Principles of Accounting 1 - MGT 3

PSAK 51-60
CREATED BY GROUP 6:
Michelle Beyonce Tulangow (014201900003)
Muhammad Rimaldo Dito Pratama (014201900145)
Muhammad Bintang Nuswantoro (014201900139
 PSAK 51
PSAK 51 : QUASI REORGANIZATION ACCOUNTING
regulates accounting for organizational capacity. Quasi reorganization is carried out by
reassessing assets and liabilities at fair value to eliminate negative income or deficit balances.
This statement was made on July 15, 1997 and revised on December 9, 2003

However, this statement has been revoked as ratified in the Revocation Statement
of Financial Accounting Standards 10 (PPSAK 10): Revocation of PSAK 51:
Accounting for Quasi Reorganization. This statement is effective on January 1,
2013.

Basic considerations for revocation of PSAK 51: Accounting for Quasi Reorganization is
incompatibility of principles in PSAK 51 with SAK.
PSAK 52
PSAK No. 52 concerning REPORTING CURRENCIES was approved at a meeting of the Financial Accounting Standards
Committee on 7 August 1998 and was approved by the Central Management of the Indonesian Institute of Accountants on 21
August 1998.

This statement aims to regulate the currency used by the company in accounting records and financial
statements. This statement must be applied to all companies that will or have used a currency other than the
rupiah as the reporting currency.

In general, financial reports are reported in local currencies. However, if the company uses a currency other than
the local currency as the reporting currency, the reporting currency must be a functional currency. A functional
currency can be a rupiah or a currency other than rupiah, depending on the facts of the economic substance.

Financial statements are generated from the company's accounting records, so

the currency used in the accounting records is the currency used in the financial
statements. With this concept, the remeasurement procedure of accounting
records or translation of financial statements is no longer needed, except for the
comparable period when the company first adopts this standard and for the
consolidated financial statements of a company, because in essence the financial
statements have been presented in their functional currencies.
 PSAK 53 must be applied to all stock-based payment transactions, which are
defined as follows:

■ Equity-settleD, entities that receive goods or services paid with entity-owned

equity instruments (including shares and stock options)

PSAK ■ Cash-settled, entities that obtain goods or services will incur liabilities to
suppliers of goods or services for a certain amount calculated by the suppliers
of goods or services for a certain amount calculated based on the price (value)
53 of shares belonging to the entity or the entity's equity instruments; and

■ Transactions where an entity receives goods or services where an entity

Transactions where an entity receives goods or services where an entity or
supplier of goods or services has the choice of the transaction to be settled in
cash (or other assets) or equity instruments.

PSAK 53 concerning STOCK-BASED

PAYMENTS was approved on October 23,
2010. PSAK 53 was issued on September 4, This PSAK regulates payments made by companies on a
1998. This statement is not required to be stock-based basis, whether later they will be given in the form
applied to immaterial elements.
of shares, or stock prices only as a determinant of the amount.
The Financial Accounting Standards Board Generally classified into three, namely: payment with shares,
approved the adjustments to PSAK 53 payment with cash or payment with options.
concerning Share-Based Payments that were
passed on August 27, 2014.
PSAK 54
PSAK No. 54 concerning ACCOUNTING FOR DEBT-RECEIVABLE RESTRUCTURING
PROBLEM has been approved in a meeting of the Accounting Standards Committee
Finance on August 7, 1998 and was approved by the Management
Indonesian Institute of Accountants Association on September 14, 1998.

This statement regulates financial accounting standards and reports on troubled debt
restructuring, both for debtors and creditors. This statement does not include
accounting for allowance for uncollectible accounts and does not regulate the method of
estimating uncollectible accounts.

However, this statement has been revoked on the basis of the consideration to revoke
PSAK 54: Accounting for Debt Restructuring. Problematic is the overlap in PSAK 54 with
SAK for transactions and other events. Revocation of PSAK 54: Accounting for Troubled
Debt Restructuring, which is effective for the financial year period beginning on or after
January 1, 2010.
PSAK 55
The purpose of this statement is to set the basic
principles for RECOGNIZING AND MEASURING
FINANCIAL ASSETS, financial liabilities, and
contracts for buying or selling non-financial items.
PSAK
55
Initial recognition
An entity recognizes financial assets or financial
liabilities in the statement of financial position, if
the entity becomes a party to the provisions of the
instrument contract.
This statement applies to contracts for the purchase or
sale of non-financial items that can be settled net with
cash or other financial instruments, or by exchanging
financial instruments, as if the contracts are financial
instruments, with the exception of contracts that are
agreed upon and intended to continue to be owned with
the purpose of receiving or submitting non-financial items
in accordance with the terms of the purchase, sale, or use
predicted by the entity.
Initial measurement of financial assets and financial
liabilities.
At the time of initial recognition of a financial asset or
financial liability, the entity measures at its fair value. In
the case of financial assets or financial liabilities not
measured at fair value through profit or loss, the fair
value is added to the transaction costs that can be
directly attributed to the acquisition or issuance of the
financial assets or financial liabilities.
PSAK 56
PSAK No. 56 concerning PROFIT PER SHARES was
ratified by the Financial Accounting Standards
Board on December 10, 1999. This statement is not
required to apply to elements that are not material.
S 56
This standard aims to establish the
techniques for calculating, presenting, and
disclosing LPS which in turn will increase
the comparability of performance between
companies and between periods.
This standard emphasizes the technique for
determining the number of shares used as a
divisor known as the denominator of the profit
figure and not on determining profits. Although
LPS has limitations because of this non-uniform
accounting policy in determining profit, but with it
the denominator that is calculated consistently is
P the quality of financial reporting
more reliable.
A
This standard must be applied by
K issuers or public companies who have
ordinary shares or potential ordinary
shares. Companies that are not issuers
or public companies that present IDIC,
are required to apply this standard.
 PSAK 57
PSAK 57 (IAS 37) aims to regulate the RECOGNITION AND MEASUREMENT OF
PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS and to ensure
that adequate information has been disclosed in the Notes to Financial Statements.
So that users can understand the nature, time and amount associated with the
information.

Provisions are recognized if:

a. entities have current obligations (both legal and constructive) as a
result of past events;
b. it is likely that the settlement of these obligations will result in an
outflow of resources that contain economic benefits; and
c. reliable estimates of the amount of liability can be made.
If the above conditions are not met, then the provision is not recognized.
 PSAK 58
PSAK 58 concerning NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED

01 OPERATIONS was approved by the Financial Accounting Standards Board on December 15,
2009.This PSAK 58 revised PSAK 58 concerning Operations in Termination which was issued on
May 6, 2003. This statement is not required to apply to elements that are not material.

An entity classifies a non-current asset as held for sale if its carrying amount is to be recovered
02 primarily through a sales transaction rather than through continued use. Assets must be in a state
that can be sold immediately with the usual and general conditions needed in the sale of these
assets and the sale must be very likely (highly probable).

Sales are said to be very likely to occur, if:

03 • Management must be committed to the asset sale plan and actively look for buyers and
finalize the plan.
• Assets must be actively marketed at a fair price in accordance with the current fair value
• Sales are estimated to meet the recognition requirements as sales within one year from the
date of classification
• No significant changes or cancellations may occur to the plan
 PSAK 59
PSAK 59: SHARIA BANKING ACCOUNTING which was approved in 2009 regulates the
accounting treatment (recognition, measurement, presentation and disclosure) of special
transactions relating to Islamic bank activities, including the principles of mudharabah,
musyarakah, murabahah, salam, istishna, ijarah, allowance for possible losses. productive
assets, wadiah, qardh, sharf, and reward-based Islamic bank activities.

In its development, accounting arrangements in PSAK 59 have been regulated in other PSAK,
both in non-sharia PSAK, and Sharia PSAK starting from PSAK 101: Presentation of Sharia
Financial Statements to PSAK 110: Accounting for Sukuk. This is because basically the
Islamic PSAK does not regulate specific transactions that have been set up in another PSAK.

Financial Accounting Standards are now no longer based

certain industries or types of entities, but based on the type
transactions on financial statements.

In addition, there are transaction arrangements in PSAK 59 that no longer comply with
current Islamic banking regulations, such as the allowance for possible losses on productive
assets.

Based on these considerations, DSAS IAI decided to revoke PSAK 59. This revocation is
effective for the financial year period beginning on or after January 1, 2016.
 PSAK 60
The purpose of this PSAK 60 FINANCIAL INSTRUMENTS: DISCLOSURES is
to require entities to provide disclosures in financial statements that enable
users to evaluate:
• The significance of financial instruments for the financial position and
performance of the entity; and
• The nature and scope of risks arising from financial instruments in
which the entity is exposed during the period and the end of the
reporting period, and how the entity manages those risks.

This PSAK applies to recognized and unrecognized financial instruments.

Financial instruments recognized include financial assets and financial
liabilities within the scope of PSAK 55: Financial Instruments: Recognition
and Measurement. Unrecognized financial instruments include several
financial instruments which, although outside the scope of PSAK 55, are
included in the scope of this PSAK (such as some loan commitments).

PSAK 60 concerning Financial Instruments: Disclosures have been approved

by the Accounting Standards Board
On April 29, 2014. This PSAK 60 revised PSAK 60 concerning Financial
Instruments: Disclosures that were passed on November 26, 2010.