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 513 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
a. Basis of Preparation of the Consolidated Financial Statements
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 or loss and all derivative instruments which have been measured at fair value. The consolidated financial statements are prepared under the accrual basis of accounting, except for the
consolidated statements of cash flows.
Consolidated statements of cash flows are prepared using the direct method by classifying cash flows in operating activities, investing and financing activities.
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”, Accounting Guidelines for Indonesian Sharia Banking PAPSI and other Statements of Financial Accounting Standards
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
The following are amendments of accounting standards and interpretations, which become effective starting 1 January 2011:
- SFAS 1 Revised 2009 – Presentation of Financial Statements,
- SFAS 2 Revised 2009 – Statements of Cashflows,
- SFAS 3 Revised 2010 – Interim Financial Reporting,
- SFAS 4 Revised 2009 – Consolidated and Separate Financial Statements,
- SFAS 5 Revised 2009 – Operating Segments,
- SFAS 7 Revised 2010 – Related Party Disclosures,
- SFAS 8 Revised 2010 – Events After the Reporting Period,
- SFAS 12 Revised 2009 – Interest in Joint Ventures,
- SFAS 15 Revised 2009 – Investment in Associates,
- SFAS 19 Revised 2010 – Intangible Assets,
- SFAS 22 Revised 2010 – Business Combination,
- SFAS 23 Revised 2010 – Revenue,
- SFAS 25 Revised 2009 – Accounting Policies, Changes in Accounting Estimates and Errors,
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
