FAIR VALUE: ASET KEUANGAN, ASET TETAP, PROPERTI INVESTASI PSAK-13 : IKATAN AKUNTAN INDONESIA

Agenda Konsep Umum Fair Value 1. Aset Keuangan 2. Aset Tetap 3. Properti Investasi 4. PSAK lain 5.

Karakteristik IFRS IFRS menggunakan “Principles Base “ : –Lebih menekankan pada intepratasi dan aplikasi atas standar sehingga harus berfokus pada spirit penerapan prinsip tersebut. –Standar membutuhkan penilaian atas substansi transaksi dan evaluasi apakah presentasi akuntansi mencerminkan realitas ekonomi. –Membutuhkan profesional judgment pada penerapan standar akuntansi. Menggunakan fair value dalam penilaian, jika tidak ada nilai pasar aktif harus melakukan penilaian sendiri (perlu kompetensi) atau menggunakan jasa penilai Mengharuskan pengungkapan (disclosure) yang lebih banyak baik kuantitaif maupun kualitatif 3

Nilai Wajar – PSAK Nilai di mana suatu aset dapat dipertukarkan atau suatu kewajiban diselesaikan antara pihak yang memahami dan berkeinginan untuk melakukan transaksi wajar (arm’s length transaction) Bukan nilai yang akan diterima atau dibayarkan entitas dalam suatu transaksi yang dipaksakan, likuidasi yang dipaksakan, atau penjualan akibat kesulitan keuangan. 4

Hirarki Penentuan Nilai Wajar Kuotasi harga di pasar aktif; Jika pasar tidak aktif, maka menggunakan teknik penilaian yang meliputi: –penggunaan transaksi-transaksi pasar wajar yang terkini antara pihak-pihak yang mengerti, berkeinginan, jika tersedia; –referensi atas nilai wajar terkini dari instrumen lain yang secara substansial sama; –analisis arus kas yang didiskonto (discounted cash flow analysis); dan –model penetapan harga opsi (option pricing model) 5

FAIR VALUE PSAK 50,55,60 PSAK 16 PSAK 13 PSAK 19 IAS 41 PSAK 48, 58 Properti Investasi Aset Tidak Lancar Dimiliki untuk Dijual dan Operasi yang Dihentikan Aset takberwujud Penurunan Nilai Instrumen Keuangan Aset Tetap 6 FAIR VALUE IFRS 13 Penurunan Nilai

7 Assets 7 Intangible Financial Inv Property PP&E Inventory Etc Defined Benefit Biological assets Cost CM or RM Cost Nil Lower of C or NRV some FVM Cost CM or FVM Fair value AmC or FVM Fair value less costs to sell FV plan assets less PUC plan obligation & arbitrary rules Various © IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK.

8 ASSET TYPEMEASUREMENT AT INITIAL RECOGNITION MODEL BASED ON FAIR VALUE BASIS OF IMPAIRMENT TEST IFRS 9 Financial Instruments Fair valueFor specified financial assets and for particular business models: fair value IAS 16 Property, Plant and Equipment Purchase costs + construction costs + costs to bring to the location and condition necessary to be capable of operating in the manner intended by management. Accounting policy choice: revaluation model Compare carrying amount to recoverable amount. Recoverable amount is greater of value in use and fair value less disposal costs (IAS 36) IAS 38 Intangible Assets Purchase costs + development costs + costs to bring to the location and condition necessary to be capable of operating as intended by management Accounting policy choice: revaluation model IAS 40 Investment Property Cost including transaction costsAccounting policy choice: fair value IAS 41 AgricultureFair value less costs to sell

Konsep Fair Value IFRS 13 Tujuan IFRS 13: –Klarifikasi definisi fair value –Satu standar “bagaimana” mengukur fair value Sebelumnya tidak konsisten dan persyaratannya beragam Tidak merubah kapan nilai wajar digunakan. –Pengungkapan lebih banyak –Meningkatkan konvergen dengan US GAAP

Ruang Lingkup IFRS 13 Diterapkan ketika IFRS lain mengijinkan: –Pengukuran fair value aset dan liabilitas keuangan atau pengungkapan fair value. Dikecualikan dari ruang lingkup, IFRS 2 (shared based payment) dan IAS 17 Leases, Tidak diperlukan untuk pengukuran yang sejenis –IAS 2 inventories  net realizable values –IAS 36 Impairment  value in use Pengungkapan tidak diperlukan untuk IAS 19 Employee benefit, IAS 26 Retirement benefit plant, recoverable amount under IAS 36 Impairment Aset.

Definisi Fair Value IFRS 3 Fair value adalah harga yang diterima atas penjualan aset atau pembayaran untuk mentransfer liabilitas dalam transaksi antar pihak yang berkepentingan pada tanggal pengukuran. 11 “...the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date.” IFRS 13 para 9

Definisi Fair Value IFRS 3 Exit price didaarkan pada pasa aktif. Jika tidak ada didasarkan teknik valuasi. Bukan berasal dari transaksi dari pihak yang mengalami kesulitan keunagan Nilai fair value merupkan pengukuran pasar, bukan ukuran spesifik suatu entitas. Konsekuensinya entitas yang memiliki keinginan untuk memegang aset tersebut atau menjualnya tidak relevan dalam pengukuran nilai wajar. Biaya transaksi diabaiikan karenna bukan merupakan karakteristik dari aset dan liabilitas yang diukur. Mengasumsikan terjadi di pasar. Exit price didaarkan pada pasa aktif. Jika tidak ada didasarkan teknik valuasi. Bukan berasal dari transaksi dari pihak yang mengalami kesulitan keunagan Nilai fair value merupkan pengukuran pasar, bukan ukuran spesifik suatu entitas. Konsekuensinya entitas yang memiliki keinginan untuk memegang aset tersebut atau menjualnya tidak relevan dalam pengukuran nilai wajar. Biaya transaksi diabaiikan karenna bukan merupakan karakteristik dari aset dan liabilitas yang diukur. Mengasumsikan terjadi di pasar. 12

Saat mengukur nilai wajar menggunakan asumsi bahwa pihak yang berpartisipasi dalam pasar menentukan harga aset atau liablitas berdasarkan kondisi pasar saat itu, termasuk asumsi tentang risiko. Karakteristik atas aset dan liablitas khusus yang dipertimbangkan pihak berpartisipasi dalam pasar saat menentukan harga pada tanggal pengukuran, termasuk Umur, kondisi dan lokasi aset Ristriksi atas penjualan atau penggunaan Pedoman penerapan

Definisi Lama Nilai di mana suatu aset dapat dipertukarkan atau suatu kewajiban diselesaikan antara pihak yang memahami dan berkeinginan untuk melakukan transaksi wajar (arm’s length transaction) Definisi Lama Kelemanah Tidak spesifik apakan entitas menjual atau membeli aset Tidak jelas tentang diselesaikan, karena tidak menunjukkan kreditor Tidak jelas tentang pengertian nilai wajar Tidak menjelaskan kapan transaksi terjadi ?

Fair Value Is there a quoted price in an active market for an identical asset or liability? YES NO Use this quoted price to measure fair value (Level 1) Replicate a market price using another valuation technique* (Levels 2 and 3) *A valuation technique must maximise the use of relevant observable inputs and minimise the use of unobservable inputs. *

The fair value hierarchy 16 Is there a quoted price in an active market for an identical asset or liability? (Level 1 input) Are there any observable inputs* other than quoted prices for an identical asset or liability? Use the Level 1 input = Level 1 measurement No use of significant unobservable (Level 3) inputs ‡ = Level 2 measurement Use of significant unobservable (Level 3) inputs ‡ = Level 3 measurement No Yes No Must use without adjustment *Maximise the use of relevant observable inputs. Observable inputs include market data (prices and other information) that is publicly available ‡ Unobservable inputs include the entity’s own data (eg budgets, forecasts), which must be adjusted if market participants would use different assumptions 16

Measured using the price in the principal market for the asset or liability (ie the market with the greatest volume and level of activity for the asset or liability) or, in the absence of a principal market, the most advantageous market for the asset or liability. 17 Transaction and Price

An entity must take all information that is reasonably available to search for a principal market. determining fair value and the highest and best-use.for a non- financial asset. Assumptions that a market participant would use (including assumptions about risk). Determining the correct valuation technique to use and the inputs to the techniques, particularly on the income approach, require a wide range of estimates as: discount rates future cash flows risks and uncertainty The inputs used in the valuation techniques should primarily be based on observable inputs (where possible) to minimise the use of unobservable inputs. 18 Judgements and estimates

Highest and best use Fair value assumes a non-financial asset is used by market participants at its highest and best use –The use of a non-financial asset by market participants that maximises the value of the asset Physically possible Legally permissible Financially feasible Highest and best use is usually (but not always) the current use –If for competitive reasons an entity does not intend to use the asset at its highest and best use, the fair value of the asset still reflects its highest and best use by market participants (defensive value) Does not apply to financial instruments or liabilities

Valuation premise A non-financial asset either: –Provides maximum value through its use in combination with other assets and liabilities as a group Is its value influence by it being ‘operated’ with other assets? An example: equipment used in production facility –Provides maximum value through its use on a stand- alone basis Is its value independent of its use with other assets? An example: a vehicle or an investment property Does not apply to financial instruments or liabilities

The exit transaction In the principal market: –The market with the greatest volume and level of activity for the asset or liability Or (if no principal market) in the most advantageous market: –The market that maximises the amount that would be received to sell the asset and minimises the amount that would be paid to transfer the liability In most cases, these markets will be the same –Arbitrage opportunities will be competed away

Market participants Market participants are buyers and sellers in the principal (or most advantageous) market who are: –Independent of each other Not related parties –Knowledgeable and sufficiently informed about the asset or liability and the transaction Due diligence efforts –Able to enter into a transaction for the asset or liability Has a use for the asset Can fulfil the obligation –Willing to enter into a transaction for the asset or liability Not forced or otherwise compelled Market participants act in their economic best interest

Fair value disclosures More information for Level 3: –Quantitative disclosure of unobservable inputs and assumptions used –Reconciliation of opening to closing balances –Description of valuation process in place –Sensitivity analysis: Narrative discussion about sensitivity to changes in unobservable inputs, including inter-relationships between inputs that magnify or mitigate the effect on the measurement Quantitative sensitivity analysis for financial instruments