• Tidak ada hasil yang ditemukan

Derivatif dan Hedging DJPU

N/A
N/A
Protected

Academic year: 2017

Membagikan "Derivatif dan Hedging DJPU"

Copied!
56
0
0

Teks penuh

(1)

Akuntansi

Akuntansi

Derivatif dan Hedging

Direktorat Jenderal Pengelolaan Utang

(2)

DJPU

J U

Agenda

Agenda

Latar Belakang

1.

Akuntansi

2.

Standar Akuntansi

3.

4

Ilustrasi Transaksi

(3)

DJPU

J U

Derivative Securities

e

at e Secu t es

Latar Belakang

Market risks

Market risks

commodity price risk

interest rate risk

(4)
(5)

DJPU

J U

Derivative Securities

Derivative Securities

H e dge s

adalah kontrak yang melindungi dari risiko

pasar – misalnya forward options and swaps

pasar – misalnya, forward, options, and swaps.

De rivat ive se c urit ie s, or sim ply de rivat ive s

,

adalah kontrak yang nilainya diturunkan dari nilai

adalah kontrak yang nilainya diturunkan dari nilai

aset lain atau item ekonomi tertentu – saham/stock,

bond, commodity price,

interest rate, or currency exchange rate

ƒ

Sulit untuk mencari derivatif yang benar-benar

dapat melindungi diri dari risiko.

Ri ik

Æ

k tid k

ti

di

d t

ƒ

Risiko

Æ

ketidakpastian di masa mendatang

ƒ

Melindungi dari risiko = memastikan

ketidakpastian.

ƒ

Kontrak lindung nilai memiliki risiko

(6)

DJPU

J U

Derivative Financial Instruments

Derivative Financial Instruments

A derivative is a financial instrument that meets the

following three criteria:

following three criteria:

Its value changes

in response to a

Requires little or

Settled at a future

in response to a

change in an

“underlying”

Settled at a future

date

no initial

investment

Scope Exemption:

IAS 39:5 exempts contracts which meet the definition of a

IAS 39:5 exempts contracts which meet the definition of a

derivative from the standard if the contract is entered into

to meet the entity’s usual purchase, sale or usage

Tan & Lee Chapter 9 ©2009 6

(7)

DJPU

J U

Derivative Securities

ƒ

Instrumen keuangan atau kontrak lain

dengan karakteristik:

ƒ

Nilainya berubah akibat dari perubahan

variabel yg mendasari (spt suku bunga harga

variabel yg mendasari (spt suku bunga, harga,

nilai tukar, dll).

ƒ

Tanpa investasi awal neto atau nilainya lebih

k

il d i il i k

t k

j

i

b i

kecil dari nilai kontrak sejenis yang memberi

pengaruh yang sama thd perubahan faktor

pasar.

(8)
(9)

DJPU

J U

Klasifikasi Derivatif

Klasifikasi Derivatif

F

t

di

d i

tif

(

ti

ƒ

Freestanding derivatif

(option,

forward contract, swap, future

t

t)

contract)

(10)

DJPU

J U

Derivative Financial Instruments

Derivative Financial Instruments

Example of derivative instruments and their underlying

Types of derivative

instruments

Underlying

Used by

Option contracts

Security price

Producers trading firms

Option contracts

(call and put)

Security price

Producers, trading firms,

financial institutions, and

speculators

F

d

t

t

F

i

V i

i

Forward contracts

e.g. foreign exchange

forward contract

e.g. commodity futures

Commodity

prices

Producers and

consumers

Swaps

Interest rate

Financial institutions

(11)

DJPU

J U

Derivative Securities

Derivative Securities

Derivatives

e

at es

Hedge

Speculative

Speculative

Fair Value

Hedge

Cash Flow

Hedge

Foreign

Currency

Hedge

Hedge

Currency

Hedge

Fair Value

Hedge

Hedge of Net

Investment in

Foreign

O

ti

Cash Flow

Hedge

(12)

DJPU

J U

Derivative Financial Instruments

Derivative Financial Instruments

Use of derivatives

1.

Manage market risk

2.

Reduce borrowing cost

3.

Profit from trading or speculation

Types of derivatives

1

For ard t pe deri ati es s ch as for ard contracts f t re

1.

Forward type derivatives such as forward contracts, future

contracts and swaps

2.

Option-type derivatives such as call and put options, caps and

collars and warrants

collars and warrants

3.

Free standing derivatives

4.

Embedded derivatives

(13)

DJPU

J U

Forward Contracts

Forward Contracts

An agreement between two parties (counterparties) whereby one

An agreement between two parties (counterparties) whereby one

party agrees to buy and the other party agrees to sell a specified

amount

(notional amount) of an item at a fixed price

(forward rate)

for delivery at a specified future date

(forward date)

Can either be a forward purchase contract or a forward sales

contract, depending on the perspective of the counterparties

contract, depending on the perspective of the counterparties

Sells Forward

“A” Company Contract “B” Company

(14)

DJPU

J U

Forward Contracts

Forward Contracts

Not standardized contracts as they are not traded on an

exchange

exchange

They entail counterparty risks

They are can be tailored to specific needs of counterparties

They involve lower transaction costs

They involve lower transaction costs

Fair value of forward contract:

Notional x (׀Current forward rate – contracted forward rate ׀) Notional

amount x (1+r)t

where

Contracted forward rate is forward rate r = discount rate Contracted forward rate is forward rate

fixed at inception

Current forward rate is forward rate for remaining period to maturity

r discount rate

t = period to maturity

Tan & Lee Chapter 9 ©2009 14

(15)

DJPU

J U

Future Contracts

Future Contracts

A future contract is similar to a forward contract except that it is a

A future contract is similar to a forward contract except that it is a

standardized contract and is traded on an exchange

Futures contracts are marked-to-market and settled on a daily basis

Futures contracts are marked-to-market and settled on a daily basis

Futures contracts require payment of a margin deposit which has to

be maintained throughout the contract period

Wide range of exchange-traded future contracts

– Commodity futures

– Interest rate futures

(16)

DJPU

J U

Option Contracts

Option Contracts

Contract that gives holder

Contract that gives holder the right but not the obligation

the right

but

not the obligation

to buy or

to buy or

sell a specified item

at a specified price

2 type of option contracts

2 type of option contracts

1. Call option – right, but not obligation to buy

2. Put option – right, but not obligation to sell

Can be American option (exercisable anytime to expiration) or

European option (exercisable only on maturity date)

Can also be customized (not traded) or standard contract quoted on

exchange (listed options)

(17)

DJPU

J U

Option Contracts

Option Contracts

Main features

Main features

– Purchaser (holder) pays premium to seller (writer of option)

– Holder has the right, but not obligation to perform; while write has obligation to performg p

– Asymmetrical pay-off profile

• Holder has limited loss (due to premium) and unlimited gain • Writer has limited gain and unlimited lossg

Relationship between the strike price and the underlying

Strike price> Underlying

Strike price> Underlying

Strike price> Underlying

Holder of call option

Out-of-the-money At-the-money In-the-money

Holder of put option

(18)

DJPU

J U

Option Contracts

Option Contracts

Fair value of option contract

Fair value of option contract

Fair value of an option = Intrinsic value + Time value

Diminishes over time Listed options = quoted price

Not traded options = Valuation

Zero at expiration Not traded options = Valuation

model ( Black-Scholes model)

Call option = Max [0, Notional amount x (Spot price – Strike Price) Put option = Max [0, Notional amount x (Strike price – Spot Price)

(19)

DJPU

J U

Embedded Derivatives

Embedded Derivatives

Derivative that is part of a hybrid financial instrument

Derivative that is part of a hybrid financial instrument

Host Instrument

Hybrid Instrument

Host Instrument

Embedded derivative:

Linked to underlying and change in Linked to underlying and change in underlying causes change in cash flow

(20)

DJPU

J U

Split Accounting of Embedded Derivatives

Split Accounting of Embedded Derivatives

IAS 39 requires embedded derivatives to be separately recognized

IAS 39 requires embedded derivatives to be separately recognized

from the host instrument and accounted for in the same way as a

stand-alone derivative if the following conditions are met:

Conditions for separation of embedded derivative

Economic

characteristics and risk of host instrument are

Hybrid instrument is not measured at fair value,

with changes in fair There is a separate

instrument with same of host instrument are

not closely related to that of the derivative

with changes in fair value recognized in

profit and loss terms as the embedded

derivative

(21)

DJPU

J U

Accounting for Derivatives

Accounting for Derivatives

Default accounting treatment for derivatives under IAS 39:

Derivatives are classified under the Fair Value through Profit or

Loss category and changes in their fair values are taken to income

Loss category and changes in their fair values are taken to income

statement

Exception - when a derivative is designated as a hedge of an

(22)

DJPU

J U

Accounting for Forward Contract

Accounting for Forward Contract

At inception During life of contract Closing position or At inception During life of contract Closing position or

at expiration

Dr Forward Contract

(asset) Dr Cash

No journal entry as

(asset)

Cr Gain on forward contract

or

Cr Forward contract

j y

fair value is nil

Dr Loss on forward contract

Cr Forward Contract or

Dr Forward contract

Cr Cash (liability)

Adjust fair value and Close out and record Cr Cash

Tan & Lee Chapter 9 ©2009 22

j

(23)

DJPU

J U

Accounting for Future Contract

Accounting for Future Contract

At inception During life of contract Closing position or At inception During life of contract Closing position or

at expiration

Cr Margin Contract Dr Margin deposit

Dr Loss on futures contract Cr Margin Contract

Record payment of y

settlement of future contracts

margin deposit p y

(24)

DJPU

J U

Purchased Option Contract

Purchased Option Contract

At inception During life of contract Closing position or At inception During life of contract Closing position or

at expiration

Dr Option Contract

Cr Gain on future Dr Cash*Dr Gain on option Cr Gain on future

contract

or

Dr Gain on option contract

Cr Option Contract Dr Option contract

(asset)

Dr Loss on futures contract

Cr Option Contract or

Adjust for fair value Close out and record Cr Option Contract

Record payment of

(* assume expires in-the-money)

Tan & Lee Chapter 9 ©2009 24

j

and record gain/loss net settlement of contract

p y

(25)

DJPU

J U

Written Option Contract

Written Option Contract

At inception During life of contract Closing position or At inception During life of contract Closing position or

at expiration

Dr Option Contract

Cr Gain on future Dr Option contractCr Gain on Option Cr Gain on future

Cr Option contract

(Expires out-of-the-money)

Dr Loss on futures contract

Cr Option Contract or

Dr Option contract Dr Loss on option Cr Cash

Cr Option contract (liability)

money)

p

Adjust for fair value Close out and record Record payment of

(Expires in-the-money)

j

and record gain/loss net settlement of contract

p y

(26)

DJPU

J U

Hedging

Hedging

Propose is to neutralize an exposed risk

Propose is to neutralize an exposed risk

– Loss on hedge item offset by gain on hedging instrument

– Reduce volatility than preserve gains

Other ways of hedging through non-derivative derivatives

– Money market instruments (money market hedge)

Natural hedge (offsetting foreign currency assets and liability in the

– Natural hedge (offsetting foreign currency assets and liability in the same currency)

Special accounting rules called “hedge accounting” applies when

Special accounting rules called hedge accounting applies when

derivatives are used for hedging purposes

(27)

DJPU

J U

Rationale of Hedge Accounting

Rationale of Hedge Accounting

Arises because of the mismatch of income-offsetting effect between

Arises because of the mismatch of income offsetting effect between

hedged item and hedging instrument

Situations requiring hedge accounting

Situations requiring hedge accounting

– Hedge item and hedging instrument are measured using different bases (One is at cost while the other is at fair value)

– Hedged item yet to be recognized in financial statementHedged item yet to be recognized in financial statement

(28)

DJPU

J U

Risks That Qualify for Hedge Accounting

Risks That Qualify for Hedge Accounting

Specific risks

Interest rate risk Spec c s s Price risk

that qualify for hedge accounting

Foreign exchange risk Credit risk

Risks must be specific risk, not general business risks

Possible for a derivative to hedge more than one risk

(29)

DJPU

J U

Qualifying Hedging Instruments

(IAS 39: 72 – 73)

Instruments that qualify include:

D

i

t d d i

ti

(

t

itt

ti

)

Designated derivatives (except written options)

Embedded Derivatives

Designated non-derivatives financial asset/ liability that hedge

f

i

h

i k

l

foreign exchange risks only

Value used to determine hedge effectiveness

If used in its entirety, fair value is used

If broken into time value and intrinsic value, permissible to use

intrinsic value. However, it must be explicitly documented at

inception

If derivative is used as a hedge of more than 1 risk

Individual designated component must meet hedge accounting

criteria

(30)

DJPU

J U

Qualifying Hedged Items

y g

g

(IAS 39: 78 -79)

Qualify Do not qualify

• Financial assets and liabilities with exposure to changes in fair value

• Held-to-maturity instruments (regardless of fixed rate or variable rate)

value

• Non-financial assets exposed to foreign exchange or price risks

variable rate)

• Investment in an associated company

• Firm commitment

• Highly probable forecast g y p

transaction with exposures to future cash flows

• Net investment in foreign entity

Tan & Lee Chapter 9 ©2009 30

(31)

DJPU

Criteria for Hedge Accounting

(IAS 39 88)

J U

(IAS 39: 88)

C

diti

t b

t f

h d

ti

t

l

Enterprise must have exposure to risk that affects income

Conditions to be met for hedge accounting to apply

statement

Derivative contract specifically entered to hedge underlying exposure

exposure

Hedge must be highly effective

Effectiveness of hedge can be reliably measured Effectiveness of hedge can be reliably measured

Hedging relationship must be formally documented at the inception of the hedge

(32)

DJPU

J U

Assessing Hedge Effectiveness

Assessing Hedge Effectiveness

IAS 39:9 - The degree to which changes in the fair value or cash

IAS 39:9 The degree to which changes in the fair value or cash

flows of the hedged item that is attributable to a hedged risk are

offset by changes in the fair value or cash flow of the hedging

instrument

Hedge effectiveness is evaluated

– Prospectively on inception of hedge; and

– Retrospectively on an ongoing basisp y g g

On inception, hedge effectiveness is assessed on

– Comparison of the principal or critical terms

– Historical analysisHistorical analysis

– Correlation analysis

(33)

DJPU

J U

Efektivitas Hedging

Efektivitas Hedging

™Efektifitas dihitung secara prospektif dan

™Efektifitas dihitung secara prospektif dan

retrospektif

™H

il kt

l b

d d l

ki

80

™Hasil aktual berada dalam kisaran 80

-125%

™Seluruh lindung nilai yang tidak efektif

diakui dalam laporan L/R (termasuk

(34)

DJPU

J U

Efektivitas Hedging

Efektivitas Hedging

™

Risks must be identifiable

™

Risk must be foreseeable

™

Risk must be realistically measured

y

™

Precise attribution of hedging instrument to

hedged item

g

Reason:

(35)

DJPU

J U

Kriteria & Dokumentasi

Kriteria & Dokumentasi

™

Kriteria

ƒ

Tdpt kebijakan tertulis, tujuan manajemen risiko &

strategi lindung nilai.

H b

li d

il i dih

k

f ktif tk

li

ƒ

Hubungan lindung nilai diharapkan efektif utk saling

menghapuskan perubahan nilai wajar.

™

Dokumentasi

™

Dokumentasi

ƒ

Identifikasi hedged items vs hedging instruments.

ƒ

Sifat risiko yang dilindungi

Sifat risiko yang dilindungi

ƒ

Strategi manajemen risiko dan lindung nilai

(36)

DJPU

J U

Assessing Hedge Effectiveness

Assessing Hedge Effectiveness

During the duration of hedge, hedge effectiveness is assessed on

During the duration of hedge, hedge effectiveness is assessed on

dollar-offset method:

Hedge effectiveness ratio (HER):

Hedge effectiveness (or delta ratio) =

Changes in fair value or future cash flow of hedging instrument Changes in fair value or future cash flow of hedged item

0 8 1 2

0.8 1.25

Exceptions for effective hedge even if HER falls out of range

– IAS 39 allows hedge effectiveness to be assessed on cumulative basis Effective hedge (IAS 39: AG 105b)

S 39 a o s edge e ect e ess to be assessed o cu u at e bas s if hedge is designated and conditions are properly documented

(37)

DJPU

J U

Assessing Hedge Effectiveness

Assessing Hedge Effectiveness

Exclusion of time value of certain derivatives to be excluded from

Exclusion of time value of certain derivatives to be excluded from

hedge relationship

– Derivative separated into 2 component

1. Time value (options) or interest (forwards) 1. Time value (options) or interest (forwards) 2. Intrinsic (options) or spot element (forwards)

– Excluded time value taken to income statement as per default treatment

– Should result in highly effective hedge, as intrinsic/ spot componentShould result in highly effective hedge, as intrinsic/ spot component moves in tandem with underlying, while time/interest component does not

(38)

DJPU

J U

Classification of Hedging Relationships

Classification of Hedging Relationships

Causes Explanation

Hedge of “the exposure to changes in fair value of a Hedge of the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm

commitment, or an identified portion of such asset, liability or firm commitment, which is attributable to a particular

i k d ld ff t fit l ” (IAS 39 86 )

Fair value hedge

risk and could affect profit or loss” (IAS 39:86a)

Hedge of “the exposure to variability in cash flows that (i) is attributable to a particular risk associated with a

i d t li bilit ( h ll f t

Cash flow

recognized asset or liability (such as all or some future interest payment on variable debt instrument )or a highly probable future transaction, and

(ii) could affect profit or loss” (IAS 39:86b)

hedge

( ) p ( )

Hedge of a net investment in a

f i tit

Hedge of the foreign currency risk associated with a

foreign operation whose financial statements are required to be translated into the presentation currency of the

Tan & Lee Chapter 9 ©2009 38

foreign entity to be translated into the presentation currency of the

(39)

DJPU

J U

Classification of Hedging Relationships

Classification of Hedging Relationships

The designation of a derivative as a fair value hedge or a cash flow

The designation of a derivative as a fair value hedge or a cash flow

hedge is determined by the hedged risk, that is, whether the entity

has a fair value exposure or a cash flow exposure

An exception where a derivative can be designated as either a fair

value hedge or a cash flow hedge is where the hedged risk is the

foreign exchange risk of a firm commitment

(40)

DJPU

J U

Accounting for a Fair Value Hedge

Accounting for a Fair Value Hedge

Hedged Item (recognized asset

or liability or firm commitment) Hedging Instruments

Income statement

Gain (loss) on hedging instrument

Change in fair value Change in fair value

Gain (loss) on hedging instrument offset loss (gain) on hedged item

Balance sheet

Change in fair value adjusted against carrying amount

Change in fair value adjusted against carrying amount

Tan & Lee Chapter 9 ©2009 40

(41)

DJPU

Illustration 1:

Hedge of inventory (fair value

J U

Hedge of inventory (fair value

hedge)

Scenario

Scenario

31/10/20x3

ƒ Inventory of 10,000 ounces of gold

ƒ Carried at cost of $3 000 000 ($300 per ounce) ƒ Carried at cost of $3,000,000 ($300 per ounce) ƒ Price of gold was $352 per ounce

1/11/20x3

ƒ Sold forward contract on 10 000 ounce for forward price of $350 ounce ƒ Sold forward contract on 10,000 ounce for forward price of $350 ounce ƒ Forward contract matures on 31/3/20x4

31/12/20x3

F d i f 31/3/20 4 t t $340 d t i ƒ Forward price for 31/3/20x4 contract was $340 per ounce and spot price

of gold was $342 per ounce

(42)

DJPU

Illustration 1:

Hedge of inventory (fair value

J U

Hedge of inventory (fair value

hedge)

1/11/20x3

1/11/20x3

No entry or just a memorandum entry as the fair value of the forward

contract is nil

31/12/20 3

31/12/20x3

Dr Forward contract ………. 100,000

Cr Gain on forward contract ……... 100,000

C Ga o o a d co t act 00,000

Gain on forward contract: 10,000 x ($340 -$350)

Dr Loss on inventory 100 000

Taken to income statement

Dr Loss on inventory ……… 100,000

Cr Inventory ……….. 100,000 Gain on forward contract: 10,000 x ($342 - $352)

(43)

DJPU

Illustration 1:

Hedge of inventory (fair value

J U

Hedge of inventory (fair value

hedge)

31/3/20x4

Inventory is sold to third-party at $330 per ounce (also maturity date of

y

p

y

$

p

(

y

forward contract

Dr Forward contract ………. 100,000

Cr Gain on forward contract 100 000 Cr Gain on forward contract ……... 100,000 Gain on forward contract: 10,000 x ($330 -$340)

Dr Loss on inventory 120 000 Dr Loss on inventory ……… 120,000

Cr Inventory ……….. 120,000 Gain on forward contract: 10,000 x ($330 - $342)

Dr Cash ……….. 3,300,000

Cr Sales ………. 3,300,000 Sale of inventory: 10 000 x $330

(44)

DJPU

J U

Accounting for a Cash Flow Hedge

Accounting for a Cash Flow Hedge

Effective Cash Flow Hedge (IAS

39:95)

39:95)

Effective portion

of gain/ loss

Ineffective portion

of gain/ loss

Recognized

directly in equity

through statement

Recognized in profit

or loss

of changes in

equity

or loss

(45)

DJPU

J U

Accounting for a Cash Flow Hedge

Accounting for a Cash Flow Hedge

Cash flo

hedges are applicable to the follo ing

Cash flow hedges are applicable to the following:

Forecasted

Forecasted

transactions

involving financial

d

fi

i l

Other

transactions

I t

t

t

and non-financial

assets/liabilities

which will result

which affect

future

cash flows

Interest rate

swaps

in cash inflow/

outflow

(46)

DJPU

J U

Effective and ineffective portions

Effective and ineffective portions

Scenario

1/1/20 1

1/1/20x1

ƒ

Entered into futures contract to hedged forecast transaction at

30/4/20x1

ƒ

Classified as cash flow hedge

Period

ending

in fair value

of future contracts

in present value of

expected future cash

ending

of future contracts

expected future cash

flow

31/1/20x1

$100

$(105)

28/2/20x1

90

(80)

31/3/20x1

103

(105)

30/4/20x1

(38)

45

Tan & Lee Chapter 9 ©2009 46

(47)

DJPU

Illustration 2:

Effective and ineffective portions of a

J U

Effective and ineffective portions of a

cash flow hedge

Determination of effective and ineffective portions of a cash flow hedge

Cumulative Cumulative in current ending (a) (b) (c) ( period

31/1/20x1 $100 $(105) $100 $100 $0

28/2/20x1 190 (185)( ) 185 85 5

31/3/20x1 293 (290) 290 105 (2)

(48)

DJPU

Hedge of a Net Investment

i

F

i

E tit

J U

in a Foreign Entity

Hedge risk is foreign exchange risk

Hedge risk is foreign exchange risk

– Applies to foreign operations whose functional currencies are the currencies of the country where the foreign operations are located

– Closing rate method may result in significant translation loss from g y g depreciating currencies

Accounting treatment similar to cash flow hedge

g

g

Hedge effectiveness= Cumulative change in fair value of hedging instrument (A) Cumulative translation difference on net investment (B)

– Hedge is effective if the delta ratio is between 0.8 and 1.25.

– Unlike a fair value hedge or a cash flow hedge, a non-derivative is allowed to be the hedging instrument for example a foreign currency allowed to be the hedging instrument, for example, a foreign currency loan.

(49)

DJPU

J U

Hedge of a Net Investment in a Foreign Entity

g

g

y

Scenario

Scenario

ƒ Functional currency is the dollar ($)

ƒ Acquired 100% interest in foreign company (functional currency is FC)

31/12/20x3

ƒ Exchange rate is $1.85 to FC1

ƒ Loan of FC1 200 000 at 5% interest taken to hedge foreign investment ƒ Loan of FC1,200,000 at 5% interest taken to hedge foreign investment ƒ Foreign currency translation reserves showed $15,000 (credit balance)

31/12/200

31/12/200x4

ƒ Exchange rate is $1.70 to FC1 ƒ Average rate is $1.78 to FC1

(50)

DJPU

J U

Hedge of a Net Investment in a Foreign Entity

g

g

y

Translation difference in foreign investment’s FS for 31/12/20x4

On net assets on 1/1/20x4 (FC 1,200,000 x $(1.70-1.85) ……. $(180,000) On net profit for 20x4 (FC380,000 x $(1.70-1.85) ……….. (30,400) Translation loss for 20x4 $(210,400) Foreign currency translation reserves (credit balance) (195,400)

Journal entries for parent

31/12/20x3

Dr Cash 2 200 000

Dr Cash ……….. 2,200,000

Cr Loan payable ………... 2,200,000 The loan payable is designated as a hedge of the net investment: FC1 200 000 t t f $1 85

Tan & Lee Chapter 9 ©2009 50

(51)

DJPU

J U

Hedge of a Net Investment in a Foreign Entity

Hedge of a Net Investment in a Foreign Entity

31/12/20x4

Dr Interest expense ……….p 106,800,

Cr Accrued interest ……….. 106,800 Interest expense during the year at 5% x FC1,200,000 x $1.78

Dr Accrued interest ……….. 106,800

Cr Cash ……….. 102,000

Cr Exchange gain 4 800 Taken to equity t ff t Cr Exchange gain ………. 4,800

Settlement of accrued interest at year-end

Dr Loan payable ………... 180,000

to offset

translation loss

Dr Loan payable ………... 180,000 Cr Foreign currency translation

reserves ………

180,000

(52)

DJPU

J U

Discontinuation or Termination

of Hedge Accounting

Consideration for discontinuation or termination of hedge accounting

Hedging instrument has reached maturity date or is closed off or

Hedge designation is revoked

Criteria for hedge accounting date or is closed off or

terminated

is revoked is no longer met

Accounting treatment depends on type of hedge

(53)
(54)

DJPU

J U

Evaluation of Hedge Accounting

Evaluation of Hedge Accounting

Objective of hedge accounting

Objective of hedge accounting

– Reflect effectiveness of hedging activities of a firm

– Reduce volatility of reported earnings

Compliance with hedge accounting may result in considerable

expenditure of resources

There are challenges in compliance with hedge accounting criteria

for macro hedges

Issue is whether the additional costs of compliance more than offset

the benefit of applying hedge accounting

(55)

DJPU

J U

Referensi

Referensi

Tan & Lee Advance Financial Accounting, ch 9:

Accounting

f

D i

ti

d H d

A

ti

for Derivatives and Hedge Accounting

PSAK 50 dan 55

IAS 32 dan 39

International Financial Reporting Standards – Certificate

Learning Material

The Institute of Chartered Accountants

Learning Material

The Institute of Chartered Accountants,

England and Wales

(56)

dwimartani@yahoo.com

atau

martani@ui.ac.id

Referensi

Dokumen terkait

hukum Islam yang telah berlaku secara yuridis formal atau menjadi hukum positif dalam tata hukum Indonesia, yang isinya hanya sebagian dari lingkup mu’amalah , bagian hukum

Sedangkan untuk nilai AVE (Average Variance Extrated) untuk seluruh indikator > 0,5 maka hal ini menunjukan bahwa seluruh indikator mampu menjelaskan masing – masing

Dari uraian di atas penulis menjadi tertarik untuk melakukan penelitian yang berjudul “ Analisis Infrastruktur Drainase Pada Proyek Treepark City Cikokol ”.

Diberitahukan bahwa setelah diadakan penelitian oleh Panitia menurut ketentuan-ketentuan yang berlaku, Panitia Pengadaan Barang dan Jasa di lingkungan Dinas Pekerjaan Umum Daerah Kota

A regular (cv. Thothapuri) and an irregular (cv. Langra) bearing cultivar of mango were selected to study the gas exchange parameters such as photosynthesis, stomatal conductance

the US government requires longer education until the senior high level whereas the. Indonesian government’s policy is still limited to the junior

Hasil penelitian menunjukkan bahwa penggunaan sumberdaya usaha tambak udang dan usaha ternak kerbau akan meningkatkan pendapatan maksimal selama satu tahun yang ditentukan oleh

Kecernaan bahan kering dan bahan organik tertinggi terjadi pada perlakuan T2 dengan penambahan urea multinutrien blok 500 g/ekor/hari yaitu masing-masing 54,57% dan