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PSAK 37

PSAK 37

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Published by: api-3708783 on Oct 14, 2008
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03/18/2014

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SFAS No. 37
Financial Accounting Standard No. 37
Accounting of Toll Road Operations
CONTENTS
Paragraph
INTRODUCTION
Background
01 - 08
Characteristics of toll road operations
01 - 02
Objective
03
Scope
04
Definitions
05 - 07
ELUCIDATION
09 - 34
Initial recognition of the toll road
09 - 20
Expenditures after toll road acquisition
21 - 25
Depreciation and Amortization
26 - 28
Termination and Release of the toll road
29 - 30
Disclosures
31 - 34
STATEMENT OF FINANCIAL ACCOUNTING STANDARD No. 37
35 - 53
Initial Recognition of the toll road
35 - 39
Expenditures after toll road acquisition
40 - 42
Depreciation and Amortization
43 - 45
Termination and Release of the toll road
29 - 30
Disclosures
48 - 51
Transition Period
52
Effective Date
53
INTRODUCTION
page 1
Background
01.

A toll road has a strategic role in creating an even distribution of development and regional expansion. In developed regions the mobility of people and goods is usually high requiring land or road transportation with reliable quality. Without adequate road capacity with reliable quality, the movements of goods and people will face obstacles, which may result in economic losses. Losses incurred by road users have the potential of being converted into a form of public payment for the use of the toll road.

02.

With the collection of public funds from the usage of the toll road in an economically developed region, the state\u2019s fund which should have been used for maintaining roads could be saved and used to develop sectors or other undeveloped regions.

Characteristic of toll road operations
03.

This statement is made taking into account the characteristics of toll road operations in Indonesia and guided by the basic concepts of financial accounting and prevailing laws and regulations. The main characteristics of toll road operations are among others :

a. A toll road is an asset, the existence and operation of which, is regulated by specific regulations. Based on prevailing regulations, the ownership and operational right of toll road are in the hands of the Government. In addition to bearing the cost of land acquisition, the Government also authorizes a state enterprise to operate a toll road including the construction, maintenance and operations,. The state enterprise which has been given the authority to operate the toll road is allowed to cooperate with an investor either fully or partly for the operation of the toll road.

b. A toll road has a reliable quality, obstacle free and the users must pay a toll fee. In general, a toll road has a high technical reliability. If the toll road is maintained and repaired as it should be, the toll road will function properly and has a very long technical useful life. Periodic maintenance and repairs are needed for the body of the toll road, such as repeat coating of the pavement or replacement of several components of the toll bridge due to the wearing-out process.

c. The construction of a toll road is closely related to the national road network development program and will accelerate development of the surrounding regions. In constructing and operating a toll road, the probability exists that the surroundings may demand the toll road operator to develop the non toll- road network, road complementary buildings and road equipment. Such

SFAS No. 37
Financial Accounting Standard No. 37
Accounting of Toll Road Operations
demand would of course have an impact on the operation of the toll road as an
alternative.
OBJECTIVES
04.
This statement is made to regulate accounting for toll road operations, which
covers:
a. recognition, measurement, presentation and disclosure of toll road; assets,
liabilities and income from the operation of the toll road.
b. accounting treatment for expenditures after the acquisition of the toll road.
05.

This statement regulates accounting for toll road operations for an enterprise, which is authorized to operate a toll road by the government or by an investor in the toll road.

06.

This statement also regulates operational cooperation between the operator and an investor which constitutes a cooperation where only one party actively control the joint operation assets and the operations. This statement does not regulate operational cooperation with jointly controlled assets (PBA) and jointly controlled operation (PBO) as regulated in the Financial accounting Standard No. 12 regarding Financial Reporting for Participation Unit in Jointly Controlled assets and jointly controlled operations.

07.

Matters of a general nature or matters which are not specifically regulated in this statement should be treated in accordance with other financial accounting standards.

.
DEFINITIONS
08.
Below are definitions of terms used in this statement :
Toll road is an obstacle free road where the user must pay a toll fee, which
includes the body of the road, bridges and tunnels, toll road complementary
buildings, toll road equipment with an economic life of more than one year.
Operational cooperation toll roadis a toll road with operational cooperation
agreement.
Operator is the enterprise which is authorized to operate the toll road by the
government.
Investor is an enterprise who cooperates with the operator in the operation of the
toll road and receives a compensation for the funds invested.
page 3

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