Chapter 1: Akuntansi Keuangan dan Standar Akuntansi Intermediate Accounting, 12th Edition Kieso, Weygandt, and Warfield KELOMPOK 1.

Presentasi berjudul: "Chapter 1: Akuntansi Keuangan dan Standar Akuntansi Intermediate Accounting, 12th Edition Kieso, Weygandt, and Warfield KELOMPOK 1."— Transcript presentasi:

1 Chapter 1: Akuntansi Keuangan dan Standar Akuntansi Intermediate Accounting, 12th Edition Kieso, Weygandt, and Warfield KELOMPOK 1

2 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 2 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.

3 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 3 Accounting and the Efficient Use of Scarce Resources (1 of 2) Financial Reporting aids users in the allocation of scarce resources. Financial Reporting aids users in the allocation of scarce resources.

4 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 4 Accounting and the Efficient Use of Scarce Resources (2 of 2) Financial Reporting aids Financial Reporting aids Users (present and potential) in Users (present and potential) in Capital Allocation decisions Capital Allocation decisions Reports consist of: balance sheet, income st, cash flow st, and other data Users are: investors, creditors, unions and govt. agencies Involve determining how funds are allocated among competing interests

5 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 5 Objectives of Financial Reporting by Business Enterprises The objectives are specified 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.

6 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 6 Generally Accepted Accounting Principles (GAAP) The profession has developed GAAP that present fairly, clearly and completely the financial operations of the enterprise. GAAP consist of authoritative pronouncements issued by certain accounting bodies.

7 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 7 Organisasi Yang Berperan Besar Dalam Pengembangan Standar Akuntansi Keuangan Securities and Exchange Commission ( SEC ) American Institute of Certified Public Accountants (AICPA) Financial Accounting Standards Board (FASB) Governmental Accounting Standards Board (GASB) Badan Federal yang memiliki kekuasaan yang luas untuk menentukan,dengan tingkat yang diinginkan. Organisasi profesi nasional dari Certifed Public Accountant (CPA),memiliki peran penting dalam GAAP Membentuk & memperbaiki Standar- standar Akuntansi serta pelaporan keuangan untuk menuntun dan mendidik publik Laporan Keuangan yang dibuat pemerintah lokal & negara bagian tidak dapat dibangdinkan dengan laporan keuangan yang dibuat Organisasi Bisnis Swasta.

8 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 8 The Financial Accounting Standards Board (FASB) The FASB, the Financial Accounting Foundation and the Advisory Councils make up the standard setting structure. The FASB enjoys the following advantages compared to its predecessor, the Accounting Principles Board: 1 * smaller membership 2 * greater autonomy 3 * increased independence of members 4 * broader representation on the Board

9 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 9 The Due Process (1 of 3) In establishing financial standards, the FASB follows the due process. The due process gives time to interested persons to make their views known to the Board.

10 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 10 The Due Process (2 of 3) AGENDA 1 Topics for standard setting are identified Discussion Memorandum 2 The FASB issues initial research and analysis Public Hearing 3 4 A public hearing is conducted

11 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 11 The Due Process (3 of 3) Exposure Draft 4 The FASB issues an exposure draft (tentative standard) Final Standard 5 The FASB evaluates responses and issues the final standard

12 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 12 Major Types of FASB Pronouncements 1 Standards and Interpretations : are modifications or extensions of standards 2 Financial Accounting Concepts : are objectives and concepts used in the development of standards 3 Technical Bulletins : provide timely guidance on reporting issues 4 Emerging Issues Task Force Statements

13 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 13 Organizational Structure for Setting Standards Financial Accounting Foundation FASB Financial Accounting Standards Advisory Council GASB Governmental Accounting Standards Advisory Council Staff and Task Force

14 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 14 GAAP and Other Authoritative Pronouncements GAAP consist of FASB Standards and Interpretations, APB Opinions and AICPA Accounting Research Bulletins. However, there are other documents that are considered to provide authoritative support. See next slide for a hierarchy of these pronouncements.

15 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 15 House of GAAP Most authoritative Level 2 Level 3 Least authoritative FASB Standards and Interpretations, APB Opinions and AICPA Research Bulletins FASB Technical Bulletins, AICPA Industry Guides, AICPA Statements of Position Emerging Issues Task Force, AICPA Practice Bulletins Implementation Guides

16 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 16 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)

17 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 17 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: 1 SEC Practice sections and 2 Public Oversight Board.

18 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 18 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.

19 8/29/2019Intermediate Accounting, 10th Edition, Chapter 1 (Kieso et al.) 19 COPYRIGHT Copyright © 2001 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein.