AKUNTANSI KEUANGAN AKUNTANSI

MENENGAH 1 FE-UM

Sumber: Kieso, Weygandt, Warfield & Corby Harmon &

SAK per 1 Januari 2019 & 2020 & Tim PJMK Akuntansi Keuangan
 FINANCIAL
REPORTING &
ACCOUNTING
STANDARD
 PREVIEW OF CHAPTER 1

Objective of Financial
Standard-Setting
Global Markets Financial Reporting
Organisations
Reporting Challenges
• Financial • General-purpose • IASB • Political
Statement & financial • DSAK environment
Financial statements • Hierarchy of • Expectations
Reporting • Equity investors IFRS gap
• Accounting and and creditors • Significant
Capital • Entity financial
Allocation perspective reporting issues
• High-Quality • Ethics
Standards

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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 5. Identify the objective of financial reporting.

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.

1-4
 GLOBAL MARKETS

World markets are becoming increasingly intertwined.

Top 20 Global Companies In Terms of Sales in 2017

1. Walmart 11. Apple

2. State Grid 12. Samsung Electronics
3. Sinopec Group 13. McKesson
4. China National Petroleum 14. Glencore
5. Royal Dutch Shell 15. UnitedHealth Group
6. Toyota Motor 16. Daimler
7. Volkswagen 17. CVS Health
8. British Petroleum 18. Amazon.com
9. Exxon Mobil 19. EXOR Group
10. Berkshire Hathaway 20. AT&T

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 GLOBAL MARKETS

World markets are becoming increasingly intertwined.

Top 20 Global Companies In Terms of Most Profitable in 2017

1. Apple 11. Bank of China

2. British American Tobacco 12. JPMorgan Chase & Co
3. Berkshire Hathaway 13. Comcast
4. Industrial & Commercial 14. Toyota Motor
Bank of China 15. Wells Fargo
5. Samsung Electronics 16. Bank of America Corp
6. China Construction Bank 17. Facebook
7. Verizon 18. Procter & Gamble
8. AT&T 19. Ping An Insurance
9. Agricultural Bank of China 20. Volkswagen

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 GLOBAL MARKETS

Significant number of foreign companies are found on

national exchanges. ILLUSTRATION 1-2
International Exchange Statistics

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LO 1
 1 Financial Reporting and
Accounting Standards

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 statements 7. Explain the meaning of IFRS.
and 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

Financial Statements and Financial Reporting

Essential characteristics of accounting are:

1. the identification, measurement, and communication of
financial information about

2. economic entities to

3. interested parties.

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 GLOBAL MARKETS

Economic Entity Financial Statements Additional Information

Financial Statement of President’s letter

Information Financial Position
Prospectuses
Accounting? Income Statement or
Reports filed with
Statement of
Identify governmental
Comprehensive
and agencies
Income
Measure News releases
Statement of Cash
and Flows Forecasts
Communicate Statement of Environmental impact
Changes in Equity statements
Notes to The Etc.
Financial Statement
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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 5. Identify the objective of financial reporting.

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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 GLOBAL MARKETS

Accounting and Capital Allocation

Resources are limited. Efficient use of resources often

determines whether a business thrives.
ILLUSTRATION 1-3
Capital Allocation Process

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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 5. Identify the objective of financial reporting.

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.
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.

4. Explain the need for high-quality

standards.

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 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.
2. Consistency in application and interpretation.
3. Common disclosures.
4. Common high-quality auditing standards and practices.
5. Common approach to regulatory review and enforcement.
6. Education and training of market participants.
(Continued)

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 GLOBAL MARKETS

High Quality Standards

Globalization demands a single set of high-quality
international accounting standards. Some elements:
7. Common delivery systems (e.g., eXtensible Business
Reporting Language—XBRL).
8. Common approach to corporate governance and legal
frameworks around the world.

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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 5. Identify the objective of financial

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.
reporting.
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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 OBJECTIVE OF FINANCIAL ACCOUNTING

Objective: Provide financial information about the reporting

entity that is useful to
► present and potential equity investors,

► lenders, and

► other creditors

in making decisions about providing resources to the entity.

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 OBJECTIVE OF FINANCIAL ACCOUNTING

General-Purpose Financial Statements

► Provide financial reporting information to a wide variety
of users.
► Provide the most useful information possible at the
least cost.

Equity Investors and Creditors

► Investors and creditors are the primary user group.

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 OBJECTIVE OF FINANCIAL ACCOUNTING

Entity Perspective
► Companies viewed as separate and distinct from their
owners (shareholders).

Decision-Usefulness
► 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.

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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 5. Identify the objective of financial reporting.

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.

1-20
 STANDARD-SETTING ORGANIZATIONS
Main standard-setting organization:

International Indonesia

• International • Dewan Standar

Accounting Akuntansi
Standar Board Keuangan (DSAK)
(IASB) • Standar: Standar
• Standard: Akuntansi
International Keuangan (SAK)
Financial Reporting
Standard

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 International Accounting Standards Board

Due Process
The IASB due process has the following elements:

1. Independent standard-setting board;

2. Thorough and systematic process for developing
standards;
3. Engagement with investors, regulators, business leaders,
and the global accountancy profession at every stage of
the process; and
4. Collaborative efforts with the worldwide standard-setting
community.
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 International Accounting Standards Board

ILLUSTRATION 1-5
International
Standard-Setting
Structure

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LO 6
 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

Pembahasan
Limited Hearing Pengesahan
tanggapan
(jika diperlukan) SAK
publik
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 International Accounting Standards Board

Types of Pronouncements
► International Financial Reporting Standards.

► Conceptual Framework for Financial Reporting.

► International Financial Reporting Standards Interpretations.

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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 5. Identify the objective of financial reporting.

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.

1-26
 STANDARD-SETTING ORGANIZATIONS

Companies first look to:

1. Standar Akuntansi Keuangan (SAK)
2. International Financial Reporting Standards; International
Accounting Standards (issued by the predecessor to the
IASB), and IFRS interpretations originated by the IFRS
Interpretations Committee (and its predecessor, the IAS
Interpretations Committee);
3. The Conceptual Framework for Financial Reporting; and
4. Pronouncements of other standard-setting bodies that use a
similar conceptual framework (e.g., U.S. GAAP).

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 STANDARD-SETTING ORGANIZATIONS

KONVERGENSI SAK
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)
4. Dampak konvergensi: SAK bersifat principle-based, banyak menggunakan dasar
pengukuran nilai wajar, memerlukan professional judgement serta
pengungkapan dalam Laporan Keuangan, dicabutnya beberapa PSAK yang
khusus untuk industry tertentu

Konvergensi Konvergensi
Tahap 1 Tahap 2

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 STANDARD-SETTING ORGANIZATIONS

KONVERGENSI TAHAP PERTAMA (TAHUN 2012)

SAK per 1 Juni 2012

(mengacu IFRS Standards per 1 Januari 2009)

• Pernyataan Standar Akuntansi

Keuangan (PSAK)
• Interpretasi Standar Akuntansi Keuangan
(ISAK)
• Pernyataan Pencabutan Standar
Akuntansi Keuangan (PPSAK)
• Buletin Teknis (Bultek)

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 STANDARD-SETTING ORGANIZATIONS
KONVERGENSI TAHAP KEDUA
SAK per 1 Januari SAK per 1 Januari SAK per 1 Januari
2015 2017 2018
• PSAK dan ISAK • menambah • menambahkan
baru, revisi, PSAK/ISAK baru: PSAK/ISAK baru:
amandemen dan PSAK70, ISAK 31, PSAK 69
yang telah melalui PSAK 13, • Amandemen:
proses penyesuaian • Amandemen & pe- PSAK 2, PSAK 13,
• PPSAK: PSAK 28, nyesuaian: PSAK 1, PSAK 16, PSAK 46,
PSAK 36, PSAK 38, PSAK 3, PSAK 4, PSAK 53
PSAK 45, ISAK 25 PSAK 5, PSAK 7, • PENYESUAIAN
PSAK 13, PSAK 15, TAHUNAN:
PSAK 16, PSAK 19, PSAK 15, PSAK 67
PSAK 22, PSAK 24,
PSAK 25, PSAK 53,
PSAK 58, PSAK 60,
PSAK 65, PSAK 66,
PSAK 67, PSAK 68

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 STANDARD-SETTING ORGANIZATIONS
PERBEDAAN REVISI, AMANDEMEN, PENYESUAIAN TAHUNAN
PENYESUAIAN
REVISI AMANDEMEN
TAHUNAN
• Mengubah • Menghkarifikasi • Fokus pada bagian-
persyaratan secara prinsip dan bagian yang tidak
signifikan persyaratan konsisten atau
• Memberikan • Menambahkan klarifikasi wording
persyaratan baru pedoman • Tidak terdapat
• Ketika disahkan, pendukung (untuk prinsip dan
standar revision meningkatkan persyaratan baru
akan menggantikan keterpahaman • Tidak mengubah
standar sebelumnya prinsip dan prinsip dan
persyaratan yang persyaratan yang
sudah ada tanpa sudah ada
berdampak
signifikan pada
praktik pelaporan
keuangan

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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 5. Identify the objective of financial reporting.

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.

1-32
 FINANCIAL REPORTING CHALLENGES
ILLUSTRATION 1-6

IFRS in a Political Environment User Groups that Influence the

Formulation of Accounting
Standards

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 FINANCIAL REPORTING CHALLENGES

The Expectations Gap

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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