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 539 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
v. Deposits from Customers
Deposits from customers are the funds placed by customers excluding banks with the Bank based on a fund deposit agreements. Included in this account are demand deposits, saving deposits, time
deposits and other similar deposits.
Demand deposits represent deposits of customers that may be used as instruments of payment, and which may be withdrawn at any time by cheque, automated teller machine card ATM or other
orders of payment or transfers.
Saving deposits represent deposits of customers that may only be withdrawn over the counter and via ATMs or funds transfers by SMS Banking, Phone Banking and Internet Banking when certain
agreed conditions are met, but which may not be withdrawn by cheque or other equivalent instruments.
Time deposits represent customers deposits that may only be withdrawn after a certain time based on the agreement between the depositor and the Bank. These are stated at amortised cost in the
certificates between the Bank and the holders of time deposits.
Included in demand deposits are wadiah demand and saving deposits. Wadiah demand deposits can be used as payment instruments and can be withdrawn any time using cheque and bilyet giro.
Wadiah demand and saving deposits earn bonus based on Bank’s policy. Wadiah saving and demand deposits are stated at the Bank’s liability amount.
Deposits from customers are classified as financial liabilities at amortised cost. Incremental costs directly attributable to acquistion of deposits from customers are included in the amount of deposits
and amortised over the expected life of the deposits. Refer to Note 2b for the accounting policy for financial liabilities at amortised cost.
Syirkah Temporer Fund Syirkah temporer fund is the fund received by Subsidiary PT Bank Syariah Mandiri where the
Subsidiary has the right to manage the fund in accordance with the Subsidiary’s policy unrestricted investment or policy from the investors restricted investment, and the profit distribution based on
agreement of both parties.
Syirkah temporer fund is not classified as liability as the Subsidiary is not oblige, when loss incurred, to return the original fund received from the investors, except due to the default or negligent of the
Subsidiary. In addition, the Syirkah temporer fund is not classified as an equity as it has a maturity period and the investors do not have the equal ownership with shareholders, such as voting right
and the right on income distribution from current asset and other non investment accounts.
The investors of Syirkah temporer fund received return in accordance with the agreement and bear the loss incurred proportionately. The distribution of return from Syirkah temporer fund can be in
form of profit sharing or income sharing.
Prior to 1 January 2010 Current and saving accounts are stated at the payable amount. Included in the saving accounts is
Wadiah saving deposits. Time deposits are stated at their nominal value.
Certificates of deposits are stated at their nominal value less unamortised interest.
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 540 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
w. Deposits from Other Banks
Deposits from other banks represent liabilities to local and overseas banks, in the form of demand deposits, saving deposits, inter-bank call money with original maturities of 90 days or less and time
deposits. Deposits from other banks are recorded as deposits from other banks.
Included in the deposits from other banks are sharia deposits in form of wadiah deposits, Syirkah temporer fund which comprise of unrestricted investment mudharabah saving deposit and
unrestricted investment mudharabah time deposit, and Certificates Mudharabah Investment Bank SIMA. SIMA is an investment certificate issued by the BSM which adopts profit sharing practice
and in form of placement among banks. SIMA financing period ranges from 1 – 6 months. Refer to Note 2v for the accounting policy for Syirkah temporer fund.
Deposits from other banks are classified as financial liabilities at amortised cost. Incremental costs directly attributable to acquistion of deposits from other banks are included in the amount of
deposits and amortised over the expected life of the deposits. Refer to Note 2b for the accounting policy for financial liabilities at amortised cost.
Prior to 1 January 2010, deposits from other banks are stated at the amount due to the other banks.
x. Liability for Future Policy Benefits and Liability to Unit-Linked Holders
Subsidiary’s liability for future policy benefits is stated in the consolidated balance sheet in accordance with the actuarial calculation. Increases or decreases in liability for future policy benefit
are recognised as an expense or income in the current year consolidated statement of income.
Liability to unit-linked policyholders is classified as financial liabilities at fair value through profit or loss. Refer to Note 2b for the accounting policy of financial liabilities at fair value through profit or
loss.
Funds received from customers for non-sharia unit-linked products are reported as gross premiums in the consolidated statement of income. Subsidiary’s liabilities to non-sharia unit-linked
policyholders are recognised in the consolidated balance sheet for the amount received net of the portion of premium representing the Subsidiary’s revenue, with a corresponding income statement
recognition for the increase in liabilities to non-sharia unit-linked policyholders.
Any gain or loss due to increases or decreases in market value of investments are recorded as incomeexpense, with a corresponding recognition of increasedecrease in liability to non-sharia
unit-linked policyholders in the consolidated statement of income and liability to non-sharia unit- linked policyholders in the consolidated balance sheet.
Funds received from customers for sharia unit-linked products is recognized as liabilities to sharia unit-linked policyholders in the consolidated balance sheet for the amount received net of the
Subsidiary’s fee ujrah portion for managing the revenue from unit-linked products.
y. Marketable Securities Issued
Marketable securities issued by the Bank and its Subsidiaries, include floating rate notes, medium- term notes and travelers’ cheques, are initially measured at fair value plus directly attributable
transaction costs. Subsequently transactions costs are amortised using the effective interest rate up to the maturity of marketable securities issued.
Marketable securities issued are classified as financial liabilities at amortised cost. Refer to Note 2b for the accounting policy for financial liabilities at amortised cost.
