Guidelines for Accounting Treatment of Collective Investment Contract Investment Products

To:

Investment Managers;
Custodian Banks;
Board of the Indonesian Mutual Fund and Investment Industry Association;
Indonesian Investment Managers Association;
Indonesian Custodian Banks Association;
Financial Services Sector Accountants Forum; and
Indonesian Public Accountants Institute,
At your location.

COPY
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA NUMBER 14 /SEOJK.04/2020 CONCERNING GUIDELINES FOR ACCOUNTING TREATMENT OF COLLECTIVE INVESTMENT CONTRACT INVESTMENT PRODUCTS

In relation to Article 6 paragraph (3) of Financial Services Authority Regulation Number 33/POJK.04/2020 concerning the Preparation of Financial Statements for Investment Products in the Form of Collective Investment Contracts (State Gazette of the Republic of Indonesia Year 2020 Number 138, Supplement to the State Gazette of the Republic of Indonesia Number 6519), and in line with the convergence program of Financial Accounting Standards Statements (SAK) to International Financial Reporting Standards (IFRS), it is necessary to regulate guidelines for the accounting treatment of investment products in the form of collective investment contracts as follows:

I. GENERAL PROVISIONS
In this Circular Letter of the Financial Services Authority, the following terms are defined:

Collective Investment Contract, hereinafter referred to as CIC, is a contract between an Investment Manager and a Custodian Bank that binds unit holders, whereby the Investment Manager is authorized to manage a collective investment portfolio and the Custodian Bank is authorized to execute collective custody.
Investment Products in the form of CIC, hereinafter referred to as CIC Investment Products, are CIC Investment Products as regulated in Financial Services Authority regulations concerning the Preparation of Financial Statements for Investment Products in the Form of CIC.
Financial Accounting Standards, hereinafter referred to as SAK, are statements and interpretations issued by the Financial Accounting Standards Board of the Indonesian Accountants Association and the Sharia Financial Accounting Standards Board of the Indonesian Accountants Association, as well as regulations in the field of capital markets for entities conducting capital market activities.

II. APPLICATION OF GUIDELINES FOR ACCOUNTING TREATMENT OF COLLECTIVE INVESTMENT CONTRACT INVESTMENT PRODUCTS

In the preparation of financial statements, both for submission to the public and to the Financial Services Authority, CIC Investment Products are required to prepare financial statements based on the accounting treatment guidelines for CIC Investment Products contained in the Appendix of this Circular Letter of the Financial Services Authority, which is an integral part of this Circular Letter.
The accounting treatment guidelines for CIC Investment Products serve as the reference or guideline for the general preparation of financial statements and must be applied by CIC Investment Products. Matters not regulated in the accounting treatment guidelines for CIC Investment Products must follow SAK.
In the event of changes to SAK after the implementation of this Circular Letter of the Financial Services Authority, the preparation of financial statements for CIC Investment Products must follow the latest SAK provisions, unless otherwise stated by the Financial Services Authority.

A copy of this is consistent with the original Legal Director 1 Legal Department signed Mufli Asmawidjaja

III. CLOSING

The obligation to prepare financial statements for investment products in the form of CIC as referred to in this Circular Letter of the Financial Services Authority shall take effect for fiscal years starting on or after January 1, 2020.
This Circular Letter of the Financial Services Authority shall take effect on the date of issuance.

Issued in Jakarta on July 8, 2020
EXECUTIVE HEAD OF CAPITAL MARKET SUPERVISOR
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
HOSEN

APPENDIX
CIRCULAR LETTER OF THE FINANCIAL SERVICES AUTHORITY NUMBER 14 / SEOJK.04/2020 CONCERNING GUIDELINES FOR ACCOUNTING TREATMENT OF COLLECTIVE INVESTMENT CONTRACT INVESTMENT PRODUCTS

A. GENERAL PROVISIONS

In this Circular Letter of the Financial Services Authority, the following terms are defined:

a. Investment Manager is a party whose business activities manage Securities Portfolios for customers or manage collective investment portfolios for a group of customers, except insurance companies, pension funds, and banks that conduct their own business activities based on regulations.

b. Custodian Bank is a commercial bank that has obtained approval from the Financial Services Authority as a custodian.

c. Securities are securities, namely debt acknowledgment letters, commercial securities, shares, bonds, debt certificates, Collective Investment Contract Units, futures contracts on Securities, and any derivatives of Securities.

d. Unit Participation is a unit of measurement indicating the interest portion of each Party in a collective investment portfolio.

e. Mutual Fund is a vehicle used to gather funds from public investors to be subsequently invested in Securities Portfolios by Investment Managers.

f. Asset-Backed Securities Collective Investment Contract, hereinafter referred to as CIC-EBA, is a contract between an Investment Manager and a Custodian Bank that binds asset-backed securities holders, whereby the Investment Manager is authorized to manage a collective investment portfolio and the Custodian Bank is authorized to execute collective custody.

g. Real Estate Investment Fund is a vehicle used to gather funds from public investors to be subsequently invested in real estate assets, assets related to real estate, and/or cash and cash equivalents.

h. Multi-Asset Investment Fund in the Form of Collective Investment Contract, hereinafter referred to as Multi-Asset Investment Fund, is a vehicle used to gather funds from specific Investors to be subsequently invested by Investment Managers in Securities Portfolios and/or portfolios other than Securities.

i. Infrastructure Investment Fund in the Form of Collective Investment Contract, hereinafter referred to as DINFRA, is a collective investment contract vehicle used to gather funds from public investors to be subsequently mostly invested in infrastructure assets by Investment Managers.

j. Collective Investment Contract, hereinafter referred to as CIC, is a contract between an Investment Manager and a Custodian Bank that binds unit holders, whereby the Investment Manager is authorized to manage a collective investment portfolio and the Custodian Bank is authorized to execute collective custody.

k. Asset-Backed Securities are Securities issued by CIC-EBA whose portfolios consist of financial assets.

l. Financial Accounting Standards, hereinafter referred to as SAK, are statements and interpretations issued by the Financial Accounting Standards Board of the Indonesian Accountants Association and the Sharia Financial Accounting Standards Board of the Indonesian Accountants Association, as well as regulations in the field of capital markets for entities conducting capital market activities.

m. Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions (i.e., exit price), regardless of whether that price is directly observable or estimated using other valuation techniques.

n. Date Financial Statements Authorized for Issue is the date the Investment Manager and Custodian Bank declare responsibility for the financial statements.

o. Materiality is the magnitude of accounting information, depending on its size and nature, such that the omission or misstatement of financial statement items, individually or in aggregate, could influence the economic decisions of users of the financial statements.

p. Party refers to an individual, company, joint venture, association, or organized group.

q. Control is a condition where an investor is exposed or has rights to variable returns from its involvement with the investee Party and has the ability to influence those returns through its power over the investee Party.

r. Joint Control is contractual agreement to share Control over an arrangement, which exists only when decisions about relevant activities require unanimous consent of all parties sharing Control.

s. Consolidated Financial Statements are group financial statements comprising assets, liabilities, equity, income, expenses, and cash flows of the parent entity and subsidiaries presented as a single economic entity.

t. Standalone Financial Statements are financial statements presented by an entity, where the entity may choose to record its investments in subsidiaries, associates, and joint ventures at cost, Fair Value, or amortized cost according to its financial asset classification, or using the equity method.

u. Related Party is a person or entity related to the entity preparing the financial statements (CIC Investment Product).

v. Underlying Asset (Underlying Assets) are assets that form the underlying basis of the CIC Investment Product.

w. Investment Entity is an entity that:

receives funds from one or more investors for the purpose of providing investment management services to those investors;
commits to investors that its business purpose is to invest funds solely to obtain capital appreciation, investment income, or both; and
measures and evaluates the performance of all its investments based on Fair Value.

x. Significant Influence is the power to participate in the financial and operating policy decisions of the investee Party, but not controlling or jointly controlling those policies.

Financial statements in this Circular Letter of the Financial Services Authority consist of:

a. statement of financial position at the end of the period; b. statement of profit or loss and other comprehensive income during the period;
c. statement of changes in net assets during the period;
d. statement of cash flows during the period; e. notes to the financial statements; f. comparative information regarding the immediately preceding period; and g. statement of financial position at the beginning of the immediately preceding period when the CIC Investment Product applies an accounting policy retrospectively or restates financial statement items, or when the CIC Investment Product reclassifies items in its financial statements.

In the presentation of the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in net assets, and statement of cash flows, it must be accompanied by a statement that the notes to the financial statements are an integral part of the financial statements.
Responsibility for Financial Statements
The Investment Manager and Custodian Bank are responsible for the preparation and presentation of the CIC Investment Product's financial statements.
Reporting Language

a. Financial statements must be presented in Indonesian. b. In the event that financial statements are also presented in languages other than Indonesian, the relevant financial statements must contain the same information.
c. In the event of interpretation differences due to language translation, the Indonesian language financial statements shall be used as the reference.

Presentation Currency

a. The presentation currency may differ from the functional currency. Generally, the presentation currency used by CIC Investment Products is the Indonesian Rupiah. b. In the event that the presentation currency differs from the functional currency, the CIC Investment Product translates its financial results and position into the presentation currency using the following procedures:

assets and liabilities for each statement of financial position presented (including comparative) are translated using the Bank Indonesia middle exchange rate on the date of that statement of financial position;
income and expenses for each statement of profit or loss and other comprehensive income presented (including comparative) are translated using the Bank Indonesia middle exchange rate on the transaction date, provided that if exchange rates fluctuate significantly, the CIC Investment Product cannot use the Bank Indonesia middle exchange rate on the transaction date; and
all results from exchange rate differences are recognized in other comprehensive income.

Reporting Period

a. The reporting period for CIC Investment Products covers a one-year period. b. In the event that the reporting period is presented for a period shorter than one year, in addition to the coverage period of the financial statements, the CIC Investment Product is required to disclose:

the reason why the CIC Investment Product's financial reporting period is less than 1 (one) year; and
the fact that the amounts presented in the financial statements cannot be compared in their entirety.
c. The reporting date of subsidiary entities for consolidation purposes must be the same as the reporting date of the parent entity.
d. In the event that the reporting date of subsidiary entities as referred to in letter c differs from the reporting date of the parent entity, the subsidiary entity prepares (for consolidation purposes) additional financial information on the same date as the parent entity's financial statements to enable the parent entity to consolidate the subsidiary entity's financial information, unless impractical. e. If impractical, the subsidiary entity's financial statements may be used for consolidation purposes with the following requirements:
the difference in reporting dates is not more than 3 (three) months;
the CIC Investment Product makes adjustments for the impact of significant transactions or events occurring between the subsidiary entity's financial statement date and the parent entity's financial statement date; and
the length of the reporting period and the difference between reporting end dates are the same from period to period.

Events After the Reporting Period

a. Events after the reporting period are events occurring between the end of the reporting period and the Date Financial Statements Authorized for Issue, whether favorable or unfavorable, including:

events that provide evidence of conditions existing at the end of the reporting period (adjusting events after the reporting period); and
events that indicate conditions arising after the reporting period (non-adjusting events after the reporting period).
b. The CIC Investment Product is required to adjust amounts recognized in the financial statements to reflect adjusting events after the reporting period.

Offsetting
The CIC Investment Product is not permitted to offset (offsetting) asset and liability items or income and expense items, unless required or permitted by a SAK.
Presentation Consistency

a. Presentation and classification of items in financial statements across periods must be consistent, except:

after a significant change in the nature of the CIC Investment Product's operations or a review of financial statements, it is clearly evident that other presentation or classification would be more appropriate considering the criteria for determining and applying accounting policies in SAK; or
presentation changes permitted by SAK.
b. In the event that the CIC Investment Product changes the presentation or classification of items in financial statements, the CIC Investment Product is required to restate comparative amounts, unless such reclassification is impractical to perform.

Materiality and Aggregation

a. Materiality for aggregation purposes in this Circular Letter of the Financial Services Authority is as follows:

5% (five percent) of total assets for asset items;
5% (five percent) of total liabilities for liability items; or
10% (ten percent) of investment income for items in the statement of profit or loss and other comprehensive income.
b. Items with material values, even if not main components of financial statements, must be presented separately, detailed, and explained in the notes to the financial statements.
c. Items with non-material values but which are main components of financial statements or are specific to certain investment products must be presented separately, detailed, and explained in the notes to the financial statements.
d. In the event that main components have no balance, such main components are not presented in the financial statements. e. Items with non-material values and not main components of financial statements may be combined into a separate item and must explain the nature of its main elements in the notes to the financial statements. f. In the event that combining several items as referred to in letter e results in a total value that is material, the element with the largest value must be presented separately.

Comparative Information

a. Quantitative information in annual financial statements is disclosed comparatively with the previous period for all amounts reported in the current period's financial statements. b. Comparative information in financial statements as referred to in letter a that is narrative and descriptive from the previous period's financial statements must be restated.
c. The CIC Investment Product may present comparative information in addition to the minimum comparative financial statements required by SAK, provided that such information is presented in accordance with SAK. Comparative information may consist of one or more financial statements as referred to in number 2 above, but does not have to consist of complete financial statements, and the CIC Investment Product is required to present notes to the financial statements related to such additional reports.
d. In the event that the CIC Investment Product applies accounting policies retrospectively or restates financial statement items retrospectively or reclassifies items in financial statements, the CIC Investment Product is required to present at least 3 (three) statements of financial position, 2 (two) statements for each type of other statement, and related notes to the financial statements. e. The statement of financial position as referred to in letter d is at:

the end of the current period;
the end of the immediately preceding period; and
the beginning of the immediately preceding period.
f. In the event that the CIC Investment Product reclassifies items in financial statements but does not present the beginning of the comparative period statement of financial position, the reason must be explained.

Consolidated Financial Statements

a. In the event that the CIC Investment Product has Control over other entities, the CIC Investment Product is required to consolidate the financial statements of such other entities in the Consolidated Financial Statements. b. The CIC Investment Product is considered to have Control over other entities if the CIC Investment Product has the following:

power over the investee Party;
exposure or rights to variable returns from its involvement with the investee Party; and
the ability to use its power over the investee Party to affect the amount of investor returns.
c. In the event that the CIC Investment Product is an Investment Entity, the CIC Investment Product does not consolidate the financial statements of subsidiaries even if the CIC Investment Product has Control, unless the subsidiary is not an Investment Entity and its main purpose and activities are to provide services related to the investment activities of the Investment Entity.
d. In preparing Consolidated Financial Statements, the financial statements of the parent entity and subsidiaries are combined one by one (line by line basis) by summing similar items of assets, liabilities, net assets, income, and expenses. e. Consolidated Financial Statements are prepared using the same accounting policies for transactions and other events in similar circumstances.

Standalone Financial Statements

a. The CIC Investment Product is required to prepare Standalone Financial Statements as additional information to the Consolidated Financial Statements and presented as an appendix. b. The additional information as referred to in letter a consists of the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in net assets, and statement of cash flows.

Investments in Associates

a. The CIC Investment Product with Significant Influence over the investee Party records its investment in the investee Party as an investment in an associate using the equity method or may choose to measure at fair value through profit or loss (fair value through profit or loss), as required by the relevant SAK. b. Significant Influence is considered to exist when the CIC Investment Product has directly or indirectly 20% (twenty percent) or more of the voting rights of the investee Party, unless it can be clearly proven that the CIC Investment Product does not have Significant Influence.
c. Significant Influence also exists when the CIC Investment Product has directly or indirectly less than 20% (twenty percent) of the voting rights of the investee Party, but it can be clearly proven that the CIC Investment Product has Significant Influence.

Investments in Joint Ventures
The CIC Investment Product with Joint Control over the investee Party records its investment in the investee Party as an investment in a joint venture using the equity method or may choose to measure at fair value through profit or loss (fair value through profit or loss), as required by the relevant SAK.
Related Parties

a. The following are considered Related Parties:

persons or closest family members have a relationship with the CIC Investment Product if such persons:
a) have Control or Joint Control over the CIC Investment Product; b) have Significant Influence over the CIC Investment Product; or c) are key management personnel of the CIC Investment Product or the parent entity of the CIC Investment Product;
an entity is related to the CIC Investment Product if it meets any of the following:
a) the entity and the CIC Investment Product are members of the same group of entities (meaning the parent entity, subsidiaries, and subsequent subsidiaries are related to each other within the same group of entities); b) one entity is an associate or joint venture of another entity (or an associate or joint venture that is a member of a group of entities, of which the other entity is a member); c) both entities are joint ventures of the same third party; d) one entity is a joint venture of a third entity and another entity is an associate of the third entity; e) the entity is a post-employment benefit program for work benefits from one of the CIC Investment Products or entities related to the CIC Investment Product. If the CIC Investment Product is the entity administering the program, then the sponsor entity is also related to the CIC Investment Product; f) entities controlled or jointly controlled by persons identified as Related Parties as referred to in number 1);

g) a person identified as a Related Party as referred to in item 1) letter a) who has Significant Influence over the entity or is key management personnel of the entity (or the parent entity of the entity); or h) the entity, or a member of the group of which the entity is a part, provides key management personnel services to the KIK Investment Product or to the parent entity of the KIK Investment Product. b. An entity related to the government is an entity that is controlled, jointly controlled, or significantly influenced by the government. Government in this case refers to the Minister of Finance or a regional government that is a shareholder of the entity.
c. Parties that are not Related Parties are as follows:

two entities only because they have the same director or key management personnel or because key management personnel of one entity have Significant Influence over another entity;
two joint ventures only because they jointly control a joint venture;
funders, trade unions, public service entities, as well as ministries and government agencies that do not control, jointly control, or have Significant Influence over the KIK Investment Product, simply by virtue of normal course dealings with the entity (although such parties may restrict the entity's freedom or participate in the decision-making process); or
customers, suppliers, franchisees, distributors, or general agents with whom the entity conducts significant volume business transactions, solely due to economic dependence resulting from the circumstances.

Restatement
In the event that the KIK Investment Product restates previously issued financial statements, the description "restated" and the reference number referring to the notes to the financial statements explaining the restatement must be presented in the column for the period in which the financial statements are restated, in each of the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in net assets, and statement of cash flows.
Changes in Accounting Estimates, Changes in Accounting Policies, and Errors
a. Changes in Accounting Estimates

Changes in accounting estimates occur due to changes in circumstances, new information, new developments, or additional experience, and therefore are not related to previous periods and do not constitute a correction of an error.
The KIK Investment Product recognizes the impact of changes in accounting estimates prospectively in profit or loss in:
a) the period of change, if the impact of the change is only on that period; or b) the period of change and future periods, if the change impacts both. b. Changes in Accounting Policies The KIK Investment Product may change an accounting policy only if the change:
is required by an Accounting Standard (SAK);
is mandated by statutory regulations; or
results in financial statements that provide reliable and more relevant information about the impact of transactions, events, or other conditions on the entity's financial position, financial performance, or cash flows.
c. Errors
The KIK Investment Product is required to correct material prior period errors retrospectively in the first complete financial statements issued after the discovery of the error.
The obligation to correct as referred to in item 1) is carried out by:
a) restating comparative amounts for the previous period presented in which the error occurred; or b) restating the opening balances of assets, liabilities, and net assets for the earliest prior period presented, if the error occurred before the earliest prior period presented.
Prior period errors are corrected by retrospective restatement unless it is impracticable to determine the specific period impact or the cumulative impact of the error.

Impairment of Non-financial Assets
a. The KIK Investment Product must perform an assessment at the end of each reporting period to determine the existence of indicators or objective evidence of impairment for a non-monetary asset. b. In the event there are indicators or objective evidence of impairment for a non-monetary asset as referred to in letter a), the KIK Investment Product must estimate the recoverable amount of the asset.
c. If the recoverable amount of the asset is less than its carrying amount, the carrying amount of the asset is reduced to the recoverable amount. The difference between the recoverable amount and the carrying amount is an impairment loss.
d. KIK Investment Products that use the cost model for fixed assets, investment property, and intangible assets recognize asset impairment losses in profit or loss. e. KIK Investment Products that use the revaluation model for fixed assets and intangible assets recognize impairment losses on revalued assets in other comprehensive income by reducing the revaluation surplus for that asset, provided that the impairment loss does not exceed the revaluation surplus for the same asset. The excess impairment loss over the revaluation surplus is recognized in profit or loss.
Revaluation of Assets
a. In the event that the KIK Investment Product uses the revaluation model for fixed assets or intangible assets, or the fair value model for investment property, the KIK Investment Product must use an appraiser in determining its Fair Value. b. The appraiser used must be registered with the Financial Services Authority (OJK), unless otherwise stated by statutory regulations in the Capital Market sector related to KIK Investment Products.
Financial Instruments
a. Financial Assets

Investments in Sukuk
Investments in ijarah sukuk and mudharabah sukuk must be classified as measured at amortized cost, measured at fair value through profit or loss, and measured at fair value through other comprehensive income. a) Measured at Amortized Cost (1) Investments are classified as measured at amortized cost if the investment is held within a business model whose primary objective is to obtain contractual cash flows and there are contractual terms on specified dates to pay principal and/or interest. (2) The cost of sukuk includes transaction costs. (3) The difference between the acquisition cost and the nominal value is amortized on a straight-line basis over the sukuk term and recognized in profit or loss. (4) Impairment losses are recognized if the recoverable amount is less than the carrying amount and are presented as impairment losses in profit or loss. b) Measured at Fair Value Through Profit or Loss (1) Fair Value is determined with reference to the following hierarchy:
(a) quoted prices (unadjusted) in active markets; or (b) inputs other than quoted prices included in letter (a) that are observable.
(2) The cost of sukuk does not include transaction costs.
(3) The difference between Fair Value and the carrying amount is recognized in profit or loss.
(4) Changes in Fair Value are recognized in profit or loss. c) Measured at Fair Value Through Other Comprehensive Income (1) Investments are classified as measured at fair value through other comprehensive income if the investment is held within a business model whose primary objective is to obtain contractual cash flows and sell the sukuk, and there are contractual terms on specified dates to pay principal and/or interest. (2) Fair Value is determined with reference to the following hierarchy:
(a) quoted prices (unadjusted) in active markets; or (b) inputs other than quoted prices included in letter (a) that are observable.
(3) The cost of sukuk includes transaction costs.
(4) The difference between the acquisition cost and the nominal value is amortized on a straight-line basis over the sukuk term and recognized in profit or loss. (5) Gains or losses from changes in Fair Value are recognized in other comprehensive income after considering the balance of the difference between acquisition cost and nominal value that has not yet been amortized and the balance of accumulated fair value gains or losses previously recognized in other comprehensive income, except for impairment losses and foreign exchange gains or losses, until the sukuk investment is derecognized or reclassified. When the sukuk investment is derecognized, the accumulated gains or losses previously recognized in other comprehensive income are reclassified to profit or loss as a reclassification adjustment. (6) Impairment losses are recognized if the recoverable amount is less than the carrying amount and are presented as impairment losses in profit or loss after considering the balance in other comprehensive income.
Financial assets other than investments in sukuk
a) At initial recognition, financial assets are measured using Fair Value. b) In the event that financial assets are not classified as measured at fair value through profit or loss, the Fair Value referred to in letter a) is added to transaction costs directly attributable to the acquisition or issuance of the financial asset. c) In the event that the Fair Value of the financial asset at initial recognition differs from the transaction price, the KIK Investment Product applies the provisions as required by the relevant SAK. d) Classification of financial assets Financial assets other than investments in sukuk must be classified into one of the following categories:
(1) financial assets measured at amortized cost, if both of the following conditions are met:
(a) the financial asset is managed within a business model whose objective is to hold financial assets in order to obtain contractual cash flows; and (b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding; (2) financial assets measured at fair value through other comprehensive income, if both of the following conditions are met:
(a) the financial asset is managed within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and (b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding; or (3) financial assets measured at fair value through profit or loss, namely:
(a) financial assets are measured at fair value through profit or loss, except those measured at amortized cost or fair value through other comprehensive income; (b) at initial recognition, the entity may make an irrevocable election for investments in certain equity instruments that are generally measured at fair value through profit or loss so that changes in their Fair Value are presented in other comprehensive income; and (c) regardless of the provisions in item (1), item (2), item (3) letter (a) and letter (b) above, at initial recognition, the entity may make an irrevocable designation to measure financial assets at fair value through profit or loss, if the designation eliminates or significantly reduces measurement or recognition inconsistency ("accounting mismatch") that may arise from measuring assets or liabilities or recognizing gains and losses on assets or liabilities on different bases. e) Reclassification of Financial Assets (1) If the entity changes its business model for managing financial assets, the entity reclassifies all affected financial assets. (2) If the entity reclassifies financial assets, the entity applies reclassification prospectively from the date of reclassification. The entity does not restate gains, losses (including impairment gains or losses), or interest previously recognized. (3) If the entity reclassifies financial assets out of the amortized cost measurement category into the fair value through profit or loss measurement category, their Fair Value is measured at the date of reclassification. Gains or losses arising from the difference between the previous amortized cost and the Fair Value of the financial asset are recognized in profit or loss. (4) If the entity reclassifies financial assets out of the fair value through profit or loss measurement category into the amortized cost measurement category, the Fair Value at the date of reclassification becomes the new gross carrying amount. (5) If the entity reclassifies financial assets out of the amortized cost measurement category into the fair value through other comprehensive income measurement category, their Fair Value is measured at the date of reclassification. Gains or losses arising from the difference between the previous amortized cost and the Fair Value of the financial asset are recognized in other comprehensive income. The effective interest rate and expected credit loss measurement are not adjusted as a result of the reclassification. (6) If the entity reclassifies financial assets out of the fair value through other comprehensive income measurement category into the amortized cost measurement category, the financial asset is reclassified at its Fair Value on the date of reclassification. Cumulative gains or losses previously recognized in other comprehensive income are removed from net assets and adjusted against the Fair Value of the financial asset on the date of reclassification. The impact on the date of reclassification, the financial
asset is measured as if the financial asset had always been measured at amortized cost. This adjustment affects other comprehensive income but does not affect profit or loss, and therefore is not a reclassification adjustment. The effective interest rate and expected credit loss measurement are not adjusted as a result of the reclassification. (7) If the entity reclassifies financial assets out of the fair value through profit or loss measurement category into the fair value through other comprehensive income measurement category, the financial asset remains measured at its Fair Value. (8) If the entity reclassifies financial assets out of the fair value through other comprehensive income measurement category into the fair value through profit or loss measurement category, the financial asset remains measured at its Fair Value. Cumulative gains or losses previously recognized in other comprehensive income are reclassified from net assets to profit or loss as a reclassification adjustment on the date of reclassification. f) Regular purchases and sales of financial assets for each category of financial assets are recorded on the transaction date.
Derecognition of Financial Assets
a) The KIK Investment Product derecognizes financial assets only if:
(1) the contractual rights to cash flows arising from the financial asset expire; or (2) the KIK Investment Product transfers the financial asset and the transfer meets the derecognition criteria. b) The KIK Investment Product directly reduces the gross carrying amount of the financial asset when the entity has no reasonable expectation of recovering the financial asset in whole or in part. b. Financial Liabilities
Sukuk
Sukuk issued generally use ijarah and mudharabah contracts. a) Ijarah Sukuk Ijarah sukuk are presented as net liabilities after unamortized premium or discount and transaction costs. b) Mudharabah Sukuk (1) Mudharabah sukuk are presented as temporary partnership funds at nominal value. Transaction costs are recognized separately and presented as deferred expenses. (2) In the event that the KIK Investment Product does not present temporary partnership funds separately from liabilities and net assets, mudharabah sukuk are presented in liabilities that are separate from other liabilities in the last order. (3) Profit shares that are the right of mudharabah sukuk investors are recognized as a reduction of income, not as an expense.
Financial liabilities other than sukuk
a) At initial recognition, financial liabilities are measured using Fair Value. b) In the event that financial liabilities are not classified as measured at fair value through profit or loss, the Fair Value referred to in letter a) is reduced by transaction costs directly attributable to the acquisition or issuance of the financial liability. c) In the event that the Fair Value of the financial liability at initial recognition differs from the transaction price, the KIK Investment Product applies the provisions as required by the relevant SAK. d) Classification of financial liabilities, namely:
(1) financial liabilities measured at amortized cost; and (2) financial liabilities other than those measured at amortized cost, namely:
(a) financial liabilities measured at fair value through profit or loss, including derivatives; (b) financial liabilities arising when the transfer of financial assets does not qualify for derecognition or when the continuing involvement approach is applied, namely:
i. for financial liabilities arising when the transfer of financial assets does not qualify for derecognition, the liability is measured at the consideration received; and
ii. for financial liabilities arising when the continuing involvement approach is applied, the liability is measured in a way that makes the net carrying amount of the transferred asset and related liability be:
i) amortized cost of the rights and obligations still retained by the entity, if the transferred asset is measured at amortized cost; or ii) equivalent to the Fair Value of the rights and obligations still retained by the entity if measured separately, if the transferred asset is measured at Fair Value; (c) financial guarantee contracts and commitments to provide loans at below-market interest rates, after initial recognition measured at the higher of:
i. the amount of loss allowance; and
ii. the initial measurement amount less the cumulative amount of income recognized in accordance with SAK;
(d) contingent consideration recognized by the acquirer in a business combination is measured at Fair Value and the difference is recognized in profit or loss; and (e) at initial recognition, the entity may make an irrevocable designation to measure financial liabilities at fair value through profit or loss, if permitted by SAK or if the designation would result in more relevant information, because:
i. it eliminates or significantly reduces measurement or recognition inconsistency ("accounting mismatch") that may arise from measuring assets or liabilities or recognizing gains and losses on assets or liabilities on different bases; or
ii. a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated based on Fair Value, in accordance with documented risk management or investment strategy, and information on the Fair Value basis for that group is provided internally to key management personnel of the entity.
e) Reclassification of Financial Liabilities
Entities are not permitted to reclassify financial liabilities. f) Derecognition of Financial Liabilities Financial liabilities are derecognized when the obligation specified in the contract is discharged or cancelled or expires.
c. Offset
The KIK Investment Product offsets financial assets and financial liabilities and presents the net amount in the statement of financial position only if the KIK Investment Product:
a) has a currently enforceable legal right to offset the recognized amounts; and b) has the intention to settle on a net basis or to realize the asset and settle the liability simultaneously.
The KIK Investment Product discloses information to enable users of its financial statements to evaluate the impact or potential impact of offsetting rights related to the recognized financial assets and financial liabilities of the KIK Investment Product.
d. Impairment
The KIK Investment Product recognizes a loss allowance for expected credit losses on financial assets other than investments in sukuk, which are measured at amortized cost and financial assets measured at fair value through other comprehensive income, as follows:
a) if at the reporting date, the credit risk on the financial instrument has not increased significantly since initial recognition, the KIK Investment Product measures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses; b) if at the reporting date, the credit risk on the financial instrument has increased significantly since initial recognition, the KIK Investment Product measures the loss allowance for that financial instrument at an amount equal to lifetime expected credit losses; and c) specifically for financial assets purchased or originated from impaired financial assets, at the reporting date, the KIK Investment Product only recognizes the cumulative change in lifetime expected credit losses since initial recognition of the financial asset as a loss allowance.
The KIK Investment Product recognizes the amount of expected credit losses (or credit loss recovery) in profit or loss, as impairment gains or losses.

Fair Value
The Fair Value Hierarchy for assets and liabilities other than investments in sukuk and issued sukuk is as follows:
a. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; b. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and
c. Level 3 inputs are unobservable inputs for the asset or liability.
Fair Value as referred to in this Financial Services Authority Circular has the same meaning as Fair Market Value as referred to in statutory regulations in the Capital Market sector regarding the fair market value of Securities in the Mutual Fund portfolio.

B. PRESENTATION OF FINANCIAL STATEMENTS

Identification of Financial Statements
The entity clearly identifies each financial statement and notes to the financial statements. Additionally, the entity clearly presents the following information, and repeats it if necessary so that it can be understood:
a. the name of the KIK Investment Product or other identity, and any changes to that information from the end of the nearest preceding reporting period; b. whether the financial statements are single entity financial statements or a group of entities;
c. the end date of the reporting period or the period covered by the financial statements or notes to the financial statements;
d. the presentation currency; and e. the level of rounding used in presenting amounts in the financial statements.
Statement of Financial Position
a. Definition

The statement of financial position is a report that describes the financial position, showing

assets, liabilities, and net assets of a KIK Investment Product on a specific date.
2) In the asset section, the Underlying Asset (Underlying Asset) position of the KIK Investment Product is presented in the first order, while other positions are based on liquidity order. For the liability section, it is presented based on maturity order.
b. Main Components

Mutual Fund in the form of KIK
a) Assets
(1) Underlying Asset (Underlying Asset) of Mutual Fund in the form of KIK is a portfolio of Securities, which consists of, among others:
(a) Equity-type Securities;
(b) Debt-type Securities;
(c) Sukuk;
(d) Money market instruments;
(e) Asset-Backed Securities;
(f) Units of Real Estate Investment Fund;
(g) Derivative Securities; and/or
(h) Other Securities determined by the Financial Services Authority.
(2) cash;
(3) receivables from Securities transactions;
(4) interest and dividend receivables;
(5) other receivables;
(6) prepaid taxes;
(7) deferred tax assets; and
(8) other assets. b) Liabilities
(1) advances received for subscription of Units; (2) payables for Securities transactions; (3) liabilities for repurchase of Units; (4) accrued expenses;

(5) liabilities for costs of repurchase of Units; (6) tax payables; (7) deferred tax liabilities; and (8) other payables. c) Net Asset Value (1) total increase (decrease) in net asset value; and (2) other comprehensive income. d) number of Units outstanding e) net asset value per Unit
2) KIK-EBA
a) Assets
(1) Underlying Asset (Underlying Asset) of KIK-EBA; (2) cash; (3) receivables from Securities transactions; (4) interest receivables; (5) other receivables; (6) prepaid taxes; (7) deferred tax assets; and (8) other assets. b) Liabilities (1) accrued expenses; (2) interest payables on issuance of Asset-Backed Securities; (3) tax payables; (4) deferred tax liabilities; (5) liabilities on issuance of Asset-Backed Securities; and (6) other payables. c) Net Asset Value (1) deposits on issuance of Asset-Backed Securities; (2) total increase (decrease) in net asset value; and (3) other comprehensive income.
3) Real Estate Investment Fund in the form of KIK
a) Assets
(1) Underlying Asset (Underlying Asset) of Real Estate Investment Fund in the form of KIK, among others, consists of:

(a) investment properties; and/or
(b) portfolio of Securities.
(2) cash;
(3) receivables from Securities transactions;
(4) trade receivables;
(5) interest and dividend receivables;
(6) other receivables;
(7) prepaid expenses;
(8) prepaid taxes;
(9) deferred tax assets; and
(10) other assets. b) Liabilities
(1) advances received for subscription of Units; (2) payables for Securities transactions; (3) trade payables; (4) liabilities for repurchase of Units; (5) accrued expenses; (6) deferred revenue; (7) liabilities for purchase of Underlying Asset (Underlying Asset) of Real Estate Investment Fund in the form of KIK; (8) liabilities for costs of repurchase of Units; (9) tax payables; (10) bank and financial institution payables; (11) lease payables; (12) bond payables; (13) sukuk; (14) deferred tax liabilities; and (15) other payables. c) Net Asset Value (1) total increase (decrease) in net asset value; and (2) other comprehensive income. d) number of Units outstanding e) net asset value per Unit

Multi-Asset Investment Fund
a) Assets
(1) Underlying Asset (Underlying Asset) of Multi-Asset Investment Fund, among others, consists of:
(a) portfolio of Securities; and/or
(b) investment portfolio other than Securities.
(2) cash;
(3) receivables from Securities transactions;
(4) interest and dividend receivables;
(5) other receivables;
(6) prepaid expenses;
(7) prepaid taxes;
(8) deferred tax assets; and
(9) other assets. b) Liabilities
(1) advances received for subscription of Units; (2) payables for Securities transactions; (3) liabilities for repurchase of Units; (4) accrued expenses; (5) liabilities for purchase of Underlying Asset (Underlying Asset) of Multi-Asset Investment Fund; (6) liabilities for costs of repurchase of Units; (7) tax payables; (8) deferred tax liabilities; and (9) other payables. c) Net Asset Value (1) total increase (decrease) in net asset value; and (2) Other comprehensive income. d) number of Units outstanding e) net asset value per Unit
DINFRA
a) Assets
(1) Underlying Asset (Underlying Asset) of DINFRA, among others, consists of:
(a) portfolio of Securities; and/or
(b) investment portfolio other than Securities.
(2) cash;
(3) receivables from Securities transactions;
(4) interest and dividend receivables;
(5) other receivables;
(6) prepaid expenses;
(7) prepaid taxes;
(8) deferred tax assets; and
(9) other assets. b) Liabilities
(1) advances received for subscription of Units; (2) payables for Securities transactions; (3) liabilities for repurchase of Units; (4) accrued expenses; (5) liabilities for purchase of Underlying Asset (Underlying Asset) of DINFRA; (6) liabilities for repurchase of Units; (7) tax payables; (8) bank and financial institution payables; (9) bond payables; (10) sukuk; (11) deferred tax liabilities; and (12) other payables. c) Net Asset Value (1) total increase (decrease) in net asset value; and (2) other comprehensive income. d) number of Units outstanding e) net asset value per Unit

c. KIK Investment Products other than Mutual Fund in the form of KIK, KIK-EBA, Real Estate Investment Fund in the form of KIK, Multi-Asset Investment Fund, and DINFRA may adjust the main components mentioned above according to the characteristics of the KIK Investment Product, only if such presentation is relevant to understanding the financial position of the KIK Investment Product, and discloses the reasons and considerations.
d. Explanation of Main Components for All KIK Investment Products

Assets
Classification and measurement of assets meeting the criteria for financial assets refer to the provisions as referred to in Part A General Provisions item 22 letter a. a) Underlying Asset (Underlying Asset) (1) Mutual Fund in the form of KIK This position is a financial asset that forms the investment portfolio of Mutual Fund in the form of KIK, namely a portfolio of Securities. (2) KIK-EBA This position is a financial asset that forms the investment portfolio of KIK-EBA, among others, housing loan receivables (KPR). (3) Real Estate Investment Fund in the form of KIK This position is a financial asset and/or tangible asset that forms the investment portfolio of Real Estate Investment Fund in the form of KIK, among others, investment properties and/or portfolio of Securities. (4) Multi-Asset Investment Fund This position is a financial asset and/or non-financial asset that forms the KIK portfolio of Multi-Asset Investment Fund, among others, portfolio of Securities and/or investment portfolio other than Securities (property or real estate assets, infrastructure assets, warehouse receipts, and/or other investment instruments other than Securities that are valid according to statutory regulations).

(5) DINFRA
This position is a financial asset and/or non-financial asset that forms the KIK portfolio of DINFRA, among others, portfolio of Securities and/or investment portfolio other than Securities (infrastructure assets). (6) Explanation of Underlying Asset (Underlying Asset) (a) Portfolio of Securities
i. Portfolio of Securities may consist of Equity-type Securities, Debt-type Securities, sukuk, money market instruments, Asset-Backed Securities, Units of Real Estate Investment Fund, Derivative Securities, and/or other Securities determined by the Financial Services Authority.
ii. The presentation order of the portfolio of Securities is based on the type of investment product and the magnitude of investment value in the financial reporting period.
(b) Investment Properties
Investment properties can be obtained from direct ownership (purchase and self-construction) and lease.
i. Direct Ownership Investment Properties
This position refers to investment properties owned by the KIK Investment Product, among others:
i) Ready-to-use investment properties
(i) Ready-to-use investment properties are initially measured at acquisition cost, including transaction costs.
(ii) After initial recognition, the KIK Investment Product must choose the cost model or fair value model as its accounting policy and apply this policy to all its investment properties.

Cost model
In this model, investment properties are recorded at acquisition cost less accumulated depreciation and accumulated impairment losses.
Fair value model
In this model, investment properties are recorded at Fair Value on the reporting date. ii) Investment properties under construction This position is recorded at the cost incurred.
ii. Leased investment properties
This position is explained in letter (d).
(c) Fixed Assets
Fixed assets can be obtained from direct ownership (purchase and self-construction) and lease.
i. Direct Ownership Fixed Assets
This position refers to fixed assets owned by the KIK Investment Product, among others:
i) Ready-to-use fixed assets
(i) Fixed assets are initially measured at acquisition cost.

(ii) After initial recognition, the KIK Investment Product must choose the cost model or revaluation model as its accounting policy and apply this policy to all fixed assets in the same group.

Cost model
In this model, fixed assets are recorded at acquisition cost less accumulated depreciation and accumulated impairment losses.
Revaluation model
In this model, fixed assets are recorded at the revalued amount, namely the Fair Value on the revaluation date less accumulated depreciation and accumulated impairment losses occurring after the revaluation date. ii) Fixed assets under construction This position is recorded at the cost incurred.
ii. Leased fixed assets
This position is explained in letter (d).
(d) Leased Investment Properties/Leased Fixed Assets
i. This position refers to investment properties/fixed assets (underlying assets) obtained through lease transactions as right-of-use assets.
ii. The KIK Investment Product presents right-of-use assets separately from other assets, except:
i) The KIK Investment Product has underlying assets similar to the right-of-use assets; and ii) right-of-use assets that meet the definition of investment properties.
iii. This position is initially measured at acquisition cost.
iv. After initial recognition, the KIK Investment Product as a lessee must use the cost model, except:
i) The KIK Investment Product uses the fair value model for investment properties other than right-of-use assets; or ii) if the right-of-use asset is related to a class of fixed assets where the KIK Investment Product applies the revaluation model.
v. In the cost model, the KIK Investment Product measures the right-of-use asset at acquisition cost less accumulated depreciation and accumulated impairment losses, and adjusts for the remeasurement of lease liabilities.
vi. If the lease transfers ownership of the underlying asset to the KIK Investment Product at the end of the lease term or if the acquisition cost of the right-of-use asset reflects that the KIK Investment Product will exercise the purchase option, then the KIK Investment Product depreciates the right-of-use asset from the initial recognition date until the end of the useful life of the underlying asset. If not, then the KIK Investment Product depreciates the right-of-use asset from the initial recognition date until the earlier date between the end of the useful life of the underlying asset or the end of the lease term.
(e) Intangible Assets
i. Intangible assets are initially measured at acquisition cost or the amount attributed to the asset when first recognized, if applicable.
ii. After initial recognition, the KIK Investment Product must choose the cost model or revaluation model as its accounting policy and apply this policy to all intangible assets in the same group.
i) Cost model
In this model, intangible assets are recorded at acquisition cost less accumulated amortization and accumulated impairment losses. ii) Revaluation model In this model, intangible assets are recorded at the revalued amount, namely the Fair Value on the revaluation date less accumulated amortization and accumulated impairment losses occurring after the revaluation date.

iii. Intangible assets with a limited useful life are amortized systematically over their useful life.
iv. Intangible assets with an indefinite useful life do not need to be amortized, but must be reviewed annually to determine if events and circumstances continue to support the assessment that the useful life remains indefinite.
b) Cash
Cash may consist of cash on hand and/or demand deposits. c) Receivables from Securities Transactions This position refers to receivables from the sale of Securities that have not been settled on the financial reporting date, whether from third parties or from Related Parties. d) Trade Receivables This position refers to receivables from income arising in connection with business activities in accordance with the main business activities of the KIK Investment Product, whether from third parties or from Related Parties. e) Interest and Dividend Receivables This position refers to claims arising from interest on Debt-type Securities, money market instruments, and giro services, as well as the distribution of dividends from Equity-type Securities that have not yet been received. f) Interest Receivables This position refers to claims arising from interest on Debt-type Securities, money market instruments, and giro services that have not yet been received. g) Other Receivables This position refers to claims against other parties that, by nature and type, cannot be grouped into the existing main receivable positions. h) Prepaid Expenses This position refers to expenses that have been paid but will only be charged in the future period. i) Prepaid Taxes (1) This position includes, among others:
(a) overpayment of taxes, such as value-added tax, which will be collected back or compensated against future tax liabilities; and (b) current tax assets, namely the excess difference between the amount of taxes paid for the current and previous periods compared to the amount of taxes payable for those periods. (2) Current tax assets for the current and previous periods are measured at the amount expected to be refunded from the tax authority, calculated using the tax rates and tax regulations that have been enacted or substantially enacted as of the end of the reporting period. (3) The KIK Investment Product offsets current tax assets and current tax liabilities and presents the net amount in the statement of financial position only if the KIK Investment Product:
(a) has a legally enforceable right to offset the recognized amounts; and (b) has the intention to settle on a net basis or to realize the asset and settle the liability simultaneously. Offset is not performed if the taxes are for different legal entities within a Consolidated Financial Report. j) Deferred Tax Assets (1) This position refers to the amount of income tax that can be recovered in future periods as a result of:
(a) deductible temporary differences;
(b) accumulated unutilized tax losses; and
(c) accumulated unutilized tax credits, if tax regulations allow.
(2) Deferred tax assets are measured using the tax rate expected to apply when the asset is recovered, based on tax rates and tax regulations that have been enacted or substantially enacted as of the end of the reporting period. (3) The KIK Investment Product offsets deferred tax assets and deferred tax liabilities and presents the net amount in the statement of financial position only if:
(a) the KIK Investment Product has a legally enforceable right to offset current tax assets against current tax liabilities; and (b) deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority on the same taxable entity that has the intention to recover the current tax assets and settle the current tax liabilities on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period where significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. (4) The KIK Investment Product must review the carrying amount of deferred tax assets at the end of the reporting period. (5) The KIK Investment Product reduces the carrying amount of deferred tax assets if it is no longer probable that sufficient taxable profit will be available to utilize part or all of the deferred tax assets. Each reduction is reversed to the extent that it becomes probable that sufficient taxable profit will be available. k) Other Assets This position refers to assets that cannot be grouped into the existing main asset positions.
2) Liabilities
Classification and measurement of liabilities meeting the criteria for financial liabilities refer to the provisions as referred to in Part A General Provisions item 22 letter b. a) Advances Received for Subscription of Units This position refers to payments received from investors for the subscription of Units but no delivery of Units has occurred and has not yet been recorded as outstanding Units. b) Payables for Securities Transactions This position refers to liabilities for the purchase of Securities that have not been settled on the financial reporting date, whether from third parties or from Related Parties. c) Trade Payables This position refers to liabilities for paying goods or services that have been received and invoiced or formally agreed upon with suppliers. d) Liabilities for Repurchase of Units This position refers to liabilities to Unit holders for the repurchase of Units that have not been settled on the financial reporting date. e) Interest Payables on Issuance of Asset-Backed Securities This position refers to liabilities to holders of Asset-Backed Securities for loan interest on the financial reporting date. f) Accrued Expenses This position refers to expenses that have become liabilities of the KIK Investment Product but have not yet been paid. g) Deferred Revenue This position refers to income for which payment has been received but the income can only be recognized in the future period. h) Liabilities for Purchase of Underlying Asset (Underlying Asset) This position refers to liabilities to other parties regarding the purchase of Underlying Asset (Underlying Asset) of the investment product, among others, investment properties, fixed assets, and/or intangible assets. i) Liabilities for Costs of Repurchase of Units This position refers to liabilities to the Investment Manager and securities sales agents for the costs of repurchasing Units that have not been settled on the financial reporting date. j) Tax Payables (1) This position refers to:
(a) tax liabilities of the KIK Investment Product and other taxes that have not been paid; and

(b) current tax liabilities, namely the amount of current and previous period income taxes that have not been paid.
(2) Current tax liabilities for the current and previous periods are measured at the amount estimated to be paid to the tax authority, calculated using the tax rates and tax regulations that have been enacted or substantially enacted as of the end of the reporting period. (3) The KIK Investment Product offsets current tax assets and current tax liabilities and presents the net amount in the statement of financial position only if the KIK Investment Product:
(a) has a legally enforceable right to offset the recognized amounts; and (b) has the intention to settle on a net basis or to realize the asset and settle the liability simultaneously. Offset is not performed if the taxes are for different legal entities within a Consolidated Financial Report. k) Bank and Financial Institution Payables This position refers to liabilities of the KIK Investment Product to banks or other financial institutions. l) Liabilities on Issuance of Asset-Backed Securities This position refers to liabilities to holders of Asset-Backed Securities for loan principal on the financial reporting date, in the event that the liabilities on the issuance of Asset-Backed Securities are financial liabilities. m) Lease Payables (1) This position refers to liabilities of the KIK Investment Product to the lessor in connection with the lease of the use of the underlying asset by the KIK Investment Product. (2) At initial recognition, lease payables are measured at the present value of lease payments not yet paid on that date. (3) After initial measurement, the KIK Investment Product measures lease payables with:
(a) increasing the carrying amount to reflect interest on the lease liability; (b) reducing the carrying amount to reflect lease payments made; and (c) remeasuring the carrying amount to reflect reassessment or modification of the lease, or to reflect fixed lease payments in substance of a revision. n) Bond Payables (1) This position refers to liabilities of the KIK Investment Product to bond holders in connection with the issuance of bonds. (2) Bond issuance costs are transaction costs directly attributable to the issuance and must be deducted from the net issuance proceeds to determine the net proceeds of the bond issuance. (3) The difference between the net proceeds and the nominal value is a discount or premium that must be amortized using the effective interest rate over the term of the bond. o) Sukuk This position refers to sukuk issued by the KIK Investment Product. Sukuk issued generally use ijarah and mudharabah contracts. (1) Ijarah Sukuk (a) Ijarah sukuk issuance costs are transaction costs directly attributable to the issuance and must be deducted from the net issuance proceeds of the ijarah sukuk. (b) The difference between the net proceeds and the nominal value is a discount or premium that must be amortized on a straight-line basis over the term of the ijarah sukuk. (2) Mudharabah Sukuk (a) Mudharabah sukuk issuance costs are transaction costs directly attributable to the issuance and are recognized separately from the mudharabah sukuk as deferred expenses and amortized on a straight-line basis over the term of the mudharabah sukuk. (b) This amortization is presented as an expense of issuing mudharabah sukuk. p) Deferred Tax Liabilities (1) This position refers to the amount of income tax payable in future periods as a result of taxable temporary differences. (2) Deferred tax liabilities are measured using the tax rate expected to apply when the liability is settled, based on tax rates and tax regulations that have been enacted or substantially enacted as of the end of the reporting period. (3) The KIK Investment Product offsets deferred tax assets and deferred tax liabilities and presents the net amount in the statement of financial position only if:
(a) the KIK Investment Product has a legally enforceable right to offset current tax assets against current tax liabilities; and

(b) Deferred tax assets and deferred tax liabilities related to income taxes levied by the same tax authority on the same taxable entity, which have the intention to recover the current tax assets and liabilities on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.

q) Other Payables
This item represents liabilities that cannot be classified into the main components of existing liability items.

Net Asset Value
This item represents the rights of Unit Holders/Asset-Backed Securities holders in the investment product, which is the difference between existing assets and liabilities. This item consists of:

a) Deposits for the Issuance of Asset-Backed Securities This item represents the deposits of Asset-Backed Securities holders for the principal deposit amount on the financial reporting date, in the event that deposits for the issuance of Asset-Backed Securities constitute equity instruments.

b) Total Increase (Decrease) in Net Asset Value This item represents the accumulation of periodic profits and losses, taking into account transactions with Unit Holders and corrections of prior period profits and losses. Specifically for KIK-EBA, this item represents the accumulation of periodic profits and losses, taking into account corrections of prior period profits and losses.

c) Other Comprehensive Income
This item consists of:

(1) items that will not be reclassified subsequently to profit or loss, including:
(a) revaluation surplus balances; and
(b) share of other comprehensive income from associates and/or joint ventures.

(2) items that will be reclassified subsequently to profit or loss, including:
(a) exchange differences on translation of financial statements in foreign currencies; (b) gains and losses from the re-measurement of available-for-sale financial assets; and (c) the effective portion of gains and losses on hedging financial instruments in cash flow hedges.

Number of Outstanding Units
This item represents the number of Units of the investment product that have been issued and held by Unit Holders.
Net Asset Value per Unit
This item represents the result of dividing the net asset value by the number of outstanding Units.

Statement of Profit or Loss and Other Comprehensive Income

a. Definition

The statement of profit or loss and other comprehensive income (comprehensive income statement) is a report that presents all income and expense items recognized in a period. The statement of profit or loss and other comprehensive income consists of two components, namely:
a) profit or loss; and b) other comprehensive income.
KIK Investment Products must present the comprehensive income statement in the form of a single statement.

b. Main Components

Investment Income, including:
a) interest income; b) dividend income; c) rental income; d) realized investment gains (losses); e) unrealized investment gains (losses); and f) other income.
Other Income;
Total Income;
Investment Expenses, including:
a) investment management expenses; b) custodian expenses; c) interest expenses; and d) other expenses.
Financial Costs;
Other Expenses;
Total Expenses;
Profit (Loss) Before Tax;
Tax Expense (Income);
Profit (Loss) for the Period;
Other Comprehensive Income, including:
a) items that will not be reclassified subsequently to profit or loss; and b) items that will be reclassified subsequently to profit or loss.
Income tax related to other comprehensive income;
Other Comprehensive Income for the Period After Tax; and
Comprehensive Income for the Period.

c. KIK Investment Products may adjust the main components listed above according to the characteristics of the KIK Investment Product, provided that such presentation is relevant for understanding the financial performance of the KIK Investment Product.

d. Explanation of Main Components

Investment Income
Investment income is income derived from the investment activities of the KIK Investment Product. Investment income must be detailed by type of income.

a) Interest Income
This item represents the total interest income and yields derived from various types of investments, such as bonds, sukuk, mortgage receivables, and/or money market instruments.

b) Dividend Income
This item represents investment income derived from equity-type securities.

c) Rental Income
This item represents investment income derived from Underlying Assets, such as investment properties.

d) Realized Investment Gains (Losses)
This item represents realized investment gains (losses).

e) Unrealized Investment Gains (Losses)
This item represents increases or decreases in Fair Value and impairment losses.

f) Other Income
This item represents investment income outside the types of income in letters a) through e) above, derived from investment activities permitted by applicable regulations.

Other Income
This item represents income that is not derived from investment activities.
Total Income
This item represents the sum of investment income and other income.
Investment Expenses
This item represents expenses derived from the investment activities of the KIK Investment Product. Investment expenses must be detailed by type of expense.

a) Investment Management Expenses
This item represents expenses paid to the investment manager in accordance with the provisions regulated in the KIK.

b) Custodian Expenses
This item represents expenses paid to the Custodian Bank for custodian services in accordance with the provisions regulated in the KIK.

c) Interest Expenses
This item represents interest expenses related to investment activities, such as interest expenses on the issuance of Asset-Backed Securities that meet the elements of financial liabilities.

d) Other Expenses
This item represents investment expenses outside the types of expenses in letters a) through c) above but still related to the investment activities of the KIK Investment Product, such as expenses for final income tax.

Financial Costs
This item represents financial costs, which are generally interest costs and other costs borne by the KIK Investment Product, other than investment expenses.
Other Expenses
This item represents expenses not related to investment activities and financial costs, such as expenses for final income tax arising from activities outside of investment.
Total Expenses
This item represents the sum of investment expenses, financial costs, and other expenses.
Profit (Loss) Before Tax
This item represents the sum of total income and total expenses.
Tax Expense (Income)
This item generally represents the aggregate amount of current tax and deferred tax considered in determining profit (loss) in a period.
Profit (Loss) for the Period
This item represents the sum of profit (loss) before tax and tax expense (income).
Other Comprehensive Income
a) Other comprehensive income contains income and expense items, including reclassification adjustments, that are not recognized in profit or loss as required or permitted by SAK. b) Components of other comprehensive income include:
(1) items that will not be reclassified subsequently to profit or loss, including:
(a) revaluation surplus balances; and
(b) share of other comprehensive income from associates and/or joint ventures; (2) items that will be reclassified subsequently to profit or loss, including:
(a) exchange differences on translation of financial statements in foreign currencies; (b) gains and losses from the re-measurement of available-for-sale financial assets; and (c) the effective portion of gains and losses on hedging financial instruments in cash flow hedges. c) KIK Investment Products present other comprehensive income components as the amount before the related tax impact, except for the share of other comprehensive income from associates and/or joint ventures, which is presented after the related tax impact. d) Reclassification adjustments are amounts reclassified to profit or loss for the current period that were previously recognized in other comprehensive income in the current or prior periods.
Income Tax Related to Other Comprehensive Income
This item represents the cumulative income tax related to other comprehensive income components, except for the share of other comprehensive income from associates and/or joint ventures.
Other Comprehensive Income for the Period After Tax
This item represents the sum of other comprehensive income and related income tax.
Comprehensive Income for the Period
This item represents the sum of profit (loss) for the period and other comprehensive income for the period after tax.

Statement of Changes in Net Assets

a. Definition
The Statement of Changes in Net Assets is a report that presents concise information about changes in the net assets of the KIK Investment Product during the reporting period.

b. Main Components
This report must present:

total comprehensive income for a period;
the impact of retrospective application or retrospective restatement permitted by SAK for each component of net assets; and
a reconciliation between the carrying amounts at the beginning and end of the period for each component of net assets separately, disclosing each change occurring from:
a) profit or loss; b) each item of other comprehensive income along with its analysis. This analysis may be presented in the notes to the financial statements if not presented in this section; and c) transactions with Unit Holders and Asset-Backed Securities holders, which show separately:
(1) sale of Units;
(2) repurchase of Units; and
(3) distributions to Unit Holders and payment of interest on Asset-Backed Securities.
Presentation of transactions to Unit Holders and Asset-Backed Securities holders in the statement of changes in net assets is performed if Units or Asset-Backed Securities are equity instruments.

c. KIK Investment Products may adjust the main components listed above according to the characteristics of the KIK Investment Product, provided that such presentation is relevant for understanding changes in the net assets of the KIK Investment Product.

Statement of Cash Flows

a. Definition
The statement of cash flows shows cash receipts and payments in the activities of the KIK Investment Product during the reporting period and is classified according to operating, investing, and financing activities.

b. Main Components

Cash Flows from Operating Activities
a) Cash flows from operating activities are cash flows primarily derived from the main revenue-generating activities of the KIK Investment Product; therefore, these cash flows generally arise from transactions and other events that affect the determination of profit or loss. b) KIK Investment Products must present cash flows from operating activities using the direct method. c) Cash flows related to income tax must be disclosed separately and classified as cash flows from operating activities, unless they can be specifically identified as investing and financing activities.
Cash Flows from Investing Activities
Cash flows from investing activities reflect cash receipts and payments related to the acquisition and/or disposal of resources aimed at generating revenue and future cash flows.
Cash Flows from Financing Activities
Cash flows from financing activities are cash flows arising from receipts and payments that result in changes in the amount and composition of net assets and loans of the KIK Investment Product.

c. Cash flows from interest and dividends received and paid must each be disclosed separately and classified consistently across periods as operating, investing, or financing activities.

d. The effect of exchange rate changes on foreign currency cash is reported in the statement of cash flows to reconcile the beginning and ending balances of cash. The amount of unrealized gains and losses on exchange differences related to changes in foreign currency cash exchange rates is presented separately from the cash flows of operating, investing, and financing activities, and includes differences if there are differences in exchange rates, had such cash flows been reported at the exchange rate at the end of the period.

e. In the event of a difference between the cash balance in the statement of financial position and the cash balance in the statement of cash flows, the KIK Investment Product must present a reconciliation of such amounts in the statement of cash flows with the same item in the statement of financial position.

C. NOTES TO THE FINANCIAL STATEMENTS

General

a. Notes to the financial statements contain additional information on items presented in the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in net assets, and statement of cash flows. b. KIK Investment Products must present notes to the financial statements that provide narrative descriptions or separation of items presented in the financial statements and information regarding items that do not meet the recognition criteria in the financial statements.
c. KIK Investment Products must present notes to the financial statements in the following order:

general description of the KIK Investment Product;
basis of preparation of financial statements and summary of significant accounting policies applied;
additional information for items presented in the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in net assets, and statement of cash flows, in accordance with the order of presentation of the statements and the presentation of each item; and
other disclosures, including:
a) information required by SAK that is not presented anywhere in the financial statements; and b) information not presented anywhere in the financial statements, but which is relevant for understanding the financial statements. d. KIK Investment Products must present notes to the financial statements systematically and make cross-references to each item in the statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in net assets, and statement of cash flows for information related in the notes to the financial statements. e. KIK Investment Products must state in value or percentage terms to explain the existence of a portion of an amount, and must not use the word "part" or "portion" (sebagian). f. In the event that the assets of the KIK Investment Product are insured, the type and value of insured assets, insurance coverage value, risks covered, and management's opinion on the adequacy of insurance coverage must be disclosed. If not insured, the reasons must be disclosed. g. Disclosures required for each item must be fully disclosed, unless such disclosure is not relevant or not applicable to the KIK Investment Product. KIK Investment Products must adjust disclosures according to the characteristics of their investment products if such disclosures are required by SAK or are relevant for understanding the financial statements of the KIK Investment Product.

Elements of Notes to the Financial Statements

a. General Description
In this section, the following must be disclosed:

Establishment of the KIK Investment Product, consisting of:
a) brief history of the KIK Investment Product; b) domicile of the KIK Investment Product; c) number and date of the KIK, and any last changes if there are changes; d) investment objectives and policies in accordance with the KIK; and e) name of the parent entity and name of the ultimate parent entity in the business group.
Public Offering/Listing of Units of Mutual Funds in the form of KIK, Real Estate Investment Funds in the form of KIK, Multi-Asset Investment Funds, and DINFRA or Asset-Backed Securities, consisting of:
a) number and date of the effective statement or listing from the Financial Services Authority (OJK); b) number of Units and Asset-Backed Securities offered and the initial net asset value for each Unit; and c) the exchange where Units and Asset-Backed Securities are listed, if Units and Asset-Backed Securities are listed on an exchange, and the last exchange date used in the current and prior periods.
Structure of the KIK Investment Product and subsidiaries, consisting of:
a) name of subsidiaries controlled directly or indirectly; b) domicile; c) type of business; d) year of commercial operation; e) percentage of ownership and proportion of voting rights if there is a difference between ownership percentage and voting rights proportion; f) total assets; and g) other important information:
(1) nature of the relationship between the parent entity and the subsidiary if the parent entity does not have, directly or indirectly through the subsidiary, more than 50% (fifty percent) of the voting rights; (2) reasons why ownership, directly or indirectly, of more than 50% (fifty percent) of voting rights or potential voting rights over the Investee is not followed by Control; (3) end date of the reporting period of the subsidiary's financial statements if the date/period of the financial statements used to prepare Consolidated Financial Statements differs from the date/period of the parent entity's financial statements, and the reason for using different dates/periods; (4) nature and extent of any significant restrictions on the ability of entities to access or use assets and settle liabilities of the business group; (5) impact of changes in the parent entity's ownership interest in the subsidiary that do not result in loss of Control; and (6) in the event of loss of Control over a subsidiary, the parent entity discloses:
(a) gains or losses, if there are gains and losses recognized from the loss of Control, and the portion of gains or losses that can be attributed to measure the remaining investment in the former subsidiary at Fair Value on the date of loss of Control; (b) percentage of ownership interest released; (c) amount of price received; (d) portion of the price that is cash; (e) amount of cash in the subsidiary where Control is released; and (f) amount of non-cash assets and liabilities in the subsidiary where Control is released, summarized by their main categories.
Investment Manager, Custodian Bank, and Key Management of the KIK Investment Product, consisting of:
a) name of the Investment Manager and Custodian Bank; and b) name and position in the KIK Investment Product and other institutions, if holding positions in other institutions, for each member of the Investment Committee and Investment Management Team.
Issuance of Financial Statements, consisting of:
a) Date the Financial Statements were Authorized for Issue; and b) the party responsible for authorizing the financial statements.

b. Summary of Accounting Policies
In this section, the following must be disclosed:

Statement of Compliance with SAK
This statement is a declaration that the financial statements have been prepared and presented in accordance with SAK.
Basis of Measurement and Preparation of Financial Statements
a) The basis of measurement of financial statements is based on historical cost, current cost, realizable value, or present value. b) The basis of preparation of financial statements is the accrual basis, except for the statement of cash flows. c) Functional currency and presentation currency used, including:
(1) functional currency of the KIK Investment Product; (2) facts and reasons for changes, if there are changes in the functional currency of the KIK Investment Product or significant foreign business activities, provided they do not conflict with applicable regulations; and (3) presentation currency used and reasons for using a presentation currency other than the rupiah.
Use of Significant Judgments, Estimates, and Assumptions by Management
a) KIK Investment Products must disclose in the summary of accounting policies or other parts of the notes to the financial statements, the judgments made by management in the process of applying accounting policies that have the most significant impact on the amounts recognized in the financial statements. b) KIK Investment Products must disclose information about assumptions made regarding the future and other sources of estimation uncertainty at the end of the reporting period, which have significant risk of resulting in material adjustments to the carrying amounts of assets and liabilities in the next reporting period. c) Regarding assets and liabilities as referred to in letter b), the notes to the financial statements include details on the nature and carrying amount at the end of the reporting period.
Specific Accounting Policies
Specific accounting policies are accounting policies applied and relevant for understanding the financial statements. Specific accounting policies include, but are not limited to, the following:

a) Consolidation Principles
KIK Investment Products must explain, among other things:
(1) the scope of Consolidated Financial Statements, which includes parent entity and subsidiary items; (2) the basis and timing for consolidating a subsidiary into the parent entity's financial statements; (3) accounting policies regarding changes in ownership without loss of Control over a subsidiary; (4) accounting policies regarding loss of Control over a subsidiary; (5) accounting policies regarding the recording and presentation of non-controlling interests; and (6) a statement that balances of material inter-entity items and transactions of consolidated entities have been eliminated.

b) Net Asset Value of Mutual Funds in the form of KIK, Real Estate Investment Funds in the form of KIK, Multi-Asset Investment Funds, and DINFRA KIK Investment Products must explain, among other things:
(1) the basis for calculating net asset value; and (2) the basis for calculating net asset value per Unit.

c) Financial Instruments
KIK Investment Products must explain, among other things:
(1) financial instruments other than investments in sukuk and sukuk issued, namely:

(a) initial recognition of financial instruments in each category, including treatment of transaction costs; (b) measurement after initial recognition of financial instruments in each category; (c) offsetting provisions for financial instruments; (d) calculation methods used to determine impairment of financial assets; and (e) derecognition provisions for financial instruments; (2) investment in sukuk, namely:
(a) classification and reclassification of investment in sukuk; (b) initial recognition of sukuk; (c) measurement after initial recognition of sukuk; (d) explanation of sukuk revenue presentation; and (e) presentation of amortization of transaction costs; and (3) issued sukuk, namely:
(a) initial recognition of sukuk;
(b) measurement after initial recognition of sukuk; (c) transaction costs for issuing sukuk; (d) presentation position of sukuk; and (e) Shariah contracts used. d) Revenue and Expense Recognition Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others:
(1) conditions and methods for revenue recognition and the measurement basis used based on the type of revenue available; (2) expense recognition; and (3) the amount of investment management and custodian fees. e) Income Tax Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others:
(1) the basis for determining tax rates to measure current and deferred tax; (2) provisions regarding offsetting; (3) recognition and measurement of deferred tax assets; and (4) the method used to assess deferred tax assets/liabilities. f) Related Party Transactions Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others the policies applied to transactions between the Investment Product and Related Parties. g) Fair Value Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others the methods and inputs used in determining the Fair Value of assets and liabilities. h) Cash Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others the policy in determining cash components. i) Advance Payments Received for Subscription of Participation Units Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others the policy regarding the receipt of advance payments for Participation Units that have not yet been issued and delivered to the subscriber on the date of the financial position report, and have not been recorded as outstanding Participation Units. j) Investment Property Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others:
(1) initial recognition of investment property; (2) measurement after initial recognition of investment property; (3) depreciation methods used, specifically for the cost model; (4) estimated useful life and/or depreciation rates for the cost model; and (5) derecognition of investment property. k) Fixed Assets Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others:
(1) initial recognition of fixed assets;
(2) measurement after initial recognition of fixed assets; (3) grouping of fixed assets; (4) depreciation methods used; (5) capitalization of costs related to fixed assets; (6) estimated useful life and depreciation rates; (7) derecognition; (8) residual value; and (9) a statement that management has reviewed the estimates of economic useful life, depreciation methods, and residual value at the end of each reporting period. l) Investment in Associate Entities Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others the method used to record investments in associate entities. m) Interest in Joint Ventures Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others the method used to record interest in joint ventures. n) Intangible Assets Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others:
(1) initial recognition of intangible assets;
(2) measurement after initial recognition of intangible assets; (3) indefinite or limited useful life, and if the useful life is limited, the amortization rate used and its useful life are disclosed; (4) source of occurrence of intangible assets; (5) amortization methods used; (6) derecognition of intangible assets; and (7) research and development, if there is research and development. o) Leases Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others:
(1) policy for determining whether an agreement contains a lease; and (2) accounting policy when the Investment Product acts as a lessee and/or lessor. p) Borrowing Costs Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others the conditions requiring borrowing costs to be capitalized as part of the cost of qualifying assets. q) Impairment of Non-financial Assets Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others:
(1) provisions for events and conditions indicating the possibility of impairment; and (2) accounting policy for recognizing impairment of non-financial assets and its reversal. r) Transactions and Balances in Foreign Currency Investment Products in the Form of Collective Investment Contracts (KIK) must explain among others:
(1) provisions in translating transactions and balances in foreign currency; (2) accounting treatment for exchange differences arising from the translation of monetary assets and liabilities; and (3) reference and rates used to translate transactions and balances in foreign currency.
c. Disclosure of Financial Statement Items

Assets
a) Underlying Assets
(1) Securities Portfolio
Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(a) summary of the Securities portfolio;
i. types of Securities;
ii. for each type of Security, the following must be disclosed:
i) name of the Security; ii) quantity of Securities; iii) nominal value of debt Securities; iv) average acquisition price; v) Fair Value and its hierarchy level; vi) maturity date; vii) carrying amount; viii) interest rate; ix) financial asset category; x) Security rating; xi) amount of impairment loss on financial assets, if there is impairment on financial assets; and xii) percentage of Fair Value of the Security against the total Fair Value of the Securities portfolio; and
iii. the quantity of financial assets reclassified, if there are financial assets reclassified to and from each category and the reason for reclassification.
(b) for Securities used as hedging instruments:
i. description of each type of hedge;
ii. description of financial instruments designated as hedging instruments and their Fair Value at the end of the reporting period;
iii. type of risk being hedged; and
iv. for cash flow hedges:
i) the period in which the cash flow is expected to occur and when the cash flow is expected to affect profit or loss; ii) description of the forecasted transaction for which hedge accounting was previously used but is no longer expected to occur; and iii) the amount recognized in other comprehensive income during the period. (2) Underlying Assets of KIK-EBA Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(a) type, issuer name, and general description of Underlying Assets of KIK-EBA; (b) collectibility rate of Underlying Assets of KIK-EBA; and (c) maturity period of Underlying Assets of KIK-EBA. (3) Investment Property Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(a) investment property must be disclosed separately based on ownership, namely direct ownership investment property and lease investment property; (b) the measurement model after initial recognition used, the fair value model or the cost model; (c) the amount recognized in profit or loss for:
i. rental income from investment property;
ii. direct operating expenses incurred from investment property that generates or does not generate rental income during the period; and
iii. cumulative changes in Fair Value recognized in profit or loss from the sale of investment property from a group of assets using the cost model to a group of assets using the fair value model;
(d) the existence and amount of restrictions on the ability to realize investment property or pay income and proceeds from disposal; (e) contractual obligations to purchase, construct or develop or to repair, maintain, or upgrade investment property; (f) specifically for investment property using the fair value model, in addition to the disclosures referred to in letters (a) through (e) above, the Investment Product must also disclose among others:
i. significant methods and assumptions applied in determining the Fair Value of investment property;
ii. a statement that the determination of Fair Value is supported by market evidence or more based on other factors due to the nature of the property and limitations of comparable market data;
iii. name of the Appraiser, date of valuation, and date of the latest valuation report;
iv. reconciliation of the carrying amount of investment property at the beginning and end of the period showing additions, deductions, and reclassifications;
v. net profit or loss from adjustments to Fair Value;
vi. when a valuation of investment property is adjusted significantly for financial reporting purposes, the Investment Product discloses a reconciliation between that valuation and the adjusted valuation reported in the financial statements, showing separately:
i) the aggregate amount of lease liabilities that have been added back; and ii) other significant adjustments; (g) specifically for investment property using the cost model, in addition to the disclosures referred to in letters (a) through (e) above, the Investment Product must also disclose among others:
i. depreciation methods used;
ii. useful life or depreciation rates used;
iii. reconciliation of gross carrying amount and accumulated depreciation of investment property at the beginning and end of the period showing additions, deductions, and reclassifications;
iv. depreciation amount for each presentation period and allocation of depreciation expense;
v. amount of impairment loss recognized, and amount of impairment loss reversal, during the period;
vi. transfers to and from inventory and owner-occupied property; and
vii. Fair Value of investment property;
(h) specifically for investment property under construction and development, the Investment Product must disclose among others:
i. details of investment property under construction and development;
ii. percentage of carrying amount against contract value;
iii. estimated completion time;
iv. obstacles to continued completion, if there are obstacles;
v. amount of expenditure recognized in the carrying amount of investment property under construction and development; and
vi. in the event of capitalization of borrowing costs for investment property meeting the criteria for qualifying assets, it must be disclosed:
i) the amount of borrowing costs capitalized during the current period; and ii) the capitalization rate used to determine the amount of borrowing costs eligible for capitalization. (4) Fixed Assets Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(a) each group of fixed assets must be disclosed separately based on ownership, namely direct ownership fixed assets and lease fixed assets; (b) reconciliation of gross carrying amount and accumulated depreciation of fixed assets at the beginning and end of the period showing additions, deductions, and reclassifications; (c) depreciation amount for each presentation period and allocation of depreciation expense; (d) impairment loss and amount of reversal recognized in profit or loss and other comprehensive income, if there is impairment loss and amount of reversal recognized in profit or loss and other comprehensive income; (e) amount of contractual commitments in the acquisition of fixed assets; (f) amount of compensation from third parties for fixed assets that have impaired, been lost, or derecognized that is included in profit or loss, if not disclosed separately in the profit or loss and other comprehensive income statement; (g) specifically for fixed assets using the revaluation model, in addition to the disclosures referred to in letters (a) through (f) above, the Investment Product must also disclose among others:
i. effective date of revaluation (valuation date);
ii. effective date of approval from the Directorate General of Taxes (DJP) if the fixed asset for tax calculation uses the revalued amount;
iii. name of the Appraiser and date of the latest valuation report;
iv. significant methods and assumptions used in determining the Fair Value of fixed assets;
v. carrying amount for each class of fixed assets as if the asset were recorded using the cost model; and
vi. revaluation surplus or impairment loss, showing changes during the period and restrictions on distribution of the surplus balance to Unit Holders/Asset-Backed Securities holders;
(h) specifically for fixed assets under construction and development, the Investment Product must disclose among others:
i. details of fixed assets under construction;
ii. percentage of carrying amount against contract value;
iii. estimated completion time;
iv. obstacles to continued completion, if there are obstacles;
v. amount of expenditure recognized in the carrying amount of fixed assets under construction; and
vi. in the event of capitalization of borrowing costs for fixed assets meeting the criteria for qualifying assets, it must be disclosed:
i) the amount of borrowing costs capitalized during the current period; and ii) the capitalization rate used to determine the amount of borrowing costs eligible for capitalization; and (i) other disclosures among others:
i. carrying amount of fixed assets temporarily unused;
ii. existence and amount of restrictions on ownership rights and fixed assets pledged for liabilities;
iii. gross carrying amount of each fixed asset that has been fully depreciated and is still in use;
iv. total cash expenditure for leases;
v. profit and loss arising from sale and leaseback transactions;
vi. carrying amount of fixed assets discontinued from active use and not classified as held for sale;
vii. in the event the cost model is used, Fair Value for each class of fixed assets;
viii. book value, net sales proceeds, profit/loss from fixed assets whose recognition is discontinued;
ix. in the event there are fixed assets originating from grants, the type of fixed asset, carrying amount, and acquisition date must be disclosed;
x. changes in estimated useful life and/or depreciation method by type of fixed asset; and
xi. conditions or events causing impairment or recovery of impairment.
(5) Intangible Assets
Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(a) gross carrying amount and accumulated amortization combined with accumulated impairment losses; (b) allocation of amortization amount of intangible assets into financial statement items of profit or loss and other comprehensive income; (c) reconciliation of gross carrying amount and accumulated amortization of intangible assets at the beginning and end of the period showing additions, deductions, and reclassifications; (d) in the event of capitalization of borrowing costs for assets meeting the criteria for qualifying assets, it must be disclosed:
i. the amount of borrowing costs capitalized during the current period; and
ii. the capitalization rate used to determine the amount of borrowing costs eligible for capitalization;
(e) carrying amount of assets and significant factors supporting the determination and assessment for intangible assets assessed with indefinite useful life; (f) description, carrying amount, and remaining amortization period of each material intangible asset to the financial statements of the Investment Product; (g) intangible assets obtained through government grants and initially recognized at Fair Value according to applicable Accounting Standards, must be disclosed:
i. Fair Value at initial recognition of the asset;
ii. its carrying amount; and
iii. after initial recognition, the asset is measured using the cost model or revaluation model;
(h) existence and carrying amount of intangible assets with restricted ownership and carrying amount of intangible assets pledged for liabilities; (i) amount of contractual commitments for acquisition of intangible assets; and (j) intangible assets presented at revalued amount, must be disclosed:
i. effective date of revaluation (valuation date);
ii. name of the Appraiser and date of the latest valuation report;
iii. carrying amount of revalued intangible assets;
iv. significant methods and assumptions used in estimating the Fair Value of assets;
v. carrying amount for each intangible asset as if the asset were recorded using the cost model; and
vi. revaluation surplus or impairment loss, showing changes during the period and restrictions on distribution of the surplus balance to Unit Holders/Asset-Backed Securities holders.
(6) Other Underlying Assets
Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others details of type and quantity. b) Cash Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) cash components in Related Parties and third parties; (2) details of deposit amounts in banks based on bank name and type of foreign currency; and (3) amount of significant cash balances that cannot be used by the Investment Product accompanied by management's opinion. c) Trade Receivables Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) amount of receivables separated between third parties and Related Parties; (2) amount of receivables by currency; (3) reasons and basis for forming the allowance for impairment losses; (4) amount of allowance for impairment losses, expense for allowance for impairment losses individually and collectively, and write-off of receivables; (5) management's opinion on the adequacy of the allowance amount or management's belief in the collectibility of receivables if no allowance is formed; (6) amount amortized using the effective interest rate method; and (7) information on continuing involvement in transferred receivables, including:
(a) amount transferred, interest expense, retention, maturity, and other covenants regulated in the agreement; and (b) collateral provided, if there is collateral. d) Securities Transaction Receivables Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) explanation of the origin of receivables;
(2) amount of receivables separated between third parties and Related Parties; (3) amount of receivables by currency; (4) amount of allowance for impairment losses, expense for allowance for impairment losses individually and collectively, and write-off of receivables; and (5) management's opinion on the adequacy of the allowance amount or management's belief in the collectibility of receivables if no allowance is formed. e) Interest and/or Dividend Receivables Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) details of interest receivable amounts, among others originating from bonds, time deposits, bank giro services, and Bank Indonesia certificates; (2) amount of dividend receivables; (3) amount of allowance for impairment losses, expense for allowance for impairment losses individually and collectively, and write-off of receivables; and (4) management's opinion on the adequacy of the allowance amount or management's belief in the collectibility of receivables if no allowance is formed. f) Other Receivables Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) details of type and amount of receivables; (2) amount of receivables separated between third parties and Related Parties; (3) amount of receivables by currency; (4) amount of allowance for impairment losses, expense for allowance for impairment losses individually and collectively, and write-off of receivables; and (5) management's opinion on the adequacy of the allowance amount or management's belief in the collectibility of receivables if no allowance is formed. g) Prepaid Taxes Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) details by type and amount of each tax; and (2) description of the amount of tax restitution applied for and its status. h) Prepaid Expenses Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others details by type and amount. i) Other Assets Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) type and amount of other assets and important descriptions of the assets concerned; and (2) reasons for changes in classification of assets that were previously not included in other assets or vice versa.
Liabilities
a) Trade Payables
Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) amount of trade payables separated between third parties and Related Parties; (2) amount of trade payables by currency; and (3) collateral provided by the Investment Product by referencing the related position. b) Interest Payable on Issuance of Asset-Backed Securities Investment Products in the Form of Collective Investment Contracts (KIK) must disclose details of interest payable to each holder of Asset-Backed Securities. c) Advance Payments Received for Subscription of Participation Units Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others details of the amount of advance payments received by Mutual Funds for subscription of Participation Units by prospective Unit Holders from the Investment Manager and sales agents of Securities. d) Securities Transaction Payables Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) explanation of the origin of payables; and (2) details of payables based on third parties and Related Parties. e) Liabilities for Repurchase of Participation Units Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others details of the repurchase of Participation Units. f) Accrued Expenses Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) type and amount regarding components with significant amounts; and (2) other accrued expenses not detailed separately due to small amounts, combined into a separate component, but the nature and main elements must also be explained. g) Unearned Revenue Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others type and amount of unearned revenue. h) Liabilities for Purchase of Underlying Assets of Investment Products Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others details of liabilities for the purchase of Underlying Assets of Investment Products. i) Liabilities for Repurchase Costs of Participation Units Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others details of repurchase costs of Participation Units that are the rights of the Investment Manager and sales agents of Securities. j) Liabilities for Issuance of Asset-Backed Securities Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) details of liabilities for the issuance of Asset-Backed Securities, consisting of:
(a) interest percentage;
(b) period for distribution and payment of interest; and (c) balance of debt to each holder of Asset-Backed Securities; and (2) rating and year of issuance of the rating of Asset-Backed Securities. k) Tax Payables Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) type and amount; and
(2) information regarding tax assessments. l) Bank and Financial Institution Payables Investment Products in the Form of Collective Investment Contracts (KIK) must disclose among others:
(1) details of debt amounts based on bank/financial institution name and type of currency; (2) range of contractual interest rates during the reporting period; (3) maturity date; (4) amount of the portion that will mature within 12 (twelve) months; (5) explanation of loan facilities obtained, including amount and purpose of acquisition; (6) payments made in the current period for each loan facility; (7) other significant events among others compliance of the Investment Product in meeting

requirements and conditions of debt, for example restructuring of debt and default conditions; (8) guarantees provided by indicating related line items; and (9) other important requirements, such as restrictions on the distribution of Participation Units/Asset-Backed Securities, restrictions on certain ratios, and/or restrictions on obtaining new debt. m) Lease Liabilities Collective Investment Contract (KIK) Investment Products must disclose among others:
(1) the carrying amount of right-of-use assets for each group of assets and lessors as of the financial reporting date; (2) interest expense on lease liabilities; (3) gains or losses arising from sale and leaseback transactions; (4) maturity analysis of lease liabilities; (5) future cash outflows that potentially impact the lessee and are not reflected in the measurement of lease liabilities, including impacts arising from:
(a) variable lease payments;
(b) extension and termination options;
(c) residual value guarantees; and
(d) leases not yet commenced by the lessee that have been committed to; and (6) restrictions or covenants arising from leases. n) Bond Liabilities Collective Investment Contract (KIK) Investment Products must disclose among others:
(1) details regarding the type, nominal value, and carrying amount in Rupiah and foreign currencies, maturity dates, interest payment schedules, interest rates, the exchange where the bonds are listed, and the purpose of issuance; (2) rating and name of the Securities Rating Agency; (3) the amount of portions maturing within 12 (twelve) months; (4) name of the trustee and business relationship with the Collective Investment Contract (KIK) Investment Product; (5) guarantees and the establishment of funds for the repayment of bond principal by indicating related line items, if there are guarantees and establishment of funds for the repayment of bond principal; (6) restrictions stipulated in the trusteeship contract; (7) other material events including the compliance of the Collective Investment Contract (KIK) Investment Product in meeting debt requirements and conditions, for example debt restructuring and default conditions; and (8) other important requirements. o) Sukuk (1) Collective Investment Contract (KIK) Investment Products must group sukuk based on the Sharia contract used. (2) Collective Investment Contract (KIK) Investment Products must disclose among others:
(a) description of the main requirements in the issuance of sukuk, including:
i. summary of the Sharia contract and the Sharia transaction scheme used;
ii. underlying assets, benefits, or activities;
iii. nominal value;
iv. amount of remuneration, for ijarah sukuk;

v. profit-sharing principle, basis for profit-sharing, and amount of profit-sharing ratio, for mudharabah sukuk;
vi. planned schedule and method of distribution and/or payment of remuneration or profit-sharing;
vii. duration;
viii. purpose of issuance; and
ix. other important requirements.
(b) rating and name of the Securities Rating Agency; (c) exchange where the sukuk is listed; (d) amount of portions maturing within 12 (twelve) months; (e) name of the trustee and business relationship with the Collective Investment Contract (KIK) Investment Product; (f) guarantees by indicating related line items, if there are guarantees; (g) restrictions stipulated in the trusteeship contract; and (h) other material events including the compliance of the Collective Investment Contract (KIK) Investment Product in meeting sukuk requirements and conditions, for example sukuk restructuring and default conditions. p) Other Liabilities Collective Investment Contract (KIK) Investment Products must disclose among others details of the type and amount of other liabilities.
3) Deposits on the Issuance of Asset-Backed Securities
Collective Investment Contract (KIK) Investment Products must disclose among others:
a) details of deposits on the issuance of Asset-Backed Securities, which consist of:
(1) interest percentage;
(2) period for distribution and payment of interest; and (3) balance of deposits to each holder of Asset-Backed Securities; and

b) rating and year of issuance of the rating of Asset-Backed Securities.
4) Retained Earnings Balance
Collective Investment Contract (KIK) Investment Products must disclose among others:
a) changes in the retained earnings balance in the relevant period; b) reasons and amount of prior period adjustments, if there are adjustments; and c) restricted retained earnings balance, nature, and purpose of each reserve line item, if there are restricted retained earnings.
5) Distribution to Holders of Participation Units/Asset-Backed Securities
Collective Investment Contract (KIK) Investment Products must disclose among others details of the value of distributions to holders of Participation Units/Asset-Backed Securities.
6) Other Comprehensive Income
Collective Investment Contract (KIK) Investment Products must disclose among others:
a) information regarding changes in each component of other comprehensive income disclosed separately for other comprehensive income that will not be reclassified subsequently to profit or loss and other comprehensive income that will be reclassified subsequently to profit or loss, along with its analysis, where the analysis may be presented in the Statement of Changes in Net Assets if not presented in this section; and b) amount of unrealized gains (losses) recognized in other comprehensive income for each type of financial asset/non-financial asset.
7) Number of Outstanding Participation Units
Collective Investment Contract (KIK) Investment Products must disclose among others details of the number and percentage of outstanding Participation Units, both those held by investors and the Investment Manager.
8) Investment Income
Collective Investment Contract (KIK) Investment Products must disclose among others:
a) details of the amount of interest income and yield from debt securities and money market instruments; b) details of the amount of rental income; c) realized and unrealized investment gains (losses), namely:
(1) amount of realized gains (losses) for each type of financial asset/non-financial asset; (2) amount of unrealized gains (losses) from prior periods and newly realized in the current year for each type of financial asset/non-financial asset as of the financial reporting date and their average amount; and (3) amount of unrealized gains (losses) recognized in the profit and loss statement for each type of financial asset/non-financial asset; and d) details of the amount of other income.
9) Investment Expenses
Collective Investment Contract (KIK) Investment Products must disclose among others details of the value of expenses for each type of investment expense.
10) Other Income and Expenses
a) Other Income
Collective Investment Contract (KIK) Investment Products must disclose among others details and amount of other income. b) Other Expenses Collective Investment Contract (KIK) Investment Products must disclose among others details and amount of other expenses.
11) Finance Costs
Collective Investment Contract (KIK) Investment Products must disclose among others details of the value of costs for each type of finance cost. d. Other Disclosures

Income Tax
Collective Investment Contract (KIK) Investment Products must disclose among others:
a) components of tax expense (income) consisting of:
(1) current tax expense (income);

(2) adjustments recognized in the period for current tax arising from prior periods; (3) amount of deferred tax expense (income) arising from temporary differences and their reversal; (4) amount of deferred tax expense (income) related to changes in tax rates or application of new tax regulations; (5) amount of benefits arising from tax losses not recognized previously or temporary differences of a prior period used to reduce current tax expense and deferred tax expense; (6) deferred tax expense caused by the reversal or previous reversal of deferred tax assets; (7) amount of expense (income) related to changes in accounting policies and errors accounted for in the profit and loss statement and other comprehensive income, because they cannot be treated retrospectively; b) aggregate current and deferred tax related to transactions charged or credited directly to net assets; c) amount of income tax related to each component of other comprehensive income; d) explanation of the relationship between tax expense (income) and accounting profit in the form as follows:
(1) reconciliation between tax expense (income) and the product of accounting profit with the applicable tax rate, by disclosing the basis for calculating the applicable tax rate; and/or (2) reconciliation between the effective average tax rate and the applicable tax rate, by disclosing the basis for calculating the applicable tax rate;

e) explanation regarding changes in the applicable tax rate and comparison with the applicable tax rate in the previous accounting period; f) amount and time limit for use, if there is a time limit for use, deductible temporary differences and unutilized tax losses not recognized as deferred tax assets in the financial statements; g) fiscal reconciliation and calculation of current tax expense in the following manner:
(1) profit before tax according to accounting; (2) plus/deduct positive or negative corrections in detail; and (3) taxable profit; h) calculation of current tax expense and liability by applying the tax rate in accordance with the provisions of legislation governing taxation; i) statement that the taxable profit resulting from reconciliation becomes the basis for filling out the Annual Income Tax Return (Annual PPh Body SPT); j) each type of temporary difference and each type of unutilized tax loss, namely:
(1) amount of deferred tax assets and liabilities recognized in the statement of financial position for the presentation period; and (2) amount of deferred tax expense (income) recognized in profit or loss, if the amount is not visible from the change in the amount of deferred tax assets or liabilities recognized in the statement of financial position; and k) amount of deferred tax assets and reasons or evidence supporting the recognition of deferred tax assets, if:
(1) the use of deferred tax assets depends on future taxable profit being greater than the reversal of existing taxable temporary differences; and (2) the entity incurred a loss in the current or prior period resulting in the recognition of related deferred tax assets.
2) Related Party Transactions
Collective Investment Contract (KIK) Investment Products must disclose among others:
a) all transactions or balances with Related Parties, the amount of which:
(1) is more than Rp1,000,000,000.00 (one billion Rupiah) for transactions with persons or closest family members; and/or (2) is more than 0.5% (zero point five percent) of the net asset value as of the transaction date for transactions with related entities; b) disclosure as referred to in letter a), with the following provisions:
(1) disclosure related to transactions with persons or closest family members includes name, nature of the relationship with the Related Party, and information about transactions and balances with the said party; (2) disclosure related to transactions with related entities includes the nature of the relationship with the Related Party and information regarding transactions and balances, including commitments, which are necessary to understand the potential impact of such relationships in the financial statements, at least:
(a) amount of transactions and its percentage of total income and related expenses; (b) amount of balances and its percentage of total assets or liabilities, including commitments which at least include:
i. requirements and terms, including whether there are guarantees,
and the nature of consideration to be given, for settlement; and
ii. details of guarantees given or received;
(c) amount of impairment loss provisions, individual and collective impairment loss expenses, and write-offs of receivables related to the balance amount of receivables; and (d) reasons and basis for the establishment of impairment loss provisions, if established; (3) disclosure required as referred to in item (1) and item (2) is done separately for each of the following categories:
(a) parent entity;
(b) entities with joint control or Significant Influence over the Collective Investment Contract (KIK) Investment Product; (c) subsidiary entities; (d) associate entities; (e) joint ventures where the Collective Investment Contract (KIK) Investment Product is a joint venturer; (f) key management personnel of the Collective Investment Contract (KIK) Investment Product or its parent entity; and (g) other Related Parties; c) disclosure related to transactions with the Investment Manager as the manager of the Collective Investment Contract (KIK) Investment Product does not follow the disclosure provisions as referred to in letter b) item (2), but must disclose the following:
(1) balance of Participation Units owned by the Investment Manager; (2) amount and percentage of fees received by the Investment Manager for management services;

(3) amount of gains received from the Investment Manager's ownership of Participation Units for each repurchase transaction; and (4) amount of other income; d) in the event that the Collective Investment Contract (KIK) Investment Product is a related entity with the government, then for transactions with other related entities with the government, the Collective Investment Contract (KIK) Investment Product does not follow the disclosure provisions as referred to in letter b) item (2), but must disclose the following:
(1) name of the related entity with the government and the nature of its relationship with the Collective Investment Contract (KIK) Investment Product; (2) nature and amount of each transaction that is individually significant; and (3) quantitative or qualitative indication of the extent of other transactions that are significant collectively but not individually. In this case, other transactions that are significant collectively do not need to be presented separately as main components in the financial statements; and e) disclosure that related party transactions are conducted on terms equivalent to those in arm's length transactions, only if such statement can be proven.
3) Impairment of Non-Financial Assets
Collective Investment Contract (KIK) Investment Products must disclose the following for each impairment loss recognized or reversed during a specific period for an individual asset or a cash-generating unit, among others:
a) events and conditions indicating the recognition or reversal of impairment loss; b) amount of impairment loss recognized in profit or loss during the period and the elements of the profit and loss statement and other comprehensive income in which the impairment loss is included; c) amount of reversal of impairment loss recognized in profit or loss during the period and the elements of the profit and loss statement and other comprehensive income in which the reversed impairment loss is included; d) amount of impairment loss on revalued assets recognized in other comprehensive income during the period; e) amount of reversal of impairment loss on revalued assets recognized in other comprehensive income during the period; f) if the recoverable amount is Fair Value less costs of disposal, then the Collective Investment Contract (KIK) Investment Product discloses the following information:
(1) the fair value hierarchy level used;
(2) for Fair Value measurement in level 2 and level 3 categories of the Fair Value hierarchy:
(a) description of the valuation technique used; (b) changes in valuation technique and reasons, if there are changes in valuation technique; and (c) each key assumption underlying the determination of Fair Value; and g) if the recoverable amount is value in use, then the Collective Investment Contract (KIK) Investment Product discloses the discount rate used in the current estimate and previous estimates, if there are previous estimates of value in use.
4) Assets and Liabilities in Foreign Currency
Collective Investment Contract (KIK) Investment Products must disclose among others:
a) details of monetary assets and liabilities in foreign currency and their equivalent in functional currency; b) net position of monetary assets and liabilities in foreign currency; c) details of forward foreign exchange contracts and equivalents in functional currency;

d) amount of exchange differences recognized in profit or loss, except for exchange differences arising from financial instruments measured at fair value through profit or loss; and e) net exchange differences recognized in other comprehensive income and accumulated in a separate component of net assets, and reconciliation of such exchange differences at the beginning and end of the period.
5) Fair Value of Financial Instruments
Collective Investment Contract (KIK) Investment Products must disclose for each class of financial assets and financial liabilities, among others:
a) Fair Value of each class of assets and liabilities and the type of Securities in a manner that allows comparison with their carrying amounts; b) significant methods and assumptions used in determining the Fair Value of financial assets and financial liabilities, and reasons and impacts if there are changes in significant methods and assumptions used; c) fair value hierarchy level for each class of financial assets and liabilities and type of Securities; d) amount of any transfers between level 1 and level 2 of the fair value hierarchy, reasons for such transfers, and the entity's policy for determining when transfers between levels are considered to have occurred; e) for level 2 and level 3 Fair Value measurement, description of valuation techniques and inputs used in Fair Value measurement; f) for level 3 Fair Value measurement, reconciliation from opening balance to closing balance; and g) the following in the class of financial assets or financial liabilities:
(1) accounting policy in recognizing in profit or loss the difference between Fair Value at initial recognition and transaction price to reflect changes in factors (including time) that market participants would consider when pricing the asset or liability; (2) aggregate differences not recognized in profit or loss at the beginning and end; (3) period of reconciliation of changes in the balance of such differences; and (4) reasons for the entity's conclusion that the transaction price is not the best evidence of Fair Value, including description of evidence supporting Fair Value, in the event that the entity does not recognize gains or losses on initial recognition of financial assets or financial liabilities when Fair Value cannot be evidenced by quoted prices in active markets (level 1 input), or based on valuation techniques that only use data from observable markets.
6) Financial Risk Management
a) Collective Investment Contract (KIK) Investment Products must disclose information that enables users of financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the end of the reporting period, as well as risk management policies, including but not limited to risks such as:
(1) credit risk, including analysis of the aging of financial assets that are not yet due or have not experienced impairment and those past due at the end of the reporting period but have not experienced impairment; (2) liquidity risk, including:
(a) maturity analysis for derivative and non-derivative financial liabilities showing remaining contractual maturities aimed at understanding cash flow timing; and

(b) description of how the Collective Investment Contract (KIK) Investment Product manages liquidity risk; (3) market risk, including sensitivity analysis for each type of market risk to which the entity is exposed at the end of the reporting period, showing how profit or loss and net assets may be affected by changes in relevant risk variables on that date; and (4) other risks held by the Collective Investment Contract (KIK) Investment Product. b) Disclosure as referred to in letter a) consists of qualitative and quantitative disclosures for each type of risk arising from financial instruments. Qualitative disclosure in the context of quantitative disclosure enables users of financial statements to link related disclosures, so that users of financial statements can understand the overall picture of the nature and extent of risks arising from financial instruments. The interaction between qualitative and quantitative disclosures results in the disclosure of information in a manner that enables users of financial statements to better evaluate the entity's risk exposure.
7) Non-Cash Transactions
a) Collective Investment Contract (KIK) Investment Products must disclose investment and financing activities that do not require the use of cash and are not included in the statement of cash flows. b) Transactions that do not affect cash flows include among others the acquisition of assets on credit or lease.
8) Changes in Accounting Estimates, Changes in Accounting Policies, and Errors
a) Changes in Accounting Estimates
Collective Investment Contract (KIK) Investment Products must disclose among others:
(1) nature and reasons for changes in accounting estimates; (2) amount of changes in estimates impacting the current period; and (3) estimated impact of estimates on future periods, with the provision that if the amount of impact on future periods is impracticable, this fact must be disclosed. b) Changes in Accounting Policies Collective Investment Contract (KIK) Investment Products must disclose among others:
(1) nature of the change in accounting policy; (2) reasons why applying the new accounting policy provides reliable and more relevant information; (3) amount of adjustment for each affected financial statement line item for the current period and each prior period presented; (4) amount of adjustment related to periods prior to those presented. If impracticable, the reason must be disclosed; and (5) circumstances making retrospective application impracticable for a specific period or for periods before those presented and the date when the change in accounting policy began. c) Errors Collective Investment Contract (KIK) Investment Products must disclose among others:
(1) nature of prior period errors;
(2) amount of correction for each presentation period for each affected financial statement line item; (3) amount of correction at the beginning of the earliest presentation period; and

(4) circumstances making retrospective application impracticable and explanation regarding the method and timing of correction if retrospective restatement is impracticable.
9) Other Material Information
Collective Investment Contract (KIK) Investment Products must disclose other material information including nature, type, amount, and impact of specific events or circumstances that may affect the performance of the Collective Investment Contract (KIK) Investment Product.
10) Events After the Reporting Period
Collective Investment Contract (KIK) Investment Products must disclose events after the reporting period among others:
a) in the event that the Collective Investment Contract (KIK) Investment Product receives information after the reporting period about conditions existing at the end of the reporting period, then the Collective Investment Contract (KIK) Investment Product updates the disclosure of such conditions in accordance with the latest information; and b) in the event that there are material non-adjusting events after the reporting period, then the Collective Investment Contract (KIK) Investment Product discloses a description of the event, for example:
(1) date of occurrence;
(2) nature of the event; and
(3) estimate of financial impact, or statement and reason that such estimate cannot be made.
11) Latest Development of Accounting Standards and Regulations Related to Collective Investment Contract (KIK) Investment Product Activities
In the event that the Collective Investment Contract (KIK) Investment Product has not yet applied an Accounting Standard (SAK) and/or regulation related to the activities of the Collective Investment Contract (KIK) Investment Product, which has been issued but is not yet effective, then the Collective Investment Contract (KIK) Investment Product discloses among others:
a) title of the SAK and related regulation; b) nature of the change that is not yet effective or change in accounting policy;

c) the date of application of the PSAK and regulations is required; and

D) discussion regarding the impact of the early application of PSAK and regulations on financial statements or a management statement that the impact cannot be known or reasonably estimated.

Reclassification

a) In the event that a KIK Investment Product changes the presentation or classification of items in its financial statements, the KIK Investment Product must disclose:

(1) the nature of the reclassification;

(2) the amount of each item or class of items reclassified; and

(3) the reason for the reclassification.

b) In the event that reclassifying comparative amounts is impracticable, the KIK Investment Product must disclose:

(1) the reason for not reclassifying the amounts; and

(2) the nature of the adjustment that will be made if the amounts are reclassified.

Investment Entity

a) In the event that a KIK Investment Product becomes an Investment Entity or ceases to be an Investment Entity, the KIK Investment Product must disclose the change in Investment Entity status and the reason for the change.

b) In the event that a KIK Investment Product becomes an Investment Entity, the KIK Investment Product must disclose, among other things:

(1) the impact of the status change on the financial statements for the periods presented;

(2) the Fair Value of subsidiaries discontinued from consolidation, on the date of status change;

(3) the amount of profit or loss, if there is profit or loss; and

(4) the items in profit or loss when profit or loss is recognized, if not presented separately.

c) For each subsidiary not consolidated, the KIK Investment Product as an Investment Entity must disclose, among other things:

(1) the name of the subsidiary;

(2) the location of the main business activities of the subsidiary and the country of incorporation if different from the main business activities location of the subsidiary; and

(3) the proportion of ownership interest held by the Investment Entity and, if different, the proportion of voting rights held.

D. FINANCIAL STATEMENT EXAMPLES

Examples of financial statement presentation:

Financial Position Statement of Mutual Funds in the form of KIK;
Financial Position Statement of KIK-ABS;
Financial Position Statement of Real Estate Investment Funds in the form of KIK;
Financial Position Statement of Multi-Asset Investment Funds;
Financial Position Statement of INFRA Funds;
Income Statement and Other Comprehensive Income; and
Statement of Changes in Net Assets.

These financial statement examples are illustrative only. In the event of any difference in interpretation with the content of the regulations, the content of the regulations shall be used as the reference.

The attached notes to the financial statements are an integral part of the financial statements as a whole.

MUTUAL FUNDS IN THE FORM OF KIK ABC
(In thousands of Rupiah, unless otherwise stated)

Notes	20X8	20X7
ASSETS
Securities Portfolio
Equity securities	xx.xxx.xxx	xx.xxx.xxx
Debt securities	xx.xxx.xxx	xx.xxx.xxx
Sukuk	xx.xxx.xxx	xx.xxx.xxx
Money market instruments	xx.xxx.xxx	xx.xxx.xxx
Asset-Backed Securities	xx.xxx.xxx	xx.xxx.xxx
Units of Real Estate Investment Funds	xx.xxx.xxx	xx.xxx.xxx
Derivative securities	xx.xxx.xxx	xx.xxx.xxx
Other securities designated by the Financial Services Authority	xx.xxx.xxx	xx.xxx.xxx
Cash	xx.xxx.xxx	xx.xxx.xxx
Receivables from securities transactions	xx.xxx.xxx	xx.xxx.xxx
Receivables from interest and dividends	xx.xxx.xxx	xx.xxx.xxx
Other receivables	xx.xxx.xxx	xx.xxx.xxx
Prepaid taxes	xx.xxx.xxx	xx.xxx.xxx
Deferred tax assets	xx.xxx.xxx	xx.xxx.xxx
Other assets	xx.xxx.xxx	xx.xxx.xxx
TOTAL ASSETS	xx.xxx.xxx	xx.xxx.xxx
LIABILITIES
Advances received for subscription of Units	xx.xxx.xxx	xx.xxx.xxx
Payables from securities transactions	xx.xxx.xxx	xx.xxx.xxx
Liabilities for repurchase of Units	xx.xxx.xxx	xx.xxx.xxx
Accrued expenses	xx.xxx.xxx	xx.xxx.xxx
Liabilities for costs of repurchasing Units	xx.xxx.xxx	xx.xxx.xxx
Tax payables	xx.xxx.xxx	xx.xxx.xxx
Deferred tax liabilities	xx.xxx.xxx	xx.xxx.xxx
Other payables	xx.xxx.xxx	xx.xxx.xxx

The attached notes to the financial statements are an integral part of the financial statements as a whole.

MUTUAL FUNDS IN THE FORM OF KIK ABC
(In thousands of Rupiah, unless otherwise stated)

Notes	20X8	20X7
NET ASSET VALUE
Total Increase (Decrease) in Net Asset Value	xx.xxx.xxx	xx.xxx.xxx
Other Comprehensive Income	xx.xxx.xxx	xx.xxx.xxx
TOTAL NET ASSET VALUE	xx.xxx.xxx	xx.xxx.xxx
NUMBER OF UNITS CIRCULATING (FULL VALUE)	xx.xxx.xxx	xx.xxx.xxx
NET ASSET VALUE PER UNIT (FULL VALUE)	xx.xxx.xxx	xx.xxx.xxx

The attached notes to the financial statements are an integral part of the financial statements as a whole.

KIK ASSET-BACKED SECURITIES DEF
(In thousands of Rupiah, unless otherwise stated)

Notes	20X8	20X7
ASSETS
Underlying Asset	xx.xxx.xxx	xx.xxx.xxx
Cash	xx.xxx.xxx	xx.xxx.xxx
Receivables from securities transactions	xx.xxx.xxx	xx.xxx.xxx
Interest receivables	xx.xxx.xxx	xx.xxx.xxx
Other receivables	xx.xxx.xxx	xx.xxx.xxx
Prepaid taxes	xx.xxx.xxx	xx.xxx.xxx
Deferred tax assets	xx.xxx.xxx	xx.xxx.xxx
Other assets	xx.xxx.xxx	xx.xxx.xxx
TOTAL ASSETS	xx.xxx.xxx	xx.xxx.xxx
LIABILITIES
Accrued expenses	xx.xxx.xxx	xx.xxx.xxx
Interest payables on issuance of Asset-Backed Securities	xx.xxx.xxx	xx.xxx.xxx
Tax payables	xx.xxx.xxx	xx.xxx.xxx
Deferred tax liabilities	xx.xxx.xxx	xx.xxx.xxx
Liabilities for issuance of Asset-Backed Securities	xx.xxx.xxx	xx.xxx.xxx
Other payables	xx.xxx.xxx	xx.xxx.xxx
NET ASSET VALUE
Deposits for issuance of Asset-Backed Securities	xx.xxx.xxx	xx.xxx.xxx
Total Increase (Decrease) in Net Asset Value	xx.xxx.xxx	xx.xxx.xxx
Other Comprehensive Income	xx.xxx.xxx	xx.xxx.xxx
TOTAL NET ASSET VALUE	xx.xxx.xxx	xx.xxx.xxx

REAL ESTATE INVESTMENT FUNDS IN THE FORM OF KIK GHI (In thousands of Rupiah, unless otherwise stated)

Notes	20X8	20X7
ASSETS
Underlying Asset
Investment properties	xx.xxx.xxx	xx.xxx.xxx
Securities Portfolio	xx.xxx.xxx	xx.xxx.xxx
Cash	xx.xxx.xxx	xx.xxx.xxx
Receivables from securities transactions	xx.xxx.xxx	xx.xxx.xxx
Trade receivables	xx.xxx.xxx	xx.xxx.xxx
Receivables from interest and dividends	xx.xxx.xxx	xx.xxx.xxx
Other receivables	xx.xxx.xxx	xx.xxx.xxx
Prepaid expenses	xx.xxx.xxx	xx.xxx.xxx
Prepaid taxes	xx.xxx.xxx	xx.xxx.xxx
Deferred tax assets	xx.xxx.xxx	xx.xxx.xxx
Other assets	xx.xxx.xxx	xx.xxx.xxx
TOTAL ASSETS	xx.xxx.xxx	xx.xxx.xxx
LIABILITIES
Advances received for subscription of Units	xx.xxx.xxx	xx.xxx.xxx
Payables from securities transactions	xx.xxx.xxx	xx.xxx.xxx
Trade payables	xx.xxx.xxx	xx.xxx.xxx
Liabilities for repurchase of Units	xx.xxx.xxx	xx.xxx.xxx
Accrued expenses	xx.xxx.xxx	xx.xxx.xxx
Deferred revenue	xx.xxx.xxx	xx.xxx.xxx
Liabilities for purchase of Underlying Asset	xx.xxx.xxx	xx.xxx.xxx
Liabilities for costs of repurchasing Units	xx.xxx.xxx	xx.xxx.xxx
Tax payables	xx.xxx.xxx	xx.xxx.xxx
Bank and Financial Institution payables	xx.xxx.xxx	xx.xxx.xxx
Lease payables	xx.xxx.xxx	xx.xxx.xxx
Bond payables	xx.xxx.xxx	xx.xxx.xxx
Sukuk	xx.xxx.xxx	xx.xxx.xxx
Deferred tax liabilities	xx.xxx.xxx	xx.xxx.xxx
Other payables	xx.xxx.xxx	xx.xxx.xxx

REAL ESTATE INVESTMENT FUNDS IN THE FORM OF KIK GHI (In thousands of Rupiah, unless otherwise stated)

Notes	20X8	20X7
NET ASSET VALUE
Total Increase (Decrease) in Net Asset Value	xx.xxx.xxx	xx.xxx.xxx
Other Comprehensive Income	xx.xxx.xxx	xx.xxx.xxx
TOTAL NET ASSET VALUE	xx.xxx.xxx	xx.xxx.xxx
NUMBER OF UNITS CIRCULATING (FULL VALUE)	xx.xxx.xxx	xx.xxx.xxx
NET ASSET VALUE PER UNIT (FULL VALUE)	xx.xxx.xxx	xx.xxx.xxx

MULTI-ASSET INVESTMENT FUNDS JKL
(In thousands of Rupiah, unless otherwise stated)

Notes	20X8	20X7
ASSETS
Underlying Asset
Securities Portfolio	xx.xxx.xxx	xx.xxx.xxx
Investment properties other than securities	xx.xxx.xxx	xx.xxx.xxx
Cash	xx.xxx.xxx	xx.xxx.xxx
Receivables from securities transactions	xx.xxx.xxx	xx.xxx.xxx
Receivables from interest and dividends	xx.xxx.xxx	xx.xxx.xxx
Other receivables	xx.xxx.xxx	xx.xxx.xxx
Prepaid expenses	xx.xxx.xxx	xx.xxx.xxx
Prepaid taxes	xx.xxx.xxx	xx.xxx.xxx
Deferred tax assets	xx.xxx.xxx	xx.xxx.xxx
Other assets	xx.xxx.xxx	xx.xxx.xxx
TOTAL ASSETS	xx.xxx.xxx	xx.xxx.xxx
LIABILITIES
Advances received for subscription of Units	xx.xxx.xxx	xx.xxx.xxx
Payables from securities transactions	xx.xxx.xxx	xx.xxx.xxx
Liabilities for repurchase of Units	xx.xxx.xxx	xx.xxx.xxx
Accrued expenses	xx.xxx.xxx	xx.xxx.xxx
Liabilities for purchase of Underlying Asset	xx.xxx.xxx	xx.xxx.xxx
Liabilities for costs of repurchasing Units	xx.xxx.xxx	xx.xxx.xxx
Tax payables	xx.xxx.xxx	xx.xxx.xxx
Deferred tax liabilities	xx.xxx.xxx	xx.xxx.xxx
Other payables	xx.xxx.xxx	xx.xxx.xxx
NET ASSET VALUE
Total Increase (Decrease) in Net Asset Value	xx.xxx.xxx	xx.xxx.xxx

MULTI-ASSET INVESTMENT FUNDS JKL
(In thousands of Rupiah, unless otherwise stated)

Notes	20X8	20X7
Other Comprehensive Income	xx.xxx.xxx	xx.xxx.xxx
TOTAL NET ASSET VALUE	xx.xxx.xxx	xx.xxx.xxx
NUMBER OF UNITS CIRCULATING (FULL VALUE)	xx.xxx.xxx	xx.xxx.xxx
NET ASSET VALUE PER UNIT (FULL VALUE)	xx.xxx.xxx	xx.xxx.xxx

INFRASTRUCTURE INVESTMENT FUNDS MNO
(In thousands of Rupiah, unless otherwise stated)

Notes	20X8	20X7
ASSETS
Underlying Asset
Securities Portfolio	xx.xxx.xxx	xx.xxx.xxx
Investment properties other than securities	xx.xxx.xxx	xx.xxx.xxx
Cash	xx.xxx.xxx	xx.xxx.xxx
Receivables from securities transactions	xx.xxx.xxx	xx.xxx.xxx
Receivables from interest and dividends	xx.xxx.xxx	xx.xxx.xxx
Other receivables	xx.xxx.xxx	xx.xxx.xxx
Prepaid expenses	xx.xxx.xxx	xx.xxx.xxx
Prepaid taxes	xx.xxx.xxx	xx.xxx.xxx
Deferred tax assets	xx.xxx.xxx	xx.xxx.xxx
Other assets	xx.xxx.xxx	xx.xxx.xxx
TOTAL ASSETS	xx.xxx.xxx	xx.xxx.xxx
LIABILITIES
Advances received for subscription of Units	xx.xxx.xxx	xx.xxx.xxx
Payables from securities transactions	xx.xxx.xxx	xx.xxx.xxx
Liabilities for repurchase of Units	xx.xxx.xxx	xx.xxx.xxx
Accrued expenses	xx.xxx.xxx	xx.xxx.xxx
Liabilities for purchase of Underlying Asset	xx.xxx.xxx	xx.xxx.xxx
Liabilities for costs of repurchasing Units	xx.xxx.xxx	xx.xxx.xxx
Tax payables	xx.xxx.xxx	xx.xxx.xxx
Bank and Financial Institution payables	xx.xxx.xxx	xx.xxx.xxx
Bond payables	xx.xxx.xxx	xx.xxx.xxx
Sukuk	xx.xxx.xxx	xx.xxx.xxx
Deferred tax liabilities	xx.xxx.xxx	xx.xxx.xxx
Other payables	xx.xxx.xxx	xx.xxx.xxx

INFRASTRUCTURE INVESTMENT FUNDS MNO
(In thousands of Rupiah, unless otherwise stated)

Notes	20X8	20X7
NET ASSET VALUE
Total Increase (Decrease) in Net Asset Value	xx.xxx.xxx	xx.xxx.xxx
Other Comprehensive Income	xx.xxx.xxx	xx.xxx.xxx
TOTAL NET ASSET VALUE	xx.xxx.xxx	xx.xxx.xxx
NUMBER OF UNITS CIRCULATING (FULL VALUE)	xx.xxx.xxx	xx.xxx.xxx
NET ASSET VALUE PER UNIT (FULL VALUE)	xx.xxx.xxx	xx.xxx.xxx

The attached notes to the financial statements are an integral part of the financial statements as a whole.

MUTUAL FUNDS IN THE FORM OF KIK / KIK ASSET-BACKED SECURITIES / REAL ESTATE INVESTMENT FUNDS IN THE FORM OF KIK / MULTI-ASSET INVESTMENT FUNDS / INFRASTRUCTURE INVESTMENT FUNDS PQR

INCOME STATEMENT AND OTHER COMPREHENSIVE INCOME For the Year Ended December 31, 20X8 (In thousands of Rupiah, unless otherwise stated)

Notes	20X8	20X7
REVENUE
Investment Income
Interest Income	xx.xxx.xxx	xx.xxx.xxx
Dividend Income	xx.xxx.xxx	xx.xxx.xxx
Rental Income	xx.xxx.xxx	xx.xxx.xxx
Realized Investment Profit (Loss)	xx.xxx.xxx	xx.xxx.xxx
Unrealized Investment Profit (Loss)	xx.xxx.xxx	xx.xxx.xxx
Other Income	xx.xxx.xxx	xx.xxx.xxx
Other Revenues	xx.xxx.xxx	xx.xxx.xxx
TOTAL REVENUE	xx.xxx.xxx	xx.xxx.xxx
EXPENSES
Investment Expenses
Investment Management Fees	(xx.xxx.xxx)	(xx.xxx.xxx)
Custodian Fees	(xx.xxx.xxx)	(xx.xxx.xxx)
Interest Expenses	(xx.xxx.xxx)	(xx.xxx.xxx)
Other Expenses	(xx.xxx.xxx)	(xx.xxx.xxx)
Financial Expenses	(xx.xxx.xxx)	(xx.xxx.xxx)
Other Expenses	(xx.xxx.xxx)	(xx.xxx.xxx)
TOTAL EXPENSES	(xx.xxx.xxx)	(xx.xxx.xxx)
PROFIT (LOSS) BEFORE TAX	xx.xxx.xxx	xx.xxx.xxx
Tax expense (income)	(xx.xxx.xxx)	(xx.xxx.xxx)
CURRENT PERIOD PROFIT (LOSS)	xx.xxx.xxx	xx.xxx.xxx
Other Comprehensive Income
That will not be reclassified subsequently to profit or loss	xx.xxx.xxx	xx.xxx.xxx

The attached notes to the financial statements are an integral part of the financial statements as a whole.

MUTUAL FUNDS IN THE FORM OF KIK / KIK ASSET-BACKED SECURITIES / REAL ESTATE INVESTMENT FUNDS IN THE FORM OF KIK / MULTI-ASSET INVESTMENT FUNDS / INFRASTRUCTURE INVESTMENT FUNDS PQR

INCOME STATEMENT AND OTHER COMPREHENSIVE INCOME For the Year Ended December 31, 20X8 (In thousands of Rupiah, unless otherwise stated)

Notes	20X8	20X7
That will be reclassified subsequently to profit or loss	xx.xxx.xxx	xx.xxx.xxx
Income tax related to other comprehensive income	(xx.xxx.xxx)	(xx.xxx.xxx)
OTHER COMPREHENSIVE INCOME FOR THE CURRENT PERIOD AFTER TAX	xx.xxx.xxx	xx.xxx.xxx
COMPREHENSIVE INCOME FOR THE CURRENT PERIOD	xx.xxx.xxx	xx.xxx.xxx

The attached notes to the financial statements are an integral part of the financial statements as a whole.

MUTUAL FUNDS IN THE FORM OF KIK / KIK ASSET-BACKED SECURITIES / REAL ESTATE INVESTMENT FUNDS IN THE FORM OF KIK / MULTI-ASSET INVESTMENT FUNDS / INFRASTRUCTURE INVESTMENT FUNDS STU

STATEMENT OF CHANGES IN NET ASSETS
For the Year Ended December 31, 20X8
(In thousands of Rupiah, unless otherwise stated)

Notes	Transactions with Unit Holders	Other Comprehensive Income - That will not be reclassified subsequently to profit or loss	Other Comprehensive Income - That will be reclassified subsequently to profit or loss	Total	Total Increase (Decrease) in Net Asset Value	Total Net Asset Value
Balance as of January 1, 20X7	xx.xxx	-	xx.xxx	-	-	xx.xxx
Accounting Policy Changes	-	xx.xxx	-	-	-	xx.xxx
Restated Balance	xx.xxx
Net Asset Changes in 20X7	-
Current year comprehensive income	-	xx.xxx	-	-	-	xx.xxx
Transactions with Unit Holders and Asset-Backed Securities
Distribution to Unit Holders and Asset-Backed Securities	(xx.xxx)	-	-	-	-	(xx.xxx)
Sale of Units	xx.xxx	-	-	-	-	xx.xxx
Repurchase of Units	(xx.xxx)	-	-	-	-	(xx.xxx)
Other comprehensive income	-	-	xx.xxx

The attached notes to the financial statements are an integral part of the financial statements as a whole.

MUTUAL FUNDS IN THE FORM OF KIK / KIK ASSET-BACKED SECURITIES / REAL ESTATE INVESTMENT FUNDS IN THE FORM OF KIK / MULTI-ASSET INVESTMENT FUNDS / INFRASTRUCTURE INVESTMENT FUNDS STU

STATEMENT OF CHANGES IN NET ASSETS
For the Year Ended December 31, 20X8
(In thousands of Rupiah, unless otherwise stated)

Notes	Transactions with Unit Holders	Other Comprehensive Income - That will not be reclassified subsequently to profit or loss	Other Comprehensive Income - That will be reclassified subsequently to profit or loss	Total	Total Increase (Decrease) in Net Asset Value	Total Net Asset Value
Balance as of December 31, 20X7	xx.xxx
Net Asset Changes in 20X8
Current year comprehensive income	-	xx.xxx	-	-	-	xx.xxx
Transactions with Unit Holders and Asset-Backed Securities
Distribution to Unit Holders and Asset-Backed Securities	(xx.xxx)	-	-	-	-	(xx.xxx)
Sale of Units	xx.xxx	-	-	-	-	xx.xxx
Repurchase of Units	(xx.xxx)	-	-	-	-	(xx.xxx)
Other comprehensive income	-	-	xx.xxx
Balance as of December 31, 20X8	xx.xxx

The attached notes to the financial statements are an integral part of the financial statements as a whole.

This copy is consistent with the original.

Legal Director 1
Legal Department

signed,
Mufli Asmawidjaja

Sale of Units xx.xxx - - - - xx.xxx
Repurchase of Units (xx.xxx) - - - - (xx.xxx)
Other comprehensive income - - xx.xxx

Balance as of December 31, 20X8 xx.xxx

Determined in Jakarta on July 8, 2020

EXECUTIVE HEAD OF CAPITAL MARKET SUPERVISOR
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA,

signed,
HOESEN

Guidelines for Accounting Treatment of Collective Investment Contract Investment Products

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