PSAK 71 adopsi IFRS 9

Summary

This video discusses the application of PSAK 71 on financial instruments in Indonesia. PSAK 71, adopted from IFRS 9, standardizes financial reporting for Indonesian companies. The key aspects covered include the classification and measurement of financial assets, impairment or loss provisions, and hedge accounting. The video explains the three classifications: amortized cost, fair value through other comprehensive income (FVTOCI), and fair value through profit or loss (FVTPL). It also delves into the criteria for classifying financial assets based on contractual cash flow characteristics and business models, as well as the methods for impairment calculation.

Takeaways

• 😀 PSAK 71 is a financial accounting standard issued by the Indonesian Institute of Accountants (IAI) to guide the recording and reporting of financial instruments in Indonesia.
• 📚 PSAK 71 adopts the International Financial Reporting Standard (IFRS) 9 issued by the International Accounting Standards Board (IASB).
• 🔍 PSAK 71 consists of three main parts: classification and measurement of financial assets, impairment, and hedge accounting.
• 📊 Financial assets under PSAK 71 are classified into three categories: amortized cost, fair value through other comprehensive income (FVTOCI), and fair value through profit or loss (FVTPL).
• 📉 Impairment under PSAK 71 requires financial assets to be measured at fair value, and if there is a decrease in value, a loss allowance must be established.
• 🔒 Hedge accounting under PSAK 71 explains how financial transactions can be recorded as hedging transactions to mitigate market risk.
• 📝 In SMF, financial assets are classified based on the contractual cash flow characteristics (SPPI test) and the business model test.
• 📊 The classification includes amortized cost, FVTOCI, and FVTPL, determined by passing the SPPI test and the business model test.
• 🏦 Financial products like demand deposits and term deposits in SMF are classified under amortized cost after passing the SPPI test and the business model test.
• 💡 The calculation of impairment loss (CKPN) in SMF is done individually or collectively, with individual assessment focusing on higher-risk clients.

Q & A

What is PSAK 71 and who issues it?

PSAK 71, or the Indonesian Financial Accounting Standards Statement No. 71, is issued by the Indonesian Institute of Accountants (IAI). It serves as a standard guideline for accounting and financial reporting for all companies in Indonesia.

What international standard is PSAK 71 based on?

PSAK 71 is based on IFRS 9 (International Financial Reporting Standard No. 9), issued by the International Accounting Standards Board (IASB).

What are the three main parts of PSAK 71 implementation?

The three main parts of PSAK 71 implementation are: 1) Classification and measurement of financial assets, 2) Impairment of financial assets, and 3) Hedge accounting.

What are the three classifications of financial assets under PSAK 71?

The three classifications are: 1) Amortized Cost, 2) Fair Value Through Other Comprehensive Income (FVOCI), and 3) Fair Value Through Profit or Loss (FVTPL).

What criteria are used to classify financial assets in PSAK 71?

Financial assets are classified based on two criteria: 1) The contractual cash flow characteristics test (SPPI test) and 2) The business model test, which evaluates how the asset is managed.

What is the SPPI test in PSAK 71?

The SPPI (Solely Payments of Principal and Interest) test determines if the contractual terms of a financial asset give rise to cash flows that are solely payments of principal and interest on specified dates.

How does the business model test classify financial assets?

The business model test classifies financial assets based on the entity's intention for holding the asset: 1) For collecting contractual cash flows, 2) For both collecting cash flows and selling the asset, and 3) For other business models, leading to classifications as Amortized Cost, FVOCI, and FVTPL respectively.

What is the treatment of financial instruments that do not pass the SPPI test?

Financial instruments that do not pass the SPPI test are classified as Fair Value Through Profit or Loss (FVTPL).

How are financial assets measured for impairment under PSAK 71?

Financial assets are measured for impairment based on their fair value. If there is a decline in value, a loss allowance for impairment must be established.

What are the key elements of the collective impairment assessment method under PSAK 71?

The collective impairment assessment involves parameters such as product segmentation, staging criteria, Probability of Default (PD), Loss Given Default (LGD), and Exposure at Default (EAD). These parameters help estimate the expected credit losses for groups of financial assets.

How is the business model consistency tested in PSAK 71?

The business model consistency is tested using four parameters: management reports, Key Performance Indicators (KPIs), asset sales information, and risk mitigation strategies. This ensures that the business model is consistently applied.

What are the three staging criteria for financial assets in PSAK 71?

The three staging criteria are: 1) Stage 1: No significant increase in credit risk, 2) Stage 2: Significant increase in credit risk, and 3) Stage 3: Default event has occurred.

What is the process for calculating the impairment loss for individual financial assets under PSAK 71?

The impairment loss for individual financial assets is calculated by projecting cash flows from the borrower, discounting them at the effective interest rate, and comparing the present value of these cash flows to the asset's carrying amount. If the present value is lower, the difference is the impairment loss.

What role do macroeconomic factors play in forward-looking adjustments under PSAK 71?

Macroeconomic factors, such as GDP growth, are incorporated into the forward-looking adjustments to the Probability of Default (PD) to better reflect potential future credit losses in the economic context.