Accounting Policies at Foundation
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SUPARDI 120620150026 VANDI INDRIADI BEKTI 120620150028 LINO HEDIYANTO 120620150034 ACCOUNTING POLICIES AT FOUNDATION 1. Basis of preparation The financial statements have been prepared in accordance with Indonesian Financial Accounting Standard, especially related to PSAK 45. The statements of cash flows have been prepared using the direct method. All figures presented in the notes to the financial statements are stated in full Rupiah. 2. Changes in accounting policies In 2010, the Foundation adopted Statements of Financial Accounting Standard (SFAS) No.50 (revised 2006) Financial Instruments : Presentation and Disclosure and SFAS No.55 (revised 2006) Financial Instruments : Recognition and measurement these SFAS were applied prospectively. 3. Revenue and expense recognition Revenue from donor in recognized on cash basis 4. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and in banks, and short term deposits with maturity not more than three months at the date placement and no limit in use. 5. Fixed assets The Foundation applied SFAS No 16 “Fixed Assets” based on this revised SFAS, an entity shall choose between the cost model and revaluation model as the accounting police for its fixed assets measurement. 6. Income tax The Foundation income tax adopt deferred tax method in accordance with Statement Of Financial Accounting Standard No 46 “ Accounting for Income tax”. 7. Transactions in foreign currencies The foundation maintains its accounting records in Rupiah, Transaction in foreign currencies are converted into Rupiah at the exchange rate prevailing at the date of the transaction.
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Transcript of Accounting Policies at Foundation
SUPARDI 120620150026
VANDI INDRIADI BEKTI 120620150028
LINO HEDIYANTO 120620150034
ACCOUNTING POLICIES AT FOUNDATION
1. Basis of preparationThe financial statements have been prepared in accordance with Indonesian
Financial Accounting Standard, especially related to PSAK 45.
The statements of cash flows have been prepared using the direct method.
All figures presented in the notes to the financial statements are stated in full Rupiah.2. Changes in accounting policies
In 2010, the Foundation adopted Statements of Financial Accounting Standard(SFAS) No.50 (revised 2006) Financial Instruments : Presentation and Disclosure and SFASNo.55 (revised 2006) Financial Instruments : Recognition and measurement these SFASwere applied prospectively.
3. Revenue and expense recognitionRevenue from donor in recognized on cash basis
4. Cash and cash equivalentsCash and cash equivalents consist of cash on hand and in banks, and short term depositswith maturity not more than three months at the date placement and no limit in use.
5. Fixed assetsThe Foundation applied SFAS No 16 “Fixed Assets” based on this revised SFAS, an entityshall choose between the cost model and revaluation model as the accounting police for itsfixed assets measurement.
6. Income taxThe Foundation income tax adopt deferred tax method in accordance with Statement OfFinancial Accounting Standard No 46 “ Accounting for Income tax”.
7. Transactions in foreign currenciesThe foundation maintains its accounting records in Rupiah, Transaction in foreigncurrencies are converted into Rupiah at the exchange rate prevailing at the date of thetransaction.
