FINANCIAL

AKUNTANSI KEUANGAN AKUNTANSI

REPORTING &
MENENGAH 1 FE-UM ACCOUNTING
STANDARD
Sumber: Kieso, Weygandt, Warfield & Corby Harmon &
SAK per 1 Januari 2019 & 2020 & Tim PJMK Akuntansi Keuangan

PREVIEW OF CHAPTER 1
1 Financial Reporting and
Accounting Standards
Objective of Financial
Standard-Setting
Global Markets Financial Reporting
Organisations
Reporting Challenges
LEARNING OBJECTIVES
• Financial • General-purpose • IASB • Political
Statement & financial • DSAK environment
Financial statements After studying this chapter, you should be able to:
• Hierarchy of • Expectations
Reporting • Equity investors IFRS gap 5. Identify the objective of financial reporting.
1. Describe the growing importance of
• Accounting and and creditors • Significant
Capital • Entity financial global financial markets and its 6. Identify the major policy-setting bodies and
Allocation perspective reporting issues relation to financial reporting. their role in the standard-setting process.
• High-Quality • Ethics 2. Identify the major financial statements and 7. Explain the meaning of IFRS.
Standards
other means of financial reporting. 8. Describe the challenges facing financial
3. Explain how accounting assists in the efficient reporting.
use of scarce resources.
4. Explain the need for high-quality standards.

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 GLOBAL MARKETS GLOBAL MARKETS

World markets are becoming increasingly intertwined. World markets are becoming increasingly intertwined.

Top 20 Global Companies In Terms of Sales in 2017 Top 20 Global Companies In Terms of Most Profitable in 2017

1. Walmart 11. Apple 1. Apple 11. Bank of China

2. State Grid 12. Samsung Electronics 2. British American Tobacco 12. JPMorgan Chase & Co
3. Sinopec Group 13. McKesson 3. Berkshire Hathaway 13. Comcast
4. China National Petroleum 14. Glencore 4. Industrial & Commercial 14. Toyota Motor
5. Royal Dutch Shell 15. UnitedHealth Group Bank of China 15. Wells Fargo
6. Toyota Motor 16. Daimler 5. Samsung Electronics 16. Bank of America Corp
7. Volkswagen 17. CVS Health 6. China Construction Bank 17. Facebook
8. British Petroleum 18. Amazon.com 7. Verizon 18. Procter & Gamble
9. Exxon Mobil 19. EXOR Group 8. AT&T 19. Ping An Insurance
10. Berkshire Hathaway 20. AT&T 9. Agricultural Bank of China 20. Volkswagen

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1
GLOBAL MARKETS Financial Reporting and
Significant number of foreign companies are found on
Accounting Standards
national exchanges. ILLUSTRATION 1-2
International Exchange Statistics

LEARNING OBJECTIVES
After studying this chapter, you should be able to:

1. Describe the growing importance of global 5. Identify the objective of financial reporting.
financial markets and its relation to financial
6. Identify the major policy-setting bodies and
reporting.
their role in the standard-setting process.
2. Identify the major financial 7. Explain the meaning of IFRS.
statements and other means of
8. Describe the challenges facing financial
financial reporting. reporting.
3. Explain how accounting assists in the efficient
use of scarce resources.
4. Explain the need for high-quality standards.

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 GLOBAL MARKETS GLOBAL MARKETS

Financial Statements and Financial Reporting Economic Entity Financial Statements Additional Information

Financial Statement of President’s letter

Essential characteristics of accounting are: Information Financial Position
Prospectuses
1. the identification, measurement, and communication of Accounting? Income Statement
Reports filed with
financial information about or Statement of
Identify governmental
Comprehensive
agencies
2. economic entities to and Income
Measure News releases
Statement of Cash
3. interested parties. and Flows Forecasts
Communicate Statement of Environmental
Changes in Equity impact statements
Notes to The Etc.
Financial Statement
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1 Financial Reporting and GLOBAL MARKETS

Accounting Standards Accounting and Capital Allocation

Resources are limited. Efficient use of resources often

LEARNING OBJECTIVES
After studying this chapter, you should be able to:
1. Describe the growing importance of
global financial markets and its relation
to financial reporting.
determines whether a business thrives.
ILLUSTRATION 1-3
Capital Allocation Process
5. Identify the objective of financial reporting.
6. Identify the major policy-setting bodies and
their role in the standard-setting process.

2. Identify the major financial statements and
other means of financial reporting.
3. Explain how accounting assists in
the efficient use of scarce resources.
4. Explain the need for high-quality standards.
7. Explain the meaning of IFRS.
8. Describe the challenges facing financial
reporting.

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 1 Financial Reporting and
Accounting Standards
LEARNING OBJECTIVES
After studying this chapter, you should be able to:
1. Describe the growing importance of
global financial markets and its relation
to financial reporting.
2. Identify the major financial statements and
other means of financial reporting.
3. Explain how accounting assists in the efficient
use of scarce resources.
4. Explain the need for high-quality
standards.
GLOBAL MARKETS
High Quality Standards
Globalization demands a single set of high-quality
international accounting standards. Some elements:
1. Single set of high-quality accounting standards established by
a single standard-setting body.
5. Identify the objective of financial reporting.
6. Identify the major policy-setting bodies and 2. Consistency in application and interpretation.
their role in the standard-setting process.
3. Common disclosures.
7. Explain the meaning of IFRS.
4. Common high-quality auditing standards and practices.
8. Describe the challenges facing financial
reporting.
5. Common approach to regulatory review and enforcement.
6. Education and training of market participants.
(Continued)

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1
GLOBAL MARKETS Financial Reporting and
High Quality Standards
Accounting Standards
Globalization demands a single set of high-quality
international accounting standards. Some elements: LEARNING OBJECTIVES
7. Common delivery systems (e.g., eXtensible Business
After studying this chapter, you should be able to:
Reporting Language—XBRL).
1. Describe the growing importance of 5. Identify the objective of financial
8. Common approach to corporate governance and legal global financial markets and its relation reporting.
frameworks around the world. to financial reporting. 6. Identify the major policy-setting bodies and
2. Identify the major financial statements and their role in the standard-setting process.
other means of financial reporting. 7. Explain the meaning of IFRS.
3. Explain how accounting assists in the efficient 8. Describe the challenges facing financial
use of scarce resources. reporting.
4. Explain the need for high-quality standards.

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 OBJECTIVE OF FINANCIAL ACCOUNTING OBJECTIVE OF FINANCIAL ACCOUNTING

Objective: Provide financial information about the reporting General-Purpose Financial Statements
entity that is useful to ► Provide financial reporting information to a wide variety
► present and potential equity investors, of users.

► lenders, and ► Provide the most useful information possible at the

least cost.
► other creditors
in making decisions about providing resources to the entity. Equity Investors and Creditors
► Investors and creditors are the primary user group.

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1
OBJECTIVE OF FINANCIAL ACCOUNTING Financial Reporting and
Entity Perspective
Accounting Standards
► Companies viewed as separate and distinct from their
owners (shareholders). LEARNING OBJECTIVES

Decision-Usefulness After studying this chapter, you should be able to:

1. Describe the growing importance of 5. Identify the objective of financial reporting.

► Investors are interested in assessing
1. the company’s ability to generate net cash inflows and
2. management’s ability to protect and enhance the capital
providers’ investments.
global financial markets and its relation
to financial reporting.
2. Identify the major financial statements and
other means of financial reporting.
3. Explain how accounting assists in the efficient
use of scarce resources.
4. Explain the need for high-quality standards.
6. Identify the major policy-setting
bodies and their role in the standard-
setting process.
7. Explain the meaning of IFRS.
8. Describe the challenges facing financial
reporting.

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 STANDARD-SETTING ORGANIZATIONS International Accounting Standards Board
Main standard-setting organization:
Due Process
International Indonesia The IASB due process has the following elements:
• International • Dewan Standar 1. Independent standard-setting board;
Accounting Akuntansi
Standar Board Keuangan (DSAK) 2. Thorough and systematic process for developing
(IASB) • Standar: Standar standards;
• Standard: Akuntansi
3. Engagement with investors, regulators, business leaders,
International Keuangan (SAK)
Financial Reporting and the global accountancy profession at every stage of
Standard the process; and
4. Collaborative efforts with the worldwide standard-setting
community.
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International Accounting Standards Board STANDAR AKUNTANSI KEUANGAN

Due Process Penyusunan dan Pencabutan SAK

(Peraturan Organisasi Ikatan Akuntan Indonesia (PO IAI) pasal 26 ayat 1)

Konsultasi isu
Identifikasi Isu dengan DKSAK Riset terbatas
(jika diperlukan)

Pengesahan
Pembahasan
dan publikasi Public Hearing
materi Draf Eksposur

ILLUSTRATION 1-5
International
Standard-Setting
Structure Pembahasan
Limited Hearing Pengesahan
tanggapan
(jika diperlukan) publik SAK
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 1
International Accounting Standards Board Financial Reporting and
Types of Pronouncements Accounting Standards
► International Financial Reporting Standards.
► Conceptual Framework for Financial Reporting. LEARNING OBJECTIVES
► International Financial Reporting Standards Interpretations. After studying this chapter, you should be able to:

1. Describe the growing importance of 5. Identify the objective of financial reporting.

global financial markets and its relation 6. Identify the major policy-setting bodies and
to financial reporting. their role in the standard-setting process.

2. Identify the major financial statements and 7. Explain the meaning of IFRS.
other means of financial reporting.
8. Describe the challenges facing financial
3. Explain how accounting assists in the efficient reporting.
use of scarce resources.
4. Explain the need for high-quality standards.

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STANDARD-SETTING ORGANIZATIONS STANDARD-SETTING ORGANIZATIONS

Companies first look to: KONVERGENSI SAK

1. Standar Akuntansi Keuangan (SAK)
2. International Financial Reporting Standards; International
Accounting Standards (issued by the predecessor to the
1. Konvergensi SAK ke IFRS secara bertahap
2. Berdasarkan kesepakatan anggota G-20 (tahun 2009)
3. Dukungan dari regulator (Otoritas Jasa Keuangan, Bank Indonesia, Kementerian
Negara BUMN, Dirjen Pajak dan regulator lainnya)

IASB), and IFRS interpretations originated by the IFRS 4. Dampak konvergensi: SAK bersifat principle-based, banyak menggunakan dasar
pengukuran nilai wajar, memerlukan professional judgement serta
Interpretations Committee (and its predecessor, the IAS
pengungkapan dalam Laporan Keuangan, dicabutnya beberapa PSAK yang
Interpretations Committee); khusus untuk industry tertentu
3. The Conceptual Framework for Financial Reporting; and
4. Pronouncements of other standard-setting bodies that use a Konvergensi Konvergensi
similar conceptual framework (e.g., U.S. GAAP). Tahap 1 Tahap 2

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 STANDARD-SETTING ORGANIZATIONS STANDARD-SETTING ORGANIZATIONS
KONVERGENSI TAHAP KEDUA
KONVERGENSI TAHAP PERTAMA (TAHUN 2012)
SAK per 1 Januari SAK per 1 Januari SAK per 1 Januari
2015 2017 2018
SAK per 1 Juni 2012 • PSAK dan ISAK • menambah • menambahkan
baru, revisi, PSAK/ISAK baru: PSAK/ISAK baru:
(mengacu IFRS Standards per 1 Januari 2009)
amandemen dan PSAK70, ISAK 31, PSAK 69
yang telah melalui PSAK 13, • Amandemen:
proses penyesuaian • Amandemen & pe- PSAK 2, PSAK 13,
• Pernyataan Standar Akuntansi • PPSAK: PSAK 28, nyesuaian: PSAK 1, PSAK 16, PSAK 46,
Keuangan (PSAK) PSAK 36, PSAK 38, PSAK 3, PSAK 4, PSAK 53
• Interpretasi Standar Akuntansi Keuangan PSAK 45, ISAK 25 PSAK 5, PSAK 7, • PENYESUAIAN
PSAK 13, PSAK 15, TAHUNAN:
(ISAK) PSAK 16, PSAK 19, PSAK 15, PSAK 67
• Pernyataan Pencabutan Standar PSAK 22, PSAK 24,
PSAK 25, PSAK 53,
Akuntansi Keuangan (PPSAK) PSAK 58, PSAK 60,
• Buletin Teknis (Bultek) PSAK 65, PSAK 66,
PSAK 67, PSAK 68

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1
STANDARD-SETTING ORGANIZATIONS Financial Reporting and
PERBEDAAN REVISI, AMANDEMEN, PENYESUAIAN TAHUNAN Accounting Standards
PENYESUAIAN
REVISI AMANDEMEN
TAHUNAN
• Mengubah • Menghkarifikasi • Fokus pada bagian-
persyaratan secara prinsip dan bagian yang tidak LEARNING OBJECTIVES
signifikan persyaratan konsisten atau
• Memberikan • Menambahkan klarifikasi wording After studying this chapter, you should be able to:
persyaratan baru pedoman • Tidak terdapat 5. Identify the objective of financial reporting.
1. Describe the growing importance of
• Ketika disahkan, pendukung (untuk prinsip dan
meningkatkan persyaratan baru global financial markets and its relation 6. Identify the major policy-setting bodies and
standar revision
akan menggantikan keterpahaman • Tidak mengubah to financial reporting. their role in the standard-setting process.
standar sebelumnya prinsip dan prinsip dan 2. Identify the major financial statements and 7. Explain the meaning of IFRS.
persyaratan yang persyaratan yang other means of financial reporting.
sudah ada tanpa sudah ada 8. Describe the challenges facing
berdampak 3. Explain how accounting assists in the efficient financial reporting.
signifikan pada use of scarce resources.
praktik pelaporan 4. Explain the need for high-quality standards.
keuangan

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 FINANCIAL REPORTING CHALLENGES FINANCIAL REPORTING CHALLENGES
ILLUSTRATION 1-6

IFRS in a Political Environment User Groups that Influence

the Formulation of The Expectations Gap
Accounting Standards

What the public thinks accountants should do vs. what

accountants think they can do.

Significant Financial Reporting Issues

► Non-financial measurements
► Forward-looking information
► Soft assets
► Timeliness

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FINANCIAL REPORTING CHALLENGES

Ethics in the Environment of Financial

Accounting
► Companies that concentrate on “maximizing the bottom
line,” “facing the challenges of competition,” and
“stressing short-term results” place accountants in an
environment of conflict and pressure.

► IFRS do not always provide an answer.

► Technical competence is not enough when encountering

ethical decisions.

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