Asset PERTEMUAN IV Dr Rilla Gantino, SE., AK., MM MM-FEB

  

Asset

PERTEMUAN IV

Dr Rilla Gantino, SE., AK., MM

MM-FEB

KEMAMPUAN AKHIR YANG DIHARAPKAN

  Mahasiswa mampu menguraikan pengerian asset, jenis-jenis asset dan menilai asset serta mengerti tentang pencatatan Asset dan pelaporannya

• Objective of fnancial reporting
• Financial statements portray fnancial efects of transactions and events by:
• – grouping into broad classes (the elements, eg asset)
• – sub-classify elements (eg assets sub-classifed by their nature or function in the business)
• IAS 1
• – application of IFRSs with additional disclosures when necessary results in a fair presentation (faithful representation of transactions, events and conditions)
• – don’t ofset assets &n liabilities or income &n expenses

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

3 Classifcation concepts

• Information about the nature and amounts of a reporting entity’s economic resources and claims can help users to identify the reporting entity’s fnancial strengths and weadnesses
• That information can help users to:
• – assess the reporting entity’s liquidity and solvency
• – its needs for additional fnancing and how successful it is lidely to be in obtaining that fnancing

  (CF OB13) _{© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org}

4 Classifcation concepts—assets and claims

  

Classifcation concepts—

assets

• Diferent types of economic resources afect a user’s assessment of the reporting entity's prospects for future cash fows diferently
• – existing economic resources (eg accounts receivable and investment property)

  Some future cash fows result directly from

• – Other cash fows result from using several resources in combination to produce and mardet goods or services to customers (eg PPE and intangible assets) Although those cash fows

  cannot be identifed with individual economic

  resources (or claims), users of fnancial reports need to dnow the nature and amount of the resources available for use in a reporting entity’s _{© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org}

  operations (CF OB14)

  5

  Concept—asset An asset is defned as:

• a resource controlled by the entity
• as a result of a past event
• from which future economic benefts are expected to fow to the entity

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  Asset recognition concepts An asset is recognised when:

• it is probable that any future economic beneft associated with the item will fow to the entity; and
• the item has a cost or value that can be measured with reliability

  For some items that satisfy the definition of an asset, significant judgement is required to evaluate whether such items satisfy the recognition criteria. Individual IFRSs provide principles and application guidance.

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  

Unit of account

• • The unit of account is the level at which an asset is

  aggregated or disaggregated for recognition purposes
• Most IFRS do not prescribe the unit of account therefore judgement is required in applying recognition criteria to an entity’s specifc circumstances For example:
• – individually insignifcant items, such as moulds, tools and dies may be aggregated when applying the recognition criteria in IAS 16

• – cows would usually be recognised individually

  whereas bees would usually be recognised as a _{© IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org}

  swarm when applying IAS 41

  9 Assets overview

  9 Assets Intangible Financial Inv Property PP&E Inventory Etc Defined Benefit Deferred Tax Cost CM or RM CM or RM Cost Nil Nil Lo w er o f C o r N R

  V so m e FV M Co st C os t C M o r F

  VM Fa ir va lu e Am C or F

  VM Tax rat es & undisc ounted Tax rat es & undisc ounted FV plan as sets less PUC plan o bligation FV plan as sets less PUC plan o bligation Va rio us Va rio us Classification, recognition and measurement

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  

Classifcation of assets

• Diferent assets exhibit diferent characteristics (nature) and can be held for a variety of uses (use) in order to generate future economic benefts
• Nature and use determine the classifcation of assets
• IFRSs defnes a number of assets For some assets signifcant judgement is
• required to determine their classifcation

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  

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  Asset type

ASSET TYPE USE IN BUSINESS ? FORM OF FUTURE

ECONOMIC BENEFITS

  Inventory (IAS 2) Sale or used in production Usually cash or other asset of items for sale or in received in exchange services

PP&nE (IAS 16) Used in production or Usually cash through sale of ‘fnal’

supply of goods or services, product or service rental or administration (more than one period)

Intangibles (IAS 38) Used in production or Usually cash through sale of ‘fnal’

supply of goods or services product or service

Investment property Earn rentals or capital Usually cash infows independent

  IAS 40) appreciation, or both from other assets Financial assets To generate cash returns or Cash or other fnancial assets (IFRS 9) as a hedging instrument received in exchange

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  Defnition of inventory (IAS

2)

Defnition

  Inventories are assets:

  held for sale in the ordinary course of business;

• in the process of production for sale; or materials or supplies to be used in the
• production for sale

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  

12 Defnition of property, plant and equipment (IAS 16)

  Defnition

Property, plant and equipment (PPE) are

• tangible items that are
• held for use in the production or supply of goods or services, for rental to others, or for administration purposes; and
• are expected to be used during more than one period

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  

13 Defnition of intangible assets (IAS 38) Intangible assets

• assets is similar to that of property, plant and equipment An intangible asset is an identifable non-

  The use within the business of intangible

• monetary asset without physical substance Such an asset is identifable when it is separable, or when it arises from contractual or other legal rights

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  

14 Recognition of internally generated intangible assets (IAS 38)

• generated intangible asset qualifes for recognition because of problems in:

  It is sometimes difcult to assess whether an internally

  a identifying whether and when there is an identifable asset that will generate expected future economic benefts; and b determining the cost of the asset reliably In some

cases, the cost of generating an intangible asset

internally cannot be distinguished from the cost of

maintaining or enhancing the entity's internally

generated goodwill or of running day-to-day operations

• Therefore, special requirements in addition to the general requirements for recognition of an internally generated intangible asset apply

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  

15 Recognition of research costs (IAS 38)

• Expenditure on particular internally generated intangible assets must be recognised as an expense when incurred (eg research activities—the original and

  planned investigation undertaden with the

  prospect of gaining new scientifc or technical dnowledge and understanding

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  

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Recognition of development cost

(IAS 38)

An intangible asset arising from the development phase of an internal project must be recognised if, and only if, an entity can demonstrate all of the following:

• –

  the technical feasibility of completing the intangible asset so that it

  will be available for use or sale
• – its intention to complete the intangible asset and use or sell it
• – its ability to use or sell the intangible asset
• – how the intangible asset will generate probable future economic benefts Among other things, the entity can demonstrate the existence of a mardet for the output of the intangible asset or the

  intangible asset itself or, if it is to be used internally, the usefulness

  of the intangible asset
• –

  the availability of adequate technical, fnancial and other resources

  to complete the development and to use or sell the intangible asset

• – its ability to measure reliably the expenditure attributable to the intangible asset during its development

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  

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  Defnition

• Investment property is land or a building

  (including part of a building) or both, held

  to earn rentals or for capital appreciation

  or both
• It is neither owner-occupied (see IAS 16

  Property, Plant and Equipment) nor held for sale in the ordinary course of business (see IAS 2 Inventories)

  

(IAS 40)

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

18 Defnition of investment property

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  

(IAS 40)

• Sometimes it is difcult to identify

  investment property In such cases an

  entity develops criteria so that it can exercise that judgement consistently

• eg, owner of a hotel transfers some

  responsibilities to third parties under a management contract (PPE or investment property?)

19 Judgements and estimates

  Financial instruments (IFRS

9)

Introduction

• measurement of fnancial assets and completes the frst phase of the project to replace IAS 39 Financial Instruments:

  IFRS 9 prescribes the classifcation and

  Recognition and Measurement

  © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

  

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Classifcation model: fnancial

assets (IFRS 9) Business model test

  FVO for Amortised cost accounting (one impairment mismatch method) Contractual cash (option) flow characteristics Reclassification required when business model changes All other instruments:

  Equities:

• Equities

  Fair Value OCI presentation

• Derivatives

  (No impairment) available

• Some hybrid

  (alternative) contracts

• …

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