a. SFAS No. 50 (Revised 2006),
about? Financial Instruments: Presentationand Disclosure?.
This standard is used for the classification of financial instruments from a prospective publisher, into financial assets, financial liabilities and equity instruments, the classification of related interest, dividends, losses and gains, and the circumstances in which financial assets and financial liabilities should be offset. SFAS No. 50 (Revised 2006) complement the provisions of the recognition and measurement of financial assets and financial liabilities are set out in SFAS No. 55 (Revised 2006). DSAK delay the implementation of SFAS No. 50 (Revised 2006) until January 1, 2010.
b. SFAS No. 55 (Revised 2006),
about? Financial Instruments: Recognition and Measurement?.
SFAS No. 55 (Revised 2006) provides guidelines for the recognition, measurement and derecognition of financial assets and financial liabilities including derivative instruments. These standards also provide guidelines for the recognition and measurement of sales contracts and purchase of non-financial items. DSAK delay the implementation of SFAS No. 55 (Revised 2006) until January 1, 2010.
c. SFAS No. 26 (Revised 2008),
about? Borrowing Costs?.
This standard provides guidance related to the capitalization of borrowing costs as part of the cost of an asset. SFAS No. 26 (Revised 2008) requires that borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset to be capitalized as part of the cost of that asset. SFAS No. 26 (Revised 2008) effective since 1 January 2010.
d. SFAS No. 1 (Revised 2009),
about? Presentation of Financial Statements?.
SFAS No. 1 (Revised 2009) set the foundations for a general purpose financial statement presentation, in order to compare well with the financial statements of prior periods and with other entities' financial statements. SFAS No. 1 (Revised 2009) set the requirements for presentation of financial statements, financial reporting structure, the minimum requirements and content of financial statements requires the Company to publish a complete financial report consisting of Statement of Financial Position, Consolidated Comprehensive Income, Statement of Changes in Equity, Cash Flow, Notes Financial Statements, which contains a summary of significant accounting policies and other explanatory information, Statement of Financial Position at the beginning of the comparative periods are presented when the entity applies an accounting policy retrospectively or to make the restatement of financial statement line items, or when the entity has reclassified items in the report finances. SFAS No. 1 (Revised
2009) is effective for reporting periods beginning on or after January 1, 2011. Early application is encouraged.
e. SFAS No. 2 (Revised 2009),
about? Statement of Cash Flows?.
SFAS No. 2 (Revised 2009) provides specific guidance in preparing the Statement of Cash Flows. SFAS No. 2 (Revised 2009) requires the Company to provide information on relevant historical changes in cash and cash equivalents are classified into operating, investing, and financing. SFAS No. 2 (Revised 2009) is effective for reporting periods beginning on or after January
January 1, 2011.
f. SFAS No. 4 (Revised 2009),
about? Consolidated Financial Statements and Parent Financial Statements?
This standard focuses on the relevance, reliability and comparability of information presented in the consolidated financial statements of the Company and its own financial statements. According to SFAS No. 4 (Revised 2009), non-controlling interests (previously called minority interests) must be presented in the Statement of Financial Position in the equity, separate from the parent entity's equity owners. At the time the company makes its own financial statements, investments in subsidiaries should be carried at cost in accordance with SFAS No. 4 (Revised 2009). SFAS No. 4 (Revised 2009) is effective for reporting periods beginning on or after January 1, 2011.
g. SFAS No. 5 (Revised 2009),
about? Segment Operations?.
SFAS No. 5 (Revised 2009) requires the Company to disclose information that enables the users of the consolidated financial statements to evaluate the nature and financial impact of business activity.
SFAS No. 5 (Revised 2009) broaden the definition of operating segments and the procedures used to identify and report the operating segments. SFAS No. 5 (Revised 2009) is effective for reporting periods beginning on or after January 1, 2011. Earlier application is permitted.
h. SFAS No. 10 (Revised 2009),
about? Effect of Changes in Value Foreign Exchange Rates?.
SFAS No. 10 (Revised 2009) broaden the definition of functional currency and the factors considered in determining the functional currency of an entity as well as provide guidance in the reporting of transactions in foreign currency translation at the presentation currency, and translation of foreign operations. In the translation of foreign operations, goodwill arising from acquisition of the foreign operation and any fair value adjustments to the carrying value of assets and liabilities stated in functional currency and translated at the closing exchange rate. SFAS No. 10 (Revised
2009) is effective for reporting periods beginning on or after January 1, 2011.
i. SFAS No. 12 (Revised 2009)
about? Section Participation in Joint Venture?.
SFAS No. 12 (Revised 2009) provides guidance on accounting and reporting of ownership in the joint venture in the financial statements of venturers. Venturers have to acknowledge the participation in joint control of assets in its financial statements. Venturers have to admit that controlled assets, liabilities and expenses incurred and the revenue in its financial statements in the joint control operations. Participate venturers have to admit part in joint control entity using proportionate consolidation or equity method. SFAS No. 12 (Revised 2009) is effective for reporting periods beginning on or after January 1, 2011. Early adoption is encouraged.
j. SFAS No. 15 (Revised 2009)
about? Investments in Associated Entities?.
SFAS No. 15 (Revised 2009) be applied in accounting for investments in associate entities, namely an entity, including non-corporate entities such as partnerships, where the investor has significant influence and not an entity . Investments in associates accounted for using the equity method. SFAS No. 15 (Revised 2009) is effective for reporting periods beginning on or after January 1, 2011.
Early adoption of SFAS No. 15 (Revised 2009) is recommended.
k. SFAS No. 25 (Revised 2009)
about? Accounting Policies, Changes in Accounting Estimates and Errors?.
SFAS No. 25 (Revised 2009) requires the Company to disclose the impact which might arise from the application of financial accounting standards are new to the financial statements at the beginning of the implementation period.
SFAS No. 25 (Revised 2009) also provides guidance to record and reveal errors, changes in accounting estimates and accounting policy changes. SFAS No. 25 (Revised 2009) is effective for reporting periods beginning on or after January 1, 2011.
Early application is encouraged.
l. SFAS No. 48 (Revised 2009)
about? Impairment of Assets?.
SFAS No. 48 (Revised 2009) provides a procedure to identify and measure the cash generating unit of asset impairment. An impairment loss should be recorded to a cash-generating unit when the unit's recoverable amount is less than its carrying value. An impairment loss should be allocated to reduce the carrying amount of any goodwill allocated to cash generating units and to other assets of the unit is divided pro rata on the basis of the carrying amount of each asset in the unit. SFAS No. 48 (Revised 2009) requires the Company to assess at the end of each reporting period whether there are indications which show that an asset is impaired and impairment losses recognized in prior periods for assets other than goodwill is not there anymore.
SFAS No. 48 (Revised 2009) is effective for reporting periods beginning on or after January 1, 2011. Companies should apply prospectively.
m. SFAS No. 57 (Revised 2009)
about? Provisions Contingent Liabilities and Contingent Assets?.
In August 2009, DSAK issued SFAS No. 57 (Revised 2009), about? Provisions, Contingent Liabilities and Contingent Assets? which replaces SFAS No. 57, about? Provisions, Contingent Liabilities and Contingent Assets?. SFAS No. 57 (Revised 2009) provides guidance to recognize and express the application of estimated liabilities, contingent liabilities and contingent assets. SFAS No. 57 (Revised 2009) is effective for reporting periods beginning on or after January 1, 2011. Early adoption of SFAS No. 57 (Revised 2009) is recommended.
n. SFAS No. 58 (Revised 2009)
about? Non-Current Assets that Held for Sale and Discontinued Operations?.
SFAS No. 58 (Revised 2009) expanded the classification guidelines and measurement of assets available for sale. Assets available for sale are presented as current assets and separate from any other heading. SFAS No.
58 (Revised 2009) is effective for reporting periods beginning on or after January 1, 2011. Early implementation encouraged.
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