The
purpose statement in IAS 55 (Revised 2006) is to set the principles for
recognizing and measuring financial assets, financial liabilities and some
contracts to buy or sell non-financial items. Requirements for presenting and
disclosing information about financial instruments are in FRS 50 (revised 2006)
Financial Instruments: Presentation and Disclosure.
The
term is defined in IAS 50 (revised 2006) Financial Instruments: Presentation
and Disclosure of this statement is also used in the sense as described in this
statement with the understanding as described in paragraph 7 of SFAS 50
(Revised 2006) Finance Instrument: Presentation and Disclosure. The FRS defines
the following terms:
- Financial
Instruments
- Financial
Assets
- Financial
Liabilities
- Equity
Instruments
and
provide guidelines for applying these definitions.
SFAS
55 (Revised 2006) consists of paragraphs 1-108 and Application Guide. Then this
will facilitate the application of SFAS 55 by the user.
An
entity shall apply this Standard prospectively for financial statements
covering periods beginning on or after January 1, 2009. If the entity applies
this Standard before January 1, 2009, then the fact This should be disclosed.
This
statement replaces:
(A)
SFAS No.. 10, Transactions in Foreign Currency, for setting related to forward
exchange transactions;
(B)
SFAS No.. 28 (Revised 1996), Accounting for Insurance, for settings related to
the accounting treatment of securities (marketable securities);
(C)
SFAS No.. 31 (Revised 2000), Accounting for Banks, for setting related to the
accounting treatment of securities transactions;
(D)
SFAS No.. 36 (Revised 1996), Accounting for Insurance, for settings related to
the accounting treatment of securities (marketable securities);
(E)
SFAS No.. 42 (1998), Accounting for Securities Company, for arrangements
relating to:
(I)
transactions with a promise to buy back securities (repo) / purchase of
securities under agreements to resell (reverse repo), and
(Ii)
the investment manager transactions for the acquisition of recognition,
classification,
and
assessment of the effects on the balance sheet date and units of mutual purchased
for investment funds themselves;
(F)
SFAS No.. 43 (Revised 1997), Accounting for Receivable Factoring, for setting
associated
with the recognition and measurement;
(G)
SFAS No.. 50 (Revised 1998), Accounting for Certain Investments in Securities,
to
settings
related to the recognition and measurement of investing their particular
effects;
and
(H)
SFAS No.. 55 (Revised 1999), Accounting for Derivative Instruments and
Activities
Hedging,
for settings related to the recognition and measurement derivative instruments
and hedging activities.
Source
Indonesian Institute of Accountants)
