GOVERNMENT GUARANTEE FOR THE OBLIGATIONS OF LOCALLY INCORPORATED BANKS
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 5192 61. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standard Board of Indonesian Institute of Accountants DSAK-IAI has issued revision of the following accounting standards which will be effective as at 1 January 2012:
- SFAS 10 Revised 2010 – The Effects of Changes in Foreign Exchange Rates,
- SFAS 13 Revised 2011 – Investment Property,
- SFAS 16 Revised 2011 – Fixed Assets,
- SFAS 18 Revised 2010 – Accounting and Reporting of Retirement Benefits Plan,
- SFAS 24 Revised 2010 – Employee Benefits,
- SFAS 26 Revised 2011 – Borrowing Costs,
- SFAS 28 Revised 2010 – Accounting for Loss Insurance,
- SFAS 30 Revised 2011 – Leases,
- SFAS 33 Revised 2010 – Accounting for General Mining,
- SFAS 34 Revised 2010 – Construction Contractor,
- SFAS 36 Revised 2010 – Accounting for Life Insurances,
- SFAS 38 Revised 2011 – Business Combinations Involving Entities Under Common Control,
- SFAS 45 Revised 2010 – Financial Reporting for Non-Profit Organisation,
- SFAS 46 Revised 2010 – Income Taxes,
- SFAS 50 Revised 2010 – Financial Instruments: Presentation,
- SFAS 53 Revised 2010 – Share-Based Payment,
- SFAS 55 Revised 2011 – Financial Instruments: Recognition and Measurement,
- SFAS 56 Revised 2011 – Earnings per Share,
- SFAS 60 Revised 2010 – Financial Instruments: Disclosures,
- SFAS 61 Revised 2010 – Accounting for Government Grants and Disclosure of Government
Assistance, -
SFAS 62 Revised 2010 – Insurance Contract, -
SFAS 63 – Financial Reporting in Hyperinflationary Economies, -
SFAS 64 Revised 2010 – Exploration and Evaluation of Mineral Resources, -
Interpretation of SFAS 13 – Hedge of Net Investment in a Foreign Operation, -
Interpretation of SFAS 15 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction,
- Interpretation ISAK 16 – Services Concession Agreements,
- Interpretation of SFAS 18 – Government Assistance – No Specific Relation with the Operating
Activities, -
Interpretation ISAK 19 – Applying the Restatement Approach under SFAS 63, -
Interpretation of SFAS 20 – Income Taxes – Changes in the Tax Status of an Entity or its Shareholders,
- Interpretation of SFAS 22 – Services Concession Arrangements: Disclosure,
- Interpretation of SFAS 23 – Operating Leases – Incentives,
- Interpretation of SFAS 24 – Evaluating the Substance of Transactions Involving the Legal Form of a
Lease, -
Interpretation of SFAS 25 – Rights Arising from Land, -
Interpretation of SFAS 26 – Reassessment of Embedded Derivatives. DSAK – IAI has also revoked the following accounting standard as at 1 January 2012:
- SFAS 11 – Translation of Financial Statement in Foreign Currencies
- SFAS 27 – Accounting for Cooperatives
- SFAS 29 – Accounting for Oil and Gas
- SFAS 39 – Accounting for Joint Operation
- SFAS 44 – Accounting for Real Estate Development Activities
- SFAS 52 – Reporting Currencies
- ISAK 4 – Allowable Alternative treatment of Foreign Exchange Differences
- ISAK 5 – Interpretation of Paragraph 14 PSAK 50 1998 on Reporting of Changes in Fair Value of
Investment in Securities Available for Sale
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 5193 61. NEW ACCOUNTING PRONOUNCEMENTS continued
Bank Mandiri and Subsidiaries are currently in the process of assessing the adoption of all of the above mentioned accounting standards. The Bank is of the view that the implementation of the following
standards will not have a significant impact to the consolidated financial statements of the Group, except for the following:
SFAS 60 Revised 2010: “Financial Instruments: Disclosures” SFAS 60 Revised 2010 requires more extensive disclosure of the entity’s financial risk management
compared to SFAS 50 Revised 2006, “Financial Instruments: Presentation and Disclosures”. The requirements consist of the followings:
a. The significance of financial instruments for an entity’s financial position and performance. These
disclosures incorporate many of the requirements previously in SFAS 50 Revised 2006. b.
Qualitative and quantitative information about exposure to risks arising from financial instruments, including specified minimum disclosures about credit risk, liquidity risk and market risk. The
qualitative disclosures describe management’s objectives, policies and processes for managing those risks. The quantitative disclosures provide information about the extent to which the entity is
exposed to risk, based on information provided internally to the entity’s key management personnel.