OVERVIEW FINANCIAL REPORTING ISSUES RELATED TO ...

OVERVIEW FINANCIAL REPORTING ISSUES

RELATED TO INVESTMENT IN STOCK/ EQUITY

PENYANGKALAN:Segala pernyataan atau pendapat yang diberikan oleh Penyaji merupakan pandangan

pribadi dan tidak mewakili Komite/Divisi atau Organisasi apapun.

PPL ONLINE IAPI VIA ZOOM WEBINAR, 24 & 26 March 2021Presented by: Dr. Hendang Tanusdjaja, CPA, CPMA, CA

Dosen FEB Universitas Tarumanagara

1

RELATIONSHIPS WITH OTHER ENTITIES

Three types of close relationships established by the investor with other entities:

1.parent–subsidiary

2.investor–associate

3.joint arrangements.

2

NEW CONCEPT OF CONTROL - ACCOUNTING PRINCIPLE: IFRS 10/PSAK 65

• IFRS 10 requires that consolidated financial statements should be prepared where a parent entity controls an investee (i.e. a subsidiary entity).

• Essential attributes of control

• Power over an investee

• Exposure, or rights, to variable returns from an investee

• Link between power and variable returns

3

KONSEP PENGARUH SIGNIFIKAN - PSAK 15(SIGNIFICANT INFLUENCE)

4

Pengaruh signifikan adalah kekuasaan untuk berpartisipasi dalam keputusankebijakan keuangan dan operasional suatu aktivitas ekonomi, tetapi tidakmengendalikan atau mengendalikan bersama atas kebijakan tersebut

• Indikasi kuantitatif

– Hak suara ≥20% dianggap memiliki pengaruh signifikan, kecuali dapat dibuktikan sebaliknya

– Hak suara <20% dianggap tidak memiliki pengaruh signifikan, kecuali dapat dibuktikan sebaliknya

• Indikasi kualitatif

– Keterwakilan dalam dewan direksi dan komisaris atau organ setara

– Partisipasi proses pembuatan kebijakan, termasuk dividen dan distribusi lain

– Transaksi material investor dengan investee

– Pertukaran personel manajerial

– Penyediaan informasi teknis pokok

Mempertimbangkan hak suara potensial

EQUITY INVESTMENT OR EQUITY INSTRUMENT

• IFRS 9 (PSAK 71) does NOT deal with your own (issued) equity instruments like your own shares, issued warrants, written options for equity, etc.

• IFRS 9 (PSAK 71) does NOT deal with equity investments in subsidiaries, associates and joint ventures (look to IFRS 10, IAS 28 and related).

• IFRS 9 (PSAK 71) DOES deal with the equity instruments of someone else, because they are financial assets.

5

https://www.cpdbox.com/ifrs-10-consolidated-financial-statements/

https://www.cpdbox.com/ias-28-investments-associates-joint-ventures/

EQUITY INSTRUMENTS (IFRS 9 OR PSAK 71)

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PARENT WITH AN EQUITY INTEREST IN A SUBSIDIARY• Where the parent entity has an equity interest representing shares

acquired in the subsidiary, the parent will recognise in its own accounts an investment asset account based on the consideration transferred for those shares.

• This asset must be eliminated in full on consolidation, together with the parent’s share of the subsidiary’s pre-acquisition equity (IFRS 10, para. B86(b)).

• If the parent owns 100 per cent of the share capital in the subsidiary, the equity of the group at acquisition date should be equal only to the equity of the parent at acquisition date.

7

PARENT WITH AN EQUITY INTEREST IN A SUBSIDIARY• A parent entity in a group that is required to prepare a set of

consolidated financial statements will include a statement of cash flows that discloses the cash flows of the group.

• Consolidated cash flows should be reported net of cash flows among entities comprising the group.

• Foreign currency translation is required when a foreign subsidiary is a member of a domestic group and a consolidated statement of cash flows is to be prepared.

8

EQUITY METHOD VS CONSOLIDATION METHOD

1. Elimination of intragroup balances is not required

Equity method does not entail line by line aggregation

Perfectly offsetting items and balances are not required

2. Investment in associate is not eliminated

Investment account captures:

Implicit goodwill

Share of fair value of net identifiable assets at acquisition

Share of change in post-acquisition retained earnings and other equity

Realization of profit through dividends

9

PENYAJIAN LAPORAN KEUANGAN TERSENDIRI

• Jika entitas induk juga sebagai investor atau venturer memilih, sesuaidengan PSAK 15: Investasi pada Entitas Asosiasi dan Ventura Bersama paragraf 18, mengukur investasinya dalam entitas asosiasi atau venturabersama pada nilai wajar melalui laba rugi sesuai dengan PSAK 55, entitasjuga mencatat investasi tersebut dengan cara yang sama dalam laporan keuangan tersendirinya.

10

Laporan Keuangan Konsolidasian(Investasi menggunakan Nilai Wajar

Laporan Keuangan Tersendiri (Induk)(Investasi harus juga gunakan Nilai wajar)

PENYAJIAN LAPORAN KEUANGAN TERSENDIRI

❑Ketika entitas berhenti menjadi entitas investasi, maka entitasmencatat perubahan dari tanggal ketika perubahan status tersebutterjadi, yakni: (par, 11B)

✓ Entitas mencatat investasi dalam entitas anak sesuai dengan par. 10.

✓ Tanggal perubahan status diperlakukan sebagai tanggal akuisisibawaan.

✓ Nilai wajar entitas anak pada tanggal akuisisi bawaanmerepresentasikan imbalan bawaan yan dialihkan ketika mencatatinvestasi sesuai dengan par.10

11

REORGANISASI ENTITAS INDUK

❑ Ketika entitas induk mereorganisasi struktur kelompok usahanya dengan membentuksuatu entitas induk baru sebagai entitas induk yang memenuhi kriteria berikut: (par. 13)

(a) entitas induk baru memperoleh pengendalian atas entitas induk awal dengan menerbitkan instrumen ekuitas yang ditukarkan dengan instrumen ekuitas entitasawal;

(b) aset dan liabilitas kelompok usaha baru dan kelompok usaha awal adalah sama segerasebelum dan setelah reorganisasi; dan

(c) pemilik entitas induk awal sebelum reorganisasi mempunyai bagian yang sama secaraabsolut dan relatif atas aset neto kelompok usaha awal dan kelompok usaha baru segera sebelum dan setelah reorganisasi.

dan entitas induk baru mencatat investasinya dalam entitas induk awal sesuai denganbiaya perolehan (par. 10a) dalam laporan keuangan tersendiri, maka entitas induk barumengukur biaya perolehan pada nilai tercatat atas bagiannya atas pos-pos ekuitas dalam laporan keuangan tersendiri entitas induk awal pada tanggal akuisisi.

12

THE CONSOLIDATION PROCESS

• Consolidation is the process of preparing and presenting the financial statements of a group as an economic entity

• No ledgers for group entity

• Consolidation worksheets are prepared to:

• Combine parent and subsidiaries financial statements

• Adjust or eliminate intra-group transactions and balances

• Allocate profit to non-controlling interests

14

UPSTREAM SALE

15

Parent

Subsidiary

90 % owned

Sales were made from subsidiary to parent

Unrealized profit resides in Subsidiary’s book

In upstream sale, the unrealized profit resides in the subsidiary. Thus, NCI’s share of the unrealized profit or loss needs to be adjusted from the carrying amount of the asset.

DOWNSTREAM SALE

• In downstream sale, NCI’s share of profit of the subsidiary is not affected because the adjustment affects the parent’s profit not the subsidiary

16

Parent

Subsidiary

90 % owned

Sales were made from parent to subsidiary

Unrealized profit resides in Parent’s book

IMPACT ON NCI WHEN AN UNREALIZED PROFIT ARISES FROM AN INTRAGROUP TRANSFER OF FA

• Downstream sales:

• No impact on NCI

• Upstream sales:

• NCI is adjusted for:

✓Unrealized profit on sale of FA

✓Correction of over/under-depreciation

✓Tax effect on unrealized profit

✓Tax effect on correction of over/under-depreciation

17

INTRAGROUP TRANSFERS OF INVENTORY AND FIXED ASSETS

Unrealized profit and loss in asset (arising from intragroup transaction) should be eliminated in full

If the transferred asset is an inventory:

It should be carried at original cost and not the transferred price

Adjustments are made to:

✓ Eliminate the profit element

✓Recognize profit only when the inventory is sold to 3rd party

If the transferred asset is a fixed asset:

The asset should be carried at original cost less accumulated depreciation

Subsequent depreciation is based on original cost and not the transferred price

18

ADJUSTMENT TO OPENING RETAINED EARNINGS (RE) When a transaction is recognized by a legal entity in one period and

by the economic entity in another period Consolidation adjustments are passed through opening RE

Consolidated opening RE should be the same as the consolidated closing RE of the previous period

The summation of the opening RE of the legal entities in the group will not be equal to the consolidated Opening RE Consolidated adjustments that have a “one-sided effect” on RE (i.e. elimination

adjustments are not fully offsetting) must be re-enacted to opening RE of the next period

E.g. Unrealized profit from intragroup balances in the previous year are adjusted against opening RE in the subsequent year

19

TRANSFERS OF ASSETS AT A LOSS

• Need to reassess whether the loss is indicative of impairment loss

• If it is indicative of impairment loss:

• Unrealized loss is not adjusted out of the carrying amount of asset

• Only reverse the sales and cost of sale (to the extent of the sales) for inventory

• Only reverse the excess over cost and accumulated depreciation (to the extent of the sales) for FA

• If it is not indicative of impairment loss:

• Same treatment as with unrealized profit

• Unrealized loss is adjusted out of the carrying amount of asset

• Realized only when the inventory is sold to 3rd party or under/over- depreciation of FA is corrected

20

KEHILANGAN PENGENDALIANATAS ENTITAS ANAK (1)PP98.

Jika entitas induk kehilangan pengendalian atas entitas anak, makaentitas induk:

(a) menghentikan pengakuan:(i) aset (termasuk setiap goodwill) dan liabilitas entitas anak pada jumlah

tercatatnya ketika pengendalian hilang; dan

(ii)jumlah tercatat setiap kepentingan nonpengendali pada entitasanak terdahulu pada tanggal hilangnya pengendalian (termasuk setiap komponen penghasilan komprehensif lain yang diatribusikan pada kepentingan nonpengendali).

21

KEHILANGAN PENGENDALIANATAS ENTITAS ANAK (2)(b) mengakui:

(i) nilai wajar pembayaran yang diterima (jika ada) dari transaksi, peristiwa atau keadaan yang mengakibatkan hilangnyapengendalian;

(ii) jika transaksi, peristiwa atau keadaan yang mengakibatkanhilangnya pengendalian melibatkan distribusi saham entitas anak kepada pemilik dalam kapasitasnya sebagai pemilik; dan

(iii) setiap sisa investasi pada entitas anak terdahulu pada nilaiwajarnya pada tanggal hilangnya pengendalian.

22

KEHILANGAN PENGENDALIANATAS ENTITAS ANAK (3)

(c) reklasifikasi laba rugi, atau mengalihkan secara langsungke saldo laba jika disyaratkan oleh SAK lain, jumlah yang diakui dalam penghasilan komprehensif lain dalam kaitandengan entitas anak atas dasar yang dijelaskan dalam paragraf PP99;

(d) mengakui perbedaan apapun yang dihasilkan sebagaikeuntungan atau kerugian dalam laba rugi yang diatribusikan kepada entitas induk.

23

KEHILANGAN PENGENDALIANATAS ENTITAS ANAK (4)PP99. Jika entitas induk kehilangan pengendalian atas entitas anak, maka entitasinduk mencatat semua jumlah yang diakui sebelumnya dalam penghasilankomprehensif lain yang terkait dengan entitas anak tersebut dengan dasar yang samayang disyaratkan jika entitas induk telah melepaskan secara langsung aset dan liabilitas terkait. Oleh karena itu:

• Jika keuntungan atau kerugian yang sebelumnya diakui dalam penghasilan komprehensif lain akan direklasifikasi ke laba rugi atas pelepasan aset dan liabilitas yang terkait, maka entitas induk harus mereklasifikasi keuntungan ataukerugian dari ekuitas ke laba rugi (sebagai penyesuaian reklasifikasi) ketikaentitas induk kehilangan pengendalian atas entitas anak.

• Jika surplus revaluasi yang sebelumnya diakui dalam penghasilan komprehensiflain akan dialihkan secara langsung ke saldo laba atas pelepasan aset, maka entitasinduk mengalihkan surplus revaluasi tersebut secara langsung ke saldo laba ketikaentitas induk kehilangan pengendalian atas entitas anak.

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PENGUNGKAPAN (DISCLOSURES)

PSAK 67 (IFRS 12), Disclosure of interests in other entities contains detailed disclosure requirements, including:

Significant judgments and assumptions

Significant judgments and assumptions made in determining control

◦ does not control entity even though hold more than half of the voting rights

◦ controls entity even though it holds less than half of the voting rights

Interests in subsidiaries

information about each subsidiary with material NCI, such as name, principal place of business and summarized financial information

significant restrictions on assets and obligations to settle liabilities;

subsidiaries that are consolidated using different year ends

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PERUBAHAN PENGATURAN (PSAK 15)

• Entitas menerapkan paragraf yang diamandemen untuk periode tahun buku yang dimulai pada atau setelah tanggal 1 Januari 2016.

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PerihalPSAK 15 (Penyesuaian

2014)AMANDEMEN PSAK 15

Prosedur

metode

ekuitas

(Paragraf

36A)

Tidak diatur secara

spesifik sehingga

mengikuti pengaturan

dalam paragraf 35-36

(baik untuk entitas

investasi entitas asosiasi

atau ventura bersama atau

entitas asosiasi dan

ventura bersama yang

bukan entitas investasi).

Entitas yang bukan

merupakan entitas

investasi

Entitas investasi entitas

asosiasi atau ventura

bersama

Nilai

wajar

Entitas anak

Metode

ekuitas

INVESTASI PADA ENTITAS ASOSIASI DAN VENTURA BERSAMA (PSAK 15)

Goodwill implisit dan penyesuaian nilai wajar.

❑Penyesuaian terhadap bagian entitas atas laba rugi entitas asosiasiatau ventura bersama setelah perolehan dilakukan untuk mencatat, sebagai contoh, penyusutan dari aset yang tersusutkan berdasarkannilai wajarnya pada tanggal perolehan.

❑Penyesuaian terhadap bagian entitas atas laba rugi entitas asosiasiatau ventura bersama setelah perolehan dilakukan untuk rugipenurunan nilai yang diakui oleh entitas asosiasi, misalnya goodwill atau aset tetap.

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INVESTASI PADA ENTITAS ASOSIASI DAN VENTURA BERSAMA- PENGHENTIAN PENGGUNAAN METODE EKUITAS

• Pelepasan sebagian kepemilikan pada entitas asosiasi atauventura bersama. (Par 21)

• Jika investor kehilangan pengaruh signifikan pada entitas asosiasi atauventura bersama, maka:

• Investor menghentikan penggunaan metode ekuitas atas investasinya pada entitas asosiasi atau ventura bersama

• Mencatat dan mengukur sisa investasinya pada nilai wajar, sesuai dengan PSAK 71: Instrumen keuangan,

• Mengakui laba rugi atas setiap selisih antara:

• Jumah nilai wajar investasi yang tersisa dan hasil pelepasan tersebut

• Jumlah tercatat investasi dalam tanggal ketika hilangnya pengaruh signifikan

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ILUSTRASI 1:PENJUALAN SEBAGIAN ATASINVESTASI PADA ENTITAS ASOSIASI

29


❑ Ketika entitas menghentikan penggunaan metode ekuitas, entitasmencatat seluruh jumlah yang sebelumnya telah diakui dalam penghasilan komprehensif lain yang terkait dengan investasi tersebutmenggunakan dasar perlakuan yang sama dengan yang disyaratkan jikainvestee telah melepaskan secara langsung aset dan liabilitas terkait.

❑Oleh karena itu, jika keuntungan atau kerugian yang sebelumnya telahdiakui dalam penghasilan komprehensif lain oleh investee akandireklasifikasi ke laba rugi atas pelepasan aset atau liabilitas yang terkait, maka entitas mereklasifikasi keuntungan atau kerugian dari ekuitas ke labarugi (sebagai penyesuaian reklasifikasi) ketika penggunaan metode ekuitas dihentikan.

30


❑Sebagai contoh, jika entitas asosiasi atau ventura bersama memilikijumlah kumulatif dari selisih kurs yang terkait dengan kegiatan usahaluar negeri dan entitas menghentikan penggunaan metode ekuitas, maka entitas mereklasifikasi keuntungan atau kerugian yang telahdiakui sebelumnya dalam penghasilan komprehensif lain yang terkaitdengan kegiatan usaha luar negeri tersebut ke laba rugi.

❑Jika investasi pada entitas asosiasi menjadi investasi pada ventura bersama atau sebaliknya investasi pada ventura bersama menjadi investasi pada entitas asosiasi, maka entitas melanjutkan penerapan metode ekuitas dan tidak mengukur kembalikepentingan yang tersisa.

31

INVESTASI PADA ENTITAS ASOSIASI DAN VENTURA BERSAMA- PERUBAHAN DALAM BAGIAN KEPEMILIKAN

• Jika bagian kepemilikan entitas pada entitas asosiasi atau ventura bersama berkurang, tetapi entitas tetap menerapkanmetode ekuitas, maka entitas mereklasifikasi ke laba rugiproporsi keuntungan atau kerugian yang telah diakuisebelumnya dalam penghasilan komprehensif lain yang terkait dengan pengurangan bagian kepemilikan tersebut jikakeuntungan atau kerugian tersebut disyaratkan untukdireklasifikasi ke laba rugi atas pelepasan aset atau liabilitasyang terkait.

32

INVESTASI PADA ENTITAS ASOSIASI DAN VENTURA BERSAMA- RUGI PENURUNAN NILAI.

❑Indikator rugi penurunan nilai, menerapkan persyaratan PSAK 71

❑Jika terindikasi, dihitung sesuai dengan PSAK 48

• Seluruh nilai tercatat investasi diuji penurunan nilainya sebagai suatu aset tunggal.

❑Jumlah terpulihkan dari suatu investasi dalam suatu entitas asosiasi dinilai untuk setiap entitas asosiasi, kecuali entitas asosiasi tersebut tidak menghasilkan arus kas masuk dari pemakaian berkelanjutan yang sebagian besar independen dari aset lainnya

33

PENGECUALIAN METODE EKUITASPSAK 15: PAR 18-22

• Pengecualian – jika investasi dimilliki atau dimiliki secara tidak langsung melalui entitas modal ventura, reksa dana, unit perwalian dan entitas serupa termasuk dana asuransi terkait investasi → dapat memilih menggunakan nilai wajar PSAK 55

• Jika entitas mau dijual →menerapkan PSAK 58

• jika tidak lagi memenuhi kriteria PSAK 58 →Metode ekuitassecara retrospektif sehingga laporan keuangan perludisesuaikan.

34

PSAK 15: ILUSTRASI 2 - EQUITY ACCOUNTING

Alpha Ltd acquired 25% of the voting shares of Beta Ltd on 1 July 2007 for $80,000. At the date of acquisition the shareholders equity of Beta is as follows:

Share Capital 250,000

Retained earnings 70,000320,000

All assets are recorded at their fair value

35


36

The following information relates to Beta:

30/6/08 30/6/09

Profit/(loss) after tax $60,000 ($24,000)

Dividend paid $20,000 $10,000

Revaluation reserve $2,000 $30,000

Required:Prepare the equity accounting journals at 30 June 2008 and 30 June 2009.


IN INVESTOR’S BOOKS: 30 June 2008

Dr Investment in associate 15,000Cr Share of associate profit 15,000

Share of profit for the 2008 year ($60,000 x 25%)

Dr Cash 5,000Cr Investment in associate 5,000

Dividend from Beta during 2008 ($20,000 x 25%)

Dr Investment in associate 500Cr Revaluation reserve 500

Share of post acquisition movement in revaluation reserve (($2,000 - $0) x 25%))

37


IN INVESTOR’S BOOKS: 30 June 2009

Dr Share of associate loss 6,000Cr Investment in associate 6,000

Share of loss for the 2009 year ($24,000 x 25%)

Dr Cash 2,500Cr Investment in associate 2,500

Dividend from Beta during 2009 year ($10,000 x 25%)

Dr Investment in associate 7,000Cr Revaluation reserve 7,000

Share of post-acquisition reserve created during 2009(($30,000 - $2,000) x 25%))

38

PSAK 15:TRANSFER OF ASSETS BETWEEN INVESTOR AND ASSOCIATE

In both upstream & downstream sales:

• Investor recognizes profit only to the extent of unrelated investor’s interest in associate (1-X%)

• Investor’s share of profit arising from transfers is eliminated (X%)

39

KONTRIBUSI ASET NONMONETER OLEH VENTURER.

Kontribusi Aset Nonmoneter oleh Venturer. (par 30-31)

A. Keuntungan atau kerugian dari transaksi diakui hanya sebesarbagian lain dari investor kecuali jika kontribusi tidak memilikisubstansi komersial sesuai PSAK 16: Aset Tetap. Jika kontribusitidak memiliki substansi komersial, maka keuntungan atau kerugiandianggap belum direalisasi dan tidak diakui, kecuali jika entitasmenerima aset moneter maupun nonmoneter, selain menerimakepemilikan ekuitas di entitas asosiasi atau ventura bersama, makaentitas mengakui secara penuh dalam laba rugi bagian dari keuntungan atau kerugian atas kontribusi nonmoneter yang terkaitdengan aset moneter maupun nonmoneter yang diterima.

40

KONTRIBUSI ASET NONMONETER OLEH VENTURER.

Kontribusi Aset Nonmoneter oleh Venturer. (par 30-31)

B. Keuntungan dan kerugian yang belum direalisasi tersebut dieliminasi dariinvestasi tercatat dengan menggunakan metode ekuitas dan tidak bolehdisajikan sebagai keuntungan atau kerugian tangguhan dalam laporanposisi keuangan konsolidasian entitas atau dalam laporan posisi keuangan entitas yang di dalamnya investasi dicatat dengan menggunakan metodeekuitas.

C. Jika entitas menerima aset moneter maupun nonmoneter, selain menerimakepemilikan ekuitas di entitas asosiasi atau ventura Bersama, maka entitasmengakui secara penuh dalam laba rugi bagian dari keuntungan ataukerugian atas kontribusi nonmoneter yang terkait dengan aset monetermaupun nonmoneter yang diterima.

41

TYPES OF BUSINESS COMBINATIONS

The two most common business combination scenarios:

❑ direct and indirect acquisition

42

BUSINESS COMBINATION ISSUES- UNDER IFRS 3

43

STEP ACQUISITION (PAR 41-42)


44


45

MEASURING RETAINED EQUITY INTEREST

BUSINESS COMBINATION UNDER COMMON CONTROL (BCUCC- PSAK 38) ➔ADDITIONAL PAID-IN CAPITAL

46

REPORTING GOODWILL IN BUSINESS COMBINATION?- ACCOUNTING STANDARD: IFRS 3 (PSAK 22)

47

GOODWILL ALLOCATION TO PARENT AND/OR NCI?

NCI at FV at acquisition date

NCI as a proportion of

identifiable net asset at

acquisition date

Goodwill on consolidationIncludes NCI’s share of

goodwill

Excludes NCI’s share of

goodwill

Carrying amount of cash-

generating unit

Goodwill is allocated to cash-

generating unit without further

adjustment

Goodwill has to be grossed up

to include NCI’s share

Notionally adjusted goodwill

= Recognized goodwill/

parent’s interest

Impairment loss

Impairment loss is shared

between parent and NCI on

the same basis on which profit

or loss is allocated

Impairment loss is borne only

by parent as goodwill for NCI

is not recognized

REPORTING NON-CONTROLLING INTEREST

48

• Under the fair value option:

• FV is determined by either the active market prices of subsidiary’s equity share at acquisition date or other valuation techniques

• FV per share of NCI may differ from parent due to control premium paid by parent

• NCI comprises of three items:

NON-CONTROLLING INTERESTS (NCI)

Non – controlling interests

Share of book valueof net assets

Share of unamortized

FV adjustment(FV - BV)

Share of unimpaired

goodwill

REPORTING NON-CONTROLLING INTEREST

49

RECONSTRUCTING NCI ON FINANCIAL POSITION

Date of acquisition

Beginning of current year

End of current year

NCI have a share of

1. Share capital

2. Retained earnings

3. Other equity

4. Fair value differentials

5. Goodwill

NCI have a share of

1. Change in share capital

2. Change in retained earnings

3. Change in other equity

4. Past amortization of fair value differential

5. Past impairment of goodwill

NCI have a share of

1. Profit after tax

2. Current amortization of fair value differential

3. Current impairment of goodwill

4. Dividends as a repayment of profits

5. Change in other equity

PENGATURAN BERSAMA- PSAK 66• Pengaturan bersama adalah pengaturan yang dua atau lebih pihak memiliki

pengendalian bersama.

• Pengaturan bersama memiliki karakteristik :

• Para pihak terikat oleh suatu pengaturan kontraktual

• Pengaturan kontraktual memberikan pengendalian bersama kepada dua atau lebih pihak dalam pengaturan tersebut

• Pengaturan bersama meliputi operasi bersama (JOINT OPERATION) atau ventura Bersama (JOINT VENTURE)

• Pengendalian bersama adalah persetujuan kontraktual untuk berbagi pengendalian atas suatu pengaturan, yang ada hanya ketika keputusan mengenai aktivitas relevan mensyaratkan persetujuan dengan suara bulat dari seluruh pihak yang berbagi pengendalian.

50

JOINT ARRANGEMENT ISSUES - IFRS 11 (PSAK 66 APENDIX B:PP 33)

51

57

• Overriding principle: an entity’s financial statements should contain disclosures to highlight

• the existence of related parties and transactions; and

• outstanding balances with such parties

Determination of related parties

Presence of control & Under Common Control

Presence of significant influence

Presence of joint-control

Position as key management personnel

Close family member of a related party

Party in a post-employment benefit plan


OVERVIEW AUDITING ISSUES RELATED TO

INVESTMENT IN STOCK/ EQUITY

PENYANGKALAN:Segala pernyataan atau pendapat yang diberikan oleh Penyaji merupakan pandangan

pribadi dan tidak mewakili Komite/Divisi atau Organisasi apapun.

PPL ONLINE IAPI VIA ZOOM WEBINAR, 24 & 26 March 2021Presented by: Dr. Hendang Tanusdjaja, CPA, CPMA, CA

Dosen FEB Universitas Tarumanagara

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WHAT IS A RISK-BASED AUDIT?

• The auditor’s objective in a risk-based audit is to obtain reasonable assurance that no material misstatements whether caused by fraud or errors exist in the financial statements. This involves three key steps:

• Assessing the risks of material misstatement in the financial statements; → Risk Assessment

• Designing and performing further audit procedures that respond to assessed risks and reduce the risks of material misstatements in the financial statements to an acceptably low level; → Risk Response

• Issuing a suitably worded audit report based on the audit findings.

→ Reporting

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• The risk-based audit requires auditors to: –understand the entity and its environment, including internal

control–identify/assess the risks of material misstatement in the

financial statements.

• Because risk assessments require considerable professional judgment, this phase will likely require the time of the audit partner and senior audit personnel in identifying and assessing the various types of risk and then developing the appropriate audit response.

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• This enables auditors to identify and respond to:–Possible account balances, classes of transactions or

financial statement disclosures that may be incomplete, inaccurately stated or missing altogether from the financial statements.

–Areas of vulnerability where management override and manipulation of the financial statements could take place.

• Other control weaknesses that if not corrected could lead to material misstatements in the financial statements.

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RISK ASSESSMENT PROCEDURES (SA 315.6 & SA 240.17-18)❑Auditor harus melaksanakan prosedur

penilaian risiko untuk menyediakan suatu dasar bagi: [SA 315 par 5]➢ Pengidentifikasian risiko kesalahan penyajian material; dan

➢ Penilaian risiko kesalahan penyajian material pada tingkat (i) laporan keuangan, dan (ii) asersi.

❑ Prosedur penilaian risiko harus mencakup berikut [SA 315 par. 6]:1. Permintaan keterangan dari manajemen, dan personel lain

dalam entitas yang menurut pertimbangan auditor kemungkinan memiliki informasi yang mungkin membantu dalam mengidentifikasi risiko kesalahan penyajian material karena kecurangan atau kesalahan.

2. Prosedur analitis.

3. Observasi dan inspeksi.

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RISK ASSESSMENT AND MANAGEMENT ASSERTIONS (SA 315 PAR. A111)

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RESPONS AUDITOR TERHADAP RISIKO YANG TELAH DINILAI (SA 330)

• Prosedur-prosedur penilaianrisiko (risk assessment procedures)

• Prosedur-prosedur audit selanjutnya (further audit procedures):

• Pengujian pengendalian (test of controls)

• Prosedur –prosedur substantif(substantif procedures), termasukuji rinci dan prosedur analitikalsubstantif

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RESPONS AUDITOR TERHADAP RISIKOYANG TELAH DINILAI (SA 330)

Nature of audit procedures refers to both their purpose (tests of controls or substantive procedures) and their type (inspection, observation, inquiry, confirmation, recalculation, reperformance, or analytical procedures ).

Extent generally means the quantity of an audit procedure to be performed (e.g., the size of an audit sample or the number of observations).

Timing refers to when audit procedures are performed or the period or date to which the audit evidence applies.

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AUDIT PROCEDURES

AUDIT EVIDENCE SUPPORTING REASONABLE CONCLUSIONS

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SUBSTANTIVE PROCEDURES “WITH/WITHOUT” TEST OF CONTROLS

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WALK-THROUGH TESTS, TESTS OF CONTROL AND SUBSTANTIVE PROCEDURES

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PROFESSIONAL SKEPTICISM

• Professional skepticism is necessary to the critical assessment of audit evidence and assists the auditor in remaining alert for possible indications of management bias.

• This includes questioning contradictory audit evidence and the reliability of documents, responses to inquiries and other information obtained from management and those charged with governance.

• It also includes being alert to conditions that may indicate possible misstatement due to error or fraud and considering the sufficiency and appropriateness of audit evidence obtained in light of the circumstances

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PROFESSIONAL SKEPTICISM

Application of professional skepticism is required in all circumstances, and the need for professional skepticism increases with the complexity of financial instruments, for example with regard to:

❖ Evaluating whether sufficient appropriate audit evidence has been obtained, which can be particularly challenging when models are used or in determining if markets are inactive.

❖ Evaluating management's judgments, and the potential for management bias, in applying the entity's applicable financial reporting framework, in particular management's choice of valuation techniques, use of assumptions in valuation techniques, and addressing circumstances in which the auditor's judgments and management's judgments differ.

❖ Drawing conclusions based on the audit evidence obtained, for example assessing the reasonableness of valuations prepared by management's experts and evaluating whether disclosures in the financial statements achieve fair presentation.

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OVERALL RESPONSE: -PROFESSIONAL SCEPTICISM

More than ever, the need to maintain professional skepticism is critical:

➢Over-reliance on management representations

➢Acceptance of unrealiable information or evidence

➢Inconsistence or contradictory information and evidence

➢Tendency to look for corroborating information or evidence rather than challenging management’s assertions

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RESPONSE TO INEFFECTIVE CONTROL ENVIRONMENT

The auditor may respond to an ineffective control environment by:

❖Conducting more audit procedures as of the period end rather than at an interim date.

❖Obtaining more extensive audit evidence from substantive procedures.

❖Increasing the number of locations to be included in the audit scope.

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DESIGNING AND PERFORMING FURTHER AUDIT PROCEDURES• The nature and the reasoning for the assessed risks (such as business and

fraud risks) at both the financial-statement and assertion levels;

• The account balances, classes of transactions, or disclosures that are material to the financial statements;

• The need (if any) to perform tests of controls. This would occur where substantive procedures alone cannot provide sufficient appropriate audit evidence at the assertion level;

• The auditor’s understanding of the control environment and control activities. In particular, have any relevant internal controls been identified that, if tested, would provide an effective response to the assessed risks of material misstatement for a particular assertion; and

• The nature and extent of specific audit procedures that may be required by certain ISAs, or by local rules and regulations.

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EXAMPLE OF DESIGN OF THE NATURE AND EXTENT OF AUDIT PROCEDURES

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Consider Impact on Audit Procedure Design

Nature of the Assertion Being

Addressed

What is the most appropriate audit procedure to address the

particular assertion? Consider:

▪ Effectiveness

Evidence for completeness of sales may best be obtained

through a test of controls, whereas evidence to support the

valuation of inventory will probably be obtained with

substantive procedures; and

▪ Reliability of evidence obtained

Provide more reliable evidence for an assertion. A confirmation

of receivables to determine existence may provide better

evidence than simply examining invoices or performing some

analytical procedures


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Reasons for the Assessed Risk What are the underlying reasons for the risk assessments?

This will include consideration of the characteristics of the financial statement area,

the identified and assessed inherent risks, and relevant internal controls. If the assessed

risk appears to be low as a result of relevant internal controls having been designed

and implemented, tests of controls could be considered to confirm the assessed risk,

and possibly to reduce the extent of substantive procedures that would otherwise be

required.

Assessed Level of Risk Is more reliable and relevant audit evidence required for some assessed risks?

The scope of existing procedures may need to be expanded, or some different types of

audit procedures may need to be combined, to provide the assurance necessary. For

example, to ensure the existence of a high-value inventory item, a physical inspection

may be performed in addition to examining the supporting documents.


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Assessed Level of Risk Is more reliable and relevant audit evidence required for some assessed risks?

The scope of existing procedures may need to be expanded, or some different types of

audit procedures may need to be combined, to provide the assurance necessary. For

example, to ensure the existence of a high-value inventory item, a physical inspection

may be performed in addition to examining the supporting documents

Sources of Information Used Do the planned audit procedures rely on non-financial information produced by

the entity’s information system? This could be information obtained from within

or outside of the general and subsidiary ledgers.

If so, evidence should be obtained about its accuracy and completeness. For example,

in a high-rise apartment, the number of rental units multiplied by the monthly rent may

be used to compare with total revenues. If so, it would be important to ensure that the

number of rental units is factual and that the monthly rents agree to the signed lease

contracts..


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Potential for Dual Purpose

Tests

Would it be efficient to perform a test of controls

concurrently with a test of details on the same

transaction?

For example, if an invoice was being examined for evidence

of approval (tests of controls), it could also be examined at

the same time to substantiate other aspects of the transaction

(tests of details).

AUDITING RELATIONSHIPS WITH OTHER ENTITIES

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• CONTROL ALONE?

• JOINT CONTROL?

• SIGNIFICANT INFLUENCE?

AUDIT CONSIDERATION- EXISTENCE OF CONTROL

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AUDIT CONSIDERATION- EXISTENCE OF CONTROL

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POWER CRITERION

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Who controls C Ltd?

A Ltd

C Ltd

48%

Even though A Ltd is currently running the day-to-day operations of C Ltd, B Ltd is considered to have passive control of C Ltd. At any time that B Ltd disagrees with the management policies of A Ltd it can take control by virtue of its majority voting interests.

B Ltd

52%

• A Ltd currently actively formulates the policies of C Ltd

• B Ltd currently plays no part in the day-to-day management of C Ltd

POWER CRITERION

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Does A Ltd control B Ltd?

A Ltd

B Ltd

45%

20 shareholders each holding < 2% of the voting power. These shareholders rarely attend meetings and vote

Based on the size of voting interests and dispersion of shareholders it appears that A Ltd exerts effective control over B Ltd.

POWER CRITERION

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Does A Ltd control B Ltd?

A Ltd

B Ltd

34%

3 shareholders each holding 22% of the voting power. These shareholders regularly attend meetings and vote

Based on the size of voting interests and involvement of shareholders it appears that A Ltd does NOT exert control over B Ltd.

AUDIT ATAS PENGENDALIN DE FACTO

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PP42d & PP18-20PP42 a-c PP46

DETAILED FINAL AUDIT WORK: - CONSOLIDATED ACCOUNTS

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1. Expensed in P/L

2. Adjustments to liability and recognized in P/L

3. Choice of measurement basis for NCI

4. Previous/ residual holdings remeasured to Fair Value

5. Recognized in Equity, no goodwill or P/L

1. Acquisition related costs

2. Subsequent adjustments to Contingent consideration that are not measurement period adjustments

3. Partial acquisitions

4. Step acquisitions

5. Transactions with NCI(equity transactions)

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AUDITING ACQUISITION METHOD – PSAK 22

• Goodwill is a premium that a parent pays to acquire the subsidiary

• Must be recognized separately as an asset

• Determined as a residual

• IFRS 3 allows 2 ways of determining goodwill:Fair value of consideration transferred

+Amount of non-controlling interests

+

Fair value of the acquirer’s previously held interest (before control was achieved) in

the acquiree

-Acquiree’s recognized net identifiable assets

measured in accordance with IFRS 3

(Assets – Liabilities)

Goodwill =

Amount of non-controlling interests

Measured at fair value at acquisition date (include goodwill)

Measured as a proportion of identifiable assets as at acquisition date

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AUDITING GOODWILL MEASUREMENT – PSAK 22

AUDITING GOODWILL IN BUSINESS COMBINATION?- ACCOUNTING STANDARD: IFRS 3 (PSAK 22)

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AUDITING RELATED PARTY – SA 550

Tujuan auditor adalah:

(a) Terlepas apakah kerangka pelaporan keuangan yang berlaku menetapkan ketentuanpihak berelasi, memperoleh suatu pemahaman tentang hubungan dan transaksi pihak berelasi untuk dapat:i. Mengidentifikasi faktor-faktor risiko kecurangan, jika ada, yang timbul dari hubungan dan

transaksi pihak berelasi yang relevan dengan pengidentifikasian dan penilaian risiko kesalahan penyajian material karena kecurangan; dan

ii. Menyimpulkan, berdasarkan bukti audit yang diperoleh, apakah laporan keuangan, sejauh inidipengaruhi oleh hubungan dan transaksi pihak berelasi tersebut:a. Mencapai penyajian wajar (untuk kerangka penyajian wajar); atau

b. Tidak menyesatkan (untuk kerangka kepatuhan); dan

(b)Di samping itu, jika kerangka pelaporan keuangan menetapkan ketentuan pihak berelasi, memperoleh bukti audit yang cukup dan tepat tentang apakah hubungan dan transaksipihak berelasi telah dengan tepat diidentifikasi, dipertanggungjawabkan, dan diungkapkan dalam laporan keuangan sesuai dengan kerangka tersebut

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FAKTOR DEKRIPSI

KerumitanTransaksi

Pihak terkait dapat beroperasi melalui berbagai hubungan dan struktur yang luas dan rumit.

Hubungan danTransaksi TidakTeridentifikasi

• Hubungan pihak terkait mungkin dirahasiakan, karena memberikanpeluang yang lebih besar untuk kolusi, penyembunyian, atau manipulasioleh manajemen.

• Sistem informasi entitas mungkin tidak efektif dalam mengidentifikasiatau meringkas transaksi dan saldo terutang antara entitas dan pihakberelasi.

• Manajemen mungkin tidak menyadari keberadaan semua hubunganpihak terkait dan transaksi.

Tidak Dilakukan berdasarkansyarat bisnis pada umumnya

Transaksi pihak berelasi mungkin tidak dilakukan berdasarkan ketentuanpasar normal dan kondisi, seperti: di atas atau di bawah nilai wajar; ataubahkan tanpa pertukaran imbalan.

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BEBERAPA FAKTOR RISIKO POTENSIAL TERKAIT

AUDIT PIHAK-PIHAK BERELASI

AUDITING RELATED PARTY- WHO’S RELATED TO ALPHA ACCORDING TO PSAK 7?

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EXAMPLES OF AUDIT PROCEDURES REGARDING RELATED PARTIES• Review accounting records for, and note details of, transactions

involving directors and TCWG and related parties. Obtain/prepare details of balances due to/from directors and related parties.

• Review receivables and payables for amounts due from and due to directors and related parties.

• Enquire of management and the directors as to whether transactions have taken place with related parties that are required to be disclosed.

• Obtain details of directorships with other entities by searching any available public record or Company website.

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AUDITING ACCOUNTING ESTIMATES

When auditing estimates, the objective is to obtain sufficient appropriate audit evidence about whether:

• Accounting estimates, including fair value accounting estimates in the financial statements, whether recognized or disclosed, are reasonable; and

• Related disclosures in the financial statements are adequate in the context of the applicable financial reporting framework.

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RMM IN ACCOUNTING ESTIMATES

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The risk of material misstatement arising from an estimate will often be based on the degree of estimation uncertainty involved. Some of the factors to consider are outlined in the following exhibit.

RMM IN ACCOUNTING ESTIMATES

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PERTIMBANGAN AUDIT TERKAIT INSTRUMEN KEUANGAN

Sesuai dengan SA 540, auditor mempertimbangkan kebijakan penilaianentitas dan metodologi untuk data dan asumsi yang digunakan. Dalam banyakkasus, kerangka pelaporan keuangan yang berlaku tidak menentukanmetodologi penilaian. Jika demikian, hal-hal yang mungkin relevan denganpemahaman auditor tentang bagaimana manajemen menilai instrumenkeuangan mencakup, sebagai contoh:

1. Apakah manajemen memiliki kebijakan penilaian formal dan, jikademikian, apakah teknik penilaian yang digunakan untuk instrumenkeuangan didokumentasikan secara tepat sesuai dengan kebijakan tersebut;

2. Model mana yang dapat menimbulkan risiko salah saji material terbesar;

3. Bagaimana manajemen mempertimbangkan kompleksitas penilaianinstrumen keuangan ketika memilih teknik penilaian tertentu;

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PERTIMBANGAN AUDIT TERKAIT INSTRUMEN KEUANGANPenilaian Instrumen Keuangan

4. Apakah terdapat risiko kesalahan penyajian material yang lebih besarkarena manajemen secara internal telah mengembangkan model yang akan digunakan untuk menilai instrumen keuangan atau menyimpang dariteknik penilaian yang biasa digunakan untuk menilai instrumen keuangantertentu;

5. Apakah manajemen menggunakan sumber rujukan harga pihak ketiga;

6. Apakah mereka yang terlibat dalam pengembangan dan penerapan teknikpenilaian memiliki keterampilan dan keahlian yang sesuai untukmelakukannya, termasuk apakah pakar manajemen telah digunakan; dan

7. Adakah indikator bias manajemen dalam memilih teknik penilaian yang akan digunakan.

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PERTIMBANGAN AUDIT TERKAIT INSTRUMEN KEUANGANMenilai Risiko Kesalahan Penyajian Material Terkait Penilaian

Ketika mengevaluasi apakah teknik penilaian yang digunakan oleh suatuentitas sudah sesuai dengan kondisinya, dan apakah pengendalian atas teknikpenilaian telah diterapkan, faktor-faktor yang dipertimbangkan oleh auditor dapat mencakup:

1.Apakah teknik penilaian tersebut biasanya digunakan oleh pelaku pasar lain dan sebelumnya telah terbukti memberikan estimasi yang andal dari hargayang diperoleh dari transaksi pasar;

2.Apakah teknik penilaian beroperasi sebagaimana mestinya dan tidak adakekurangan dalam desainnya, terutama dalam kondisi ekstrim, dan apakahteknik tersebut telah divalidasi secara obyektif. Indikator kekuranganmencakup pergerakan yang tidak konsisten relatif terhadap tolok ukur;

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Ketika mengevaluasi apakah teknik penilaian yang digunakan oleh suatuentitas sudah sesuai dengan kondisinya, dan apakah pengendalian atas teknikpenilaian telah diterapkan, faktor-faktor yang dipertimbangkan oleh auditor dapat mencakup:

3. Apakah teknik penilaian memperhitungkan risiko yang melekat pada instrumen keuangan yang dinilai, termasuk kelayakan kredit pihak lawan, dan risiko kredit sendiri dalam hal teknik penilaian yang digunakan untukmengukur liabilitas keuangan;

4. Bagaimana teknik penilaian dikalibrasi ke pasar, termasuk kepekaanteknik penilaian terhadap perubahan variabel;

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5. Apakah teknik penilaian biasanya digunakan oleh pelaku pasar lain dan sebelumnya telah terbukti memberikan estimasi yang andal dari harga yang diperoleh dari transaksi pasar;

6. Apakah teknik penilaian beroperasi sebagaimana mestinya dan tidak adakekurangan dalam desainnya, terutama dalam kondisi ekstrim, dan apakahteknik tersebut telah divalidasi secara obyektif. Indikator kekurangan termasukpergerakan yang tidak konsisten relatif terhadap tolok ukur;

7. Apakah teknik penilaian memperhitungkan risiko yang melekat pada instrumenkeuangan yang dinilai, termasuk kelayakan kredit pihak lawan, dan risiko kreditsendiri dalam hal teknik penilaian yang digunakan untuk mengukur liabilitaskeuangan;

8. Bagaimana teknik penilaian dikalibrasi ke pasar, termasuk kepekaan teknikpenilaian terhadap perubahan variabel;

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9. Apakah variabel pasar dan asumsi digunakan secara konsisten dan apakah kondisi barumembenarkan perubahan dalam teknik penilaian, variabel pasar atau asumsi yang digunakan;

10. Apakah analisis sensitivitas menunjukkan bahwa penilaian akan berubah secara signifikandengan hanya perubahan kecil atau sedang dalam asumsi;

11. Struktur organisasi, seperti keberadaan departemen internal yang bertanggung jawab untukmengembangkan model untuk menilai instrumen tertentu, terutama di mana input level 3 terlibat. Misalnya, fungsi pengembangan model yang terlibat dalam membantu dalamkesepakatan harga kurang objektif daripada fungsi yang secara fungsional dan organisasidipisahkan dari kantor operasional ; dan

12. Kompetensi dan objektivitas pihak yang bertanggung jawab atas pengembangan dan penerapanteknik penilaian, termasuk pengalaman relatif manajemen dengan model tertentu yang mungkinbaru dikembangkan.

Auditor (atau pakar auditor) juga dapat secara independen mengembangkan satu atau lebih teknikpenilaian untuk membandingkan outputnya dengan teknik penilaian yang digunakan oleh manajemen.

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DETAILED FINAL AUDIT WORK: - FINANCIAL ASSETS

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KEY SOURCES OF MISSTATEMENTS

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SUMMARY OF IDENTIFIED MISSTATEMENTS

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EVALUATION OF MISSTATEMENTS IDENTIFIEDThe auditors may well be interested in the following features:

❖The size and incidence of any errors or misstatements they have discovered.

❖Whether the errors or misstatements exhibit some pattern

❖Whether the errors or misstatements relate to factual matters or to matters of opinion.

❖Whether the misstatements found relate to matters that are illegal

❖Whether there is any suspicion that some of misstatements may have arisen because of fraud being perpetrated by employees in the company

❖Whether similar misstatements have been discovered in previous years’ audits of this client.

❖Whether the misstatements affect only balance sheet items or whether they affect the profit and loss account.

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OVERVIEW FINANCIAL REPORTING ISSUES RELATED TO ...

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