LECTURE 7ASSETS

ARTHIK DAVIANTI, SE. MSI. AK. CA.

ASSETS DEFINED

IASB (AASB) Framework for the Preparation and Presentation of Financial Statements:

an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity

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ASSETS DEFINED

Three essential characteristics: future economic benefits control by an entity past events

exchangeability recognition rules

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ASETKerangka Dasar Penyusunan dan Penyajian Laporan Keuangan (KDPPKL) SAK per efektif 1 Januari 2015Paragraf 49:Aset adalah sumber daya yang dikuasai oleh perusahaan sebagai akibat dari peristiwa masa lalu dan sumber manfaat ekonomik di masa depan diharapkan akan diperoleh perusahaan.

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ASETParagraf 53:Manfaat ekonomik masa depan yang terwujud dalam asset adalah potensi dari asset tersebut untuk memberikan sumbangan, baik langsung maupun tidak langsung, arus kas dan setara kas kepada perusahaan.Paragraf 58:Aset perusahaan yang berasal dari transaksi atau peristiwa lain yang terjadi di masa lalu.

FUTURE ECONOMIC BENEFITS

Future economic benefits are the potential to contribute, either directly or indirectly, to the flow of cash and cash equivalents to the entity – revenue generating operating activities. Pursue objectives, both: profit seeking entity not-for-profit entity

Relate to economic resources’ characteristics scarcity utility

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Paton (1962), Sprague (1907), Canning (1927), Paton & Littleton (1940), Vatter (1947), and Peirson (1988): An asset is something that exists now Has the capability of rendering service

or benefit currently or in the future The concept of an asset distinguishes

between the object, such as a building or machine, and the service or benefit embodied in it

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FUTURE ECONOMIC BENEFITS

MANFAAT EKONOMIK MASA DEPAN

Paragraf 55 (KDPPLK):Manfaat ekonomik masa depan yang terwujud dalam asset dapat mengalir ke dalam entitas dengan berbagai cara. Sebagai contoh, aset dapat:a. Digunakan baik sendiri maupun bersama

dengan aset lain;b. Dipertukarkan dengan asset lain; c. Digunakan untuk menyelesaikan liabilitas;

ataud. Dibagikan kepada para pemilik perusahaan.

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CONTROL BY AN ENTITY The economic benefit must be controlled by the entity (Ijiri, 1967). An entity’s right to use or control an asset is never absolute – based on regulation. Ownership is often concurrent with control, but it is not an essential characteristic of an asset Legal concepts as guidelines only – does not rely on legal enforceability

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PAST EVENTS Control as a result of a past event Planned assets are excluded Event can be interpreted in different ways Executory contracts, such as leases,

non-cancellable purchase contracts, and forward exchange contract.

Meet recognition test – rights to future performance

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EXCHANGEABILITY Some argue that a 4th essential characteristic is that an asset be exchangeable Separable from an entity MacNeal (1939): A good that lacks exchangeability must lack economic value because its purchase or sale must forever remain impossible, and thus no market price for it can ever existgoodwillsubject to evaluation not measurement 11

Condition – ‘recognition rules’ as support The extent and timing of the recognition of assets is important because it can have economic consequences for preparers and users of financial statements Recognising assets on the balance sheet involves recognition rules conventions authoritative pronouncements

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ASSET RECOGNITION

Recognition criteria the future economic benefits must be

probable the asset must be capable of being

measured reliably Past recognition criteria reliance on the law determination of economic substance of

the transaction or event use of the conservatism principle:

anticipate losses, but not gains13

ASSET RECOGNITION

PENGAKUAN ASET

Paragraf 89 (KDPPLK):Aset diakui dalam neraca jika besar kemungkinan bahwa manfaat ekonomiknya di masa depan diperoleh perusahaan dan asset tersebut mempunyai nilai atau biaya yang dapat diukur dengan andal.

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ASSET MEASUREMENT

All the elements of accounting are linked and measurement of profit flows from measurement of the change in net assets The rules and practices governing asset recognition and measurement will also affect measurement of profit and, in turn, capital (equity)

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ASSET MEASUREMENT Once the definition and recognition criteria have been met, the accountant must decide how to measure the asset several measurement approaches

available (Ch 5 & 6) qualitative characteristics of financial

information Once measured on balance sheet restricted to just note disclosure

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PENGUKURAN UNSUR LAPORAN KEUANGAN

Paragraf 99-100 (KDPPLK):Pengukuran adalah proses penetapan jumlah uang untuk mengakui dan memasukkan setiap unsur laporan keuangan dalam neraca dan laporan laba rugi.Dasar pengukuran: biaya historis, biaya kini (current cost), nilai realisasi/penyelesaian (realizable/settlement value), nilai sekarang (present value)Pengukuran nilai wajar (PSAK 68)

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TANGIBLE ASSETS Traditional approach has been to measure assets at historical cost. The main measurement – the cost (modified cost) model. IASB standards permit subsequent remeasurement using a number of approaches – fair value (IAS 16 & 40)

exit value or value in use UK and Australian firms could use values other than historical cost for many years – revalue land.

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Againts the use of current measurement model: Unreliable – estimated rather than

observed. Subjective – management may be self-

interested in their choice.Asset revaluations are value relevant (Barth and Clinch, 1998).

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TANGIBLE ASSETS

INTANGIBLE ASSETS Use the cost and fair (revaluation) model. Accounting measurement has generally been conservative cost (less accumulated amortisation

and impairment) is commonly used fair values from an active market internally generated intangibles

cannot be recognised

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ASET TETAP & TAKBERWUJUDPSAK 16 ASET TETAPPengukuran: biaya perolehan, jumlah tercatat, jumlah tersusutkan, nilai wajar, nilai residu dari asset, nilai spesifik entitas, penyusutan, rugi penurunan nilai, umur manfaat, dan jumlah terpulihkan.PSAK 19 ASET TAKBERWUJUDPengukuran:Model biaya: biaya perolehan (dikurangi amortisasi)Model revaluasi: jumlah revaluasian (nilai wajar dikurangi akumulasi amortisasi).

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FINANCIAL INSTRUMENTS Financial assets and liabilities [IAS 39 – Financial Instruments: Recognition and Measurement (1998) – IFRS 9 – Financial Instrument (2009)] Measurement of financial instrument - complex FASB/IASB derivatives are measured at fair value rather

than cost IASB committed to the use of fair value

measurement for financial instruments

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FINANCIAL INSTRUMENTS

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Type of financial asset Measurement methodOriginal bolas and receivables

Amortised cost

Held-to-maturity investments

Amortised cost – subject to review of impairment in value

Available-for-sale securities

Fair value, with gains or losses from measurement recognised in equity

Financial assets held for trading – fair value

Fair value, with gains and losses arising on remeasurement taken to profit and loss

INSTRUMEN KEUANGAN

PSAK 50 Instrumen Keuangan: PenyajianNilai wajar adalah harga yang akan diterima untuk menjual suatu asset atau harga yang akan dibayar untuk mengalihkansuatu liabilitasdalamtransaksi teratur antara pelaku pasar pad tangal pengukuran (lihat PSAK 68: Pengukuran Nilai Wajar)

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CHALLENGES FOR STANDARD SETTERS

FASB/IASB intend to address the issue of measurement in Phase C of the conceptual framework project consider measurement concepts,

principles and terms evaluate and rank measurement methods

based on qualitative characteristics Fair value is the frontrunner of measurement model Both the IASB and FASB support greater use of fair value measurement

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HOW TO CALCULATE FAIR VALUE MEASUREMENT

Various valuation techniques to calculate fair value the market approach

observable prices actual transaction data

PSAK 68 Pengukuran Nilai WajarParagraf 61 – sesuai keadaan dan data yang memadai tersedia untuk mengukur nilai wajar.

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HOW TO CALCULATE FAIR VALUE

MEASUREMENT Various valuation techniques:the income approachconversion of future amounts - cash flows or earnings – to a single discounted present amount

the cost approachthe amount that currently would be required to replace its service capacity (current replacement cost)

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HOW TO CALCULATE FAIR VALUE MEASUREMENT

The valuation must emphasise market inputs assumptions and data that market

participants would use in their estimates of fair value

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Three hierarchical levels for the inputs Level 1 – quoted prices for identical

items in active markets, without adjustment

Level 2 – quoted prices for similar items in active markets, adjusted as appropriate for differences

Level 3 – estimated fair value using multiple valuation techniques consistent with the market, income and cost approaches

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HOW TO CALCULATE FAIR VALUE MEASUREMENT

ISSUES FOR AUDITORS Auditing fair values creates difficulties because it requires the application of valuation models, and, frequently, the use of valuation experts Auditors need to understand the client firm’s processes and

relevant controls for determining fair values make a judgement on whether the client firm’s

measurement methods and assumptions are appropriate and likely to provide a reasonable basis for the fair value measurement

appreciate management’s potential biases and likely errors – incentives

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SOURCE:GODFREY, HODGSON, HOLMES, AND TARCA (2012)

ACCOUNTING THEORY 7 TH EDITIONIAI (2015) STANDAR AKUNTANSI KEUANGAN

PER EFEKTIV 1 JANUARI 2015