Chapter 1: Financial Accounting and Accounting Standards Pengampu: Pepie Diptyana http:\\pepiediptyana.wordpress.com pepiediptyana@yahoo.com 2

LINGKUP BAHASAN Tujuan Pemelajaran Karakteristik Akuntansi Keuangan Tujuan Pelaporan Akuntansi pada Perusahaan Bisnis Makna GAAP Proses Penyusunan Standar House of GAAP Tantangan yang Dihadapi Akuntansi Keuangan Akuntansi Keuangan 1

Tujuan Pemelajaran Mengidentifikasi LK utama dan makna-makna pelaporan keuangan Menjelaskan bagaimana akuntansi dapat membantu pemanfaatan sumber daya yang langka secara efisien Mengidentifikasi beberapa tantangan yang dihadapi oleh akuntansi Mengidentifikasi tujuan pelaporan keuangan

Menjelaskan pentingnya standar akuntansi Mengidentifikasi badan-badan penyusun-kebijakan penting di Amerika dan peran mereka dalam proses penyusunan standar Menjelaskan makna GAAP Menggambarkan pengaruh/dampak kelompok pengguna LK pada proses penyusunan standar Memahami isu-isu yang terkait dengan etika dan akuntansi keuangan Akuntansi Keuangan 1

Characteristics of Financial Accounting Accounting identifies, measures and communicates financial information. This information is about economic entities. Information is communicated to interested parties such as investors, creditors, unions and governmental agencies. Akuntansi Keuangan 1

Accounting and the Efficient Use of Scarce Resources Financial Reporting aids users in the allocation of scarce resources.

Objectives of Financial Reporting by Business Enterprises in Statement of Financial Accounting Concepts No. 1. The objectives are as follows: Information provided must be useful in investment and credit decisions. Information must be useful in assessing cash flow prospects. Information must be about enterprise resources, claims to those resources and changes therein.

Generally Accepted Accounting Principles (GAAP) Laporan keuangan dinyatakan wajar apabila disusun berdasarkan prinsip-prinsip yang diterima umum dikembangkan oleh profesi untuk dapat menyajikan operasi keuangan perusahaan secara fairly, clearly and completely terdiri dari authoritative pronouncements yang diterbitkan oleh badan-badan akuntansi tertentu

The Standard Setting Process: Parties Involved Securities and Exchange Commission (SEC) American Institute of Certified Public Accountants (AICPA) Financial Accounting Standards Board (FASB) Governmental Accounting Standards Board (GASB)

The Financial Accounting Standards Board (FASB) The FASB enjoys the following advantages compared to its predecessor, the Accounting Principles Board: * smaller membership * greater autonomy * increased independence of members * broader representation on the Board

FASB Due Process In establishing financial standards, the FASB follows a due process procedure. The due process procedure gives time to interested persons to make their views known to the Board.

FASB Due Process Public Hearing 3 4 AGENDA 1 Discussion Memorandum 2 A public hearing is conducted AGENDA 1 Topics for standard setting are identified Discussion Memorandum 2 The FASB issues initial research and analysis

FASB Due Process 4 5 Exposure Final Standard Draft The FASB The FASB issues an exposure draft (tentative standard) Final Standard 5 The FASB evaluates responses and issues the final standard

Major Types of FASB Pronouncements Standards and Interpretations Financial Accounting Concepts Technical Bulletins Emerging Issues Task Force Statements

Organizational Structure for Setting Standards Financial Accounting Foundation FASB Financial Accounting Standards Advisory Council GASB Governmental Accounting Standards Advisory Council Staff and Task Force

House of GAAP

Challenges Facing Financial Accounting Non-financial measurements need to be developed and reported More information needs to be provided regarding soft assets (intangibles). Forward-looking information, in addition to historical information, must be provided. Statements may have to be prepared on a real-time basis (and not just periodically).

The Expectations Gap An expectations gap exists between the public’s perception of the profession’s accountability and profession’s perception of its accountability to the public. Corrective steps include the setting up of the: SEC Practice sections and Public Oversight Board.

International Accounting Standards The International Accounting Standards Committee (IASC) was formed in 1973. The objective was to narrow divergence in international financial reporting. There are many similarities between U.S. and International accounting standards. The concern is that international standards may not be as rigorous as U.S. standards.