Derivatif dan Hedging DJPU
Akuntansi
Derivatif dan Hedging
Direktorat Jenderal Pengelolaan Utang
Presented : Dwi Martani
Agenda
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1.
Latar Belakang
2.
Akuntansi
3.
Standar Akuntansi
4
4.
Ilustrasi Transaksi
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Derivative
e at e Secu
Securities
t es
Latar Belakang
Market risks
commodity price risk
interest rate risk
foreign currency risk
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Instrumen Keuangan
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Derivative Securities
H e dge s adalah kontrak yang melindungi dari risiko
pasar – misalnya,
misalnya forward,
forward options
options, and swaps.
swaps
De rivat ive se c urit ie s, or sim ply de rivat ive s ,
adalah kontrak yang nilainya diturunkan dari nilai
aset lain atau item ekonomi tertentu – saham/stock,
bond, commodity price,
interest rate, or currency exchange rate
Sulit untuk mencari derivatif yang benar-benar
dapat melindungi diri dari risiko.
Risiko
Ri ik Æ ketidakpastian
k tid k
ti di masa mendatang
d t
Melindungi dari risiko = memastikan
ketidakpastian.
Kontrak lindung nilai memiliki risiko
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Derivative Financial Instruments
A derivative is a financial instrument that meets the
following three criteria:
Its value changes
in response to a
change in an
“underlying”
Requires little or
no initial
investment
Settled at a future
date
Scope Exemption:
IAS 39:5 exempts contracts which meet the definition of a
derivative from the standard if the contract is entered into
to meet the entity’s usual purchase, sale or usage
requirements
Tan & Lee Chapter 9
©2009
6
Derivative Securities
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Instrumen keuangan atau kontrak lain
dengan karakteristik:
Nilainya berubah akibat dari perubahan
variabel yg mendasari (spt suku bunga,
bunga harga,
harga
nilai tukar, dll).
Tanpa investasi awal neto atau nilainya lebih
k il dari
kecil
d i nilai
il i kontrak
k t k sejenis
j i yang memberi
b i
pengaruh yang sama thd perubahan faktor
pasar.
Diselesaikan pd tgl tertentu di masa
mendatang.
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Tujuan Akuntansi Hedging
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Klasifikasi Derivatif
F
Freestanding
t di derivatif
d i tif
( ti
(option,
forward contract, swap, future
contract)
t t)
Embedded derivatif
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Derivative Financial Instruments
Example of derivative instruments and their underlying
Types of derivative
instruments
Underlying
Used by
Option contracts
(call and put)
Security price
Producers, trading firms
Producers
firms,
financial institutions, and
speculators
Forward
F
d contracts
t t
e.g. foreign exchange
forward contract
Foreign
F
i
exchange rate
V i
Various
companies
i
Future
F
t
contracts
t t
e.g. commodity futures
Commodity
C
dit
prices
Producers
P
d
and
d
consumers
Swaps
Interest rate
Financial institutions
Tan & Lee Chapter 9
©2009
10
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Derivative Securities
Derivatives
e at es
Hedge
Fair Value
Hedge
Speculative
Cash Flow
Hedge
Foreign
Currency
Hedge
Fair Value
Hedge
Cash Flow
Hedge
Hedge of Net
Investment in
Foreign
O
Operation
ti
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Derivative Financial Instruments
• Use of derivatives
1. Manage market risk
2. Reduce borrowing cost
3. Profit from trading or speculation
• Types of derivatives
1 For
1.
Forward
ard type
t pe derivatives
deri ati es such
s ch as forward
for ard contracts,
contracts ffuture
t re
contracts and swaps
2. Option-type derivatives such as call and put options, caps and
collars and warrants
3. Free standing derivatives
4. Embedded derivatives
Tan & Lee Chapter 9
©2009
12
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Forward Contracts
•
An agreement between two parties (counterparties) whereby one
party agrees to buy and the other party agrees to sell a specified
amount (notional amount) of an item at a fixed price (forward rate)
for delivery at a specified future date (forward date)
•
Can either be a forward purchase contract or a forward sales
contract, depending on the perspective of the counterparties
“A” Company
Sells Forward
Contract
“Forward sales contract”
Tan & Lee Chapter 9
“B” Company
“Forward purchase contract”
©2009
13
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Forward Contracts
• Not standardized contracts as they are not traded on an
exchange
– They entail counterparty risks
– They are can be tailored to specific needs of counterparties
– They involve lower transaction costs
• Fair value of forward contract:
Notional x
amount
where
(׀Current forward rate – contracted forward rate )׀
(1+r)
t
Contracted forward rate is forward rate
fixed at inception
r = discount rate
Current forward rate is forward rate for
remaining period to maturity
t = period to maturity
At inception date, the fair value of a forward contract is nil.
Tan & Lee Chapter 9
©2009
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Future Contracts
•
A future contract is similar to a forward contract except that it is a
standardized contract and is traded on an exchange
•
Futures contracts are marked-to-market and settled on a daily basis
•
Futures contracts require payment of a margin deposit which has to
be maintained throughout the contract period
•
Wide range of exchange-traded future contracts
– Commodity futures
– Interest rate futures
– Currencyy futures
Tan & Lee Chapter 9
©2009
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Option Contracts
•
Contract that gives holder the right but not the obligation to buy or
sell a specified item at a specified price
•
2 type of option contracts
1. Call option – right, but not obligation to buy
2. Put option – right, but not obligation to sell
•
Can be American option (exercisable anytime to expiration) or
European option (exercisable only on maturity date)
•
Can also be customized (not traded) or standard contract quoted on
exchange (listed options)
Tan & Lee Chapter 9
©2009
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Option Contracts
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•
Main features
– Purchaser (holder) pays premium to seller (writer of option)
– Holder has the right, but not obligation to perform; while write has
obligation
g
to p
perform
– Asymmetrical pay-off profile
• Holder has limited loss (due to premium) and unlimited gain
• Writer has limited g
gain and unlimited loss
Relationship between the strike price and the underlying
Strike price>
Underlying
y g
(spot price)
Strike price>
Underlying
y g
(spot price)
Strike price>
Underlying
y g
(spot price)
Holder of call
option
Out-of-the-money
At-the-money
In-the-money
Holder of put
option
In-the-money
At-the-money
Out-of-the-money
Tan & Lee Chapter 9
©2009
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•
Option Contracts
Fair value of option contract
Fair value of an option = Intrinsic value + Time value
Listed options = quoted price
Not traded options = Valuation
model ( Black-Scholes model)
Diminishes over time
Zero at expiration
Call option = Max [0, Notional amount x (Spot price – Strike Price)
Put option = Max [0, Notional amount x (Strike price – Spot Price)
Tan & Lee Chapter 9
©2009
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•
Embedded Derivatives
Derivative that is part of a hybrid financial instrument
Hybrid Instrument
Host Instrument
Embedded derivative:
Linked to underlying and change in
underlying causes change in cash flow
•
Example is bond whose ultimate proceed are linked to price of
commodity, such as oil, or to a consumer price index
Tan & Lee Chapter 9
©2009
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•
Split Accounting of Embedded Derivatives
IAS 39 requires embedded derivatives to be separately recognized
from the host instrument and accounted for in the same way as a
stand-alone derivative if the following conditions are met:
Conditions for separation of embedded derivative
Economic
characteristics and risk
of host instrument are
not closely related to
that of the derivative
Tan & Lee Chapter 9
There is a separate
instrument with same
terms as the embedded
derivative
©2009
Hybrid instrument is not
measured at fair value,
with changes in fair
value recognized in
profit and loss
20
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Accounting for Derivatives
Default accounting treatment for derivatives under IAS 39:
• Derivatives are classified under the Fair Value through Profit or
Loss category and changes in their fair values are taken to income
statement
• Exception - when a derivative is designated as a hedge of an
identified risk and the hedge is effective
effective. In this case
case, accounting for
the derivative follows hedge accounting rules
Tan & Lee Chapter 9
©2009
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Accounting for Forward Contract
At inception
During life of contract
Dr Forward Contract
(asset)
Cr Gain on forward
contract
No jjournal entry
y as
fair value is nil
Tan & Lee Chapter 9
Closing position or
at expiration
Dr Cash
Cr Forward contract
or
Dr Loss on forward
contract
Cr Forward Contract
(liability)
Dr Forward contract
j
fair value and
Adjust
record gain/loss
Close out and record
net settlement of
contract
©2009
Cr Cash
22
Accounting for Future Contract
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At inception
During life of contract
Dr Cash
Cr Gain on future
contract
Dr Margin deposit
Cr Cash
payment
y
of
Record p
initial margin deposit
Tan & Lee Chapter 9
Closing position or
at expiration
Dr Cash
Dr Gain on future
f t re
contract
Cr Margin Contract
or
Dr Loss on futures
contract
Cr Cash
Dr Cash
Cr Loss on future
contract
Cr Margin Contract
Record dailyy
settlement of future
contracts
Close out and recover
margin deposit
©2009
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Purchased Option Contract
At inception
During life of contract
Dr Option Contract
Cr Gain on future
contract
Dr Option contract
(asset)
Cr Cash
Closing position or
at expiration
Dr Cash*
Dr Gain on option
contract
Cr Option Contract
or
Dr Loss on futures
contract
Cr Option
p
Contract
Dr Cash*
Cr Loss on option
contract
Cr Option Contract
(* assume expires in-the-money)
payment
y
of
Record p
initial margin deposit
Tan & Lee Chapter 9
Adjust
j
for fair value
and record gain/loss
©2009
Close out and record
net settlement of
contract
24
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Written Option Contract
At inception
During life of contract
Dr Option Contract
Cr Gain on future
contract
Dr Cash
Cr Option contract
(liability)
or
Dr Loss on futures
contract
Cr Option
p
Contract
Closing position or
at expiration
Dr Option contract
Cr Gain on Option
Contract
(Expires out-of-themoney)
Dr Option contract
Dr Loss on option
Cr Cash
(Expires in-the-money)
Record p
payment
y
of
initial margin deposit
Tan & Lee Chapter 9
Adjust
j
for fair value
and record gain/loss
©2009
Close out and record
net settlement of
contract
25
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•
Hedging
Propose is to neutralize an exposed risk
– Loss on hedge item offset by gain on hedging instrument
– Reduce volatility than preserve gains
•
Other ways of hedging through non-derivative derivatives
– Money market instruments (money market hedge)
– Natural hedge (offsetting foreign currency assets and liability in the
same currency)
•
Special accounting rules called “hedge
hedge accounting
accounting” applies when
derivatives are used for hedging purposes
Tan & Lee Chapter 9
©2009
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Rationale of Hedge Accounting
•
Arises because of the mismatch of income-offsetting
income offsetting effect between
hedged item and hedging instrument
•
Situations requiring hedge accounting
– Hedge item and hedging instrument are measured using different bases
(One is at cost while the other is at fair value)
– Hedged item yet to be recognized in financial statement
– Different treatment for changes in fair value (changes taken to equity
while the other is taken to income statement)
Tan & Lee Chapter 9
©2009
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Risks That Qualify for Hedge Accounting
Interest rate risk
Foreign exchange risk
Spec c risks
Specific
s s
that qualify for
hedge accounting
Risks must be specific risk,
not general business risks
Tan & Lee Chapter 9
Price risk
Credit risk
Possible for a derivative to
hedge more than one risk
©2009
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Qualifying Hedging Instruments
(IAS 39: 72 – 73)
• Instruments that qualify include:
– D
Designated
i
t dd
derivatives
i ti
((exceptt written
itt options)
ti
)
– Embedded Derivatives
– Designated non-derivatives financial asset/ liability that hedge
f i exchange
foreign
h
risks
i k only
l
• Value used to determine hedge effectiveness
– If used in its entirety, fair value is used
– If broken into time value and intrinsic value, permissible to use
intrinsic value. However, it must be explicitly documented at
inception
• If derivative is used as a hedge of more than 1 risk
– Individual designated component must meet hedge accounting
criteria
– Permissible for portion of notional amount to be designated
Tan & Lee Chapter 9
©2009
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Qualifying
y g Hedged
g Items
(IAS 39: 78 -79)
Qualify
Do not qualify
•
Financial assets and liabilities
with exposure to changes in fair
value
•
Held-to-maturity instruments
(regardless of fixed rate or
variable rate)
•
Non-financial assets exposed to
foreign exchange or price risks
•
Investment in an associated
company
•
Firm commitment
•
g yp
probable forecast
Highly
transaction with exposures to
future cash flows
•
Net investment in foreign entity
Tan & Lee Chapter 9
©2009
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Criteria for Hedge Accounting
(IAS 39
39: 88)
C diti
Conditions
tto b
be mett ffor h
hedge
d accounting
ti tto apply
l
Enterprise must have exposure to risk that affects income
statement
Derivative contract specifically entered to hedge underlying
exposure
Hedge must be highly effective
Effectiveness of hedge can be reliably measured
Hedging relationship must be formally documented at the
inception of the hedge
Tan & Lee Chapter 9
©2009
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•
•
Assessing Hedge Effectiveness
IAS 39:9 - The degree to which changes in the fair value or cash
flows of the hedged item that is attributable to a hedged risk are
offset by changes in the fair value or cash flow of the hedging
instrument
Hedge effectiveness is evaluated
– Prospectively on inception of hedge; and
– Retrospectively
p
y on an ongoing
g g basis
•
On inception, hedge effectiveness is assessed on
– Comparison of the principal or critical terms
– Historical analysis
– Correlation analysis
Tan & Lee Chapter 9
©2009
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Efektivitas Hedging
Efektifitas dihitung secara prospektif dan
retrospektif
H il aktual
Hasil
kt l berada
b d dalam
d l
ki
kisaran
80 125%
Seluruh lindung nilai yang tidak efektif
diakui dalam laporan L/R (termasuk
ketidakefektifan dalam kisaran 80 -125%)
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Efektivitas Hedging
Risks must be identifiable
Risk must be foreseeable
Risk must be realisticallyy measured
Precise attribution of hedging instrument to
hedged
g item
Reason:
p
of hedging
g g in financial report
p should be
Impact
as neutral as possible
Kriteria & Dokumentasi
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Kriteria
Tdpt kebijakan tertulis, tujuan manajemen risiko &
strategi lindung nilai.
Hubungan
H b
li d
lindung
nilai
il i diharapkan
dih
k efektif
f ktif utk
tk saling
li
menghapuskan perubahan nilai wajar.
Dokumentasi
Identifikasi hedged items vs hedging instruments.
Sifat risiko yang dilindungi
Strategi manajemen risiko dan lindung nilai
Penilaian efektifitas instrumen lindung nilai
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Assessing Hedge Effectiveness
•
During the duration of hedge, hedge effectiveness is assessed on
dollar-offset method:
•
Hedge effectiveness ratio (HER):
Hedge effectiveness Changes in fair value or future cash flow of hedging instrument
=
(or delta ratio)
Changes in fair value or future cash flow of hedged item
08
0.8
12
1.25
Effective hedge (IAS 39: AG 105b)
•
Exceptions for effective hedge even if HER falls out of range
– IAS
S 39 a
allows
o s hedge
edge e
effectiveness
ect e ess to be assessed o
on cu
cumulative
u at e bas
basis
s
if hedge is designated and conditions are properly documented
Tan & Lee Chapter 9
©2009
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•
Assessing Hedge Effectiveness
Exclusion of time value of certain derivatives to be excluded from
hedge relationship
– Derivative separated into 2 component
1. Time value (options) or interest (forwards)
2. Intrinsic (options) or spot element (forwards)
– Excluded time value taken to income statement as per default treatment
– Should result in highly effective hedge, as intrinsic/ spot component
moves in tandem with underlying, while time/interest component does
not
– If critical terms of hedging instruments and hedged item are exactly the
same, HER should be equal or around 1
Tan & Lee Chapter 9
©2009
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Classification of Hedging Relationships
Causes
Fair value
hedge
Cash flow
hedge
Hedge of a net
investment in a
f i entity
foreign
tit
Tan & Lee Chapter 9
Explanation
Hedge of “the
the exposure to changes in fair value of a
recognized asset or liability or an unrecognized firm
commitment, or an identified portion of such asset, liability
or firm commitment, which is attributable to a particular
risk
i k and
d could
ld affect
ff t profit
fit or loss”
l
” (IAS 39
39:86a)
86 )
Hedge of “the exposure to variability in cash flows that
(i) is attributable to a particular risk associated with a
recognized
i d assett or liliability
bilit ((such
h as allll or some ffuture
t
interest payment on variable debt instrument )or a highly
probable future transaction, and
((ii)) could affect p
profit or loss” ((IAS 39:86b))
Hedge of the foreign currency risk associated with a
foreign operation whose financial statements are required
to be translated into the presentation currency of the
parent company
©2009
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Classification of Hedging Relationships
•
The designation of a derivative as a fair value hedge or a cash flow
hedge is determined by the hedged risk, that is, whether the entity
has a fair value exposure or a cash flow exposure
•
An exception where a derivative can be designated as either a fair
value hedge or a cash flow hedge is where the hedged risk is the
foreign exchange risk of a firm commitment
Tan & Lee Chapter 9
©2009
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Accounting for a Fair Value Hedge
Hedged Item (recognized asset
or liability or firm commitment)
Hedging Instruments
Change in fair value
Change in fair value
Income statement
Gain (loss) on hedging instrument
offset loss (gain) on hedged item
Balance sheet
Change in fair value adjusted
against carrying amount
Tan & Lee Chapter 9
Change in fair value adjusted
against carrying amount
©2009
40
Illustration 1:
Hedge of inventory (fair value
hedge)
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Scenario
31/10/20x3
Inventory of 10,000 ounces of gold
Carried at cost of $3
$3,000,000
000 000 ($300 per ounce)
Price of gold was $352 per ounce
1/11/20x3
Sold forward contract on 10,000
10 000 ounce for forward price of $350 ounce
Forward contract matures on 31/3/20x4
31/12/20x3
F
Forward
d price
i ffor 31/3/20
31/3/20x4
4 contract
t t was $340 per ounce and
d spott price
i
of gold was $342 per ounce
Hedge effective ratio of 1 on 31/12/20x3
Tan & Lee Chapter 9
©2009
41
Illustration 1:
Hedge of inventory (fair value
hedge)
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1/11/20x3
No entry or just a memorandum entry as the fair value of the forward
contract is nil
31/12/20 3
31/12/20x3
Dr
Forward contract ……………….
Cr
C
Gain on
Ga
o forward
o a d contract
co t act ……...
100,000
100,000
00,000
Gain on forward contract: 10,000 x ($340 -$350)
Dr
Loss on inventory ………………
Cr
Inventory ………………………..
Taken to income
statement
100 000
100,000
100,000
Gain on forward contract: 10,000 x ($342 - $352)
Tan & Lee Chapter 9
©2009
42
Illustration 1:
Hedge of inventory (fair value
hedge)
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31/3/20x4
Inventory
y is sold to third-party
p y at $
$330 p
per ounce ((also maturity
y date of
forward contract
Dr
Forward contract ……………….
Cr
Gain on forward contract ……...
100,000
100 000
100,000
Gain on forward contract: 10,000 x ($330 -$340)
Dr
Loss on inventory ………………
Cr
Inventory ………………………..
120 000
120,000
120,000
Gain on forward contract: 10,000 x ($330 - $342)
Dr
Cash ……………………………..
Cr
Sales …………………………….
3,300,000
3,300,000
Sale of inventory: 10,000
10 000 x $330
Tan & Lee Chapter 9
©2009
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Accounting for a Cash Flow Hedge
Effective Cash Flow Hedge (IAS
39:95)
Effective portion
of gain/ loss
Ineffective portion
of gain/ loss
Recognized
directly in equity
through statement
of changes in
equity
Recognized in profit
or loss
Tan & Lee Chapter 9
©2009
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Accounting for a Cash Flow Hedge
Cash flo
flow hedges are applicable to the following:
follo ing
Forecasted
transactions
involving financial
and
d non-financial
fi
i l
assets/liabilities
which will result
in cash inflow/
outflow
Tan & Lee Chapter 9
IInterest
t
t rate
t
swaps
©2009
Other
transactions
which affect
future
cash flows
45
Effective and ineffective portions
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Scenario
1/1/20 1
1/1/20x1
Entered into futures contract to hedged forecast transaction at
30/4/20x1
Classified as cash flow hedge
∆ in fair value
of future contracts
∆ in present value of
expected future cash
flow
31/1/20x1
$100
$(105)
28/2/20x1
90
(80)
31/3/20x1
103
(105)
30/4/20x1
(38)
45
Period
ending
Tan & Lee Chapter 9
©2009
46
Illustration 2:
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Effective and ineffective portions of a
cash flow hedge
Determination of effective and ineffective portions of a cash flow hedge
Effective
Lesser of
portion
credited/
two
cumulative (debited)
amount in to equity in
absolute
current
terms
period
(c)
(
Ineffective
portion
credited/
(debited)
to income
statement
in current
period
Period
ending
Cumulative
∆ in FV of
future
contracts
(a)
Cumulative
∆ in PV of
expected
cash flow
(b)
31/1/20x1
$100
$(105)
$100
$100
$0
28/2/20x1
190
((185))
185
85
5
31/3/20x1
293
(290)
290
105
(2)
30/4/20x1
255
(245)
245
(45)
7
Tan & Lee Chapter 9
©2009
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•
Hedge of a Net Investment
i a Foreign
in
F
i Entity
E tit
Hedge risk is foreign exchange risk
– Applies to foreign operations whose functional currencies are the
currencies of the country where the foreign operations are located
– Closing
g rate method may
y result in significant
g
translation loss from
depreciating currencies
•
Accounting
g treatment similar to cash flow hedge
g
Hedge effectiveness =
Cumulative change in fair value of hedging instrument (A)
Cumulative translation difference on net investment (B)
– Hedge is effective if the delta ratio is between 0.8 and 1.25.
– Unlike a fair value hedge or a cash flow hedge, a non-derivative is
allowed to be the hedging instrument
instrument, for example
example, a foreign currency
loan.
Tan & Lee Chapter 9
©2009
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Hedge
g of a Net Investment in a Foreign
g Entity
y
Scenario
Functional currency is the dollar ($)
Acquired 100% interest in foreign company (functional currency is FC)
31/12/20x3
Exchange rate is $1.85 to FC1
Loan of FC1
FC1,200,000
200 000 at 5% interest taken to hedge foreign investment
Foreign currency translation reserves showed $15,000 (credit balance)
31/12/200x4
31/12/200
Exchange rate is $1.70 to FC1
Average rate is $1.78 to FC1
Foreign company reported net profit of FC380,000
Tan & Lee Chapter 9
©2009
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Hedge
g of a Net Investment in a Foreign
g Entity
y
Translation difference in foreign investment’s FS for 31/12/20x4
On net assets on 1/1/20x4 (FC 1,200,000 x $(1.70-1.85) …….
$(180,000)
On net profit for 20x4 (FC380,000 x $(1.70-1.85) ……………..
(30,400)
Translation loss for 20x4
$(210,400)
Foreign currency translation reserves (credit balance)
(195,400)
Journal entries for parent
31/12/20x3
Dr
Cash ……………………………..
Cr
Loan payable …………………...
2 200 000
2,200,000
2,200,000
The loan payable is designated as a hedge of the net investment:
FC1 200 000 x spott rate
FC1,200,000
t off $1
$1.85
85
Tan & Lee Chapter 9
©2009
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Hedge of a Net Investment in a Foreign Entity
31/12/20x4
Dr
Interest expense
p
……………….
Cr
Accrued interest ………………..
106,800
,
106,800
Interest expense during the year at 5% x FC1,200,000 x $1.78
Dr
Accrued interest ………………..
Cr
Cash ……………………………..
Cr
Exchange gain ………………….
106,800
102,000
Taken to equity
4 800 to
4,800
t offset
ff t
translation loss
Settlement of accrued interest at year-end
Dr
Loan payable …………………...
Cr
Foreign currency translation
reserves …………………………
180,000
180,000
Exchange gain on FC loan taken directly to equity:
FC 1,200,000 x ($1.70 - $1.85)
Tan & Lee Chapter 9
©2009
51
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Discontinuation or Termination
of Hedge Accounting
Consideration for discontinuation or termination of hedge accounting
Hedging instrument
has reached maturity
date or is closed off or
terminated
Criteria for
hedge accounting
is no longer met
Hedge designation
is revoked
Accounting treatment depends on type of hedge
Tan & Lee Chapter 9
©2009
52
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Penghentian Lindung Nilai
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•
Evaluation of Hedge Accounting
Objective of hedge accounting
– Reflect effectiveness of hedging activities of a firm
– Reduce volatility of reported earnings
•
Compliance with hedge accounting may result in considerable
expenditure of resources
•
There are challenges in compliance with hedge accounting criteria
for macro hedges
•
Issue is whether the additional costs of compliance more than offset
the benefit of applying hedge accounting
Tan & Lee Chapter 9
©2009
54
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Referensi
Tan & Lee Advance Financial Accounting, ch 9: Accounting
f Derivatives
for
D i ti
and
dH
Hedge
d A
Accounting
ti
PSAK 50 dan 55
IAS 32 dan 39
International Financial Reporting Standards – Certificate
Learning Material The Institute of Chartered Accountants
Accountants,
England and Wales
Materi Public Hearing PSAK 55
dwimartani@yahoo.com atau martani@ui.ac.id
081318227080 / 08161932935
/
Derivatif dan Hedging
Direktorat Jenderal Pengelolaan Utang
Presented : Dwi Martani
Agenda
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1.
Latar Belakang
2.
Akuntansi
3.
Standar Akuntansi
4
4.
Ilustrasi Transaksi
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Derivative
e at e Secu
Securities
t es
Latar Belakang
Market risks
commodity price risk
interest rate risk
foreign currency risk
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Instrumen Keuangan
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Derivative Securities
H e dge s adalah kontrak yang melindungi dari risiko
pasar – misalnya,
misalnya forward,
forward options
options, and swaps.
swaps
De rivat ive se c urit ie s, or sim ply de rivat ive s ,
adalah kontrak yang nilainya diturunkan dari nilai
aset lain atau item ekonomi tertentu – saham/stock,
bond, commodity price,
interest rate, or currency exchange rate
Sulit untuk mencari derivatif yang benar-benar
dapat melindungi diri dari risiko.
Risiko
Ri ik Æ ketidakpastian
k tid k
ti di masa mendatang
d t
Melindungi dari risiko = memastikan
ketidakpastian.
Kontrak lindung nilai memiliki risiko
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Derivative Financial Instruments
A derivative is a financial instrument that meets the
following three criteria:
Its value changes
in response to a
change in an
“underlying”
Requires little or
no initial
investment
Settled at a future
date
Scope Exemption:
IAS 39:5 exempts contracts which meet the definition of a
derivative from the standard if the contract is entered into
to meet the entity’s usual purchase, sale or usage
requirements
Tan & Lee Chapter 9
©2009
6
Derivative Securities
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Instrumen keuangan atau kontrak lain
dengan karakteristik:
Nilainya berubah akibat dari perubahan
variabel yg mendasari (spt suku bunga,
bunga harga,
harga
nilai tukar, dll).
Tanpa investasi awal neto atau nilainya lebih
k il dari
kecil
d i nilai
il i kontrak
k t k sejenis
j i yang memberi
b i
pengaruh yang sama thd perubahan faktor
pasar.
Diselesaikan pd tgl tertentu di masa
mendatang.
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Tujuan Akuntansi Hedging
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Klasifikasi Derivatif
F
Freestanding
t di derivatif
d i tif
( ti
(option,
forward contract, swap, future
contract)
t t)
Embedded derivatif
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Derivative Financial Instruments
Example of derivative instruments and their underlying
Types of derivative
instruments
Underlying
Used by
Option contracts
(call and put)
Security price
Producers, trading firms
Producers
firms,
financial institutions, and
speculators
Forward
F
d contracts
t t
e.g. foreign exchange
forward contract
Foreign
F
i
exchange rate
V i
Various
companies
i
Future
F
t
contracts
t t
e.g. commodity futures
Commodity
C
dit
prices
Producers
P
d
and
d
consumers
Swaps
Interest rate
Financial institutions
Tan & Lee Chapter 9
©2009
10
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Derivative Securities
Derivatives
e at es
Hedge
Fair Value
Hedge
Speculative
Cash Flow
Hedge
Foreign
Currency
Hedge
Fair Value
Hedge
Cash Flow
Hedge
Hedge of Net
Investment in
Foreign
O
Operation
ti
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Derivative Financial Instruments
• Use of derivatives
1. Manage market risk
2. Reduce borrowing cost
3. Profit from trading or speculation
• Types of derivatives
1 For
1.
Forward
ard type
t pe derivatives
deri ati es such
s ch as forward
for ard contracts,
contracts ffuture
t re
contracts and swaps
2. Option-type derivatives such as call and put options, caps and
collars and warrants
3. Free standing derivatives
4. Embedded derivatives
Tan & Lee Chapter 9
©2009
12
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Forward Contracts
•
An agreement between two parties (counterparties) whereby one
party agrees to buy and the other party agrees to sell a specified
amount (notional amount) of an item at a fixed price (forward rate)
for delivery at a specified future date (forward date)
•
Can either be a forward purchase contract or a forward sales
contract, depending on the perspective of the counterparties
“A” Company
Sells Forward
Contract
“Forward sales contract”
Tan & Lee Chapter 9
“B” Company
“Forward purchase contract”
©2009
13
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Forward Contracts
• Not standardized contracts as they are not traded on an
exchange
– They entail counterparty risks
– They are can be tailored to specific needs of counterparties
– They involve lower transaction costs
• Fair value of forward contract:
Notional x
amount
where
(׀Current forward rate – contracted forward rate )׀
(1+r)
t
Contracted forward rate is forward rate
fixed at inception
r = discount rate
Current forward rate is forward rate for
remaining period to maturity
t = period to maturity
At inception date, the fair value of a forward contract is nil.
Tan & Lee Chapter 9
©2009
14
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Future Contracts
•
A future contract is similar to a forward contract except that it is a
standardized contract and is traded on an exchange
•
Futures contracts are marked-to-market and settled on a daily basis
•
Futures contracts require payment of a margin deposit which has to
be maintained throughout the contract period
•
Wide range of exchange-traded future contracts
– Commodity futures
– Interest rate futures
– Currencyy futures
Tan & Lee Chapter 9
©2009
15
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Option Contracts
•
Contract that gives holder the right but not the obligation to buy or
sell a specified item at a specified price
•
2 type of option contracts
1. Call option – right, but not obligation to buy
2. Put option – right, but not obligation to sell
•
Can be American option (exercisable anytime to expiration) or
European option (exercisable only on maturity date)
•
Can also be customized (not traded) or standard contract quoted on
exchange (listed options)
Tan & Lee Chapter 9
©2009
16
Option Contracts
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•
Main features
– Purchaser (holder) pays premium to seller (writer of option)
– Holder has the right, but not obligation to perform; while write has
obligation
g
to p
perform
– Asymmetrical pay-off profile
• Holder has limited loss (due to premium) and unlimited gain
• Writer has limited g
gain and unlimited loss
Relationship between the strike price and the underlying
Strike price>
Underlying
y g
(spot price)
Strike price>
Underlying
y g
(spot price)
Strike price>
Underlying
y g
(spot price)
Holder of call
option
Out-of-the-money
At-the-money
In-the-money
Holder of put
option
In-the-money
At-the-money
Out-of-the-money
Tan & Lee Chapter 9
©2009
17
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•
Option Contracts
Fair value of option contract
Fair value of an option = Intrinsic value + Time value
Listed options = quoted price
Not traded options = Valuation
model ( Black-Scholes model)
Diminishes over time
Zero at expiration
Call option = Max [0, Notional amount x (Spot price – Strike Price)
Put option = Max [0, Notional amount x (Strike price – Spot Price)
Tan & Lee Chapter 9
©2009
18
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•
Embedded Derivatives
Derivative that is part of a hybrid financial instrument
Hybrid Instrument
Host Instrument
Embedded derivative:
Linked to underlying and change in
underlying causes change in cash flow
•
Example is bond whose ultimate proceed are linked to price of
commodity, such as oil, or to a consumer price index
Tan & Lee Chapter 9
©2009
19
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•
Split Accounting of Embedded Derivatives
IAS 39 requires embedded derivatives to be separately recognized
from the host instrument and accounted for in the same way as a
stand-alone derivative if the following conditions are met:
Conditions for separation of embedded derivative
Economic
characteristics and risk
of host instrument are
not closely related to
that of the derivative
Tan & Lee Chapter 9
There is a separate
instrument with same
terms as the embedded
derivative
©2009
Hybrid instrument is not
measured at fair value,
with changes in fair
value recognized in
profit and loss
20
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Accounting for Derivatives
Default accounting treatment for derivatives under IAS 39:
• Derivatives are classified under the Fair Value through Profit or
Loss category and changes in their fair values are taken to income
statement
• Exception - when a derivative is designated as a hedge of an
identified risk and the hedge is effective
effective. In this case
case, accounting for
the derivative follows hedge accounting rules
Tan & Lee Chapter 9
©2009
21
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Accounting for Forward Contract
At inception
During life of contract
Dr Forward Contract
(asset)
Cr Gain on forward
contract
No jjournal entry
y as
fair value is nil
Tan & Lee Chapter 9
Closing position or
at expiration
Dr Cash
Cr Forward contract
or
Dr Loss on forward
contract
Cr Forward Contract
(liability)
Dr Forward contract
j
fair value and
Adjust
record gain/loss
Close out and record
net settlement of
contract
©2009
Cr Cash
22
Accounting for Future Contract
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At inception
During life of contract
Dr Cash
Cr Gain on future
contract
Dr Margin deposit
Cr Cash
payment
y
of
Record p
initial margin deposit
Tan & Lee Chapter 9
Closing position or
at expiration
Dr Cash
Dr Gain on future
f t re
contract
Cr Margin Contract
or
Dr Loss on futures
contract
Cr Cash
Dr Cash
Cr Loss on future
contract
Cr Margin Contract
Record dailyy
settlement of future
contracts
Close out and recover
margin deposit
©2009
23
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Purchased Option Contract
At inception
During life of contract
Dr Option Contract
Cr Gain on future
contract
Dr Option contract
(asset)
Cr Cash
Closing position or
at expiration
Dr Cash*
Dr Gain on option
contract
Cr Option Contract
or
Dr Loss on futures
contract
Cr Option
p
Contract
Dr Cash*
Cr Loss on option
contract
Cr Option Contract
(* assume expires in-the-money)
payment
y
of
Record p
initial margin deposit
Tan & Lee Chapter 9
Adjust
j
for fair value
and record gain/loss
©2009
Close out and record
net settlement of
contract
24
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Written Option Contract
At inception
During life of contract
Dr Option Contract
Cr Gain on future
contract
Dr Cash
Cr Option contract
(liability)
or
Dr Loss on futures
contract
Cr Option
p
Contract
Closing position or
at expiration
Dr Option contract
Cr Gain on Option
Contract
(Expires out-of-themoney)
Dr Option contract
Dr Loss on option
Cr Cash
(Expires in-the-money)
Record p
payment
y
of
initial margin deposit
Tan & Lee Chapter 9
Adjust
j
for fair value
and record gain/loss
©2009
Close out and record
net settlement of
contract
25
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•
Hedging
Propose is to neutralize an exposed risk
– Loss on hedge item offset by gain on hedging instrument
– Reduce volatility than preserve gains
•
Other ways of hedging through non-derivative derivatives
– Money market instruments (money market hedge)
– Natural hedge (offsetting foreign currency assets and liability in the
same currency)
•
Special accounting rules called “hedge
hedge accounting
accounting” applies when
derivatives are used for hedging purposes
Tan & Lee Chapter 9
©2009
26
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Rationale of Hedge Accounting
•
Arises because of the mismatch of income-offsetting
income offsetting effect between
hedged item and hedging instrument
•
Situations requiring hedge accounting
– Hedge item and hedging instrument are measured using different bases
(One is at cost while the other is at fair value)
– Hedged item yet to be recognized in financial statement
– Different treatment for changes in fair value (changes taken to equity
while the other is taken to income statement)
Tan & Lee Chapter 9
©2009
27
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Risks That Qualify for Hedge Accounting
Interest rate risk
Foreign exchange risk
Spec c risks
Specific
s s
that qualify for
hedge accounting
Risks must be specific risk,
not general business risks
Tan & Lee Chapter 9
Price risk
Credit risk
Possible for a derivative to
hedge more than one risk
©2009
28
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Qualifying Hedging Instruments
(IAS 39: 72 – 73)
• Instruments that qualify include:
– D
Designated
i
t dd
derivatives
i ti
((exceptt written
itt options)
ti
)
– Embedded Derivatives
– Designated non-derivatives financial asset/ liability that hedge
f i exchange
foreign
h
risks
i k only
l
• Value used to determine hedge effectiveness
– If used in its entirety, fair value is used
– If broken into time value and intrinsic value, permissible to use
intrinsic value. However, it must be explicitly documented at
inception
• If derivative is used as a hedge of more than 1 risk
– Individual designated component must meet hedge accounting
criteria
– Permissible for portion of notional amount to be designated
Tan & Lee Chapter 9
©2009
29
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Qualifying
y g Hedged
g Items
(IAS 39: 78 -79)
Qualify
Do not qualify
•
Financial assets and liabilities
with exposure to changes in fair
value
•
Held-to-maturity instruments
(regardless of fixed rate or
variable rate)
•
Non-financial assets exposed to
foreign exchange or price risks
•
Investment in an associated
company
•
Firm commitment
•
g yp
probable forecast
Highly
transaction with exposures to
future cash flows
•
Net investment in foreign entity
Tan & Lee Chapter 9
©2009
30
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Criteria for Hedge Accounting
(IAS 39
39: 88)
C diti
Conditions
tto b
be mett ffor h
hedge
d accounting
ti tto apply
l
Enterprise must have exposure to risk that affects income
statement
Derivative contract specifically entered to hedge underlying
exposure
Hedge must be highly effective
Effectiveness of hedge can be reliably measured
Hedging relationship must be formally documented at the
inception of the hedge
Tan & Lee Chapter 9
©2009
31
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•
•
Assessing Hedge Effectiveness
IAS 39:9 - The degree to which changes in the fair value or cash
flows of the hedged item that is attributable to a hedged risk are
offset by changes in the fair value or cash flow of the hedging
instrument
Hedge effectiveness is evaluated
– Prospectively on inception of hedge; and
– Retrospectively
p
y on an ongoing
g g basis
•
On inception, hedge effectiveness is assessed on
– Comparison of the principal or critical terms
– Historical analysis
– Correlation analysis
Tan & Lee Chapter 9
©2009
32
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Efektivitas Hedging
Efektifitas dihitung secara prospektif dan
retrospektif
H il aktual
Hasil
kt l berada
b d dalam
d l
ki
kisaran
80 125%
Seluruh lindung nilai yang tidak efektif
diakui dalam laporan L/R (termasuk
ketidakefektifan dalam kisaran 80 -125%)
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Efektivitas Hedging
Risks must be identifiable
Risk must be foreseeable
Risk must be realisticallyy measured
Precise attribution of hedging instrument to
hedged
g item
Reason:
p
of hedging
g g in financial report
p should be
Impact
as neutral as possible
Kriteria & Dokumentasi
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Kriteria
Tdpt kebijakan tertulis, tujuan manajemen risiko &
strategi lindung nilai.
Hubungan
H b
li d
lindung
nilai
il i diharapkan
dih
k efektif
f ktif utk
tk saling
li
menghapuskan perubahan nilai wajar.
Dokumentasi
Identifikasi hedged items vs hedging instruments.
Sifat risiko yang dilindungi
Strategi manajemen risiko dan lindung nilai
Penilaian efektifitas instrumen lindung nilai
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Assessing Hedge Effectiveness
•
During the duration of hedge, hedge effectiveness is assessed on
dollar-offset method:
•
Hedge effectiveness ratio (HER):
Hedge effectiveness Changes in fair value or future cash flow of hedging instrument
=
(or delta ratio)
Changes in fair value or future cash flow of hedged item
08
0.8
12
1.25
Effective hedge (IAS 39: AG 105b)
•
Exceptions for effective hedge even if HER falls out of range
– IAS
S 39 a
allows
o s hedge
edge e
effectiveness
ect e ess to be assessed o
on cu
cumulative
u at e bas
basis
s
if hedge is designated and conditions are properly documented
Tan & Lee Chapter 9
©2009
36
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•
Assessing Hedge Effectiveness
Exclusion of time value of certain derivatives to be excluded from
hedge relationship
– Derivative separated into 2 component
1. Time value (options) or interest (forwards)
2. Intrinsic (options) or spot element (forwards)
– Excluded time value taken to income statement as per default treatment
– Should result in highly effective hedge, as intrinsic/ spot component
moves in tandem with underlying, while time/interest component does
not
– If critical terms of hedging instruments and hedged item are exactly the
same, HER should be equal or around 1
Tan & Lee Chapter 9
©2009
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Classification of Hedging Relationships
Causes
Fair value
hedge
Cash flow
hedge
Hedge of a net
investment in a
f i entity
foreign
tit
Tan & Lee Chapter 9
Explanation
Hedge of “the
the exposure to changes in fair value of a
recognized asset or liability or an unrecognized firm
commitment, or an identified portion of such asset, liability
or firm commitment, which is attributable to a particular
risk
i k and
d could
ld affect
ff t profit
fit or loss”
l
” (IAS 39
39:86a)
86 )
Hedge of “the exposure to variability in cash flows that
(i) is attributable to a particular risk associated with a
recognized
i d assett or liliability
bilit ((such
h as allll or some ffuture
t
interest payment on variable debt instrument )or a highly
probable future transaction, and
((ii)) could affect p
profit or loss” ((IAS 39:86b))
Hedge of the foreign currency risk associated with a
foreign operation whose financial statements are required
to be translated into the presentation currency of the
parent company
©2009
38
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Classification of Hedging Relationships
•
The designation of a derivative as a fair value hedge or a cash flow
hedge is determined by the hedged risk, that is, whether the entity
has a fair value exposure or a cash flow exposure
•
An exception where a derivative can be designated as either a fair
value hedge or a cash flow hedge is where the hedged risk is the
foreign exchange risk of a firm commitment
Tan & Lee Chapter 9
©2009
39
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Accounting for a Fair Value Hedge
Hedged Item (recognized asset
or liability or firm commitment)
Hedging Instruments
Change in fair value
Change in fair value
Income statement
Gain (loss) on hedging instrument
offset loss (gain) on hedged item
Balance sheet
Change in fair value adjusted
against carrying amount
Tan & Lee Chapter 9
Change in fair value adjusted
against carrying amount
©2009
40
Illustration 1:
Hedge of inventory (fair value
hedge)
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Scenario
31/10/20x3
Inventory of 10,000 ounces of gold
Carried at cost of $3
$3,000,000
000 000 ($300 per ounce)
Price of gold was $352 per ounce
1/11/20x3
Sold forward contract on 10,000
10 000 ounce for forward price of $350 ounce
Forward contract matures on 31/3/20x4
31/12/20x3
F
Forward
d price
i ffor 31/3/20
31/3/20x4
4 contract
t t was $340 per ounce and
d spott price
i
of gold was $342 per ounce
Hedge effective ratio of 1 on 31/12/20x3
Tan & Lee Chapter 9
©2009
41
Illustration 1:
Hedge of inventory (fair value
hedge)
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1/11/20x3
No entry or just a memorandum entry as the fair value of the forward
contract is nil
31/12/20 3
31/12/20x3
Dr
Forward contract ……………….
Cr
C
Gain on
Ga
o forward
o a d contract
co t act ……...
100,000
100,000
00,000
Gain on forward contract: 10,000 x ($340 -$350)
Dr
Loss on inventory ………………
Cr
Inventory ………………………..
Taken to income
statement
100 000
100,000
100,000
Gain on forward contract: 10,000 x ($342 - $352)
Tan & Lee Chapter 9
©2009
42
Illustration 1:
Hedge of inventory (fair value
hedge)
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31/3/20x4
Inventory
y is sold to third-party
p y at $
$330 p
per ounce ((also maturity
y date of
forward contract
Dr
Forward contract ……………….
Cr
Gain on forward contract ……...
100,000
100 000
100,000
Gain on forward contract: 10,000 x ($330 -$340)
Dr
Loss on inventory ………………
Cr
Inventory ………………………..
120 000
120,000
120,000
Gain on forward contract: 10,000 x ($330 - $342)
Dr
Cash ……………………………..
Cr
Sales …………………………….
3,300,000
3,300,000
Sale of inventory: 10,000
10 000 x $330
Tan & Lee Chapter 9
©2009
43
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Accounting for a Cash Flow Hedge
Effective Cash Flow Hedge (IAS
39:95)
Effective portion
of gain/ loss
Ineffective portion
of gain/ loss
Recognized
directly in equity
through statement
of changes in
equity
Recognized in profit
or loss
Tan & Lee Chapter 9
©2009
44
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Accounting for a Cash Flow Hedge
Cash flo
flow hedges are applicable to the following:
follo ing
Forecasted
transactions
involving financial
and
d non-financial
fi
i l
assets/liabilities
which will result
in cash inflow/
outflow
Tan & Lee Chapter 9
IInterest
t
t rate
t
swaps
©2009
Other
transactions
which affect
future
cash flows
45
Effective and ineffective portions
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Scenario
1/1/20 1
1/1/20x1
Entered into futures contract to hedged forecast transaction at
30/4/20x1
Classified as cash flow hedge
∆ in fair value
of future contracts
∆ in present value of
expected future cash
flow
31/1/20x1
$100
$(105)
28/2/20x1
90
(80)
31/3/20x1
103
(105)
30/4/20x1
(38)
45
Period
ending
Tan & Lee Chapter 9
©2009
46
Illustration 2:
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Effective and ineffective portions of a
cash flow hedge
Determination of effective and ineffective portions of a cash flow hedge
Effective
Lesser of
portion
credited/
two
cumulative (debited)
amount in to equity in
absolute
current
terms
period
(c)
(
Ineffective
portion
credited/
(debited)
to income
statement
in current
period
Period
ending
Cumulative
∆ in FV of
future
contracts
(a)
Cumulative
∆ in PV of
expected
cash flow
(b)
31/1/20x1
$100
$(105)
$100
$100
$0
28/2/20x1
190
((185))
185
85
5
31/3/20x1
293
(290)
290
105
(2)
30/4/20x1
255
(245)
245
(45)
7
Tan & Lee Chapter 9
©2009
47
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•
Hedge of a Net Investment
i a Foreign
in
F
i Entity
E tit
Hedge risk is foreign exchange risk
– Applies to foreign operations whose functional currencies are the
currencies of the country where the foreign operations are located
– Closing
g rate method may
y result in significant
g
translation loss from
depreciating currencies
•
Accounting
g treatment similar to cash flow hedge
g
Hedge effectiveness =
Cumulative change in fair value of hedging instrument (A)
Cumulative translation difference on net investment (B)
– Hedge is effective if the delta ratio is between 0.8 and 1.25.
– Unlike a fair value hedge or a cash flow hedge, a non-derivative is
allowed to be the hedging instrument
instrument, for example
example, a foreign currency
loan.
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Hedge
g of a Net Investment in a Foreign
g Entity
y
Scenario
Functional currency is the dollar ($)
Acquired 100% interest in foreign company (functional currency is FC)
31/12/20x3
Exchange rate is $1.85 to FC1
Loan of FC1
FC1,200,000
200 000 at 5% interest taken to hedge foreign investment
Foreign currency translation reserves showed $15,000 (credit balance)
31/12/200x4
31/12/200
Exchange rate is $1.70 to FC1
Average rate is $1.78 to FC1
Foreign company reported net profit of FC380,000
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Hedge
g of a Net Investment in a Foreign
g Entity
y
Translation difference in foreign investment’s FS for 31/12/20x4
On net assets on 1/1/20x4 (FC 1,200,000 x $(1.70-1.85) …….
$(180,000)
On net profit for 20x4 (FC380,000 x $(1.70-1.85) ……………..
(30,400)
Translation loss for 20x4
$(210,400)
Foreign currency translation reserves (credit balance)
(195,400)
Journal entries for parent
31/12/20x3
Dr
Cash ……………………………..
Cr
Loan payable …………………...
2 200 000
2,200,000
2,200,000
The loan payable is designated as a hedge of the net investment:
FC1 200 000 x spott rate
FC1,200,000
t off $1
$1.85
85
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Hedge of a Net Investment in a Foreign Entity
31/12/20x4
Dr
Interest expense
p
……………….
Cr
Accrued interest ………………..
106,800
,
106,800
Interest expense during the year at 5% x FC1,200,000 x $1.78
Dr
Accrued interest ………………..
Cr
Cash ……………………………..
Cr
Exchange gain ………………….
106,800
102,000
Taken to equity
4 800 to
4,800
t offset
ff t
translation loss
Settlement of accrued interest at year-end
Dr
Loan payable …………………...
Cr
Foreign currency translation
reserves …………………………
180,000
180,000
Exchange gain on FC loan taken directly to equity:
FC 1,200,000 x ($1.70 - $1.85)
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Discontinuation or Termination
of Hedge Accounting
Consideration for discontinuation or termination of hedge accounting
Hedging instrument
has reached maturity
date or is closed off or
terminated
Criteria for
hedge accounting
is no longer met
Hedge designation
is revoked
Accounting treatment depends on type of hedge
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Penghentian Lindung Nilai
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•
Evaluation of Hedge Accounting
Objective of hedge accounting
– Reflect effectiveness of hedging activities of a firm
– Reduce volatility of reported earnings
•
Compliance with hedge accounting may result in considerable
expenditure of resources
•
There are challenges in compliance with hedge accounting criteria
for macro hedges
•
Issue is whether the additional costs of compliance more than offset
the benefit of applying hedge accounting
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Referensi
Tan & Lee Advance Financial Accounting, ch 9: Accounting
f Derivatives
for
D i ti
and
dH
Hedge
d A
Accounting
ti
PSAK 50 dan 55
IAS 32 dan 39
International Financial Reporting Standards – Certificate
Learning Material The Institute of Chartered Accountants
Accountants,
England and Wales
Materi Public Hearing PSAK 55
dwimartani@yahoo.com atau martani@ui.ac.id
081318227080 / 08161932935
/