Principles based vs Rule based Konvergensi IFRS & Principles based vs Rule based Setiyono Miharjo Fakultas Ekonomika dan Bisnis UGM Anggota Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia P2EB Fakultas Ekonomika & Bisnis Universitas Gadjah Mada Yogyakarta, 23 Juli 2010

What are international accounting standards? International accounting standards are accounting standards issued by the International Accounting Standards Board (IASB) and its predecessor, the International Accounting Standards Committee (IASC).

What are international accounting standards? IFRS is a comprehensive, globally accepted set of accounting standards with key characteristics: Principles-based approach with a greater emphasis on interpretation and application of principles, rather than a rules governed approach. Less extensive body of literature than U.S. GAAP, with limited industry-specific guidance and less detailed application guidance.

What are international accounting standards? Greater emphasis on the substance of transactions and an evaluation of whether the accounting presentation reflects the economic reality. Renewed focus on the need for professional judgment in arriving at accounting conclusions. Greater use of fair value as a measurement basis placing emphasis on obtaining reliable measurements.

Perkembangan standar akuntansi di Indonesia 1973-1984, Ikatan Akuntansi Indonesia, membentuk Komite Prinsip-prinsip Akuntansi Indonesia untuk menetapkan standar-standar akuntansi, yang kemudian dikenal dengan Prinsip-prinsip Akuntansi Indonesia (PAI). 1984-1994, komite PAI melakukan revisi secara mendasar PAI 1973 dan kemudian menerbitkan Prinsip Akuntansi Indonesia 1984 (PAI 1984).

Perkembangan standar akuntansi di Indonesia Menjelang akhir 1994, Komite standar akuntansi memulai suatu revisi besar atas prinsip-prinsip akuntansi Indonesia dengan mengumumkan pernyataan-pernyataan standar akuntansi tambahan dan menerbitkan interpretasi atas standar tersebut. Revisi tersebut menghasilkan 35 pernyataan standar akuntansi keuangan, yang sebagian besar harmonis dengan IAS yang dikeluarkan oleh IASB.

Perkembangan standar akuntansi di Indonesia 1994-2004, Perubahan Kiblat dari US GAAP ke IFRS Sejak tahun 1994, telah menjadi kebijakan dari Komite Standar Akuntansi Keuangan untuk menggunakan International Accounting Standards sebagai dasar untuk membangun standar akuntansi keuangan Indonesia. Di tahun 1995, IAI melakukan revisi besar untuk menerapkan standar-standar akuntansi baru, yang kebanyakan konsisten dengan IAS. Beberapa standar diadopsi dari US GAAP dan lainnya dibuat sendiri.

Perkembangan standar akuntansi di Indonesia 2006-2008, Konvergensi IFRS Tahap 1 Sejak tahun 1995 sampai tahun 2010, buku Standar Akuntansi Keuangan (SAK) terus direvisi secara berkesinambungan, baik berupa penyempurnaan maupun penambahan standar baru. Proses revisi dilakukan sebanyak enam kali yakni pada tanggal 1 Oktober 1995, 1 Juni 1999, 1 April 2002, 1 Oktober 2004, 1 Juni 2006, 1 September 2007, dan versi 1 Juli 2009

Perkembangan standar akuntansi di Indonesia 2006-2008, Konvergensi IFRS Tahap 1 Pada tahun 2006 di Jakarta ditetapkan bahwa konvergensi penuh IFRS akan diselesaikan pada tahun 2008. Target ketika itu adalah taat penuh dengan semua standar IFRS pada tahun 2008. Namun dalam perjalanannya ternyata tidak mudah. Sampai akhir tahun 2008 jumlah IFRS yang diadopsi baru mencapai 10 standar IFRS dari total 33 standar.

Perkembangan standar akuntansi di Indonesia Kendala dalam harmonisasi PSAK ke dalam IFRS Dewan Standar Akuntansi yang kekurangan sumber daya IFRS berganti terlalu cepat sehingga ketika proses adopsi suatu standar IFRS masih dilakukan, pihak IASB sudah dalam proses mengganti IFRS tersebut. Kendala bahasa, karena setiap standar IFRS harus diterjemahkan ke dalam bahasa Indonesia dan acapkali ini tidaklah mudah.

Perkembangan standar akuntansi di Indonesia Kendala dalam harmonisasi PSAK ke dalam IFRS Infrastuktur profesi akuntan yang belum siap. Untuk mengadopsi IFRS banyak metode akuntansi yang baru yang harus dipelajari lagi oleh para akuntan. Kesiapan perguruan tinggi dan akuntan pendidik untuk berganti kiblat ke IFRS. Support pemerintah terhadap issue konvergensi.

Latar Belakang IAI menjadi anggota IFAC (International Federation of Accountants), yg didirikan 1977, sejak 1986 The SMO (Statements of Membership Obligations) apply to full and associate member of IFAC SMO 7 sets out the obligations of member bodies of IFAC in relation to International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB).

Latar Belakang (cont’d) Konvergensi IFRS adalah salah satu kesepakatan pemerintah Indonesia sebagai anggota G20 forum DSAK-IAI sedang melakukan konvergensi IFRS dengan target tahun penyelesaian 2012 Sepanjang tahun 2009, DSAK-IAI telah mengesahkan 10 PSAK baru, 5 ISAK, dan mencabut 9 PSAK berbasis industri dan mencabut 1 ISAK

Kesepakatan G20 London Summit 2 April 2009 Pertemuan G20 di London, 2 April 2009 menghasilkan 29 kesepakatan, dimana kesepakatan nomor 13 sd 16 adalah tentang Strengthening Financial Supervision and Regulation. Pada butir kesepakatan nomor 15 dikatakan : “to call on the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and achieve a single set of high-quality global accounting standards.”

Current or anticipated requirement Europe 2005 Australia Canada 2009/11 Americas South Africa Asia Pacific United States (2014) Current or anticipated requirement or option to use IFRS (or equivalent) Brazil 2010 China 2007 India 2011 Chile 2009

IFRS Today and Tomorrow Today IFRS is used in over 100 countries: Required across all EU countries, starting in 2005. Brazil, Canada and India have announced mandated use. By 2011, it is expected that: All major countries will have adopted IFRS to some extent. China and Japan will be substantially converged to IFRS. U.S. public companies will likely have the option of using either IFRS of U.S. GAAP.

PSAK vs IFRS GAP as of March 31 2010

Rincian PSAK Non Comparable per 31 Maret 2010 Posisi DSAK per Agustus 2010 1 PSAK 21 Ekuitas Akan Dicabut 2 PSAK 27 Akuntansi Koperasi 3 PSAK 38 Restrukturisasi Ekuitas Sepengendali Not Decided 4 PSAK 44 Aktivitas Pengembangan Real Estate Not decided, kemungkinan diganti IFRIC 15 5 PSAK 51 Kuasi Reorganisasi Not decided 6 PSAK 45 Akuntansi Entitas Nirlaba Direvisi 7 PSAK 47 Akuntansi Tanah 8 PSAK 39 Akuntansi Kerja Sama Operasi

Rincian PSAK Substantially Non Comparable per 31 Maret 2010 Posisi DSAK per Agustus 2010 1 PSAK 3 Laporan Keuangan Interim ED PSAK 3 (R 2010) sudah terbit 2 PSAK 18 Akuntansi Dana Pensiun ED PSAK 18 (R 2010) sudah terbit 3 PSAK 50 Instrumen Keuangan: Penyajian dan Pengungkapan ED PSAK 50 dan PSAK 60 (Revisi 2010) sudah terbit 4 PSAK 53 : Kompensasi Berbasis Saham ED PSAK 53 (R 2010) sudah terbit 5 PSAK 36 : Akuntansi Asuransi Jiwa Not decided 6 PSAK 28 : Akuntansi Asuransi Kerugian 7 PSAK 29 : Akuntansi Minyak dan Gas Bumi 8 PSAK 33: Akuntansi Pertambangan Umum

Sasaran Konvergensi IFRS tahun 2012 Merevisi PSAK agar secara material sesuai dengan IFRS versi 1 Januari 2009 yang berlaku efektif tahun 2011/2012. Konvergensi IFRS di Indonesia dilakukan secara bertahap.

The Accounting Standard Framework in Indonesia 2010-2012 > 2012 SAK UMUM IFRS based PSAK Shari’ah Standards PSAK Non IFRS (including SAK for Non Profit) SAK-ETAP (PSAK for SME) SAK UMUM IFRS based PSAK PSAK NON IFRS (Including syari’ah) SAK ETAP (PSAK for SME) SAK for Non profit

Tahap persiapan akhir (2011) ROADMAP Tahap adopsi (2008-2010) Adopsi seluruh IFRS ke PSAK Persiapan infrastruktur yang diperlukan Evaluasi dan kelola dampak adopsi terhadap PSAK yang berlaku Tahap persiapan akhir (2011) Penyelesaian persiapan infrastruktur yang diperlukan Penerapan secara bertahap beberapa PSAK berbasis IFRS Tahap implementasi (2012) Penerapan PSAK berbasis IFRS secara bertahap Evaluasi dampak penerapan PSAK secara komprehensif

PSAK Disahkan 23 Desember 2009 PSAK 1 (revisi 2009): Penyajian Laporan Keuangan PSAK 2 (revisi 2009): Laporan Arus Kas PSAK 4 (revisi 2009): Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri PSAK 5 (revisi 2009): Segmen Operasi PSAK 12 (revisi 2009): Bagian Partisipasi dalam Ventura Bersama PSAK 15 (revisi 2009): Investasi Pada Entitas Asosiasi PSAK 25 (revisi 2009): Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan PSAK 48 (revisi 2009): Penurunan Nilai Aset PSAK 57 (revisi 2009): Provisi, Liabilitas Kontinjensi, dan Aset Kontinjensi PSAK 58 (revisi 2009): Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang Dihentikan

Interpretasi Disahkan 23 Desember 2009 ISAK 7 (revisi 2009): Konsolidasi Entitas Bertujuan Khusus ISAK 9: Perubahan atas Liabilitas Purna Operasi, Liabilitas Restorasi, dan Liabilitas Serupa ISAK 10: Program Loyalitas Pelanggan ISAK 11: Distribusi Aset Nonkas Kepada Pemilik ISAK 12: Pengendalian Bersama Entitas: Kontribusi Nonmoneter oleh Venturer

PPSAK Disahkan Sepanjang 2009 (Berlaku efektif 2010) PPSAK 1: Pencabutan PSAK 32: Akuntansi Kehutanan, PSAK 35: Akuntansi Pendapatan Jasa Telekomunikasi, dan PSAK 37: Akuntansi Penyelenggaraan Jalan Tol PPSAK 2: Pencabutan PSAK 41: Akuntansi Waran dan PSAK 43: Akuntansi Anjak Piutang PPSAK 3: Pencabutan PSAK 54: Akuntansi Restrukturisasi Utang Piutang bermasalah PPSAK 4: Pencabutan PSAK 31 (revisi 2000): Akuntansi Perbankan, PSAK 42: Akuntansi Perusahaan Efek, dan PSAK 49: Akuntansi Reksa Dana PPSAK 5: Pencabutan ISAK 06: Interpretasi atas Paragraf 12 dan 16 PSAK No. 55 (1999) tentang Instrumen Derivatif Melekat pada Kontrak dalam Mata Uang Asing

PSAK yang Baru Disahkan Disahkan 19 Februari 2010 PSAK 19 (2010): Aset tidak berwujud PSAK 14 (2010): Biaya Situs Web PSAK 23 (2010): Pendapatan PSAK 7 (2010): Pengungkapan Pihak-Pihak Yang Berelasi PSAK 22 (2010): Kombinasi Bisnis (disahkan 3 Maret 2010) PSAK 10 (2010): Transaksi Mata Uang Asing (disahkan 23 Maret 2010 ISAK 13 (2010): Lindung Nilai Investasi Neto dalam Kegiatan Usaha Luar Negeri

Exposure Draft Public Hearing 27 April 2010 ED PSAK 24 (2010): Imbalan Kerja ED PSAK 18 (2010): Program Manfaat Purnakarya ED ISAK 16: Perjanjian Konsesi Jasa (IFRIC 12) ED ISAK 15: Batas Aset Imbalan Pasti, Persyaratan Pendanaan Minimum dan Interaksinya. ED PSAK 3: Laporan Keuangan Interim ED ISAK 17: Laporan Keuangan Interim dan Penurunan Nilai

ED PSAK Public Hearing 14 Juli 2010 ED PSAK 60: Instrumen Keuangan: Pengungkapan ED PSAK 50 (R 2010): Instrumen Keuangan: Penyajian ED PSAK 8 (R 2010): Peristiwa Setelah Tanggal Neraca ED PSAK 53 (R 2010): Pembayaran Berbasis Saham

ED PSAK Public Hearing 30 Agustus 2010 copy right by IAI, all right reserved ED PSAK 46 (Revisi 2010) Pajak Pendapatan ED PSAK 61: Akuntansi Hibah Pemerintah Dan Pengungkapan Bantuan Pemerintah ED PSAK 63: Pelaporan Keuangan dalam Ekonomi Hiperinflasi ED ISAK 18: Bantuan Pemerintah-Tidak Ada Relasi Specifik dengan Aktivitas Operasi ED ISAK 20: Pajak Penghasilan-Perubahan dalam Status Pajak Entitas atau Para Pemegang Sahamnya

MANFAAT KONVERGENSI IFRS Memudahkan pemahaman atas laporan keuangan dengan penggunaan Standar Akuntansi Keuangan yang dikenal secara internasional (enhance comparability). Meningkatkan arus investasi global melalui transparansi. Menurunkan biaya modal dengan membuka peluang fund raising melalui pasar modal secara global. Menciptakan efisiensi penyusunan laporan keuangan.

MANFAAT KONVERGENSI IFRS(cont’d) Meningkatkan kualitas laporan keuangan, dengan antara lain, mengurangi kesempatan untuk melakukan earning management Reklasifikasi antar kelompok surat berharga (securities) dibatasi cenderung dilarang. Reklasifikasi dari dan ke FVTPL, DILARANG Reklasifikasi dari L&R ke AFS, DILARANG Tidak ada lagi extraordinary items

Hasil Riset: “International Accounting Standards and Accounting Quality” by MARY E . BARTH , WAYNE R. L ANDSMAN , and MARK H. LANG Based on inferences on a sample of firms in 21 countries that adopted IAS between 1994 and 2003, we find that in the postadoption period firms applying IAS generally evidence less earnings management, more timely loss recognition, and more value relevance of accounting amounts than do firms not applying IAS.

Advantages and Disadvantages of Principles-Based Accounting Broad guidelines that can be applied to numerous situations. Broad principles avoid the pitfalls associated with precise requirements that allow contracts to be written specifically to manipulate their intent. A 1981 study sponsored by FASB found evidence that managers purposefully try to structure leases as operating leases to avoid incurring additional liabilities. Providing broad guidelines may improve the representational faithfulness of financial statements.

principles-based accounting standards allow accountants to apply professional judgment in assessing the substance of a transaction. This approach is substantially different from the underlying “box-ticking” approach common in rules-based accounting standards. FASB Chair Robert Herz has stated that he believes the professionalism of financial statements would be enhanced if accountants are required to utilize their judgment instead of relying on detailed rules.

a principles-based system would result in simpler standards a principles-based system would result in simpler standards. Herz has claimed that a principles-based system would lead to standards that would be less than 12 pages long, instead of over 100 pages (BusinessWeek online, 2002). Principles would be easier to comprehend and apply to a broad range of transactions. Harvey Pitt, former SEC chairman, explained this as follows: “Because standards are developed based on rules ... they are insufficiently flexible to accommodate future developments in the marketplace. This has resulted in accounting for unanticipated transactions that is less transparent.”

Finally, the use of principles-based accounting standards may provide accounting statements that more accurately reflect a company’s actual performance because, as Australian Securities and Investments Commission Chair David Knott has stated, an increase in principles-based accounting standards would reduce manipulations of the rules (Nationwide News, 2002).

Drawbacks to a principles-based approach to standards setting. A lack of precise guidelines could create inconsistencies in the application of standards across organizations. For example, companies are required to recognize both an expense and a liability for a contingent liability that is probable and estimable. On the other hand, a contingent liability that is reasonably possible is only reported in the footnotes. With no precise guidelines, how should companies determine if liabilities are probable or only reasonably possible?

The lack of bright-light standards may reduce comparability and consistency, a primary precept of financial accounting. Many accountants seem to prefer rules-based standards, possibly because of their concerns about the potential of litigation over their exercise of judgment in the absence of bright-line rules. The number of requests for implementation guidance received by FASB has always been high, and their significance resulted in the formation of the Emerging Issues Task Force. If financial statements conform with accepted rules, the bases for a lawsuit are diminished.

Dampak IFRS terhadap Sistem Akuntansi dan Pelaporan Penyajian: Konsep Other Comprehensive Income di dalam laba rugi komprehensif Perubahan definisi-definisi seperti Kewajiban menjadi Liabilitas dan hak minoritas menjadi kepentingan nonpengendali (non-controlling interest) Pos Luar Biasa tidak lagi diperbolehkan Perubahan nama laporan keuangan

Dampak IFRS terhadap Sistem Akuntansi dan Pelaporan A complete set of financial statements comprises: a statement of financial position as at the end of the period; a statement of comprehensive income for the period; a statement of changes in equity for the period; a statement of cash flows for the period; notes, comprising a summary of significant accounting policies and other explanatory information; and a statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.

Dampak IFRS terhadap Sistem Akuntansi dan Pelaporan Tidak diatur tentang format laporan Prudence vs Conservatism Dibolehkan menggunakan Revaluation method untuk penilaian PPE

Dampak IFRS terhadap Sistem Akuntansi dan Pelaporan Pengukuran: Peningkatan penggunaan nilai wajar (fair value) Standar IFRS lebih condong kepada penggunaan nilai wajar, terutama untuk properti investasi, beberapa aset tak berwujud, aset keuangan, dan aset biologis. Dengan demikian maka diperlukan sumber daya yang kompeten untuk menghitung nilai wajar atau bahkan perlu menyewa jasa konsultan penilai terutama untuk aset-aset yang tidak memiliki nilai pasar aktif.

Dampak IFRS terhadap Sistem Akuntansi dan Pelaporan Pengukuran: Penggunaan estimasi dan “judgement” Akibat karakteristik IFRS yang lebih berbasis prinsip, akan lebih banyak dibutuhkan “judgement” untuk menentukan bagaimana suatu transaksi keuangan dicatat.

Dampak IFRS terhadap Sistem Akuntansi dan Pelaporan Pengungkapan: Persyaratan pengungkapan yang lebih banyak dan lebih rinci IFRS mensyaratkan pengungkapan berbagai informasi tentang risiko baik kualitatif maupun kuantitatif. Pengungkapan dalam laporan keuangan harus sejalan dengan data/informasi yang dipakai untuk pengambilan keputusan yang digunakan oleh manajemen.

Dampak Konvergensi IFRS terhadap Pendidikan Akuntansi Mahasiswa harus belajar tentang konsep dalam yang ada di dalam rerangka konseptual (Conceptual framework) Mahasiswa harus menguasasi teori-teori yang mendasari pelaporan keuangan: ekonomika makro, keuangan, portfolio, dll. Mahasiswa juga harus menguasai valuation theory. Mahasiswa harus belajar bagaimana membuat judgments (belajar memahami BC dalam setiap standar)

Dampak Konvergensi IFRS terhadap Pendidikan Akuntansi Pembentukan IFRS Task Force Kajian-kajian dan riset mengenai IFRS Pengajaran principle based dan bukan rule based dan pengungkapan berdasarkan IFRS Penggunaan text book berbasis IFRS Pengetahuan mengenai pengungkapan berdasarkan IFRS. Pemutakhiran materi ajar terutama untuk mata kuliah yang terkena dampak besar dari konvergensi IFRS.

Dampak Konvergensi IFRS terhadap Pendidikan Akuntansi Mata kuliah yang terkena dampak paling besar adalah: Akuntansi keuangan menengah, Teori akuntansi, Akuntansi internasional, Akuntansi keuangan lanjutan, Seminar Akuntansi / Akuntansi topik khusus Statistika akuntansi, Metodologi Penelitian

Materi Pembelajaran Online Mempersiapkan diri dengan mempelajari IFRS dari sumber-sumber terpercaya. www.iasb.org www.iasplus.com www.iaiglobal.or.id. www.ifac.org IFRS per 1 Januari 2009 dapat diunduh gratis dari situs web IASB. Exposure draft semua ED PSAK dapat diunduh gratis dari situs web IAI.

Terima Kasih Contact: Ikatan Akuntan Indonesia Jl. Graha Akuntan No. 1 Menteng, Jakarta Pusatm 10310 Email: dsak@iaiglobal.or.id

Lampiran

Advantages and Disadvantages of Principles-Based Accounting Broad guidelines that can be applied to numerous situations. Broad principles avoid the pitfalls associated with precise requirements that allow contracts to be written specifically to manipulate their intent. A 1981 study sponsored by FASB found evidence that managers purposefully try to structure leases as operating leases to avoid incurring additional liabilities. Providing broad guidelines may improve the representational faithfulness of financial statements.

principles-based accounting standards allow accountants to apply professional judgment in assessing the substance of a transaction. This approach is substantially different from the underlying “box-ticking” approach common in rules-based accounting standards. FASB Chair Robert Herz has stated that he believes the professionalism of financial statements would be enhanced if accountants are required to utilize their judgment instead of relying on detailed rules.

a principles-based system would result in simpler standards a principles-based system would result in simpler standards. Herz has claimed that a principles-based system would lead to standards that would be less than 12 pages long, instead of over 100 pages (BusinessWeek online, 2002). Principles would be easier to comprehend and apply to a broad range of transactions. Harvey Pitt, former SEC chairman, explained this as follows: “Because standards are developed based on rules ... they are insufficiently flexible to accommodate future developments in the marketplace. This has resulted in accounting for unanticipated transactions that is less transparent.”

Finally, the use of principles-based accounting standards may provide accounting statements that more accurately reflect a company’s actual performance because, as Australian Securities and Investments Commission Chair David Knott has stated, an increase in principles-based accounting standards would reduce manipulations of the rules (Nationwide News, 2002).

Drawbacks to a principles-based approach to standards setting. A lack of precise guidelines could create inconsistencies in the application of standards across organizations. For example, companies are required to recognize both an expense and a liability for a contingent liability that is probable and estimable. On the other hand, a contingent liability that is reasonably possible is only reported in the footnotes. With no precise guidelines, how should companies determine if liabilities are probable or only reasonably possible?

The lack of bright-light standards may reduce comparability and consistency, a primary precept of financial accounting. Many accountants seem to prefer rules-based standards, possibly because of their concerns about the potential of litigation over their exercise of judgment in the absence of bright-line rules. The number of requests for implementation guidance received by FASB has always been high, and their significance resulted in the formation of the Emerging Issues Task Force. If financial statements conform with accepted rules, the bases for a lawsuit are diminished.

Framework for the preparation & presentation of financial statements

Users and information needs Providers of capital – decision making / analysis of risk and return of investment Employees – stability of employers / remuneration Lenders – financial health Suppliers – viability of firm Customers – continuance Governments – regulatory, taxation, statistics Public – contribution, trends, developments

Financial Statements Included: Not included: Statement of financial position (balance sheet) Statement of comprehensive income Statement of changes in equity Statement of cash flows Notes to the financial statements Not included: Reports by directors Statements by chairmen Discussion and analysis by management /other narrative reporting

Objective of financial statements The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions. Financial statements prepared for this purpose meet the common needs of most users. However, financial statements do not provide all the information that users may need to make economic decisions since they largely portray the financial effects of past events and do not necessarily provide non-financial information.