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(1)

ANALYSIS OF PRESENTATION AND

DISCLOSURE OF REVALUATION ASSET

BASED ON TAX REGULATION IN THE

FINANCIAL STATEMENT 2015

(2)

Agenda

Introduction

Introduction

Literature Review

Literature Review

Research Method

Research Method

Discussion and Analysis

Discussion and Analysis

Conclusion

Conclusion

(3)

Introduction

3

Revaluation of assets is a reassessment of the value of the

assets owned by the company.

Revaluation model and fair value would increase financial

statement relevance because the assets reflect the fair value or

actual value.

Treatment of revaluation of assets in Indonesia can be done

either in accounting or tax. Revaluation or reappraisal is usually performed on fixed assets

or investment properties.

Revaluation model is a

accounting policy for fixed asset and fair value model is

(4)

Introduction

4

TAX

The revaluation are also regulated in the Income Tax Act Article 4

paragraph (1) letter m stating that “the excess of the revaluation of a fixed assets is the object of income tax”.

Tax only recognizes the excess over the revaluation of fixed

assets. In other words, only the excess (gain) on revaluation of fixed assets are taxed but impairment not tax deductible.

• Further rules regarding the revaluation of fixed assets in the tax regulated in PMK 79/PMK.08/2008:

• Increasing of asset tax by 10% final and additional tax (tax statutory tax-10%) if company sale the asset

(5)

Introduction

PSAK 16 in 1994, revaluation is not allowed for assessment

under the acquisition price, but a deviation from this provision may be carried out under the provisions of the Government.

PSAK 16 (2007), Revaluation is an accounting policy choices

that must implement consistently.

• Changes in accounting standards have led to differences between the tax and accounting treatment of fixed assets 

caused the decreasing incentive for tax revaluation

• To encourage domestic economy and provide incentives to companies, the government issued a new policy that PMK 191/PMK.010/2015 and was revised in PMK 233 / PMK.03 / 2015.

(6)

Introduction

Piera (2007) found that the company in the Swiss tend to revalue fixed

assets because of the leverage and international stakeholders.

Su Seng (2010) found the intensity of the assets, as the factors that

drive the company revalued the assets.

• The earlier study in Indonesia only conduct an analysis of the implications of the corporate income tax on revaluation.

• This research focuses on:

– How impact the new tax regulation on revaluation to the companies decision on revaluation

Company characteristicType of asset

What factors that impact of revaluation decision (size, capital

intensity)

(7)

Literature Review

Revaluation of Assets According to Accounting

• The accounting treatment for the revaluation of assets

described in the revised PSAK 16, 2015.

• The Company can select measurement after the initial recognition of fixed assets, one of which is the revaluation model in order to provide more relevant information for decision-making companies.

According to IAS 16 (2015), the revaluation conducted by the

company should be conducted regularly so that the carrying amount and the amount determined using the fair value is not materially different at the end of the period.

(8)

Literature Review

Revaluation of Assets According to Accounting

• The revaluation of assets in accounting is also set in IAS 13 Investment Property, which in IAS known as the revaluation of the fair value model.

• Investment property in accordance with accounting standards are the property of the company or tenant (whether in the form of land or

building, or both) to earn rentals or capital appreciation, or both, and not for production or supply of goods/services for administrative purposes and not for sale in everyday business activities.

Gains or losses on the results of the change in fair value of investment

property are recognized in profit or loss in the period the change occurs. Revaluation of assets performed by the company is used to reflect the current asset value (Martani, 2012)

(9)

Literature Review

Revaluation of Assets According to Tax Regulation

PMK 79 / 2008

Further rules regarding the revaluation of the assets company's is set in

the PMK 79 (2008).

The types of assets that can be revalued in the PMK 79 (2008) is all

tangible fixed assets including land use rights that have certificates and buildings, as well as all fixed assets tangible excluding land located in Indonesia, owned and used to obtain, collect and preserve income into the taxable income.

Revaluation according to this taxation can not be done before five yearsThe revaluation must be based on the fair value that performed by

certified appraisal.

(10)

Literature Review

Revaluation of Assets According to Tax Regulation PMK 191/ 2015

The new government regulations that PMK 191//2015 and amended by

PMK 233/2015.

– Lower tariff 3% (end of 2015), 4% (June, 30, 2016), 6% (end of 2016)

There are some differences between the PMK 79 (2008) with PMK 191

(2015),

the taxpayer is able to perform revaluation are a corporate taxpayer,

Permanent Establishment (BUT), an individual taxpayer who does the

bookkeeping, including taxpayer which has obtained a license to keep books in English and the currency of the US dollar, as well as the taxpayer who is still in a period of 5 years from the revaluation regulated in PMK

79/PMK.03/2008.

Fixed assets can be revalued, where the PMK 191 (2015) the company may

revalue some or all fixed assets are located in Indonesia.

(11)

Literature Review

Revaluation of Assets According to Technical Bulletin 11 About

Assets Revaluation

Issues raised in technical bulletins 11 is about five things:

Relationships revaluation of fixed assets between tax and accounting,

– Approval DJP for submission of application for revaluation of fixed assets of the company,

the accounting treatment of final income tax charged to revaluation of fixed

assets,

current tax and deferred results from revaluation of fixed assets,

the tax rate to measure the impact of deferred taxes as a result of the

revaluation of fixed assets (either for tax purposes or for the purposes of accounting and taxation).

Companies are allowed to choose revaluation:

only for tax purposes,

only for accounting purposes or for tax and accounting purposes.

(12)

Literature Review

Revaluation of Assets According to Technical Bulletin 11 About

Assets Revaluation

Tax purposes only

it should get approval from the DJP within a certain time.

– DJP has the authority to reject or accept the proposal on the revaluation. For companies that have received approval from the DJP in doing the

revaluation

the current tax expense (3%; 4% & 6% of the excess of revaluation) arising

from these events are recognized in profit or loss.

the revaluation event temporary differences arise because the tax base is

larger than the amount recorded in accounting.

(13)

Literature Review

Revaluation of Assets According to Technical Bulletin 11 About

Assets Revaluation

Accounting purposes only

the amount of taxes paid is recognized in other comprehensive income and

accumulated in equity in the revaluation surplus.

No tax paid

No temporary difference between tax and accounting because the

revaluation surplus did not recognize in tax purposes.

• Accounting and tax purposes

Permit from ministry of financeTax paid according the regulation

No temporary differences between the carrying amounts for accounting with

their respective tax bases.

But if the company want to revalue asset before 5 year, the company will use

accounting only revaluation purposes.

(14)

Literature Review

Hypothesis 1

The lenders use accounting information to analyze the company's

financial position and assess the risk of the company when the lender will approve the loan to be granted.

• Revaluation will increase the book value of total assets that would give effect to the creditors that the company's financial ratios well.

• With the report's strong financial position will have an impact on the confidence of creditors that the company can pay the debt. The

preparation of this hypothesis was based on previous research conducted by (Piera, 2007) and (Seng and Su, 2010).

H1: Companies with high leverage level have a high probability to

revalue fixed assets

(15)

Literature Review

Hypothesis 2

Borrowing capacity of a company depends not only on the level of

leverage but also on the company's ability to repay debt.

The decline in cash flow from operations may cause lenders to be

concerned with the company's liquidity.

An Australian study by (Cotter and Zimmer, 1995) argues that a

revaluation may help to convince debtholders about the company's ability to pay the debt through ownership potential value of the

company's assets are largely based on market value.

Therefore, the revaluation undertaken will help the company to repay

the loan by the company (Seng and Su, 2010).

H2: Companies that decreased cash flow operating activities more likely

to have a high probability to revalue fixed assets

(16)

Literature Review

Hypothesis 3

Lin and Peasnel, 2000b found a positive relationship between the

intensity of fixed assets by the manager's decision to conduct the revaluation.

Tay (2009) found the influence of the revaluation of assets with fixed

asset intensity.

Seng and Su (2010) also find the relation between the fixed asset

intensity and revaluation of asset.

H3: Companies that have a high intensity of fixed assets that have a

high probability to revalue fixed assets

(17)

Literature Review

Hypothesis 4

• To reduce the adverse political influence, companies tend to avoid income/profit companies that are too high (Standish and Ung, 1982).

• The revaluation of an asset can be an effective way for companies to reduce profits through increased depreciation charges on the rise in assets that were revalued (Lin and Peasnell, 2000b).

• Seng and Su (2010) also find that the company has a large size will tend to revalue fixed assets of the company.

H4: Companies with large size has a high probability to revalue fixed assets

(18)

Research Methodology - Framework

Leverage

Declining Cash

FlowFrom Operations

Fixed Asset IntensityFirm Size

Policy of Revaluation

18 Yi : Revaluation of fixed assets of companies listed on the Stock Exchange in 2015 (using

a dummy, one for the revaluation and zero for which no Revaluation)

LEVi : The level of leverage measured by the ratio of total debt to total assets

DCFFOi : Decrease in operating cash flow of the company is measured from the ratio of

decrease in cash flow from operating activities of the company in year t to the year t-1 to the decline in operating cash flow in year t

INTATi : The intensity or the proportion of fixed assets owned by the company measured from the ratio of total fixed assets to total assets (%)

SIZEi : The size of the company with natural logarithma measured from natural logarithma on total assets in year t

(19)

Research Methodology – Data and Sample

Data from this study are all listed company listed in Indonesia Stock

Exchange until 2015. The number of companies listed on the Stock Exchange in 2015 was 525 companies with various types of industries.

• The sampling method the researchers did was by purposive sampling, with the characteristics of sampling are companies listed on the Stock Exchange until 2015 (1) and availability of data is a company's financial statements were audited in 2015 (2).

19

No. Description Company

1 Company listed on the Stock Exchange 525 2 The number of samples of the company that has first and

second criteria

406

(20)

Discussion and Analysis

- Descriptive statistics

20

Company

Percentage

Not doing Revaluation

197

60.6

Doing Revaluation

128

39.4

Total

325

100

• There are 39.4% of the total sample used, revalued assets.

• Not many companies are using the revaluation model in measuring assets, both for fixed assets or investment properties.

(21)

Discussion and Analysis

- Descriptive statistics

21

Industry % Total Asset Amount of CompanyRevaluation Listed TotalPercentageRevaluation

Consumer Staples : 13.84% 14 60 11% 23%

Food Product 13.57% 11 38 29%

Materials : 16.96% 21 69 16% 30%

Metals and Mining 6.17% 8 26 31%

Construction Materials 2.16% 1 6 17%

Chemical 3.94% 4 16 25%

Paper and Forest Product 1.98% 4 9 44%

(22)

Discussion and Analysis

- Descriptive statistics

22

Industry % Total Asset Amount of Company Percentage

Revaluation Listed Total Revaluation

Infrastructure dan

Transportation : 20.06% 23 138 18% 17%

Construction and Technique 2.63% 4 17 24%

Trading and Distributor 0.99% 1 12 8%

Machine Equipment 0.77% 2 4 50%

Highway, Airports, and

Seaport 0.68% 2 7 29%

Airlines 1.47% 1 1 100%

Electric Equipment 1.35% 1 7 14%

Commercial services and

supplies 2.14% 2 7 29%

Road and Rail 1.87% 1 11 9%

Building Product 1.57% 1 6 17%

Real Estate 5.74% 7 50 14%

Shipping 0.85% 1 13 8%

Communication Service : 13.32% 6 12 5% 50%

Variety of Communication 7.42% 4 6 67%

(23)

Discussion and Analysis

- Descriptive statistics

23

Industry % Total Asset Amount of CompanyRevaluation Listed TotalPercentageRevaluation

Information Technology : 1.09% 1 11 1% 9%

Software and Internet

Service 1.09% 1 3 33%

Health : 0.71% 3 15 2% 20%

Health care providers 0.71% 3 9 33%

Others : 13.71% 20 89 16% 22%

Automobile and auto

Components 1.67% 6 11 55%

Media 2.93% 2 14 14%

Hotel, restaurant and leisure 2.10% 4 7 57%

Household Goods 1.61% 3 5 60%

Textiles, apparel, luxury

goods 2.19% 2 17 12%

Specialty Retail 2.26% 2 11 18%

Distributors 0.95% 1 6 17%

(24)

Discussion and Analysis

– Types of Asset

24 Various Asset Revaluation Company Percentage

Company Most of Fixed Assets

1 All of Fixed Assets 28 22%

2 Most of Fixed Assets 71 55%

 Land 18 25%

 Land and others 2 3%

 Building 2 3%

 Building and others 7 10%

 Land and Building 21 30%

 Land, building and others 8 11%

 Others 13 18%

3 Investment Property 26 20%

4 Investment Property and Fixed Asset 3 2%

(25)

Data and Analysis – Accounting Policy

25

Company Percentage

Tax Only 35 27.3

Accounting Only 48 37.5

Tax and Accounting 45 35.2

Total 128 100

Company Percentage

(26)

Data and Analysis - Descriptive statistics

26

Variable Mean Std. Deviation Minimum Maximum

REV 0.39 0.49 0.00 1.00

LEV 11.93 10.76 0.02 76.80

DCFFO -0.31 7.54 -70.31 44.60

INTSY 6.14 2.63 -2.73 9.93

(27)

Data and Analysis – Regression Result

27

Variabel Exp. Sig. Coef. Odd

Ratio Sig. Level

Constant --- -58.696 0.000 0.000

LEV H1 + -0.030 0.971 0.118

DCFFO H2 + -0.001 0.999 0.949

INTSY H3 + 1.148 3.152 0.000**

SIZE H4 + 1.669 5.307 0.000**

Total (N) 325

(28)

Data and Analysis

28

Leverage

• Leverage variable has no significant influence with the dependent variable (revaluation).

• The results of this study not inline with the research (Piera, 2007). However, the results of this research together with research conducted (Seng and Su, 2010) found no significant influence between leverage the company revalued its

decision.

Declining cash flow from operation

• Declining cash flow from operation also do not have a significant influence on the revaluation.

• The results was the same with previous studies conducted by (Seng and Su,

2010) found no relation between the decline in cash flow from operating activities by the company's decision to revalued their assets.

(29)

Data and Analysis

29

Fixed Assets intensity

• Fixed asset intensity proved to have significant influence with the revaluation of assets.

• The results of this research have inline with the study by (Seng and Su, 2010), (Lin and Peasnel, 2000b), and (Tay, 2009) which says that the intensity of the fixed assets of the company influence the decisions of significant revaluation of assets.

• Intensity of fixed asset will create significant impact of revaluation on total expense and future earning.

Firm size

• Firm size also have the same results with previous studies (Seng and Su, 2010), and (Iatridis, 2012) which found a significant

influence between firm size and revaluation of the company's decision.

• The firm size has a significant influence on the decision of the company revalued or in other words the size of the company

(30)

Conclusion

30

Conclusion

• Companies that revaluation its assets is only 39.4% of the sample studied, or 128 companies, which dominate the financial sector (38 companies). This study also shows that 55% of companies carry out revaluation for the majority of fixed assets or 71 companies.

• Type of revaluation of the most widely used by the company is the revaluation for accounting purposes, with a percentage of 37.5% or 48 companies.

• The study also proves that there are two significant factors that influence the company's decision to revalue the company's assets, namely fixed asset intensity and size of the company but leverage and decreased cash flow operating activities were not significant.

Implication

• The accounting standard was considered by company when decide to follow the new tax regulation, so DJP must consider accounting standard when produce or revise the tax regulation.

• Revaluation will decrease of tax payment in the future 4-20 year, because of deductible depreciation expense of revaluation assets.

(31)

THANK YOU

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