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Page 1: D2 S3 ISAK 16_IFRIC 12 Illustrative Examples-HT

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ISAK 16 (2010)IFRIC 12

1

IKATAN AKUNTAN INDONESIA

 Indonesian Institute of Accountants

Narasumber: Dr. Hendang Tanusdjaja, CPA

Partner KAP Darmawan, Hendang & Yogi (AGN Int’l)

 Anggota Tim Implementasi IFRS-IAI

Jakarta, 16 Nopember 2011

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Issue Key requirement of IFRIC 12

Operator’s rights over the

infrastructure assets

The infrastructure assets are not recognised as the

 property, plant or 

equipment (PPE) of the operator.

Revenue recognition Revenue is recognised and measured in accordance

with IAS 11 (for construction or upgrade services) and/or IAS 18

(for operation services,

where the operator operates and maintains the

infrastructure).

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Issue Key requirement of IFRIC 12

Construction or upgrade

services

The consideration received by the operator is

recognised at fair value.

Consideration may result in the recognition of a

financial asset or an

intangible asset.

• The operator recognises a fi nancial asset if it has

an unconditional contractual right to receive cash

or another fi nancial asset from or at the direction

of the grantor in return for constructing or

upgrading the public sector asset.

• The operator recognises an intangible asset if itreceives only a right to charge for the use of the

 public sector asset that it constructs or upgrades.

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Issue Key requirement of IFRIC 12

Construction or upgrade

services

• IFRIC 12 allows for the possibility that both types

of consideration may exist within a single

contract. For example, to the extent that the

grantor has given to the operator an unconditional

guarantee of minimum payments for the

construction, the operator recognises a financial

asset. The operator may also recognise an

intangible asset representing the right to charge

users of the public service that is in addition to

the minimum guaranteed payments.

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Issue Key requirement of IFRIC 12

Operator’s contractual

obligations to maintain/

restore the infrastructure

to a specifi ed level of 

serviceability

Contractual obligations to maintain or restore

infrastructure, except for any upgrade element,

should be recognised and measured in accordance

with IAS 37, i.e. at the best estimate of the

expenditure that would be required to settle the

 present obligation at the end of reporting period.

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Issue Key requirement of IFRIC 12

Borrowing costs incurred

 by the operator 

Borrowing costs incurred by the operator that are

attributable to the arrangement are recognised as an

expense in the period incurred unless the operator has acontractual right to charge users of the public service

(intangible asset model). In this case borrowing costs

attributable to the arrangement should be capitalised

during the construction phase of the arrangement in

accordance with IAS 23

 Borrowing Costs.

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Issue Key requirement of IFRIC 12

Subsequent accounting

treatment of a financial

asset

IAS 39 and IFRS 9 (if adopted) apply to the fi nancial asset

recognised under IFRIC 12. Under IAS 39, depending on

whether the fi nancial asset is classifi ed as a loan or

receivable, as an available-for-sale financial asset or

designated as at fair value through profi t or loss, it is

subsequently measured either at amortised cost or fair

value, respectively. If IFRS 9 is applied, the financial asset

will be measured at amortised cost or at fair value through

 profit or loss.

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Issue Key requirement of IFRIC 12Subsequent

accounting

treatment of a

financial

asset

IAS 39 and IFRS 9 (if adopted) apply to the fi nancial asset

recognised under IFRIC 12. Under IAS 39, depending on

whether the fi nancial asset is classifi ed as a loan or

receivable, as an available-for-sale financial asset or

designated as at fair value through profi t or loss, it is

subsequently measured either at amortised cost or fair value,respectively. If IFRS 9 is applied, the financial asset will be

measured at amortised cost or at fair value through profit or

loss.

Subsequent

accountingtreatment of an

intangible Asset

IAS 38 Intangible Assets applies to the intangible asset

recognised under IFRIC 12. IAS 38 allows intangible assets to be

measured using

the cost model or the revaluation model if there is an active

market for 

service concession arrangements.

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Characteristics Type of

asset

recognised

by the

operator

Reason

Hospital – the operator receives afixed amount of revenue, subject to

deductions for lack of availability.

Financialasset

• Revenue not dependent onusage.

• Deductions refl ect failure to

meet specifi ed quality

requirements.

Toll road – the amounts receivable

 by the operator are subject to littlevariation in practice because the

road is an established route with

highly predictable level of tolls.

Intangible

asset

• Right to charge users.

• Amounts depend on usage ofthe infrastructure, regardless of

whether variation in usage is

expected in practice.

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Characteristics Type of asset

recognised by

the operator

Reason

Toll road – the operator has a

guarantee by the grantor of 

minimum revenue that will notfall below a specifi ed level.

The guarantee is achieved

through an increase in the

concession period.

Intangible

asset

• Right to charge users.

• Amounts depend on usage of

the infrastructure.• Shortfall guaranteed by the

grantor via a concession

extension and not via a right to

receive cash.

Water supply concession – the

grantor regulates prices that the

operator may charge to users

or adjusts the duration of the

concession based on a targeted

rate of return.

Intangible

asset

• Right to charge users.

• Amounts depend on usage of

the infrastructure.

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Characteristics Type of assetrecognised by

the operator

Reason

Rail concession - the grantor pays

the operator any shortfall between

the actual benefi t before interestand tax obtained through charging

users, and a fi xed minimum.

Intangible

asset and

fi nancial asset- Bifurcated

model

• Right to charge users.

• Amounts depend on usage of

the infrastructure.• Shortfall guaranteed by the

grantor.

• Financial asset arises from the

right to receive a minimum

determinable amount of cash

from users/grantor andintangible asset from the right

to earn additional amounts

above the fi xed guaranteed

 payments.

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Characteristics Type of assetrecognised by

the operator

Reason

Toll bridge - the grantor pays a

fi xed payment based on

availability during the fi rst halfof the concession period and then

switches to usage payment.

Intangible

asset and

fi nancial asset- Bifurcated

model

• Grantor pays operator.

• Amounts do not depend on

usage of the infrastructureduring the fi rst half of the

concession and are usage

dependent during the second

half.

• Financial asset arises from the

right to receive cash fromgrantor during the fi rst part of

the concession irrespective of

usage; the intangible asset

arises from the right to charge

the grantor in the second half

 based on usage.14

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An operator enters into a contract to provide construction servicescosting CU100. It has been determined that the fair value of theconstruction services provided is CU110. The total cash inflows over theentire life of the contract are fi xed by the grantor at CU200. The financerevenue to be recognised that is calculated by using the effective interestrate method in accordance with IAS 39 is CU10 over the entire life of the

service concession arrangement, and the balance of CU80 (CU200 -CU110 - CU10) relates to services provided during the operational phase.The following journal entriesare made in this scenario.

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an operator enters into a contract to provide construction services costingCU100. It has been determined that the fair value of the constructionservices provided is CU110. The total cash infl ows over the entire life ofthe contract are expected to be CU200, however this amount is notguaranteed by the grantor. The following entries are made in this scenario:

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An operator enters into a contract to provide constructionservices costing CU100. It has been determined that the

fair value of the construction services provided is CU110.

The total cash infl ows over the entire life of the contract

are expected to be CU200. Of these, CU60 are guaranteed by the grantor. The appropriate fi nance revenue to be

recognised derived from applying the effective interest

rate method in accordance with IAS 39 is in total CU6

over the entire life of the service concession arrangement.

The following entries are made in this scenario:

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dd (k dh @ h )(k dh @ h )22

Diskusi dan Tanya Jawab

Thank you

IKATAN AKUNTAN INDONESIA

 Indonesian Institute of Accountants

Hendang Tanusdjaja

0816808105

[email protected] or

[email protected]


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