2 Partisipasi aktif peserta didik. Overview Mata AjaranPartisipasi aktif peserta didik.Presentasi untuk menyajikan kasus untuk kemudian didiskusikan bersama di kelas.Jumlah anggota per kelompok berkisar 2-4 orang.Setiap kelompok menyajikan dan menulis makalah kasus minimal 2 kali.
3 Overview Mata Ajaran Makalah kasus: menganalisis suatu studi kasus aplikasi standar akuntansi yang berlaku atau isu yang timbul dalam penyusunan laporan keuangan di Indonesia
4 Overview Mata Ajaran Bahan bacaan: Standar akuntansi dari organisasi profesi, peraturan perundangan yang berlaku, makalah dari berbagai seminar, buku teks, hingga jurnal profesi akuntan publik
5 Evaluasi Hasil Belajar Overview Mata AjaranEvaluasi Hasil BelajarPartisipasi dan Kehadiran 15%Penulisan Makalah Kelompok %Penyajian Makalah Kelompok 10%Ujian Tengah Semester 25%Ujian Akhir Semester 25%Kuis %
6 Overview Mata Ajaran Penilaian Partisipasi dan Kehadiran Pertanyaan dan komentar – Dinilai berdasarkan frekuensi dan kualitas pertanyaan/komentar dalam diskusi kelas (Range nilai 0-100, bobot 60%)Kehadiran (Range nilai 0-100, bobot 40%). Satu kali ketidakhadiran akan mengurangi nilai kehadiran 25%. Jadi, kalau tidak hadir 4 x, maka nilai Kehadiran adalah 0%).Faktor Pengurang:Kedisiplinan hadir tepat waktu. Satu kali keterlambatan hadir (yaitu hadir lebih dari 15 menit dari jadwal dimulainya kelas) akan dinilai -5%.Perilaku disruptif di kelas, seperti mengobrol, baca koran, browsing internet, sms, dan lain-lain. Perilaku yang disruptif dinilai -5% per pertemuan.
7 Overview Mata Ajaran Penilaian makalah kasus kelompok Penilaian Penyajian Makalah Kasus KelompokKejelasan/Dapat dipahami dalam menyampaikan makalah (30%)Penggunaan bahasa yang baik dan benar (25%)Bahasa tubuh (body language), seperti intonasi suara yang keras, tidak membaca, menghadap ke peserta, dan lain-lain (25%)Penggunaan media (seperti Powerpoint, dan seterusnya) yang informatif (20%)
8 Overview The product of accounting is information Information is complex because:The absence of perfect or true accounting concepts and standards Individuals will not be unanimous in their reaction to even the same informationIt does more than affect individual decisions
9 OverviewThe challenge for financial accountants is to survive and prosper in a complex environment characterized by conflicting pressures from different groups with an interest in financial reporting
10 Information Asymmetry Information asymmetry: some parties to business transactions may have an information advantage over othersTwo major types of information asymmetryAdverse selectionMoral hazard
11 Information Asymmetry (Cont’d) Adverse selectionOne or more parties to a business transaction, or potential transaction, have an information advantage over other partiesThis may affect the ability of investors to make good investment decisionsFinancial accounting and reporting as a mechanism to control the adverse selection problem by timely and credible conversion of inside information into outside information
12 Information Asymmetry (Cont’d) Moral HazardOne or more parties to a business transaction, or potential transaction, can observe their actions in fulfillment of the transaction but other parties cannot.Occurs because of the separation of ownership and controlAccounting net income as a measure of managerial performance
13 Conflicting preferences of investors and managers standard setting The setting of accounting concepts and standards requires negotiation and compromiseTheir application must be enforced
14 The International Accounting Standards Board (IASB) Established in 2001Its predecessor, International Accounting Standards Committee (IASC), was created in 1973Basic objective: to develop a single set of high quality, understandable, and enforceable global accounting standards
16 The International Accounting Standards Board (IASB) The IASB (International Accounting Standards Board) is an independent standard-setting board, appointed and overseen by a geographically and professionally diverse group of Trustees of the IASC Foundation who are accountable to the public interest.It is supported by an external advisory council (SAC) and an interpretations committee (IFRIC) to offer guidance where divergence in practice occurs.The Trustees appoint the 14 Board members, who come from nine countries and have a variety of functional backgrounds. Standards are developed by a board of 14 individualsA majority of nine of 14 votes is required to pass new standards, a requirement called super-majority voting
17 Trustees of the IASC Foundation The 22 Trustees of the IASC Foundation are responsible for its governance and oversight, including its funding.They promote the work of the International Accounting Standards Board (IASB) and the rigorous application of IFRSs.However, the Trustees are not involved in any technical matters relating to the standards. That responsibility rests solely with the IASB.Trustees are appointed for a renewable term of three years.Six of the Trustees must be selected from the Asia/Oceania region, six from Europe, six from North America, and four from any region
18 International Financial Reporting Interpretations Committee (IFRIC) Its mandate is to review on a timely basis widespread accounting issues that have arisen within the context of current International Financial Reporting Standards (IFRSs).The work of the IFRIC is aimed at reaching consensus on the appropriate accounting treatment (IFRIC Interpretations) and providing authoritative guidance on those issues.
19 Standards Advisory Council (SAC) The Standards Advisory Council (SAC) is a forum for the International Accounting Standards Board (IASB) to consult a wide range of representatives from user groups, preparers, financial analysts, academics, auditors, regulators and professional accounting bodies that are affected by and interested in the IASB's work.
20 Six Stages of Standard Setting Stage 1: Setting the agendaStage 2: Project planningStage 3: Development and publication of a discussion paperStage 4: Development and publication of an exposure draftStage 5: Development and publication of an IFRSStage 6: Procedures after an IFRS is issued
21 Stage 1: Setting the agenda The relevance to users of the information involved and the reliability of information that could be providedExisting guidance availableThe possibility of increasing convergenceThe quality of the standards to be developedResource constraints.
22 Stage 2: Project planning Decides whether to conduct the project alone, or jointly with another standard-setter.The IASB may establish a working group at this stage.
23 Stage 3: Development and publication of a discussion paper A discussion paper is not a mandatory stepThe IASB normally publishes a discussion paper as its first publication on any major new topic as a vehicle to explain the issue and solicit early comment from constituents.A discussion paper includes a comprehensive overview of the issue, possible approaches in addressing the issue, the preliminary views of its authors or the IASB, and an invitation to comment.
24 Stage 4: Development and publication of an exposure draft Publication of an exposure draft is a mandatory step in due processThe development of an exposure draft begins with the IASB considering issues on the basis of staff research and recommendations, as well as comments received on any discussion paper, and suggestions made by the SAC, working groups and accounting standard-setters and arising from public education sessions.
25 Stage 5: Development and publication of an IFRS After the due process is completed, all outstanding issues are resolved, and the IASB members have balloted in favour of publication, the IFRS is issued.
26 Stage 6: Procedures after an IFRS is issued After an IFRS is issued, the staff and the IASB members hold regular meetings with interested parties, including other standard-setting bodies, to help understand unanticipated issues related to the practical implementation and potential impact of its proposals.The IASC Foundation also fosters educational activities to ensure consistency in the application of IFRSs.
27 The International Accounting Standards Board (IASB) In designing standards, the IASB follows due processThe process usually involves:Discussion of a paper outlining the principal issuesPreparation of an Exposure Draft that incorporates the tentative decisions taken by the Board – during which process many of these are re-debated, sometimes several timesPublication of the Exposure DraftAnalysis of comments received on the Exposure DraftDebate and issue of final standard, accompanied by application guidance and a document setting out the Basis for Conclusion
28 The International Accounting Standards Board (IASB) The basic due process can be modified in different circumstancesIf the project is controversial or particularly difficult, IASB may issue a discussion paper before proceeding to Exposure Draft stageIASB may also hold some form of public consultation during the process
29 Accounting Convergence Convergence of international and national accounting standards involves the gradual elimination of differences through the cooperative efforts of the IASB, national standard setters, and other groups seeking best solutions to accounting and reporting issues
30 Accounting Convergence Convergence vs HarmonizationHarmonization was generally taken to mean the elimination of differences between existing accounting standardsWhile convergence might also involve coming up with a new accounting treatment not in any current standard
31 Accounting Convergence Advantages of international convergence:High-quality financial reporting standards that are used consistently around the world improve the efficiency with which capital is allocated reducing the cost of capitalInvestors can make better investment decisionLower costs for issuers
32 Accounting Convergence Criticisms of International StandardsToo simple a solution for complex problemDoubt that international standards could be flexible enough to handle differences in national backgrounds, traditions, and economic environmentsLarge international accounting service firms are using international accounting standards as a tool with which to expand their marketsMay create “standards overload”International standards are not suitable for small and medium-sized companies, particularly unlisted ones with no public accountability
33 IASB & FASB2002: IASB and FASB sign the ”Norwalk Agreement” committing them to convergence of international and US accounting standards2005: FASB and IASB sign Memorandum of Understanding setting out milestones the two boards must reach in order to demonstrate acceptable level of convergence between US GAAP and IFRS to SEC and EU Commission
35 Dewan Konsultatif Standar Akuntansi Keuangan (DKSAK) Bertugas memberikan konsultasi kepada DSAK berupa pandangan mengenai materi, arah, serta skala prioritas pilihan PSAK/IPSAK.Anggota terdiri dari anggota IAI dan bukan anggota IAI yang mewakili secara luas pemakai dan pengguna jasa profesi akuntansi serta pihak-pihak yang berkepentingan dengan pengembangan Standar Akuntansi Keuangan.Anggota minimum 5 orang diangkat oleh Pengurus Pusat untuk masa kerja maksimum 4 tahun dan dapat diangkat kembali maksimum satu kali.
36 Kepengurusan DKSAK Ketua: Herwidayatmo Anggota: 1. Arif Arryman 2. Bambang Setiawan3. Bambang Subianto4. Erry Firmansyah5. Henry B. Lumban Toruan6. I Gusti Agung Made Rai7. Indarto8. Istini T. Siddharta9. Jhonny Darmawan10. Jusuf Halim11. Kuswono Soeseno12. Sandiago S. Uno13. Siti Ch. Fadjijah14. Wahyu Tumakaka
37 Dewan Standar Akuntansi Keuangan Bagian dari Organisasi IAI yang mempunyai otonomi untuk menyusun dan mengesahkan PSAK dan IPSAK.Pemilihan anggota DSAK diutamakan berdasarkan kompetensi, pengalaman, dan komitmen pada misi IAI serta komitmen untuk mencurahkan waktu dan perhatian pada tugas sebagai anggota DSAK.Masa kerja anggota maksimum 4 tahun dan dapat diangkat kembali maksimum satu kali.
38 Dewan Standar Akuntansi Keuangan Jumlah anggota DSAK untuk masa bakti sebanyak tiga belas (13) orang, yang mewakili berbagai unsur: akuntan publik, akuntan manajemen, akademisi, Direktorat Jenderal Pajak, Bank Indonesia, Bapepam, auditor pemerintah.Kesinambungan keanggotaan DSAK selalu dipelihara.Ketua DSAK diangkat dari dan oleh anggota terpilih.Dibentuk badan pekerja purna waktu (full time management and staffs) sebagai tim teknis dalam penyusunan PSAK maupun IPSAK.
39 Tugas utama anggota DSAK Menentukan materi serta skala prioritas pilihan topik untuk dijadikan agenda kerja.Mempertimbangkan masukan dari DKSAK mengenai hal-hal yang berkaitan dengan pengembangan standar akuntansi keuangan.Memberikan arahan serta supervisi badan pekerja teknis, membahas hasil kerja badan pekerja teknis.
40 Kepengurusan DSAK Ketua: M. Jusuf Wibisana (PwC/Unbraw) Anggota: 1. Agus Edy Siregar (BI)2. Dudi M. Kurniawan (PwC)3. Etty Retno Wulandari, Dr. (Bapepam LK)4. Hekinus Manao, Dr. (Depkeu)5. Jan Hoesada (Jan Ladiman & Rekan)6. Jogijanto Hartono, Prof. Dr. (UGM)7. Jumadi (KPMG)8. Meidyah Indreswari, Dr. (BPKP)9. Merliyana Syamsul (Deloitte)10. Riza Noor Karim (Ditjen Pajak)11. Roy ImanWirahardja (EY)12. Sidharta Utama, Dr. (UI)
41 Tahapan Due ProcessIdentifikasi isu untuk dikembangkan menjadi Pernyataan Standar Akuntansi Keuangan (PSAK)Konsultasikan isu dengan Dewan Konsultatif Standar Akuntansi Keuangan (DKSAK)Membentuk tim kecil dalam Dewan Standar Akuntansi Keuangan (DSAK)Melakukan riset terbatasMelakukan penulisan awal konsep draft
42 Tahapan Due Process Pembahasan konsep draft dalam DSAK Peluncuran exposure draft dan pengedarannyaPelaksanaan public hearing dan atau limited hearingPembahasan tanggapan atas exposure draft dan masukan public hearing atau limited hearingPersetujuan exposure draft PSAK menjadi PSAKOptimal: final checking oleh purnawaktu IAISosialisasi standar
43 Kepengurusan Komite Akuntansi Syariah (KAS) Ketua : M. Jusuf Wibisana (DSAK-IAI)Anggota:1. Agus Edy Siregar (DSAK-IAI)2. Amin Musa (AASI)3. Cecep M. Hakim (BI)4. Dewi Astuti (BI)5. Hanawijaya (Asbisindo)6. Hasanudin (DSN-MUI)7. Ikhwan A. Basri (DSN-MUI)8. Kanny Hidaya (DSN-MUI)9. M. Touriq (Bapepam LK)10. Setiawan Budi Utomo, Dr. (DSN-MUI)11. Wiroso (Konsultan)
44 Rerangka Prinsip Akuntansi Konvensional yang Berlaku Umum
45 Rerangka Prinsip Akuntansi Syariah yang Berlaku Umum
46 High Quality Accounting Standards Improves financial reporting by enhancing financial statement users’ ability to make investment and credit decisionsShould provide recognition and measurement guidance that seeks to replicate the “economics” of the underlying transaction or eventShould be written in a clear, understandable manner, and their principles should be operational to applyNarrows alternative accounting choices and improves comparabilityConsistent with conceptual frameworkDisclosures should be limited to key significant dataBenefits of implementation outweigh the cost to comply
47 The Future of Accounting and Disclosure The value and worth of financial reporting lies in its usefulness to usersWe have to develop a sufficiently dynamic and reliable analytical framework for anticipating and responding to changes in the business world
48 The Future of Accounting and Disclosure (Cont’d) 4 broad accounting and disclosure issues that may be critically important to the future of financial reporting:Recognition and measurement of the benefits and obligations of a businessThe timeliness of financial reportingThe concept of the firmThe distribution channel and medium
49 The Future of Accounting and Disclosure (Cont’d) Recognition and measurementMost of the assets in balance sheet were “hard” and carried at historical costConcerns:There are significant number of assets that are poorly measured through historical cost accountingThere are certain assets that are not recognized at allDisclose such measurements in a location outside the traditional financial statements
50 The Future of Accounting and Disclosure (Cont’d) Timeliness of financial reportingThe rapid acceleration of events significantly affecting a firm has started to make our system of annual audits and quarterly reports somewhat obsoleteFor example: more limited or abbreviated financial statements be distributed to the market on more a frequent bases (for example, monthly)
51 The Future of Accounting and Disclosure (Cont’d) Concept of the FirmThe concept of what we call the firm is also changingFinancial reporting must be examined at the conceptual level
52 The Future of Accounting and Disclosure (Cont’d) Information distribution channelsThe information we distribute has been aggregated corporate informationSome end-users today might benefit from access to disaggregated dataThis information might be provided through direct on-line access
53 The Future of Accounting and Disclosure (Cont’d) Implications and potential outcomesOne outcome of such inactivity might be a stratification of accounting information available to various types of end-usersBecause of existing regulatory and accounting constraints, public companies that wish to engage in innovative business structures and affiliations may find it harder to do so and may discouraged from undertaking such venturesMore positive outcome: for accounting profession (and financial managers) to take steps now to explore the issues discussed here