The document discusses key concepts related to assets under accounting standards. It defines assets as resources controlled by an entity from which future economic benefits are expected to flow. An asset must have future economic benefits, be controlled by the entity, and arise from a past event. Assets are initially measured at cost and can later be remeasured at fair value. Challenges in measuring assets include calculating fair values and auditing valuation methods and assumptions. The document also discusses recognition criteria, measurement of different asset types, and issues for standard setters and auditors regarding asset measurement.

1. LECTURE 7
ASSETS
ARTHIK DAVIANTI, SE. MSI. AK. CA.

2. ASSETS DEFINED
IASB (AASB) Framework for the Preparation
and Presentation of Financial Statements:
an asset is a resource controlled by the
entity as a result of past events and from
which future economic benefits are
expected to flow to the entity
2

3. ASSETS DEFINED
Three essential characteristics:
 future economic benefits
 control by an entity
 past events
 exchangeability
 recognition rules
3

4. 4
ASET
Kerangka Dasar Penyusunan dan Penyajian
Laporan Keuangan (KDPPKL) SAK per efektif
1 Januari 2015
Paragraf 49:
Aset adalah sumber daya yang dikuasai oleh
perusahaan sebagai akibat dari peristiwa
masa lalu dan sumber manfaat ekonomik di
masa depan diharapkan akan diperoleh
perusahaan.

5. 5
ASET
Paragraf 53:
Manfaat ekonomik masa depan yang
terwujud dalam asset adalah potensi dari
asset tersebut untuk memberikan
sumbangan, baik langsung maupun tidak
langsung, arus kas dan setara kas kepada
perusahaan.
Paragraf 58:
Aset perusahaan yang berasal dari transaksi
atau peristiwa lain yang terjadi di masa lalu.

6. FUTURE ECONOMIC BENEFITS
Future economic benefits are the potential
to contribute, either directly or indirectly,
to the flow of cash and cash equivalents to
the entity – revenue generating operating
activities. Pursue objectives, both:
 profit seeking entity
 not-for-profit entity
Relate to economic resources’
characteristics
 scarcity
 utility
6

7. Paton (1962), Sprague (1907), Canning
(1927), Paton & Littleton (1940), Vatter
(1947), and Peirson (1988):
 An asset is something that exists now
 Has the capability of rendering service or
benefit currently or in the future
 The concept of an asset distinguishes
between the object, such as a building or
machine, and the service or benefit
embodied in it
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FUTURE ECONOMIC BENEFITS

8. MANFAAT EKONOMIK
MASA DEPAN
Paragraf 55 (KDPPLK):
Manfaat ekonomik masa depan yang
terwujud dalam asset dapat mengalir ke
dalam entitas dengan berbagai cara.
Sebagai contoh, aset dapat:
a. Digunakan baik sendiri maupun bersama
dengan aset lain;
b. Dipertukarkan dengan asset lain;
c. Digunakan untuk menyelesaikan
liabilitas; atau
d. Dibagikan kepada para pemilik
perusahaan.
8

9. CONTROL BY AN ENTITY
The economic benefit must be controlled
by the entity (Ijiri, 1967).
An entity’s right to use or control an asset
is never absolute – based on regulation.
Ownership is often concurrent with control,
but it is not an essential characteristic of an
asset
Legal concepts as guidelines only – does
not rely on legal enforceability
9

10. PAST EVENTS
Control as a result of a past event
Planned assets are excluded
Event can be interpreted in different ways
 Executory contracts, such as leases,
non-cancellable purchase contracts, and
forward exchange contract.
 Meet recognition test – rights to future
performance
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11. EXCHANGEABILITY
Some argue that a 4th essential characteristic
is that an asset be exchangeable
Separable from an entity
MacNeal (1939):
A good that lacks exchangeability must lack
economic value because its purchase or sale
must forever remain impossible, and thus no
market price for it can ever exist
 goodwill
subject to evaluation not measurement
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12. Condition – ‘recognition rules’ as support
The extent and timing of the recognition
of assets is important because it can have
economic consequences for preparers and
users of financial statements
Recognising assets on the balance sheet
involves recognition rules
 conventions
 authoritative pronouncements
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ASSET RECOGNITION

13. Recognition criteria
 the future economic benefits must be
probable
 the asset must be capable of being
measured reliably
Past recognition criteria
 reliance on the law
 determination of economic substance of
the transaction or event
 use of the conservatism principle:
anticipate losses, but not gains
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ASSET RECOGNITION

14. PENGAKUAN ASET
Paragraf 89 (KDPPLK):
Aset diakui dalam neraca jika besar
kemungkinan bahwa manfaat ekonomiknya
di masa depan diperoleh perusahaan dan
asset tersebut mempunyai nilai atau biaya
yang dapat diukur dengan andal.
14

15. ASSET MEASUREMENT
All the elements of accounting are
linked and measurement of profit flows
from measurement of the change in net
assets
The rules and practices governing asset
recognition and measurement will also
affect measurement of profit and, in
turn, capital (equity)
15

16. ASSET MEASUREMENT
Once the definition and recognition
criteria have been met, the accountant
must decide how to measure the asset
 several measurement approaches
available (Ch 5 & 6)
 qualitative characteristics of financial
information
Once measured
 on balance sheet
 restricted to just note disclosure
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17. PENGUKURAN UNSUR
LAPORAN KEUANGAN
Paragraf 99-100 (KDPPLK):
Pengukuran adalah proses penetapan jumlah
uang untuk mengakui dan memasukkan
setiap unsur laporan keuangan dalam neraca
dan laporan laba rugi.
Dasar pengukuran: biaya historis, biaya kini
(current cost), nilai realisasi/penyelesaian
(realizable/settlement value), nilai sekarang
(present value)
Pengukuran nilai wajar (PSAK 68)
17

18. TANGIBLE ASSETS
Traditional approach has been to measure
assets at historical cost.
The main measurement – the cost (modified
cost) model.
IASB standards permit subsequent
remeasurement using a number of
approaches – fair value (IAS 16 & 40)
 exit value or value in use
UK and Australian firms could use values
other than historical cost for many years –
revalue land.
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19. Againts the use of current measurement
model:
 Unreliable – estimated rather than
observed.
 Subjective – management may be self-
interested in their choice.
Asset revaluations are value relevant (Barth
and Clinch, 1998).
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TANGIBLE ASSETS

20. INTANGIBLE ASSETS
Use the cost and fair (revaluation) model.
Accounting measurement has generally
been conservative
 cost (less accumulated amortisation and
impairment) is commonly used
 fair values from an active market
 internally generated intangibles cannot
be recognised
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21. ASET TETAP & TAKBERWUJUD
PSAK 16 ASET TETAP
Pengukuran: biaya perolehan, jumlah tercatat, jumlah
tersusutkan, nilai wajar, nilai residu dari asset, nilai
spesifik entitas, penyusutan, rugi penurunan nilai,
umur manfaat, dan jumlah terpulihkan.
PSAK 19 ASET TAKBERWUJUD
Pengukuran:
Model biaya: biaya perolehan (dikurangi amortisasi)
Model revaluasi: jumlah revaluasian (nilai wajar
dikurangi akumulasi amortisasi).
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22. FINANCIAL INSTRUMENTS
Financial assets and liabilities [IAS 39 –
Financial Instruments: Recognition and
Measurement (1998) – IFRS 9 – Financial
Instrument (2009)]
Measurement of financial instrument -
complex
FASB/IASB
 derivatives are measured at fair value rather
than cost
IASB
 committed to the use of fair value
measurement for financial instruments
22

23. FINANCIAL INSTRUMENTS
23
Type of financial asset Measurement method
Original bolas and
receivables
Amortised cost
Held-to-maturity
investments
Amortised cost – subject
to review of impairment in
value
Available-for-sale
securities
Fair value, with gains or
losses from measurement
recognised in equity
Financial assets held for
trading – fair value
Fair value, with gains and
losses arising on
remeasurement taken to
profit and loss

24. INSTRUMEN KEUANGAN
PSAK 50 Instrumen Keuangan: Penyajian
Nilai wajar adalah harga yang akan diterima
untuk menjual suatu asset atau harga yang
akan dibayar untuk mengalihkansuatu
liabilitasdalamtransaksi teratur antara pelaku
pasar pad tangal pengukuran
(lihat PSAK 68: Pengukuran Nilai Wajar)
24

25. CHALLENGES FOR
STANDARD SETTERS
FASB/IASB intend to address the issue of
measurement in Phase C of the conceptual
framework project
 consider measurement concepts, principles
and terms
 evaluate and rank measurement methods
based on qualitative characteristics
Fair value is the frontrunner of measurement
model
Both the IASB and FASB support greater use
of fair value measurement
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26. HOW TO CALCULATE
FAIR VALUE MEASUREMENT
Various valuation techniques to calculate fair
value
 the market approach
 observable prices
 actual transaction data
PSAK 68 Pengukuran Nilai Wajar
Paragraf 61 – sesuai keadaan dan data yang
memadai tersedia untuk mengukur nilai
wajar.
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27. HOW TO CALCULATE
FAIR VALUE MEASUREMENT
Various valuation techniques:
the income approach
conversion of future amounts - cash flows
or earnings – to a single discounted
present amount
the cost approach
the amount that currently would be
required to replace its service capacity
(current replacement cost)
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28. HOW TO CALCULATE FAIR
VALUE MEASUREMENT
The valuation must emphasise market
inputs
 assumptions and data that market
participants would use in their estimates
of fair value
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29. Three hierarchical levels for the inputs
 Level 1 – quoted prices for identical items
in active markets, without adjustment
 Level 2 – quoted prices for similar items
in active markets, adjusted as
appropriate for differences
 Level 3 – estimated fair value using
multiple valuation techniques consistent
with the market, income and cost
approaches
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HOW TO CALCULATE FAIR
VALUE MEASUREMENT

30. ISSUES FOR AUDITORS
Auditing fair values creates difficulties
because it requires the application of
valuation models, and, frequently, the use of
valuation experts
Auditors need to
 understand the client firm’s processes and relevant
controls for determining fair values
 make a judgement on whether the client firm’s
measurement methods and assumptions are
appropriate and likely to provide a reasonable
basis for the fair value measurement
 appreciate management’s potential biases and
likely errors – incentives
30

31. SOURCE:
GODFREY, HODGSON, HOLMES, AND TARCA (2012)
ACCOUNTING THEORY 7TH EDITION
IAI (2015) STANDAR AKUNTANSI KEUANGAN
PER EFEKTIV 1 JANUARI 2015