 2009 – “Accounting Policies, Changes in Accounting Estimates and Errors”
Allowance for impairment losses on financial guarantee contracts and commitments Starting from 1 January 2011, the Bank determines allowance for possible losses on financial
guarantee contracts with credit risk and commitments at the higher of unamortised amount carrying amount and the present value of any expected payment when a payment under the
guarantee has become probable or allowance for impairment losses calculated based on historical loss data for collective impairment assessment.
Prior to 1 January 2011, the Bank assess the allowance for possible losses on guarantee contracts with credit risk and commitments based on
Bank Indonesia Regulation No. 72PBI2005 dated 20 January 2005 and in accordance with Letter from Bank Indonesia No.
12516DPNPIDPnP dated 21 September 2010.
