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MANAJEMEN RESIKO KEUANGAN
FINANCIAL RISK MANAGEMENT
The financial executives appreciate the new and imaginative ways to minimize exposure to the volatility of foreign exchange, commodity prices, interest rates and security prices.
The financial industry is offering financial hedging products, such as currency swaps, interest rate swaps and options.
Makers to discuss the principles of accounting standards / measurement and reporting standards are appropriate for financial products. Financial reporting so that companies do better internationally.
All of this is to reduce the risk of the use of instruments that are often closed. Hence the term risk management study to be important (see Exhibit 11-1).
• The Fundamental Risk Management
The main objective of financial risk management is to minimize the potential loss arising from unexpected changes in currency rates, credit, commodities, and equities.
For that we need knowledge of:
A. Market risk
2. Liquidity risk
arises because not all the financial risk management products can be traded freely.
A. Market discontinuities
refers to the risk that the market does not always lead to changes in prices in last
A. Credit risk
the possibility that the other side of risk management in the contract can not meet its obligations.
A. Regulatory risk
risks arising from public authorities banned the use of a financial product for a particular
purpose.
A. Tax risk
the risk that certain hedging transactions can not obtain the desired tax treatment.
A. Risk accounting
chance that a hedging transaction can not be recorded as part of the transaction hedged about.
• Why Manage Financial Risk?
Controlling financial risk can enhance shareholder value, as investors who prefers fund managers
are able to identify and manage market risks.
Stability of cash flow can minimize earnings surprises, so that cashflow expectations rise.
Stability of income to reduce the risk of default and bankruptcy.
Exposure to active management makes the company can concentrate on key business risks. For
example, manufacturing companies can be protected from the risk of interest rate and currency
by concentrating on the production and marketing.
Lenders (creditors), employees and customers could also benefit from exposure management.
Creditors lower risk tolerance than stockholders
Employee pensions and benefits through better
Customers limit the risks faced by consumers
• Role of Accounting
– Identification of Market Risk
– Quantifying the Balancing
– Risk Management at the World Under Floating Exchange Rates
- Anticipation of exchange rate movements
- Exchange rate risk measurement
- The design of protection strategies
- Preparation of internal risk management control systems
– Management of Risk Potential
- Translational potential risks
- Potential risk of the transaction
- Potential risks of economic vs. accounting
- Protection Strategy
1. Balance Sheet Hedging
2. Operational Hedging
3. Contractual Hedging
• Role of Accounting (continued)
Accounting for Hedging Products
A. Forward Foreign Currency Contracts
2. Future of Finance
3. Currency Options
4. Currency Swap
5. Accounting Treatment
6. Practice Issues
• Disclosure
Financial Risk Management
1. Foreign currency (Foreign Currency)
2. The value of risk (Value at Risk)
PENETAPAN HARGA TRANSFER DAN PERPAJAKAN INTERNASIONAL
TRANSFER PRICING AND TAXATION INTERNATIONAL
Taxes and currency factors have a major influence on investment decisions, forms of organization, funding sources, when / where the recognition of revenue / expense, and transfer pricing.Most companies are burdened with the problem of the tax code (in addition to COGS, Labor, and Raw Materials). Because the tax code of each country differ, the company needs to have a system of multinational tax planning and computer-based simulation system as an essential tool of management.
The company must understand the main differences of national taxation system, a national effort to address the issue of double taxation and arbitrage opportunities between national jurisdictions for multinational companies.
Transfer pricing to minimize the role of national corporate tax, but also must consider the context of strategic planning and control.
• Diversity of the National Tax System
Various kinds of taxes:
– Direct taxes, such as CHD Charges and VAT
– Indirect taxes, such as CHD Border
– Corporate Tax, such as Transfer Tax
Tax Burden
Tax Administration System:
– Classical System
Corporate income tax imposed on taxable income at the corporate level and shareholder level.
– Integrated Systems
Corporate tax and shareholder integrated in such a way as to reduce or eliminate double taxation
on corporate earnings.
Tax incentives LN:
– Tax holiday
Incentives may include tax-free cash grants are used for the cost of fixed assets and new
industrial processes or remission of taxes to pay for some period of time
– Tax havens
Negar that have special tax privileges may also be considered a tax haven in a time-limited
Harmful Tax Competition
International Harmonization
• Against Pamajakan LN and Sources of Income Taxation
– Foreign Tax Credit
– Restrictions on Tax Credit
– Tax Treaty
– Consider Foreign Currency
• Definition of Tax Planning
– Consideration of the Organization
– Foreign-controlled companies and Profit Subdivision F
– Parent Company in LN
– Corporate Sales LN
– Funding Decisions
– Merger Tax Credit
– Cost Accounting Aokasi
– Location and Transfer Pricing
• International Transfer Pricing Complex Variables
– Tax Factor
– Factor Tariff
– Power Factor Saings
– Environmental Risks
– Evaluation of Performance Factors
– Contribution Accounting
• Transfer Pricing Methodology
– Price vs. Cost vs. …..?
– Principle of Fair Price
– Method of Equivalent Rates Not Controlled
– Method of Controlled Transaction Not Equal
– Method of Selling Price Return
– Method of Determining the Cost Plus
– Comparable Profit Method
– Method of Separation of Income
– Other Pricing Methods
– Pricing Agreement Lajutan
• Practice Transfer Price
Each company is different from many dimensions. Usually every company running transfer
pricing practices as an obligation.
Many factors influence the transfer price. However, transfer pricing has 3 (three) main
objectives, namely:
A. Managing the tax burden (dominant)
2. Operational use of transfer pricing (to maintain the position of the company’s competitiveness,
promote the performance evaluation, motivating employees, managing inflation)
3. Manage risk and eliminate foreign exchange restrictions on cash transfers relative
PERENCANAAN DAN KENDALI MANAJEMEN
PLANNING & CONTROL MANAGEMENT
Global competition that occurs along with advances in technology continue to significantly alter the scope of business and internal reporting requirements. Reduction in national trade barriers on an ongoing basis, a floating currency, sovereign risk, restrictions on sending funds across national borders, differences in national tax systems, the difference in interest rates and commodity prices and the effect of changing equity to assets, earnings , and the cost of capital is a variable that complicates management decisions. At the same time, developments such as the Internet, video conferencing, and electronic transfer change the economics of production, distribution, and financing. Global competition and rapid dissemination of information to support the limited national differences in management accounting practices. Additional pressures include, among others, changes in markets and technologies, the growth of privatization, incentive costs, and performance, and coordination of global operations through joint ventures (joint ventures) and other strategic links. Does it improve the management of multinational companies to not only implement internal accounting techniques that can be compared, but also use these techniques in the same way.
MAKING BUSINESS MODEL
The latest survey found that management accountants spend more time in strategic planning issues than before. Determination of the business model of the big picture, and consists of the formulation, implementation and evaluation of long-term business plan of a company. It includes four main dimensions.
1. Identify the major factors relevant to the company’s progress in the future.
2. Formulate an adequate technique to predict future developments and analyze the company’s ability to adapt or take advantage of these developments
3. Develop data sources for menditkung strategic choices.
4. Certain choices translate into a series of specific actions.
PLANNING TOOL
In identifying the relevant factors in the future, scanning the external and internal environment will greatly assist companies in recognizing the challenges and opportunities. A system can be applied to gather information on competitors and market conditions. Both competitors and market conditions are analyzed to see the influence of both the standing of the competition and the level of corporate profits. Inputs obtained from this analysis are used to plan the measures used to maintain or increase market share or to recognize and utilize the new product and market opportunities.
One such tool is the WOTS-UP analysis. This Analicis regarding the strengths and weaknesses of the company relating to the company’s operating environment. This technique helps in generating a series of management strategies that can be run.
Decision tools that are currently used in the strategic planning system relies entirely on the quality of information about internal and external environment of an enterprise. Accountants can help corporate planners to obtain useful data in strategic planning decisions. Most of the required information comes from sources other than the accounting records.
CAPITAL BUDGET
The decision to invest abroad is a very important element in the global strategy of a multinational company. Foreign direct investment generally involves large amounts of capital and the prospects are uncertain. Investment risk, followed by the foreign environment, complex and constantly changing. Formal planning is a must and is generally performed in a capital budgeting framework that compares the benefits and costs of the proposed investment.
Approach to more complex investment decisions are also available. There are several procedures to determine the optimum capital structure of a company, measuring the cost of capital of a company, and evaluate investment alternatives under conditions of uncertainty. Decision rule for investment options generally require a discounted cash flow investment based on risk-adjusted interest rates are adequate: the weighted average cost of capital. Generally, companies can increase the prosperity of the owner to make an investment that promises a positive net present value. When considering the options that are mutually separated or mutually independent (mutually exclusive), a rational firm will choose the option that promises the net present value of the maximum possible.
In the international environment, investment planning is not as simple as that. Huokum differences in tax, accounting system, the rate of inflation, the risk of nationalization, currency framework, market segmentation, restrictions on the transfer of retained earnings, and differences in language and culture adds to the complexity of elements that are rarely found in domestic environments. The difficulty for the quantification of these data make existing problems worse.
Adaptation (adjustment) by multinational companies for investment planning models have traditionally been carried out in three areas of measurement: (1) determine the relevant returns for multinational investments, (2) measure of cash flow expectations, and (3) calculate the cost of multinational capital. This adaptation provides data that support the strategic choices, the third step in the process of enterprise modeling.
VIEWPOINT FINANCIAL RESULTS
A manager must determine the rate of return that are relevant for analyzing foreign investment opportunities. However, the relevant rate of return is a matter of perspective. Should the international financial manager to evaluate expectations of return on investment from the standpoint of foreign project or from the perspective of the parent company? Returns from these two viewpoints may differ significantly due to several reasons such as: (1) restrictions on repatriation of profits by the government and capital, (2) license fees, royalties and other payments which is the profit for the parent company but is a burden for subsidiaries , (3) differences in national inflation rate, (4) changes in exchange rates acing, and (5) differences in taxes.
Opinion that the rate of return and the risk of a foreign investment can be evaluated from the viewpoint of the parent company’s domestic shareholders, are no longer sufficient because:
1. Investors in the parent company of the more that comes from the world community.
2. Investment objectives must reflect the interests of all shareholders, not just from domestic.
3. Observations also show that multinational companies have long-term investment horizon ‘(and not short term). Funds generated abroad tend to be reinvested rather than repatriated to the parent company. Under these conditions, would be more appropriate to evaluate the return from the standpoint of the host country.
The emphasis on local projects of return consistent with the objective to maximize the value of the consolidated group.
Adequate solution is to recognize that financial managers must meet multiple objectives, by providing a response to investor groups and noninvestor in organization and in its environment. Host country governments is one of the group for foreign investment. Match between the goals of multinational investors and host countries should be achieved through two financial return calculations: one from the standpoint of the host country, and the other from the viewpoint of the parent company. The host country’s point of view assumes that a favorable foreign investment (including capital costs of local opportunities) would not be wrong in the somber allocate scarce host country. Evaluation of investment opportunities from the local viewpoint also provides useful information for the parent company.
If a foreign investment does not promise a return on risk adjusted value is higher than the return obtained by a local competitor, then the parent company’s shareholders would be better to invest directly in local companies.
Sumber : teorikuliah.blogspot.com
pskm.mercubuana.ac.id
ANALISIS LAPORAN KEUANGAN INTERNASIONAL
INTERNATIONAL FINANCIAL ANALYSIS
ANALYSIS OF INTERNATIONAL BUSINESS STRATEGIES
Analysis of business strategy is an important first step in the analysis of financial statements. This analysis provides a qualitative understanding of the company and its competitors related to the economic environment. By identifying the drivers of profit and risk factor is the main business, business strategy or business analysis will help the analyst to make a realistic prediction.
The difficulties of analysis of international business strategy:
a. Availability of information
Analysis of business strategy particularly difficult in some countries due to lack andalnya information about macroeconomic developments. Obtain information about the industry is also very difficult in many countries and the number and quality of information companies are very different. Availability of specific information about the company is very low in developing countries. Lately, many large companies that keep records and raise capital in foreign markets and have expanded their disclosure voluntarily switch to accounting principles that are recognized globally as an international financial reporting standards.
b. Recommendations for analysis
Data limitations make the effort to analyze the business strategy by using traditional research methods to be difficult. Often frequent trips to study the local business climate and real bagaimanan industry and company operations, particularly in emerging market countries.
ANALYSIS OF ACCOUNTING
The purpose of accounting analysis is to analyze the extent to which the company reported results reflect the economic reality. Analysts need to evaluate kebujakan and accounting estimates, and analyze the nature and flexibility lungkup accounting of a company. The managers of the company is allowed to make a lot of considerations related to the accounting, because they know more about the financial condition and operations of their companies. Reported earnings is often used as a basis for evaluating the performance of their management.
Step-langah in doing evalusai accounting quality of a company:
a) Identify the main accounting policies
b) Analyze the flexibility of accounting
c) Evaluate the accounting strategy
d) Evaluate the quality of disclosure
e) Indentifikasikanlah potential problems
f) Make adjustments for accounting distortions.
EFFECT OF ACCOUNTING ANALYST ACCOUNTING BETWEEN STATE
Analysts need to evaluate policies and accounting estimates, and analyze the nature and scope of a company’s accounting flexibility. Effect on the measurement of quality of accounting, and auditing are very dramatic.
DIFFICULTIES IN OBTAINING INTERNATIONAL AKUNTNASI
In obtaining the data of International Accounting, there are several difficulties, among others:
a. Depreciation adjustment
Depreciation will affect profits, it is necessary to consider the age of the functions that must be decided manajemen.
b assets.
LIFO to FIFO inventory adjustment
Inventories should be converted in FIFO
c method.
Reserve
Reserves are the company’s ability to pay or cover expenses for removing beban.
d. Reformulation of Financial Statements
Adjustment of some of the changes after a few calculations on the points above TSB.
COPING MECHANISM OF THE DIFFERENCES BETWEEN ACCOUNTING PRINCIPLES
Several approaches can be done as follows:
– Some analysts present the foreign accounting resize according to a group of internationally recognized principles or according to other, more general basis.
– Some others develop a complete understanding of accounting practices in a particular group of countries and limited their analysis to firms located in these countries.
DIFFICULTIES AND WEAKNESSES OF INTERNATIONAL FINANCIAL ANALYSIS
a. Access to information
Information about thousands of companies from around the world have been widely available in recent years. Sources of information in countless numbers up through the World Wide Web (WWW). Companies in the world today have a website and annual report are available for free of charge from various sources lainnya.b. Timeliness of information
Timeliness of financial statements, annual reports, reports to regulators vary in each Negara.c. Language barriers and terminology.d. Asing.e currency issue. Differences in the type and format of financial statements.
USE OF THE WEBSITE (WWW) TO OBTAIN INFORMATION RESEARCH COMPANY
Many companies do not make optimum use of disclosure of corporate information via the website, both for financial and corporate sustainability. Another finding in this study is that many companies can not provide information for investors, most of the information presented in the company’s website is about the products or services produced and the many companies that do not update the information presented.
Internet Financial and Sustainability Reporting
Since 1995, there have been developments of empirical research related to Internet Financial Reporting (IFR), which reflects the development of forms of corporate disclosure. Some studies examine the factors that influence disclosure policy in the company’s website, such as research conducted by Pirchegger and Wagenhofer (1999) and Saso and Luciana (2008a). Some studies examine the nature and expansion of financial reporting on the company website as an instrument that relate to the stakeholder. Cheng, Lawrence and Coy (2000) develop an index to measure the quality of disclosure IFR at 40 large companies in New Zaeland. The results Cheng, Lawrence and Coy (2000) showed that 32 (80%) companies have a website and 70% of the samples presented financial information on a company website. And of the 32 companies that have websites shows that only 8 (25%) companies that have a value above 50%. Related research on the internet financial reporting by Saso Indonesial and Luciana (2008), which test the quality of information disclosure on the website of the banking industry that went public on the Stock Exchange. By using an index developed by Cheng, Lawrence and Coy (2000) and 19 samples of the banking industry, Saso and Luciana (2008a) provide evidence that the diversity of information disclosure on the website of the banking industry in Indonesia. Another finding in this study indicate that the banking industry are not many websites that optimize the use of Internet technology as a means of corporate disclosure, and only displays information about banking products only. While research related to sustainability reporting on the company website by Saso and Luciana (2008b), and provide evidence that of 54 samples only 10 samples are present sustainability reporting on the website main menu, and the low quantity and quality of information submitted in connection with information the company corporate sustainability (sustainability reporting). Another study conducted by Luciana and Saso (2008a and 2008b), to test the quality of information disclosure on the website of the banking industry 19 and 35 companies that fall within the LQ-45. This study provides evidence that the banking industry has the quality of information disclosure on the website to the component technology and user support is higher than the companies that entered the category of LQ-45.
Corporate Social Responsibility
Understanding and awareness of business entities to maintain good relations with all stakeholders in an effort to minimizing negative impacts and maximizing positive impacts of the operational activities of the company towards the development berkelanutan this is now understood as a CSR (Corporate Social Responsibility. Strengthening the sustainable development paradigm and corporate social responsibility initiatives CSR reporting or making social and environmental performance are considered as important as the reporting of economic performance. biggest problem is that the quality of non-financial reports are not yet as good as the quality of financial reporting. In addition to far adrift age (> 500 vs. 10-20 years), the gap between the two is marked by a degree of formality, the destination number and interval report. formalization financial statements have been very clear, with the advent of GAAP, IFRS and reporting standards in each country. Almost all are legally binding. Meanwhile, the non-financial reports komprehensifpun-the standard of the Global Reporting Initiative (GRI)-is still voluntary. Companies that do not follow the GRI standards has demonstrated remarkable variety in the format nonfinansialnya report. If the financial report is mainly aimed at investors and institutions governing a country investments in , nonfinancial report is intended for all stakeholders (including investors as well). Consequently, how the reporting will be very varied in accordance with the intended stakeholders. Finally, the financial report has financial fixed interval is annual and quarterly, while non-financial reports are usually in the form of reports setahunan or two years, not even fixed. Gazdar (2007) states there are four things that make this is why non-financial reporting to be very important:
First, the company’s reputation. The more transparent companies in those aspects that are required by all stakeholders, the higher also the reputation of the company. Of course, if the reported performance is good and valid. Therefore, companies should first improve its performance seriously. Validity is also very important, because stakeholders will never forgive a company that does public deception.
Second, serving the demands of stakeholders. Stakeholders are parties who are affected by and could affect the company in achieving its goals. Of course, those who influenced his life by the company are entitled to know the aspects that come into contact with their lives. Those who could affect the company is very necessary to get the right information, so that their influence can be directed to the appropriate destination.
Third, help the company make decisions. A good performance report would certainly include indicators that will help companies see the strengths and weaknesses of himself. Company can be a little more quiet in the aspect that the indicators show strength. On the other hand, companies need to devote greater resources to those aspects that seem weak. Periodic memilikiLaporan company with a consistent indicator is needed here, so the ups and downs of the performance can be monitored and addressed with appropriate keputusanyang.
Fourth, making investors easily understand the performance of the company. As that are already disclosed above, there is a higher demand from investors to be able to find out the real performance of the company. Long-term investors really want to know whether the embedded capital is safe or not. Companies that have social and environmental performance have a high likelihood that it is better to continue its business, and investors would be more interested to invest in these companies.
HARMONISASI AKUNTANSI INTERNASIONAL
INTERNATIONAL ACCOUNTING HARMONIZATION
Preliminary
“Harmonization” is a process for improving the compatibility (suitability) accounting practices by setting limits on how large-prkatik practices may vary. Harmonization of standards will be free of conflicts of logic and can improve the comparability (comparability) of financial information from different countries. Efforts to harmonize accounting standards have been started long before the establishment of the International Accounting Standards Committee in 1973. International accounting harmonization is one of the most important issues faced by the makers of accounting standards, capital market regulators, stock exchanges, and those who prepare or use financial statements.
- Include the harmonization of accounting harmonization:
Accounting standards (which relates to the measurement and disclosure) - Disclosures made by public companies associated with the securities offering and listing on stock exchanges
- Standar audit
International Harmonization profit
A recent article also supports the existence of a “global GAAP” harmonized. Some of the benefits mentioned include:
- Into global capital markets and investment capital can move across the globe without a hitch. High-quality financial reporting standards that are used consistently throughout the world will
- improve the efficiency of capital allocation.
- Investors can make better investment decisions; portfolio will be more diverse and less financial risk.
- Companies can improve decision making strategies in the areas of mergers and acquisitions.
- The best ideas arising from the standard pat-making activity is spread in developing global
- standards of the highest quality.
On criticism of International Standards
Internationalization of accounting standards is also drawn criticism. In early 1971 (before the establishment of IASC), some argue that the determination of international standards is a very simple solution for complex problems. Also stated that the accounting, the social sciences, has had a flexibility that is built up by itself in it and the ability to adjust to a very different situation is one of its most important values. At the international standards of doubt can be flexible to overcome differences in background, tradition, and national economic environment, some people argue that this will be a challenge that is politically unacceptable to national sovereignty.
Furthermore, it feared that the adoption of international standards will lead to “excessive standards”. Companies must respond to the pressure composition of the national, political, social, and economic and increasingly made the MAGs to meet additional international regulations are complicated and costly.
Joint Reconciliation and Recognition
Two approaches are proposed as a possible solution is used to overcome the problems associated
with cross-border financial report:
- Reconciliation
Through reconciliation, a foreign firm can prepare financial statements using accounting standards country of origin, but must provide a reconciliation between the accounting measures (such as net income and shareholders’ equity) in the country of origin and in countries where
financial statements are reported.
- Mutual recognition (which is also referred to as the “payoff” / reciprocity)
Mutual recognition occurs when the regulator outside the country of origin to receive the financial statements of foreign companies which are based on the principles of country of origin.
Evaluation
The debate over harmonization may never be fully resolved. Several arguments against harmonizing contain some truth. However, growing evidence suggests that the goal of international harmonization of accounting, disclosure, and audit have been received so extensive that trend leading to the international harmonization will continue or even sooner. A large number of companies voluntarily adopting International Financial Prlaporan Standards (International Financial Reporting Standards-IFRS). Many countries have adopted IFRS as a whole, using IFRS as national standards or permit the application of IFRS. National differences in the underlying factors that lead to differences in accounting, disclosure and audit practices increasingly narrow as the capital markets and international products.
Application of International Standards
International accounting standards are used as a result of:
- International treaties or political
- Voluntary compliance (or being pushed in a professional manner)
- Decision by the international accounting standards-making body
Some important events in the history of the International Accounting Standards Determination
1959 – Jacob Kraayenhof, a founding partner of a firm of independent accountants the main European, pushing for international accounting standards-making business began.
1961 – Group d’Etudes, composed of practicing professional accountants, established in Europe
to provide advice to the EU authorities in matters relating to accounting.
1966 – Accountants International Study Group was founded by a professional institute in Canada,
Britain and the United States.
1973 – International Accounting Standards Committee (International Accounting Standards
Committee, IASC) was established.
1976 – The Organization for Economic Cooperation and Development (Organization for
Economic Corporation and Development-OECD) issued a Declaration Investing in
Multinationals, which contains guidelines for the “Disclosure Information”.
1977 – International Federation of Accountants (International Federation of Accounting, IFAC)
was founded.
1977 – Group of Experts appointed by the Economic and Social Council of the United Nations
issued a report that consists of four sections of the International Standards of Accounting and
Reporting for Transnational Corporations.
1978 – The Commission issued a directive Fourth ropa Society as a first step towards
harmonization of European accounting.
1981 – IASC established a consultative group consisting of non-member organizations to expand
the inputs in the manufacturing of international standard.
1984 – London Stock Exchange said that it hoped that the companies that list their stocks, but not
incorporated in England or Ireland to adjust to international accounting standards.
1987 – The International Organization of the Capital Market Commission (IOSCO) said in its
annual conference to encourage the use of common standards in accounting and auditing
practices.
1989 – IASC issued exposure draft 32 of the comparative financial statements. Basic Framework
for the Preparation and Presentation of Financial Statements issued aoleh IASC.
1995 – The Board of IASC and the IOSCO Technical Committee approved a work plan and
successfully issued IAS solution to form a core group of a comprehensive standard. Success in the completion of these standards menmungkinkan IOSCO Technical Committee to recommend endorsement of IAS in the collection of capital across borders and the need for listing of shares across global markets.
1995 – The European Commission adopted an emergency approach to the harmonization of accounting that will allow the use of IAS by companies that do the listing of shares in the international capital markets.
1996 – U.S. Capital Markets Commission (SEC) announced that it “…. support the objectives of the IASC to develop, as quickly as possible, accounting standards that can be used to prepare financial statements that can be used in cross-border securities offerings.
1998 – IOSCO published a report “International Disclosure Standards for Cross-Border Travel and Registration of Foreign Issuer Shares to Prime.”
1999 – The International Forum for Accountancy Development (International Forum on Accountancy Development-IFDA) met for the first time in June.
2000 – IOSCO received, in total, all 40 core standards set by the IASC in response to the wish list of IOSCO in 1993.
2001 – The European Commission proposed a rule that would require all EU companies listed their shares on a regulated market to prepare consolidated accounts according to IAS in 2005 at the latest.
2001 – International Accounting Standards Board (Accounting Standards Board Internastiaonal-IASB) replaced the IASC and take over his responsibilities as of 1 April. IASB standards known as International Financial Reporting Standards (IFRS) including IAS and issued by the IASC.
2002 – The European Parliament approved the European Commission proposal that virtually all EU companies listed their shares must follow IASB standards starting no later than 2005 in the consolidated financial statements. Member states may extend this provision to the financial statements of companies that do not keep records of individual stocks and companies. European Council later adopted a rule that allows this is achieved.
2002 – IASB and the FASB signed the “Norwalk Agreement” which contains the commitment to the convergence of international and U.S. accounting standards.
2003 – Council of Europe approved the Fourth and Seventh EU Directives are amended, to eliminate the inconsistency between the old directive with IFRS.
2003 – IASB issued IFRS 1 and IAS 15 revisions to.
Glance Major International Organizations Regarding Promoting Harmonization of Accounting
Six organizations have become a major player in the determination of the international accounting standards and in promoting international harmonization of accounting:
- International Accounting Standards Board (IASB)
- Commission of the European Union (EU)
- International Organization of the Capital Market Commission (IOSCO)
- International Federation of Accountants (IFAC)
- Intergovernmental Working Group of Experts on the United Nations International Standards of Accounting and Reporting (International Standards of Accounting and Reporting – Isar), part of the United Nations Conference in Trade and Development (United Nations Conference on Trade and Development-UNCTAD)
- Accounting Standards Working Group in the Organization of Economic Cooperation and Development (OECD Working Group)
International Accounting Standards Board
IASB objectives are:
A. To develop in the public interest, a set of global accounting standards are of high quality, understandable and can be applied which requires high quality information, transparent, and comparable financial statements.
2. To encourage the use and application of these standards are strict.
3. To bring the convergence of national accounting standards and International Accounting Standards and International Financial Reporting toward high quality solutions.
Structure of the IASB’s New
1. Trustee agencies
2. Council of IASB
3. Standards advisory council
4. International financial reporting interpretations committee (IFRIC)
The European Union (Europen Union-EU)
One goal is to achieve the integration of EU financial markets of Europe. For this purpose, the
EC has introduced a directive and take a huge initiative to achieve a single market for:
A. Changes in capital in the EU
2. Create a common legal framework for securities and derivatives markets are integrated
3. Achieve a single set of accounting standards for companies whose shares are listed.
International Organization of the Capital Market Commission (IOSCO)
International Organization of the Capital Market Commission (the International Organization of
Securities Commissions-IOSCO) consists of a number of regulatory bodies of capital markets in
over 100 countries. According to the budget opening IOSCO:
Capital market authorities decided to work together in ensuring better market regulation, both at domestic and international, to maintain a fair marketplace, efficient and healthy:
• Mutual exchange of information based on their experience to encourage the development of the domestic market.
• Uniting efforts to create standards and penhawasan effective international securities transactions.
• Provide assistance together to ensure market integrity through the application of strict standards and effective enforcement against offenses.
IOSCO has worked extensively in international disclosure and accounting standards to facilitate
the ability of firms to raise capital efficiently through the global securities markets. Its main
purpose is to facilitate a process that can be used by publishers world-class shares to raise capital
in the most effective and efficient at all that there is a demand for capital market investors. The Committee is working with the IASB, among others, by providing input to the IASB projects.
INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC)
IFAC is a world-class organization that has 159 member organizations in 118 countries, representing more than 2.5 million accountants. Founded in 1977, whose mission is to support the development of the accountancy profession with harmonized standards so that accountants can provide consistently high quality services in the public interest.
IFAC Council, which meets every 2.5 years, had a representative from each IFAC member organizations. The Assembly has a council, composed of individuals who come from 18 countries, elected for 2.5 years. This council, which meets two times each year, setting policy and overseeing IFAC operations. Daily administration conducted by the IFAC Secretariat, located in New York, which has a staff of accounting professionals from around the world.
WORKING GROUP BETWEEN THE GOVERNMENT OF THE UNITED NATIONS INTERNATIONAL STANDARDS FOR EXPERT IN ACCOUNTING AND REPORTING (Isar)
Isar was formed in 1982 and is the only inter-governmental working group to discuss accounting and auditing at the corporate level. Particular mandate is to encourage the harmonization of national accounting standards for companies. Isar realize this mandate through discussion and adoption of best practices, including those recommended by the IASB. Isar is an early supporter of the environment reporting and a number of recent initiatives focused on corporate governance and accounting for small and medium sized companies.
ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (OECD)
OECD is an international organization advanced industrial countries-oriented market economy. With a membership consisting of the advanced industrial countries is greater, the OECD is often a formidable opponent against the other bodies (such as the UN or the International Confederation of Free Trade Union) which has a tendency to perform acts contrary to the interests of its members.
Sumber :
Choi, Frederick D.S and Gary K. Meek. 2010. International Accounting. Buku 2. Salemba Empat. Jakarta.
AKUNTANSI INTERNASIONAL 2
REPORTING AND DISCLOSURE
- How accounting disclosure practices are influenced by differences in corporate financial governance of a State?
Corporate governance related to the internal tools used for running and controlling a firm responsibility, accountability and the relationship between the shareholders, board members and managers are designed to achieve corporate objectives. The problems of corporate governance include the rights and treatment to the shareholders, the board’s responsibilities, disclosure and transparency and the role of the parties concerned. Corporate governance practices has gained the attention of regulators, investors and analysts.
Disclosure of the company’s annual report on emerging market countries are generally less extensive and less credible than the reporting companies in developed countries. For example, the disclosure of which is insufficient and misleading and neglected consumer protection cited as the cause of the East Asian financial crisis in 1997.
Low level of disclosure in emerging market countries is consistent with the system of corporate governance and finance in these countries. Less developed equity markets, banks and internal parties such as family groups distribute most pendanaa needs and generally not too much of a need for public disclosure of credible and timely manner, when compared with the more advanced economies.
However, investor demand for information about the company in a timely and credible in emerging market countries more and more regulators to respond to this demand by creating more stringent disclosure provisions and increase surveillance efforts andenforcement.
- Understanding the issues – issues that affect management’s decision to make disclosure decisions?
Decision Making in Management
Problem Definition and Decision Making
Problem (problem) is a deviation between the should (should) happen in a real (actual) occurs, so that the cause should be found and verified.
Decision Making
Decision-making (desicion making) is to assess and impose pilihan.Keputusan was taken after some calculations and considerations alternatif.Sebelum option was dropped, there are several steps that may be traversed by the decision maker. These stages may include identification of major problems, menyusn alternative will be selected and arrive at the best decision. In general, the notion of decision making has been suggested by many experts, such as:
Steps in Problem Analysis
a. Determining the purpose of determining the first target without confusing what is to be achieved and what you want done
b. Gather facts by studying the records are relevant, applicable rules and customs, talk to the person concerned to know the opinion
c. Consider the facts and determine the follow-up to be taken by connecting facts with one another.
d. Take action with respect to:
* Determine who should take action.
* Consider who should be informed of the decision to be taken
* Determine the appropriate time to carry out actions that have been decided.
e. Check the results of its implementation to determine whether the objectives achieved and learned changes in attitudes and relationships between one party to another party.
- Identifying the purpose of accounting disclosure in the equity markets?
Accounting Disclosure purposes in Equity Markets
In a competitive economy, the disclosure is a means to channel koorperasi koorperasi accountability to capital providers (investors) and to mepermudah allocation of resources to their most productive use.Koorperasi a need to attract capital in a very large amount to finance the production and distribution activities are extensive. Therefore internal pembiyaan is highly dependent on external capital invested by the investor on a koorperasi, In return, an investor requires disclosure (tansparansi koorperasi) in which investors can assess the quality of their stock to cultivate.
Conceptual link between disclosure and cost of capital meingkat of the theory of investment behavior under conditions of uncertainty :
- In a world of uncertainty, investors look at returns on investment securities as money received as a consequence of ownership.
- Because of the uncertainty of return is viewed in a probabilistic sense.
- Investors use a number of different measures to quantify the expected results of a security.
- Investors prefer a high return rate for a certain risk level or vice versa.
- The value of a security is positively related to the flow of expected results and inversely related to the risks associated with the refund.
- Thus, disclosure of the company will increase the probability distribution of outcomes expected by investors by reducing the uncertainty associated with the refund. So will improve performance (performance of the company) in the eyes of investors that lure investors to invest on a larger similar securities so as to reduce the cost of capital.
- Understanding the fundamental differences corporate financial disclosure practices in various aspects?
Notes to the financial statements intended to amplify or clarify items presented in the main part of the financial statements (income statement, changes in capital, balance sheet and cash flow). In most cases, all the necessary data reader, can not be presented in the financial statements themselves, therefore the report must include the essential information presented in the notes to financial statements. Notes to the financial statements may take the form of narrative, in part or in full. Notes to the financial statements are not only helpful for users who do not report such a quantitative understanding of accounting information but is also important to understand the performance and financial position.
Level of disclosure in the financial statements are the things that need to be considered by the assessment (judgment) managers. Level of disclosure that is moving towards full disclosure (full disclosure) will reduce the information asymmetry is a necessary condition (Necessary condition) to do earnings management (Trueman and Titman, 1998). Therefore the level of disclosure is negatively related to earnings management. Companies with a minimum level of disclosure likely to do earnings management and vice versa (Lobo and Zhou, 2001) in Yanivi (2003).
In the statement of financial accounting standards (SFAS) No. 1 on presentation of financial statements, paragraph 70 says:
Notes to the financial statements include narrative explanations or details of the amount shown in the balance sheet, income statement, cash flow statement and statement of changes in equity as well as additional information such as contingency obligations and commitments. Notes to the financial statements also include the information required and encouraged to be disclosed in the Statement of Financial Accounting Standards and other disclosures necessary to produce a fair presentation of financial statements.
Notes to the financial statements disclose:
A. Information on the basic financial statements and accounting policies are selected and assigned to important events and transactions.
2. The information presented in GAAP but not presented in the balance sheet, income statement, cash flow statement and statement of changes in equity.
3. Additional information is not presented in the financial statements but is required in order to be fair representation.
The more complete informsi disclosed in the notes to the financial statements (full disclosure) the financial statements, the reader will further understand the company’s financial performance.
Rate Disclosure
In deciding what information will be reported, the usual practice is to provide sufficient information for judgments and decisions affecting the users. This principle is often referred to as full disclosure (full disclosure), recognizes that the nature and amount of information included in financial statements reflect a series of trade off assessments. This trade off between (1) the need to disclose in sufficient detail the things that will affect the decisions of users, with (2) the need to condense the presentation of information in order to be understood. In addition, preparation of financial statements must also take into account the cost of manufacture and use of financial statements (Kieso and Weygandt, 2002).
In case of information asymmetry is high, then the users of financial statements do not have enough information to know whether the financial statements, in particular earnings have been manipulated. Microstructure market theory says that one of the adverse selection problem faced by decision makers is the possibility of firm-specific information that the material not disclosed to the public (Yanivi, 2003). Capital market regulators to reduce this information asymmetry by making the minimum requirement for disclosure needs to be done by the companies listed on stock exchanges. One such regulation is the decision of the Capital Market Supervisory Board chairman KEP-06/PM/2000 number of guidelines for financial statement presentation. Greenstein and Sami (1994) in Yanivi (2003) examined and found that the obligation of the Securities Exchange Committee (SEC) regarding the disclosure of public enterprise segment in the U.S. stock market has reduced the information asymmetry is indicated by a decrease in bid-ask spread of the company.
Level of disclosure in the financial statements will help users of financial statements to understand the content and the numbers reported in financial statements. There are three levels of disclosure that is full disclosure, disclosure is reasonable, and adequate disclosure. Refers to the full disclosure of all information provided by the company, well-informed financial and nonfinancial information. Full disclosure not only include the financial statements but also includes information provided in the management letter, company prospect, and so on. Adequate disclosure is the disclosure required by applicable accounting standards. While the disclosure is reasonably adequate disclosure coupled with other information that could affect the fairness of financial statements such as contingencies, commitments and so forth.
Imhoff and Thomas (1994) in Yanivi (2003) proved that the quality rating of the analysis was positively related to conservatism in the estimation and selection of accounting methods, and a number of detailed disclosures on the reported figures. The implications of this discovery is a company that is more conservative in making estimates and choose the method of accounting (or management company with a level of income / low income smoothing) will reveal more information. If companies choose to report conservative earnings management / low earnings smoothing. Then it shows a negative relationship between income smoothing the level of disclosure.
Quality of Disclosure
Disclosure quality in corporate annual reports known by a variety of concepts. Among others, the sufficiency (adequacy) (Buzby, 1975), completeness (comprehensiveness) (Barrett, 1976), Informative (informativeness) (Alford et al., 1993), and on time (time lines) (Courtis, 1976; Whittred, 1980 ). Imhoff (1992) refers to the level of completeness as a characteristic quality of disclosure, while Singhvi and Desai (1971) refers to the completeness (completeness), accuracy (Accuracy), and reliability (reliability) as the characteristic quality of disclosure. Empirical indicators of the quality of expression in the form of disclosure index (disclosure index) which is the ratio (ratio) between the number of elements (items) information that is filled with a number of elements that might be met. The higher the number the disclosure index, the higher the quality
FOREIGN CURRENCY TRANSLATION
- Distinguish between the translation and conversion of foreign currency?
Translation is the process of restatement of financial statements information from one currency to another currency.
• The issue of exchange rate combined with a variety of translation methods that can be used and the treatment of “Profit / Loss” the translation of different makes comparison of financial statements results from one company to another or the same firm in different periods be difficult.
• Reasons translational
• Companies with overseas operations is the Company with extensive operations, can not prepare consolidated financial statements if their accounts and the accounts of subsidiaries are not disclosed in the single currency.
• The scale of international investment activity that extends the current increases the need to deliver information to readers in other countries who make significant consolidated financial statements that enable the reader to gain a holistic understanding of the operating companies, both domestic and foreign
Reasons translational
Another reason:
• Take note of the foreign exchange transactions
• Reporting the activities of international branches and subsidiaries
• Reporting the results of independent operations overseas
• Terminology
CONVERSION
• Translation is not equal to the Conversion.
• Conversion: physical exchange takes place between currencies
• Translation only change in monetary units.
• There is no physical exchange that occurred.
• There are no related transactions that occur, like when done conversion.
• The value of domestic equivalent of foreign currency obtained by multiplying the balance in foreign currency with the direct exchange rate quota.
• Terminology
SPOT market
• The agreement to exchange a certain amount of a currency with another currency to be delivered in 2 days.
• The exchange rate is expressed in two ways:
– A direct quotation ($ 1 = Rp 9,000)
– Indirect quotation (Rp1 = 0.0001111111111 USD)
FORWARD market
• The agreement to exchange a certain amount of a currency with another currency in the foreseeable future
• Terminology
FORWARD market
• Bid quote: the amount paid dealer (dealer) to a foreign currency
• Ask quote: foreign exchange dealers are required to sell a foreign currency
SWAP transactions
• The transaction when buying spot and selling forward or spot sales and forward purchases of foreign currencies occurred simultaneously.
• Terminology
SPREAD
• Income (profit) obtained from the difference in purchase price (bid price) the price (asking price).
Functional Currency
• Exchange of a company in conducting its operations abroad, the country where the currency is usually the company’s operations are concerned.
• Currency Translation Methods UangAsing
• Method of Single Currency (Single Rate)
• The method of multiple exchange rates (Multiple Rate)
* Methods now – non-present (current-non current)
* Monetary method – non-monetary
* Method of temporal
• Currency Translation Methods UangAsing
• Method of Single Currency (Single Rate)
• Example: U.S. MNC affiliate companies overseas to purchase land in the early period of the price of VA 1,000,000.
• Historical Currency: VA 1 = $ 1, then the historical price: $ 1,000,000
• Land prices rise so VA 1,500,000, and the exchange rate drops to $ 1 = 1.4 VA, so foreign assets to $ 714,286, meaning LOSS 285.714.
• Added value of the land market to be $ 1,071,285 (1.5 million VA: VA 1.4).
• Currency Translation Methods UangAsing
• The method of multiple exchange rates (Multiple Rate)
* Methods now – non-present (current-non current)
– Current assets and current liabilities of overseas subsidiaries are translated into the reporting currency exchange rate applicable to the parent company.
– Assets and liabilities are translated NON smoothly with historical rates.
• Currency Translation Methods UangAsing
• The method of multiple exchange rates (Multiple Rate)
* Monetary method – non-monetary
– Assets and liabilities (cash, receivables and debt) are translated using the exchange rate prevailing
– NON monetary element (fixed assets, investments and inventory jk.pjg, translated using historical rates)
• Currency Translation Methods UangAsing
• The method of multiple exchange rates (Multiple Rate)
* Method of temporal
– Money, accounts receivable and debt are measured on the number promises should be translated using exchange rates prevailing at balance sheet date.
– Elements of non-monetary are translated at the exchange rate basis in accordance with the original measurements.
• The effect on the translation of financial statements
• ALTERNATIVE EXCHANGE
1. Present exchange rate (current) is the exchange rate at the date of the financial statements.
2. Historical exchange rate is the exchange rate at the time an asset is denominated in foreign currency was first acquired, or when a foreign currency liabilities in the first place.
3. Average rate (average) is the simple average of the exchange rate now and historically.
• Effect of use of the exchange rate on the financial statements
1. The use of the exchange rate to protect the historical financial statements of profits and foreign currency translation loss
2. The use of the exchange rate now lead to a gain or loss on translation.
• foreign currency transactions
• foreign currency transactions occur when a company buys or sells goods to the payments made in a foreign currency or when companies borrow or lend in foreign currencies.
• A foreign currency transactions can be denominated in one currency, but the measured or recorded in other currencies
• foreign currency transactions
Gain / loss transactions: the difference between the rate of exchange on the date of recording of transactions and the exchange rate at the date of payment of x amount payable in foreign currencies.
Example:
• Importers of Indonesia to buy goods from U.S. companies worth $ 1,000,000 when the exchange rate 1 USD = Rp 9,500.
• Perush.Indonesia pay the debt within 30 days when the exchange rate $ 1 = Rp 9600, then there is a loss transaction Rp 100,000 (1,000,000 x (Rp9.600 – Rp9.500))
To record the transaction loss, can use two approaches: one transaction and two transactions.
- Understanding the terms – in terms of foreign currency translation?
Translation is the translation of foreign currency. Translation is a foreign exchange (governed by the IAD 21)
A. Translation occurs when the subsidiary company has been significant, and there is MNC (Multy National Corporete)
2. Translational change in different units into units of money.
3. bermaun translational crucibleTranslation is a translation process programming language (source code) to make a file or other form of display. Transalai process includes the terms: Compile, Interpret, and Link. Computer application programs (software) which is developed can be in three forms:
A. Source-code
2. Intermediate-code
3. The executable codeThere is a two stage process of translation:
A. Translation of the source-code to the intermediate-code
2. Translation of the intermediate-code into executable codeVariations Translation Approach
Translational approach in the form of computer program source-code into executable code:
A. Full-interpretation. Translation of the source-code directly into executable code by using the stage sat alone.
2. Mixed. Translation of the source-code to the intermediate-code is compiled (generated output file). Translation of the intermediate-code into executable code is interpret (not generated output file).
3. Full-compilation. Translation of the source-code to the intermediate-code is compiled (no file output). Translation of the intermediate-code into executable code to be compiled as well (no file output). Word ‘compile’ is used as a term that generates the output file translation. Henceforth, the word compile meaningful ‘translation of the source-code to the intermediate-code (which generates an output file)’. In practice, the use of this word so carelessly, it could mean anything.
- Knowing the differences advantages and disadvantages of foreign currency translation?
Accounting treatments led to international adjustments are as diverse as translation procedures behind them. Therefore, solutions that make sense to the problem of how to treat the “profit or loss” of this translation is needed.
Approaches for accounting for translational adjustment of the approach initiated deferral (delay) to an approach that does not require a delay at all, with treatments of hybrid between the two.
Major deferal.Memasukkan translation adjustments in the profit goes to the general public was opposed on the grounds that the adjustments are just a product of the process of re-presentation. Namely, the changes in the domestic currency equivalent of the net assets of overseas subsidiaries ‘unrealized’, has no effect on the local currency cash flows generated by overseas entities that may be re-invested or paid back to the parent company. Incorporate such adjustments in current earnings, thus, be misleading. In these situations, must be accumulated translation adjustments separately as part of consolidated equity.
Even so, the deferral approach, possibly contested on the grounds that the exchange rate does not return to its original state by itself. Even if that happens, the adjustment-penyesuaiati deferral or the transaction will be based on the predictions of the exchange rate, the efforts of the most difficult in practice. Situations may arise where the operating results have misstated because of forecasting errors. For some, delay or loss of translational advantage over the behavior of exchange rate changes, ie, exchange rate changes historical facts and user-pemalcai keuanganakan report served well if the effects of exchange rate fluctuations are recorded when these effects arise. According to FAS No. 8 (paragraph 199), “Currency is always fluctuating; accounting should not give the impression that the exchange rate is stable”.
Deferral and amortization. Some observers like the delays and gains and losses mengamortisasikan translation adjustments during the age of balance sheet items are concerned. Mark against the dollar appreciation between the date of the consolidation of translational yield losses. Based on the assumption that the cost of the asset including the sacrifices necessary to reduce and remove the associated liabilities, losses will be treated as a translation of part of the cost of the relevant asset and amortized into expense over the asset Such age.
No deferral. The third choice in accounting for translation gains and losses is to recognize the loss or gain in the income statement immediately. Delays of any kind is considered false and misleading. In addition, the criteria for a delay was considered impossible to implement and internally inconsistent. Thus, the traditional approach is to recognize losses immediately but only recognizes gains these gains have been realized so far. Although conservative, delays translational advantage solely because of the advantages “reject” that exchange rate changes have occurred.
Enter translation gains and losses in current earnings, unfortunately, means involving random elements in the profits that could result in significant earnings volatility every time the exchange rate change. In addition, include gains and losses “on paper” similar to the reported earnings to mislead readers of financial statements, because the correlation, this adjustment does not always provide information that matches the expected economic impact of exchange rate changes on cash flows of the company.
- Calculate gains and losses of foreign currency transalasi ?
In essence, accounting for the flow of foreign denominated transactions are as follows:
At the time of the first transaction, the transaction value is recognized or recorded at the invoice (invoice)
At each reporting such transactions in translasikan to convert the transaction into the functional currency (Rupiah) in accordance with the conversion method used, at this time will be recognized PROFIT or LOSS (DIFFERENCE) EXCHANGE, which in the English language is called Exchange Gain / Lost .
At the time of payment (settlement) on the transaction (whether it be a transaction on assets or liabilities), the value of foreign denominated transactions will be synchronized again by converting it into the functional currency (Rupiah). This conversion process will result in a PROFIT or LOSS (DIFFERENCE) EXCHANGE (Exchange Gain / Lost).
Example:
Dated January 31, a company in Indonesia to buy merchandise from the United States with a value of USD 1,000.00 invoice, Close the book on March 20, fiscal, and payment will be due on the 30th of April, and
Meanwhile, the exchange rate situation at that time described as follows:
28 February, 1 USD = Rp 9.000, –
March 20, 1 USD = Rp 9.100, –
30 April, 1 USD = Rp 9.200, –
Transactions on the above, can be recorded by journal entry:
The purchase date (28 February):
[Debit]: Purchase = Rp 9,000,000, –
[Credit]: Accounts Payable = Rp 9,000,000, –
At the time of closing the fiscal (March 20):
The exchange rate has changed, terdepriasi rupiah at Rp 100, – / 1 USD, so the company suffered losses of Rp 100 x 1000 = Rp 100.000. It is recognized as foreign exchange losses, and adjusted to the journals:
[Debit]: Loss (Difference) Rate = Rp 100.000, –
[Credit]: Accounts Payable = Rp 100.000, –While the debt at maturity:
Rupiah depreciated to Rp 200, – / 1 USD compared to when a purchase is made, the Journal of the pay-off is to be:
[Debit]: Accounts Payable = Rp 9,000,000, –
[Debit]: Loss (difference) Currency = Rp 200.000, –
[Credit] Cash = Rp 9,200,000, –
Recognition of Gain or Loss When Exchange
From the example above, if observed carefully, it is clear GAIN or LOSS (Difference) EXCHANGE GAIN RECOGNIZED ON WHERE THE LOSS OCCURRED OR. In the above exchange rate losses are recognized:
In the Fiscal Report, recognized foreign exchange losses amounting to Rp 100.000 that is only on the date of closing the book fiscal (March 20).
Report on Commercial, recognized foreign exchange losses amounting to Rp 200,000 at the time of settlement (payment) made (30 April).
- Understanding the effect of using various methods of foreign currency translation of financial statements?
The following third exchange rate used during the translation of balances in foreign currencies into their domestic currency. First, this exchange is the exchange rate at the date of the financial statements. Second, the historical exchange rate is the exchange rate at the time an asset is denominated in foreign currency was first acquired, or when a foreign currency liabilities in the first place. Finally, the average rate is a simple average or weighted exchange rate or exchange rate is now historical. Influence the use of historical exchange rate compared to the exchange rate is now on the financial statements when used as koofisien foreign currency translation. Historical exchange rate generally maintain the initial cost is equivalent to an item in a foreign currency denominated in domestic currency reports.
A. Single Rate Method
Based on this translational approach, the financial statements of foreign operations, which are considered by the parent company as an autonomous entity, has the reporting of their own domicile. This is a local accounting environment where foreign affiliates are mentraksaksikan his business affairs. To maintain the “flavor” of the local currency reports, a way must be found so that translation can be implemented with minimal distortion. The best way is the use of the method of exchange rate policies.
Since all financial reports of foreign exchange is actually multiplied by a konstansta, this translation method to maintain its financial results and the original relation (eg financial ratios) in the consolidated statements of individual entities that are consolidated. Only the form of overseas estimates, not the essence, the change in the method of exchange rate policies.
Although interesting and conceptually simple, the method of exchange rate policies were blamed by some people because it undermines the basic purpose of the consolidated financial statements, that is because it presents, for the benefit of shareholders of the parent company, operating results and financial position of the parent company and firms from the perspective of children the single currency. maintain the parent company’s reporting currency as the unit of measurement. In the prevailing exchange rate method, the results will reflect the consolidation of perspekfif-exchange perspective of each country where companies are children. For example, if an asset dip = roleh an overseas subsidiary company for when the rate was 1.000 VA VA 1 = $ 1, then from the perspective of historical cost dollars is $ 1,000; from the perspective of local currency is also $ 1000. If the exchange rate changed to VA 5 = $ 1, the historical cost of those assets from the perspective of the dollar (translas’ historical cost) remains $ 1,000. If the local currency will be retained as the unit of measurement, will be expressed nifai assets of $ 200 (exchange rate translation effect).
Rate method applies also to blame because it assumes that all assets are influenced by local-currency exchange rate risk (ie, assuming that the fluctuations in the domestic currency equivalent, which is caused by fluctuations translational running, an indicator of changes in the intrinsic value of those assets). Hat is rarely true because the value of inventory and fixed assets in foreign countries are generally supported by local inflation.
2. Multiple Rate Methods
Methods of combining multiple exchange rate exchange rate historically runs and in the process of translation. 3 Such methods are discussed below.
Force-historical method. Based on the true-historical approach, which is popular in the U.S. and other places before the year 1976, current assets and current liabilities of a subsidiary abroad are translated into the reporting currency using the exchange rate of its parent company applies. Assets and liabilities are non-smooth translated with historical rates.
Items of income statement, except for depreciation and amortization, are translated at the exchange rate on average each month of operation or on the basis of the weighted average of the entire period to be reported. Depreciation and amortization are translated using historical exchange rates prevailing at the time of the relevant asset is obtained.
This methodology is, unfortunately, has some drawbacks. For example, this method is less choose a conceptual justification. Existing definitions of assets and liabilities and non-current classification does not explain why such a manner which will determine the exchange rate used in the process transiasi.
Monetary-nonmonetary method. As with any true-historical method, the method moniter using pattern-classification of non-monetary balance sheet to determine the appropriate exchange rate translation.
Due to monetary items in cash settled; usage rate applicable to translate the items of foreign exchange domestic currency equivalent yield that reflects the realizable value or value of the solution.
Temporal method according to the temporal approach, translational currency conversion is a process of measurement (ie, repeated presentation of a particular value). Therefore, this method can not be used to change the attributes of an item that is being measured; this method can only change the unit of measurement. Balance of foreign currency translation, for example, just change the (restate) the denomination of inventory. not the actual assessment. In U.S. GAAP, assets are measured based on jumiah cash on hand at the balance sheet date. Receivables and payables expressed in a number expected to be received or paid at maturity. Liabilities and other assets are measured at the prevailing price when the item is acquired or item ¬ occurs (historical price). Even so, some of which are measured by the prices prevailing at the date of financial statements (the price goes), such as inventory under the rules of cost or market. In short, there is a dimension of time associated with the values of this money.
By Lorensen, the best way to maintain accounting bases are used to measure these items is to translate the foreign currency amount of foreign currency at the exchange rate prevailing on the date of the measurement of foreign currency takes place. Temporal principle thus stated that
cash, receivables, and payables are measured at the promised amount should be translated using the exchange rates prevailing at balance sheet date. Assets and liabilities are measured at the price of money should be translated using the exchange rates prevailing on the date with respect to the price of money.
- Evaluating and selecting the best method according to business conditions and money market?
Evaluation and selection of foreign currency translation method.
Method of currency conversion
Known around the world at least 4 different types of currency conversion methods, namely:
1. Current methods / Non-current
This method is the oldest method of currency conversion methods. With this method, all assets and liabilities of the branches lancer converted in the currency of the company’s country of origin at current exchange rates, the exchange rate at the balance sheet drawn up. Being assets and noncurrent liabilities (noncurrent), such as depreciation cost, converted at the historical exchange rate, the exchange rate at the time when the asset acquired or liability occurs. Therefore, branches of overseas companies which have a positive working capital valued in local currency will increase the risk of loss (translation loss) due to the devaluation of the method of current / non current. Instead of working capital turns negative when assessed in the local currency means that there are advantages (translation gain) due to revaluation of the method.
However, this method does not consider the economic element. Using year-end exchange rate to translate current assets implies that cash, receivables, and inventory in a foreign currency are both facing exchange rate risk. This is certainly not appropriate. In contrast, translation of long-term debt based on historical exchange rates shift the influence of fluctuating currency into the year of completion.
2. Methods Monetary / non-monetary
Monetary assets (mainly cash, marketable securities, accounts receivable, and long-term receivables) and liabilities (especially debt and long-term debt) converted at current exchange rate. Being non-monetary items, such as the stock of goods, fixed assets and long-term investment, converted at the historical exchange rate.
The posts in the profit / loss is converted to the average rate during the period, except for the postal receipts and the costs associated with non-monetary assets and liabilities. Depreciation costs and cost of sales is converted at the rate equal to the balance sheet heading. As a result, cost of sales could have been converted to a different exchange rate with the rate used to convert sales. It should be noted that the monetary-nonmonetary method depends on the balance sheet classification scheme for determining the appropriate exchange rate translation. This can produce inaccurate results. This method will also distort the profit margin for sales compare based on price and exchange rate translation is now at a cost of sales are measured at cost and historical exchange rate translation.
3. Temporal method
By using the temporal method, currency translation is a process of re-conversion of the measurement or presentation of a certain value. The method does not change the attributes of an item being measured, malainkan just change the unit of measurement. Translation of these balances in foreign currency re-denomination of measurement causes the outposts, but not the actual assessment.
This method is a modification of the method of monetary / non monetary. The difference, in the method of monetary / non monetary, stock (inventory) is always converted to the historical exchange rate. Being the temporal method, inventory is generally converted to the historical exchange rate, but may be converted at current exchange rates when the inventory is recorded in the balance sheet with its market value. Theoretically, the temporal method evalusai more emphasis on cost (historical or market).
The posts in the profit / loss is generally converted to the average rate in the reporting period. Moderate cost of sales, installment debt, and depreciation related to the balance sheet items are converted at the exchange rate histories (rates in the past).
4. Current rate method
This method is the easiest method because all of the post balance sheet and profit / loss is converted at current exchange rates. This method is recommended by the Institute of Accountants England, Scotland, and Wales, and is widely used by British companies. With this method, when assets exceed liabilities denominated in foreign currency in foreign exchange, a devalusai will result in losses. Variations of this method is to convert all assets and liabilities, except for net fixed assets are stated at current exchange rates.
Transactions in foreign currency
The main characteristic of a particular foreign currency transactions are penyelesainnya influenced in a foreign currency. Thus, transactions in foreign currency occurs when a company buys or sells goods to the payments made in a foreign currency or when companies borrow or lend in foreign currencies.
A foreign currency transactions can be denominated in one currency, but the measured or recorded in other currencies. To understand why this is happening, petimbangkanlah first term functional currency. Functional currency of a company is defined as the currency of the primary economic environment in which firms operate and generate cash flow. If a foreign subsidiary operations relative stand-alone and integrated in a foreign country (ie sutau subsidiaries that produce products for local distribution), will generally produce and spend money in local currency (countries of residence). Thus the local currency (eg euros for children perusahaandari a U.S. company located in Belgium) is the functional currency.
To illustrate the difference between a transaction that is denominated in a currency, but measured in other currencies, eg, a U.S. subsidiary in Hong Kong to buy stock of merchandise from the People’s Republic of China paid in renmimbi. Subsidiary’s functional currency is U.S. dollars. In this case, the subsidiary will measure foreign currency transactions are denominated in renmimbi into U.S. dollars, the currency used in the record book. From the standpoint of the parent companies, subsidiaries liabilities denominated in renmimbi, but measured in U.S. dollar functional currency, for the purposes of consolidation.
- Understanding the relationship between the foreign currency translation and inflation?
The use of the exchange rate is now to translate the cost of non-monetary assets are located in berinflasi environment will ultimately lead to an equivalent value in domestic currency is much lower than the initial baseline measurement. At the same time, earnings will be much larger translated with respect to load depresisasi which is also lower. The translation as it can be more easily mislead readers as to give information to the reader. Assessment of the lower dollar typically lower earnings power akutal of foreign assets which are supported by local inflation and the ratio of return on investment that affected inflation in a foreign operation may create false expectations on future profits.
FASB rejected before the inflation adjustment process of translation, because the adjustment is not inconsistent with the historical cost basis of the assessment framework used in the basic financial statements in the U.S.. As a solution FAS No. 52 requires the use of the U.S. dollar as the functional currency for those residing overseas operations with hyperinflation environment. This procedure will maintain a constant value of the dollar equivalent of foreign currency assets, because these assets will be translated according to the historical rate. The imposition of losses on fixed assets in the translation of foreign currency to equity shareholders will cause a significant effect on financial ratios. Foreign currency translation problem can not be separated from the problem of accounting for foreign inflation.
FINANCIAL REPORTING AND PRICE CHANGES
- Understanding financial statements have the potential to mislead during the period of price changes?
Misleading statements financial potential Professionalism became the main requirement for an external auditor. To support his professionalism as a public accountant auditor in performing the audit should be guided by the auditing standards set by the Indonesian Institute of Accountants (IAI), namely:
(1) general standards, (2) Field Work Standards, and (3) reporting standards.
Where private and public standards related to auditor requirements and quality work. While the standard of field work and reporting standards set auditor in terms of data collection and other activities undertaken during an audit and require the auditor to prepare a report on the financial statements diauditnya as a whole. In carrying out its audit work, auditors aim to obtain objective evidence that the auditor may express his opinion in an audit report (Audit Report) which contains about the fairness of the financial statements are audited by the auditor.
The financial statements are the responsibility of corporate management and needs to be audited by an external auditor who is an independent third party, such as:(1) The financial statements contain no possibility of either an intentional misstatement or not,
(2) The financial statements audited and received unqualified opinion (unqualified) is expected by users of financial statements can provide confidence that the financial statements can be protected from material misstatement. That is, although in the financial statements are misstated (but not very influential) the misstatement is considered to be reasonable so that it can be presented in accordance with accounting principles accepted by the public (Arrens and Loebbecke, 1996).
The results of audits conducted by auditors required by the users of financial statements that have different interests. A certified public accountant in performing an audit of financial statements do not work solely for the benefit of his clients, but also to other interested parties on the financial statements audited. In order to maintain the trust of clients and from other users of financial statements, public accountants are required to have sufficient competence (Herawaty and Susanto, 2008).
At this time the need for auditor services as an independent party that is considered inevitable, it becomes a major requirement for the users of financial statements to make decisions. Picture of someone in the profession of professional external auditors by Hall (1968) in Wahyudi and Mardiyah (2006) represented by five things: dedication to the profession, social obligations, independence, confidence in the profession, and relationships with colleagues.
Significant relationship exists between the level of dedication, the materiality according Hastuti, Indarto, Susilawati (2003) in which the dedication, the dedication to professionalism is reflected from using the knowledge and skills possessed. This attitude is an outpouring of self-expression of the total of the work. Social obligation is defined as a view of the importance of the role of the profession and the public good benefits as well as professionals because of the work according to Hastuti, Indriarto, Susilawati (2003). Research results show that the social obligation significant effect on the level of materiality. As for the independence, confidence, and relationships with colleagues also showed significant results with the level of materiality (Hastuti et al., 2003) in which the independence is intended as a professional view of someone who should be able to make their own decisions without pressure from other parties (government, clients , they are not members of the same profession).
Confidence in the profession is defined as a belief that the ultimate authority for assessing the work of fellow professionals is a profession, not outsiders who have no competence in the field of science and work. While the relationship with colleagues interpreted by using the bond as a reference profession including formal organizations and informal groups of colleagues as the main idea in the work. With the additional number of input will add to the knowledge that the auditor may be prudent in planning and consideration in the process of auditing.
Finance Minister Sri Mulyani Indrawati, since early September 2009 until now has set the license suspension sanction to the eight public accounting (AP) and a public accounting firm (KAP). Ministry of Finance in the announcement received here on Saturday, said the license suspension sanctions were based on the Regulation of the Minister of Finance No.17/PMK.01/2008 Services Certified Public Accountants. One of Certified Public Accountants (AP) which is sanctioned Drs.Hans Makarao Burhanuddin. Are concerned shall be liable to suspension for three months due to not fully comply with the Auditing Standards (SA) – Certified Public Accountants Professional Standards (SPAP) in the implementation of a general audit of financial statements PT. Samcon year 2008, which was considered a potentially significant impact to the Independent Auditor’s Report.
In performing its duties, the Public Accounting Firm shall comply with the norms that apply to all auditors. One of the things that need to be considered by the auditor is the ability to meet client satisfaction by improving the quality of audit. This is necessary because according to Widagdo et al (2000) there are 12 aspects of concern in the audit quality is associated with client satisfaction. Clients will be satisfied with the work of public accountants if the public accountant has experience auditing, responsive, and does the job on time. The users of financial statements put so much faith in the work of public accountants to audit the financial statements. Great confidence is what ultimately requires the auditor to audit the quality attention it generates. This is a demanding responsibility auditors should bias scrutinize financial statements of his client, of course, based on generally acceptable accounting principles. Examples of cases affecting the Bank Century case, the case is a distortion made by Bank Century to the Financial Statements are issued. Financial Statements issued by Bank Century was considered misleading material contains so many errors. Here the role of auditor is required to examine those statements. BPK audit results of the Century is considered misleading, among others, due to audit the State Audit includes “sin” LPS (LPS), which has not officially set a calculation of the estimated cost of the overall handling of Century Bank. This can arise because of the omission of information material fact, or a false statement of material fact.
In order to achieve a better quality of course one thing to consider is the level of materiality. Materiality level set by the auditor has a role to the examination results. Determination of materiality helps auditors plan the gathering of evidence is sufficient. If the auditor set a low number, it will be more material evidence to be collected. Materiality at the financial statement is the minimum amount of overall misstatement in a financial statement that is significant enough to make the financial statements are not fairly presented in accordance with accounting principles generally accepted. In this context, the usual misstatements caused by a wrong application of accounting principles, does not correspond with the facts, or because the loss of important information (Hary, 2001). For example, if the auditor believes that misstatements overall, amounting to roughly $ 100,000,000.00 would give a material effect on income accounts, but only materially affect the balance sheet when reached Rp 200,000,000.00 was not sufficient for him to designing audit procedures that can be expected to detect misstatements which amounts to only Rp 200,000,000.00 (Hastuti et al., 2003).
- Knowing the term – inflation accounting terms and understand the effect of price adjustments to the financial statements?
Accounting for Inflation
In economics, inflation is a process of rising prices in general and persistent (continuous) associated with the market mechanism that can be caused by various factors, among others, private consumption increased, excess liquidity in the market that triggered the consumption or even speculation , up to including the launch due to lack of distribution of goods.In other words, inflation is also a process of declining currency value continuously. Inflation is the process of an event, rather than the high-low price levels. That is, the higher the price level that is considered not necessarily indicate inflation. Inflation is an indicator to see the changes, and is considered to occur if the price increase takes place continuously and mutually influence affect. Inflation term is also used to mean an increase in money supply which is sometimes seen as the cause of rising prices. There are many ways to measure the rate of inflation, the two most commonly used is the CPI and the GDP Deflator.
Inflation can be classified into four categories, namely inflation is mild, moderate, severe, and hyperinflation. Mild inflation occurs when prices were below the 10% a year; inflation was between 10% -30% a year; weight of between 30% -100% a year; and hyperinflation or uncontrollable inflation occurs when prices are above 100% a year.
Cause
Inflation can be caused by two things, namely the pull of demand (excess liquidity / money / medium of exchange) and the second is the pressure (pressure) production and / or distribution (lack of production (product or service) and / or also include the lack of distribution). [ citation needed] For the first cause is more affected than the state’s role in monetary policy (Central Bank), while for the second reason is more affected than the state’s role in policy executor in this case held by the Government (Government) as of fiscal (tax / fee / incentive / disincentives), infrastructure development policies, regulations, etc.. Demand pull inflation (Ingg: demand pull inflation) occurs due to excessive total demand which is usually triggered by a flood of liquidity in the market resulting in high demand and lead to changes in price levels. Increased volume of exchange or liquidity associated with the demand for goods and services resulting in increased demand for factors of production.
Increased demand for factors of production that then leads to the input price increases. Thus, inflation occurs because of an increase in total demand as the economy is concerned in a situation of full employment dimanana stimulation usually caused by an excessive volume of market liquidity. The flood of liquidity in the market are also caused by many factors other than the main course, the ability of central banks in regulating the circulation of money, central bank interest rate policy, to the speculation that occurred in the financial industry.
Cost push inflation (Ingg: cost push inflation) are the result of the scarcity of production and / or also include the scarcity of distribution, although the demand in general no changes were significantly increased. The existence of non-launch flow or reduced production of this distribution are available from the average normal demand could lead to price increases in accordance with the enactment of the law of demand-supply, or because the formation of the new position of economic value to the product due to the pattern or distribution of a new scale. Reduced its own production can result from many things such as a technical problem at the source of production (factories, plantations, etc.), natural disasters, weather, or shortages of raw materials to produce they will be, speculation (hoarding), etc., leading to production shortages The relevant market. So did the same thing can happen to the distribution, which in this case the infrastructure factor plays a crucial role.
Increased production costs due to 2 things, the price increase, for example, raw materials and increase in wages / salaries, eg civil servants salary increases will result in private efforts to raise the price of the goods.
Classification
Based on the origin, inflation can be classified into two, namely inflation and the sources of domestic inflation from abroad. Sources of domestic inflation such as occurred due to budget deficits financed by printing new money and market failures that result in food prices to be expensive. Meanwhile, inflation from abroad is the inflation that occurred as a result of rising prices of imported goods. This could occur due to the cost of producing goods overseas is high or the rate increase of imports of goods.
Inflation can also be divided by the amount of coverage of the effect on prices. If the price increases that occurred only concerned with one or two specific items, inflation is called inflation closed (Closed Inflation). However, if the price increases occurred in all the goods in general, inflation is referred to as open inflation (Open Inflation). While inflation is so great when the attack so that every time the prices constantly changing and increasing, so people can not hold money for longer because the value of money continues to decline so-called runaway inflation (hyperinflation).
Based on the severity of inflation can also be distinguished:
A. Mild inflation (less than 10% / year)
2. Inflation is moderate (between 10% to 30% / year)
3. Severe inflation (between 30% to 100% / year)
4. Hyperinflation (more than 100% / year)
Measuring inflation
Inflation is measured by calculating the change in the percentage change in a price index. Among the price index: consumer price index (CPI) or the consumer price index (CPI), is an index that measures the average price of certain goods purchased by consumers. Cost of living index or the cost-of-living index (coli).
The producer price index is an index that measures the average price of the goods required manufacturers to conduct production process. IHP is often used to predict the level of CPI in the future due to changes in raw material prices increase the cost of production, which then will increase the price of consumer goods. Commodity price index is an index that measures the prices of certain commodities.
Price index of capital goods
GDP deflator shows the magnitude of price changes of all new goods, locally produced goods, finished goods, and services.
Impact
Workers with fixed salaries are very disadvantaged by the presence of inflation. Inflation has both positive and negative effects of severe, depending on whether or not inflation. If inflation is mild, it has a positive influence in the sense that can stimulate the economy better, which is increasing the national income and make people eager to work, save and invest. Conversely, in times of severe inflation, which in the event of uncontrolled inflation (hyperinflation), the state of the economy into chaos and felt sluggish economy. People become excited about working, saving, or investments and production because prices are rising rapidly. The recipients of fixed incomes such as public servants or private employees and the workers will be overwhelmed to bear and keep their prices so that life becomes increasingly degenerate and collapsed from time to time.
For people who have a fixed income, inflation is very detrimental. We take the example of a retired civil servant in 1990. In 1990, enough retirement money to make ends meet, but in the year 2003-or thirteen years later, the purchasing power of money may be only a half. That is, the pension is no longer enough to make ends meet. Conversely, people who rely on income
based benefits, such as employers, are not harmed by inflation. So it is with employees who work in firms with payroll following the inflation rate.
Inflation also causes people reluctant to save because of the currency goes down. Indeed, the savings earn interest, but if the interest rate above inflation, the value of money is still declining. When people are reluctant to save money, business and investment to flourish. Because, to grow the business needs of bank funds obtained from private savings.
For people who borrow money from the bank (debtor), inflation is beneficial, because at the time of payment of debts to creditors, the value of money is lower than at the time of borrowing. Instead, the lender or the lenders will lose money because the value of money return is lower than at the time of borrowing.
For manufacturers, inflation can be profitable if the income is higher than the increase in production costs. When this occurs, manufacturers will be forced to double its production (usually occurs in large employers). However, when inflation led to rising production costs and eventually harm the producers, the producers are reluctant to continue production. Manufacturers to stop production for a while. In fact, if not able to keep pace with inflation, the business may be insolvent manufacturers (usually occurs in small businesses).
In general, inflation can result in reduced investment in a country, pushing up interest rates, encouraging speculative investments, the failure of the implementation of development, economic instability, balance of payments deficit, and declining living standards and welfare of the community.
The role of central bank
The central bank plays an important role in controlling inflation. The central bank of a country are generally trying to control the rate of inflation at a reasonable rate. Some central banks have even an independent authority in the sense that the policy should not be interfered by outside parties, including government-central bank. This is because a number of studies suggest that a less independent central banks caused one of the government intervention that aims to use monetary policy to stimulate the economy – will push inflation higher.
Central banks generally rely on the money supply and / or interest rate as an instrument in controlling prices. In addition, the central bank is also obliged to control the exchange rate of the domestic currency. This is because the value of a currency can be internal (reflected by the rate of inflation) and external (exchange rate). When this pattern is applied by many inflation targeting central banks around the world, including by Bank Indonesia.
- Determine differences in the cost accounting model and the conventional current?
Historical Cost Financial Statements of Financial Position1. Amount in the statement of financial position are not expressed in the units of measurement are now at the end of the reporting period, are restated by applying a general price index.
2. Items of monetary restated because they are expressed in monetary units is now at the end of the reporting period. Monetary posts are owned and the money to be received or paid in cash.
3. Assets and liabilities, with the agreement, which is connected with changes in prices such as index linked bonds and loans, adjusted in accordance with the agreement to ensure the balance at the end of the reporting period. The posts are recorded at amounts have been adjusted in the statement of financial position are restated.
4. All assets and other liabilities are nonmonetary. Some noted the number of non-monetary post is now at the end of the reporting period, such as net realizable value and fair value, then the post is not restated. All assets and liabilities to other non-monetary restated.
5. Most of the non-monetary items carried at cost or cost less depreciation. Therefore, these items are stated at the amount present on the date of acquisition. Acquisition cost, or cost less depreciation, which are presented back to each item is determined by applying the change in the general price index from the date of acquisition until the end of the reporting period on a historical cost and accumulated depreciation. For example, fixed assets, inventories of raw materials and merchandise, goodwill, patents, trademarks and similar assets are restated from the date of purchase. Supply of intermediate goods and finished goods are restated from the date of the purchase cost and conversion costs.
6. Detailed record of the date of acquisition of units of fixed assets may not be available or can not be estimated. In rare circumstances, it may be necessary, in the first period to implement this statement, to use an independent professional assessment of the value of such units as the basis for the presentation of the return.
7. General price index may not be available for a period of time restate fixed assets required by this Statement. Under these circumstances, an entity may need to use the basic estimates, for example, the transfer rate between the functional currency and foreign currencies are relatively stable.
8. Some noted the number of non-monetary post is now on a date other than the date of acquisition or date of statement of financial position, for example, fixed assets have been revalued in the previous date. In this case, the carrying amount restated from the date of revaluation.
9. Restated amounts of non-monetary items is reduced, in accordance with relevant GAAP, when the amount exceeds the recoverable amount. For example, the amount of fixed assets, goodwill, patents and trademarks presented again reduced to recoverable amount and restated amount of inventory reduced to net realizable value.
10. Investee is recorded using the equity method may make a report in the currency hyperinflation economy. Statement of financial position and reports comprehensive income of the investee are restated in accordance with this Statement for the investor counting on net assets and profit and loss. When the financial statements of the investee are restated denominated in foreign currencies, the financial statements are translated at the closing exchange rate.
11. Effect of inflation is usually recognized in borrowing costs. It is not appropriate to restate the capital expenditure financed by borrowing and to capitalize the borrowing costs to compensate for inflation over the same period. Part of this borrowing costs are recognized as an expense in the period when the cost occurs.
12. An entity may acquire assets in a deal that allows entities to defer payment without incurring an explicit interest charge. When an entity is not practical to determine the amount of interest, then such assets are restated from the date of payment and not the date of purchase.
13. At the beginning of the first period of application of this, a component of equity, except retained earnings and revaluation surplus, are restated using general price index from the date of the equity component is contributed or appear. Revaluation surplus that arose in previous periods is eliminated. Balance restated earnings from all other amounts in the statement of financial position
14. At the end of the first period and subsequent periods, all components of equity are restated by applying a general price index from the beginning of the period or the date of contribution, if more recent. Shift in owners’ equity during the period disclosed in accordance with IAS 1 (revised 2009):
Presentation of Financial Statements. Comprehensive Income Statement
This statement requires that all items in comprehensive income statement are expressed in units of measurement are now at the end of the reporting period. Therefore, the entire amount necessary to implement the changes and display it in the general price index from the date income and expenses were initially recorded in the financial statements.
Gain or Loss on Net Monetary Position
In an inflationary period, if the entity has a monetary assets exceed monetary liabilities, the entity’s purchasing power decreases, and if the entity has a monetary liabilities exceed monetary assets, then the purchasing power is increasing all the entities connected to a price level. Monetary position gain or loss is the difference in net non-monetary assets, and equity items in the comprehensive income statement are restated and the adjustment of index linked assets and liabilities. Gains or losses can be estimated using changes in the general price index to the weighted average over the period of the difference between monetary assets and monetary liabilities.
Gains or losses net monetary position is included in the income statement. Adjustments to assets and liabilities linked to price changes in the agreement) in accordance with paragraph 13, with the offsetting gain or loss on net monetary position. Income and other expenses, such as income and interest expense and foreign exchange differences related to investments or loans, are also associated with the net monetary position. Although the post is separately disclosed, it can be helpful if the post is presented along with the gain or loss on net monetary position in the comprehensive income statement.Now the Cost of Financial Statements Statements of Financial Position
Items that are presented at current cost are not restated because they are expressed in units of measurement are now at the end of the reporting period. Elsewhere in the restated statement of financial position in accordance with paragraphs 11 to 24.Comprehensive Income Statement
Comprehensive income statement using the current cost, before restatement, generally reports costs are now at the time of the underlying transactions or events. Therefore, the entire amount is to be presented again in the unit of measurement is now at the end of the reporting period by using a general price index.
Gains or losses Net Monetary Position
Gains or losses are recorded net monetary position in accordance with paragraphs 26 and Statement of Cash Flows
This statement requires that all items in the cash flow statement are expressed in units of measurement are now at the end of the reporting period.
Related Figures
Corresponding number in the previous reporting period, whether based on a historical cost approach or a current cost approach, are restated using general price index, so the comparative financial statements are presented in units of measurement are now at the end of the reporting period. Information disclosed in connection with previous periods is also expressed in units of measurement are now at the end of the reporting period. For the purpose of presenting comparative amounts in the presentation of foreign currency, applied IAS 10 (revised 2010): Effects of Changes in Foreign Exchange Rates paragraph 42 (b) and 43.
Consolidated Financial Statements
The parent entity financial reports in the currency hyperinflation economy may have subsidiaries that also make a report in the currency hyperinflation economy. Entity’s financial statements are restated the child’s needs by using the general price index of the country whose currency is reported prior to inclusion in the consolidated financial statements issued by the parent entity. When a foreign subsidiary is an entity, then the restated financial statements are translated at the closing exchange rate. Entity’s financial statements were reported in children who are not hyper-inflation economy currencies are treated according to Foreign Exchange.
If financial statements with a different end of the reporting period are consolidated, all monetary and nonmonetary post need to be restated in the unit of measurement is now on the consolidated financial statements.
- Explain the differences of inflation accounting in the United States, Britain and Brazil?
The United States. Regulations were first introduced to the legal prescribed by the SEC in 1976 (Accounting Series Release 1990) to reveal information replacement costs associated with depreciation, cost of goods sold, fixed assets and inventory. Furthermore, in 1979, the FASB issued SFAS No. 33 (Statement of Financial Accounting Standard – 33), entitled “Financial Reporting and Changing Prices”.
England. Accounting profession introduced SSAP 16 (Statement of Standard
Accounting Practice – 16), “Accounting for Costs Now” in 1980,
where the needs of current cost accounting financial statements either as additional reports as well as the main report. Provided that the historical cost reports must be provided. However, SSAP 16 was officially withdrawn in 1988 following the rejection rate of inflation and criticism of the business. At the same time, many companies to reevaluate periodically the land and buildings at their market value (estimated output or sales price).
In Brazil, accounting for inflation used in the early 1950s, but the law
In 1976 a new company to make adjustments, the company presents a re-account – an account of fixed assets and shareholders’ equity by using a price index which is recognized by the government to measure the local currency devaluation.
- Understanding the financial peloporan in the calculation of hyperinflation?
Financial reporting in economic hyperinflation Statement of Financial Accounting Standard 63: Financial Reporting in Hyperinflation Economic consists of paragraphs 1-40. The entire paragraph has the power to set the same. Paragraphs which are printed in bold and italics to set the main principles. IAS 63 should be read in the context of goal setting and the Framework of the Preparation and Presentation of Financial Statements. IAS 25 (revised 2009) Accounting Policies, Changes in Accounting Estimates and Errors provides a basis to select and apply accounting policies when no explicit guidance. This statement is not intended to apply to elements that are not material01. This statement is applicable to the financial statements, including the consolidated financial statements of each entity that functional currency is the currency of an economy experiencing hyperinflation (hereinafter referred to as hyper-inflation economies).
02. Hyperinflation in the economy, reporting of operating results and financial position in the local currency without restatement is not useful. Money loses purchasing power such that the ratio of the amounts of transactions and other events from time to time, even within the same accounting period, be misleading.
03. This statement does not set at a certain level of inflation is considered hyperinflation. Consideration is required in determining when restatement of financial statements need to be done in accordance with this statement. Characteristics of the economic environment of a country which is an indication that the country is experiencing hyperinflation, among others: (a) inhabitants prefer to store their wealth in the form of non-monetary assets or in a foreign currency is relatively stable. Amount of local currency held immediately invested to maintain purchasing power; (b) the population consider the monetary amount is not in the local currency but in foreign currencies are relatively stable. The prices may dikuotasikan in foreign currency; (c) the prevailing price in the sales and purchases on credit is determined by inserting a factor expected loss of purchasing power during the credit period, even if the short loan period, (d) interest rates, wages and prices associated with the price index, and (e) the cumulative inflation rate over three years approaches or exceeds 100%.
04. All entities that prepare financial statements in the currency of the same hyper-inflation economies are encouraged to apply this statement from the same date. However, this statement is applied to the financial statements of each entity since the beginning of the reporting period when the entity identifies the existence of hyperinflation in the country whose currency is used by such entities to prepare financial statements.
05. Price change from time to time as a result of political influence, economic, social and general or specific. Specific influences such as changes in supply and demand and technological changes may cause individual prices increase or decrease significantly and independently from one another. In addition, the general effects can cause changes in general price levels and purchasing power of money.
06. Entities that prepare financial statements on the basis of historical cost accounting do so without considering changes in general price level or a specific price increase of a recognized asset or liability. An exception to this principle is applied to the assets and liabilities as required, or elected, to be measured at fair value. For example, fixed assets are revalued at fair value. However, some entities present the financial statements based on current cost approach that reflects the impact of changes in specific prices of assets.
07. Hyperinflation in the economy, financial statements, either prepared on the historical cost approach and cost approach now, it will only work if it is expressed in units of measurement that applies at the end of the reporting period. Therefore, this statement is applied to entities that provide financial statements denominated in hyperinflation economy. Entities are not allowed to present separate financial statements are not restated, although attaching the information required by this Statement.
08. Entity’s financial statements that functional currency is the currency hyperinflation economy, based on historical cost approach or a current cost approach, are presented in units of measurement that applies at the end of the reporting period. Corresponding figures for the previous period required by IAS 1 (revised 2009) Presentation of Financial Statements and any information in the previous period are also presented in the unit of measurement is now at the end of the reporting period. For the purpose of presenting comparative amounts in a different presentation currency, applied IAS 10 (revised 2010): Effects of Changes.
- Knowing whether constant dollar or current cost is better to measure the effects of inflation?
Now accounting for the cost of dividing the total income into two parts: (1) operating profit (the difference between revenues and expenses are now present resources consumed) and (2) Unrealized gains arising from the ownership of non-monetary assets with a replacement value that increases with with inflation. Although measurements made directly profit ownership, the accounting treatment is not so.
The increase in the cost of replacing the operating assets (ie cash outflows projected higher to replace the equipment) is not an advantage, whether realized or not. If the current cost-based profit measure estimates the company’s assets that could be used, then the change in current cost of inventory, fixed assets and other operating assets are revalued owner’s equity, which is part of the profits to be retained by the company to maintain its physical capital (productive capacity). Assets held for speculation, such as vacant land or marketable securities, do not need to be replaced to maintain productive capacity. Thus, if the adjustment costs now include these items, the increase or decrease in equivalent cost (value) of her present (by as much value can be realized) must be expressed directly in earnings.
- Definition of a double dip (double dip) and explains how to handle?
There has been much speculation about the double-dip recession affecting the U.S. economy. In the strategy the Lord Abbett senior economist and market contributed the following guests, Milton Ezrati offers seven reasons why the scenario is not possible.
It seems these days that half the headlines in the financial media fear a double-dip recession, as did half of the conversation on Wall Street. Surely there is a risk, at least in the European financial difficulties. But still, there are reasons to question such widespread concern. History, after all, just offering an experience that is double-dip, and the growth of policy mistakes. More, the actual data on the economy flew in the face of such a view. Here are seven reasons to doubt the view of double-dip.
A. Consumers like the Office of Fair
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Market well enough to avoid a double dip
In about 70% of the economy, American consumers almost always referred to the general track, and here, the picture is one of relative strength. To be sure, the market took it to heart when it reports a few weeks ago showed that retail sales dipped by 1.4% in May. But that was followed by a decline in sales advance 10% stronger in retail sales during the previous 12 months. Whether the consumer does not stop, it will be worried. In the meantime, measures broader-based personal spending has grown considerably throughout. 2.4% annual interest rate of expansion registered for overall spending in May a little slower than the annual rate of 4.2% expansion recorded for the previous six months, but still, it’s not slowing the decline.
More telling fundamentally, household income has increased quite enough to support future spending. Overall personal income increased at an annual rate of 5.4% annually in May (last month where data available), accelerating from 4.4% real annual rate of advance during the previous six months. Meanwhile, the personal savings rate, at 4.0% of income after tax, generating $ 454 billion annual flow of new money from the household to pay the debt even as they maintain the existing level of expenditure. If revenue continues to grow, as it may, the household will have the means to continue that “de-leveraging,” even when they increase spending. All they need do is keep spending from growing faster than state revenue should easily support at least moderate spending growth.
2. Housing Data Are Misleading on Two Sides of the first $ 8,000 homebuyer tax credit has played hob with monthly housing statistics and investor perceptions of the sector’s fundamental strengths. Of course, it’s always silly to suggest, like Washington, that the credit would encourage someone to purchase a house. Even those with the most backward approach to financial problems will resist taking on debt $ 200,000 to save $ 8000 on taxes. But for those who would otherwise buy a house, homebuyer credit can and does affect the time of purchase.
Thus, the first end of the credits approached last November 2009, many people who otherwise look for a new home crowded their purchases to the eligible period. Not surprisingly, buying a home jumped in October and November. But because a lot of hurried sales would have otherwise occurred in December, January, and February, the new purchases in the months fell by more than 12%. Something even more extreme because it is the latest expiration date approached in April 2010. People who are looking crowded their purchases into March and April in order to qualify for the credit, which encourages home sales by nearly 30%. Then, because so many sales will occur after April, the sudden fall of about 30% of sales recorded in May. Housing starts and residential construction put follow the pattern of up-and-down the same.
But none of this says something fundamental about the housing market. There, the more important consideration is the reduction in inventories of unsold homes by 27%, even, during the last 12 months, equivalent to 13 months of supply in times of crisis 2008-2009 for about eight months later supply. These developments have fundamentally previously raised pressure on new construction, sales, and price. According to the National Association of Realtors, for example, the average selling price of homes sold in the United States has risen 5.3% so far this year, and prices continue to rise in May. It will be long before residential real estate a good investment, but the pattern still shows that market prices have been easy to compensate for the rotation about the tax credit.
3. Business spending and strong exports to Dip Is It turns out if the business is anticipating a second dip in the economy, has chosen an odd way to show it. To be sure, companies have held back new construction, not too surprising given the low level of capacity utilization. So far this year, nonresidential construction spending has declined 2.1%, or at an annual rate of 5.0%. However, business managers can not be too scared, because they spend a lot on new equipment. Shipments of capital goods (excluding defense materials) rose at an annual rate of 3.0% during April and May, the same pace they have maintained for 12 months. More telling than the actual shipping expectations, new orders for capital goods such as exploding at an annualized rate of 48.3% outstanding during the period of acceleration is said weak April-May, a remarkable 25% of the already rapid rate of expansion during the previous 12 months.
Meanwhile, the business also has begun to rebuild inventories, perhaps in anticipation of future sales growth. Finished goods inventory on hand increased at an annual rate of 6.0% between March and May (last month for which data are available), and goods in process increase at an annual rate of 4.3%.
Exports also showed strength. So far this year, until April (last month for which data are available), total U.S. exports to the rest of the world has been growing at an impressive annual rate of almost 17%. In April, they jumped at an annual rate of 12.7%. Such growth would not only help spur the U.S. economy as a whole, but also of the opinion that the world economy is much stronger than double-dip arguments suggest. As the taking of U.S. domestic demand, it should be noted that the imports have grown at an annual rate of 23.5% so far this year, a move they are held in April. Clearly, someone in this economy is to buy.
4. Overall Production Levels Look Good Enough, Too more general measure of economic activity is also dubious double-dip view. industrial production, for example, continues to increase at an impressive rate. Level of year-to-date through May (last month in which data are available) have seen this measure the output at factories, mines and utilities rose at an annual rate of more than 8%, and in May, the actual speed is accelerated to an annual rate more than 15% – clearly unsustainable, but quite the opposite drawback, especially double-dip. Similarly, the Purchasing Managers Index (PMI) of the Institute of Supply Management showed continued growth. To be sure, the index fell in May and June (last month where data available), to a level of 56.2 from the April level of 60.4. But because any reading above 50.0 speaks to economic expansion, even the lower figure records continued growth and not another dip. The reality is that the April figures are unsustainably high.
5. No job Threatening Look, I do not know the hour indicator, temporary jobs, and even full-time work began on the edge. And even though the unemployment rate has failed to fall in an integrated manner, such a move would be premature at this stage of recovery, at least considering the average delay in past cycles. Actually, the job market a little earlier than scheduled, according to historical benchmarks.
6. Financial markets are implying Than Is Healthy Despite Headlines European sovereign debt problems led to financial and economic risks are great, as a result, financial markets still showed an impressive resilience. Indeed, their behavior under pressure is talking to healing, fundamentally significant. Contrary to the primary tone, the market has avoided much-seeking relapse into the chaos of 2008-2009. For example, the TED spread (the gap between Treasury bills and interbank rates loans, and a good indicator of liquidity) only widened in this crisis, from 20 basis points (bps) to around 40 bps. Some widening was to be expected in the face of uncertainty in Europe, but this is still a long way from the spread of 460 basis points recorded during the 2008-2009 crisis. Similarly, junk bond spreads have widened, from about 600 bps over Treasuries earlier this year, to 700-750 bps, as European issues have become apparent. Although surprising reaction to the European credit scare, this spread is far from their 2100 bps up to the year 2008-2009. Meanwhile, problems continued to be sold in bond and money markets, bank loans and even has shown some tentative signs of flowing again.
7. China Continues to Grow A slowdown in China not only consensus but also a reasonable expectation. This sort of deflate the housing bubble in the larger cities of China. The government in Beijing has taken steps to slow the monetary and fiscal growth. recent decision to allow Beijing to appreciate the yuan against the dollar in foreign exchange markets has raised questions about the future growth of Chinese exports, both to the United States and Europe.
But despite all the factors are real and will slow the pace of China’s economic growth in general, it would be wrong to exaggerate them. China decline in residential real estate prices almost risk a financial collapse that occurred in the United States about one-half years to two years ago. For one, the debt levels in China are much lower than they are or here. While Chinese households are carrying an average debt of about 40% of revenue, the U.S. debt levels approach 120-130% of revenue. For another, China is usually put 50% down to purchase a house and almost never less than 20%. Exports will not increase very much impact yuan. Currency appreciation is very little and very carefully managed the more cosmetic than real. It is certainly not enough to threaten China’s exports. Broad economic indicators also showed a decrease, rather than decrease. PMI, for example, fell from 53.9% in April to 52.1% in May, but there are still over 50% of the expansion. If, as expected, the overall growth in China slowed to an annualized rate of 11.9% in the first quarter, to 9.5%, will still be faster than the entire world – and almost made the double dips.
Sumber :
http://inekriestianti.blogspot.com/2011/05/translasi-mata-uang-asing_09.html
http://anitasimarmata.blogspot.com/2011/05/1-perbedaan-translasi-dan-konversi.html
http://inekriestianti.blogspot.com/2011/05/translasi-mata-uang-asing_1803.html
http://inekriestianti.blogspot.com/2011/05/translasi-mata-uang-asing-pengaruh.html
http://inekriestianti.blogspot.com/2011/05/translasi-mata-uang-asing-evaluasi-dan.html
http://inekriestianti.blogspot.com/2011/05/translasi-mata-uang-asing-hubungan.html
http://whindajuli.blogspot.com/2011/04/pengaruh-perbedaan-tata-kelola-keuangan.html
http://whindajuli.blogspot.com/2011/04/tujuan-pengungkapan-akuntansi-dalam.html
http://whindajuli.blogspot.com/2011/04/aspek-pembeda-praktek-pengungkapan.html
Akuntansi Internasional
PRELIMINARY
- Internal accounting differences with another accounting
Along with business and financial markets that have a lot to internationalization, as well as differences in international accounting is becoming more important from the standpoint of financial statement analysis internsaional. The key questions include the direction of international accounting differences that affect the assessment of income and cash flow in the future and of the risks and uncertainties allies.
Appraisal / valuation is important for portfolio investors. It is important uga to the attention of enterprises with foreign direct investment (FDI) / Foreign direct investment, which involves an assessment of potential acquisition and joint venture participation or increase of capital of companies listed on foreign stock markets. Growing number of companies listed in international stock markets, with London Stock Exchange that have been taken over by the New York stock exchanges as the most popular stock exchanges, and more stock market continues to grow. In addition there was an emergence of a dramatic increase of the stock market and the competition for international investment.
International accounting differences bring a number of problems from the standpoint of financial analysis. First, in an effort to assess foreign companies, there is a tendency to look at revenues and other financial data from the standpoint of their home country, and because of the danger of ignoring the effects of accounting differences. Unless significant difference was taken into account, possibly with some involvement of a restatement, it may have very serious consequences. Secondly, awareness of international differences suggest the need to become familiar with generally accepted accounting principles as a destination for foreign countries to know better income data in the context of measurement. Third, the issue of properties that can be compared and harmonized akuntasni is reviewed in the context of alternative investment opportunities. In this case, Choi and Levich (1991) provides a useful framework for analyzing the impact and relevance of the differences in similarity and no resemblance to the economic environment. In an environment or a situation similar to the accounting, the accounting differences is un logisan and clues to the results that can not be compared. Logical practices suggest that the accounting treatment of similar / same. When the economic environment is not the same, but, as in the case of international investment, accounting differences can be justified, particularly where lies the lack of similarity exists in company laws, tax laws, finance, business customs, culture, accounting and so on. On the other hand, a similar accounting treatment may be justified when several factors have some significant similarities. Understanding the importance of environmental factors and cultural / cultural are all concerned.
In a survey to examine how capital market participants respond to differences in accounting, Choi and Levich cited the opinion of institutional investors, multinational companies that issued securities, the bank under the international securities, and regulatory agencies. Only 48% of all respondents interviewed were influenced by differences in international accounting, but it seems 52% of respondents who claimed not affected by differences in accounting facts “coping” a variety of factors, including (1) repeat their own accounts with GAAP, (2) the development of capabilities foreign GAAP, (3) using other information sources, and (4) using a different approach investasu, for example, macro-economic approach “top-down” or from the top down to the state paired with a diversified selection of stocks in the country. A similar approach, used by the respondents which investment decisions likely influenced by differences in accounting. The results of this study suggest that the problems and costs arising from differences in international accounting is very real and needs to be investigated further to be investigated and resolved. In the end, there is a clear need to see the differences and their impact on the measurement of income and corporate performance.
2. Explain and understand how international accounting is divided into three broad cultural
There are three main forces that drive the international dimension into the accounting field that continues to grow. Force strength is
(1) ENVIRONMENTAL FACTORS,
(2) INTERNATIONALIZATION AND ACCOUNTING DISCIPLINES, AND
(3) THE INTERNATIONALIZATION OF THE ACCOUNTING PROFESSION.
ENVIRONMENTAL FACTORS
Either developed countries or developing countries large and small in one hemisphere or the other, all having a closer international relations and a high economic dependence. There are 15 environmental factors that impact on accounting. The selection list is subjective and may change with time.
INTERNATIONALIZATION OF ACCOUNTING DISCIPLINE
Three key factors have played a decisive role in internationalism (field or discipline) of accounting:
A. Specialization
As with any medicine, at present specialization in accounting is a fact for example in the USA and Jerman.akuntansi internasionak is one area of expertise is recognized in the accounting field, together with governmental accounting, tax accounting, auditing, management accounting, accounting and system behavior of information.
2. International nature of a number of technical problems
International trade, business operations multinasinal, foreign investment and market transactions are unique problems in accounting internationalism
3. Historical reasons
International accounting history is history. Double entry bookkeeping which is regarded as the origin of the existing accounting who migrated to several countries including Indonesia. Wansan accounting as such, is international.
Development Of International Accounting
According to Choi et.al (1998: 38) reveals that the structural development of international accounting happens now includes serving as follows:
A. Pattern of Comparative Development
The approach developed by Mueller differently to the development of accounting can be observed in western countries that have market-oriented economic system, including; makorekonomis pattern, the pattern mikroekonomis, disciplined approach to independent, and uniform accounting approach.
-The pattern of macroeconomic
Business enterprise goal of course is narrower than the national economic policy. The Company has certain goals to be achieved, often operate in a dimension of time and space is limited, and accountable to the groups a clear ownership. Consequently, normally follows the company’s goal of national policy. This is not an absolute condition, because the company is part of the business that affects public kepntingan and directing national policies, so there is a causal relationship of reciprocity.
3. Knowing the history of international accounting and international financial sector policy trend
International accounting is accounting for international transactions, the comparison between countries of different accounting principles and harmonization of accounting standards in the field of tax authorities, auditing and other accounting areas. Accounting must evolve in order to provide the information required in decision-making in the company in any business environment changes.
Here are the characteristics of the era of global economy:
A. International business
2. Loss of boundaries between States era of global economy is often difficult to identify the country of origin of a product or company, this is the case in multinational companies
3. Dependence on international trade
There are 8 (eight) factors that influence the development of international accounting:
B. Sources of funding
In countries with strong equity markets, accounting has focused on how well management runs the company (profitability), and is designed to help investors analyze the future cash flows and related risks. Instead, the credit-based system in which the bank is the main source of funding, accounting has focused on the protection of creditors through conservative accounting measurements.
2. Legal System
The western world has two basic orientations: the legal code (civil) and common law (case). In code law countries, law is a complete group that includes the provision of accounting rules and procedures that are incorporated in national law and tend to be very complete. In contrast, common law developed on a case by case basis without any attempt to cover all cases in which a complete code.
3. Taxation
In most countries, tax rules effectively set the standard because the company should record revenue and expenses in their accounts to claim it for tax purposes. While a separate tax and financial accounting, tax rules sometimes require the application of certain accounting principles.
4. Politics and Economics Association
5. Inflation
Inflation causes the distortion of historical cost accounting and affect the propensity (tendency) of a State to apply the changes to the accounts of the company.
6. Levels of Economic Development
These factors influence the types of business transactions are conducted in an economy and determine what is most important.
7. Level of Education
Standard accounting practices are highly complex would be useless if misunderstood and misused. Disclosures about the risks of derivative securities will not be informative unless it is read by the competent authorities.
8. Culture
Four dimensions of national culture, according to Hofstede: individualism, power distance, uncertainty avoidance, masculinity.
4. Understanding the role of accounting in the areas of business and global capital markets
We often hear how the company has a good organizational system to support the vision, mission and action plan for a planned business plan does not guarantee success in achieving profits. In fact, many companies are experiencing a decline in business performance simply because of errors in interpreting the scenarios and assumptions influence the external environment. Entering the era of liberalization and globalization in the 21st century, the company’s leaders can not simply ignore the changes happening around them, especially if they want to win.
Increasing globalization of world markets kukuhnya symptoms are influenced directly by the various trade and investment liberalization policies in the Asia Pacific region, many open up business opportunities for domestic producers and foreign investors. Widespread network of organizations and global corporate communications a few years before the global economic crisis, has proven to provide various opportunities for domestic private firms in Indonesia in the form of joint venture (joint ventures) and franchises (franchising). But instead we see how the changes external environment that runs very quickly, as the incidence of attack the World Trade Center and the U.S. military incursion into Iraq, then in an instant competitive advantage ravaged the country in the pattern of trade between nations in the world. Bad influence of external environmental impacts are sometimes veiled, and the cruel position of competitive advantage claimed some domestic companies are small and medium enterprises.
We see how the national economic crisis followed by the various political and social crisis since 1998 in fact has changed the entire structure (paradigm) conduct of business activities of private companies nationwide in our country. Without being aware of various changes in non-economic issues, such as the Bali bombings, ethnic strife in the Maluku and West Kalimantan, Aceh conflict and the demands of the Free Aceh Movement, riots of May, it has disrupted the performance of this in Indonesia in the short term. The last time we see how the arrival of tsunami waves have damaged the economy in the joints of different localities in the region of Aceh and North Sumatra.
This sequence of events resulting in the slow national economic recovery program. Climate of certainty and erosion, and the country risk and the risk of trying to become higher. Finally, in recent years an increase in cases of closure and bankruptcy of enterprises.
With this background we will think how the activities of small and medium businesses face these conditions. With characteristics that have limited capital, small business capacity, and with a simple pengadmistrasian. How accounting profession could help counter the influence of the business environment for small to medium sized businesses can compete in global markets.
Accountant’s Role In Helping Small and Menengah.Dengan bsnis environmental influences are so powerful, SMEs who want to progress began to stretch to improve its ability to clean themselves in the competition. Competition is not only local competition but have started with the global competition. To do this all would have done a few things are quite strategic by SMEs. Here, the role of management accountants who can help provide information for decision-making tepat.Dalam global competition, information is an important factor yag will be able to help win the competition. Do not lose dallam ukm management information and generate information. Accountants beperan how to create relevant information for all stakehloder SMEs, both financial and non financial information. The resulting information to stakeholders can bring good results from many investors and many buyers are able to access deal.Untuk in global markets, SMEs should improve product quality and quality management. Example in Tasikmalaya city’s famous crafts. SMEs from access to global markets, whether European, American, African, etc.. They no longer focus bersainga with local ukm but focus on entrepreneurs from China, Vietnam and the Philippines. SMEs in particular Tasikmalaya memeulai handycraft for access to global markets certainly can not be directly just like the back your hand. They mengikuiti international exhibitions, product quality certification and management. To obtain such certification are many conditions that must be prepared. Here, many engage accountants to help SMEs improve management quality management. With international certification such prospective buyer will usually be affected untu buy the products of SMEs. Starting from where SMEs will enter the global market. Market Globalization Globalization is a phenomenon of the world market to follow. For example, the unification of European Economic Community (European Economic Community) in 2000, proved to have affected the negotiating power of trade and investment issues of the EEC member states with Developing Countries. In many cases the results are likely to harm in the latter. Other forms of economic cooperation, among others, the Association of Petroleum Producers Group (OPEC), Economic cooperation of Southeast Asian Nations (ASEAN) and Economic cooperation of States Asia Pacific (APEC). Clusters have been encouraging their cooperation and make the market for goods, services, and the broader financial (globalise) with a reduction of barriers (borderless) in the bureaucracy of licensing, and traffic of capital, labor and technology transfer. The globalization of international markets now tend to expand, it becomes complicated and difficult to trace. This process happens so fast with the action tendency of giant multinational corporations (MNCs) and world (global firms) held a business strategy through the integration, merger or joint venture activities with cross territorial boundaries between countries. Their overall business interests often trump any of the companies they own branches as well as the interests of trading partners in developing countries. The globalization of markets in addition to providing a positive impact, not infrequently result in negative effects for Indonesia’s economy, small and medium enterprise development and competitive advantage in the economic sector or industry tertentu.Menyikapi this accountant must also meningkatkankemampuannya to help SMEs enter the global market. SMEs are not only trained accountants prepare financial statements, but provide what it needs to enter the strategy taken in memenangkna competition by creating a non-financial information such as business process intenal, learning growth and customer satisfaction. The competitiveness of some aspects of technology entrepreneurs merchandise exporter Indonesia began to lose its competitiveness in international markets since the incident a few years the economic crisis in Indonesia. Indonesia products are oriented so that lpangan mnyerap work can still be competitive in international markets, technological aspects have come to be seen and considered as a solution to improve the quality of the company’s business processes and ultimately to win the competition. In this regard technological factors that have studied the impact and influence include the following: (1) Genesis discovery (Innovations) the scientific
(2) Adaptation of the technology ready to use
(3) new products hit the market by competitors
(4) The development of technological substitutes
(5) development of national technology strategy
(6) Expenditure on research and development (R & D) by competitors or companies in the industry
(7) The life cycle of a product (product life cycle)
(8) The development of computer technology and information
(9) breakthroughs that can increase productivity in both the input, processing and marketing
(10) A variety of technologies in the development forecasting depanBegitu ukm also handicraft in Tasikmalaya, they perform the steps as above. All ukm who have been using the technology the export of certain information, ranging from pengadiministrasiannya, to marketing, they even have their own website that is http://www.tasiktrade.or.id. Or is there a company and product profile include the national website is http://www.indonesiadesain.com. For their international deals with some international organizations, such as the European Commission, INA, etc.. SimpulanSemua businesses will be affected by the business environment. Business environment must be able to affect the increased competitiveness of the business world. Similarly, SMEs must be able to make the business environment in something that spurs the motivation to improve competitiveness and international.Akuntan bailokal can serve the business community to face the stone business environment in order to improve its competitiveness by creating financial and non financial information. Accountants can also play a role in the development of information technology will inevitably have to develop SMEs to compete. Materials BacaanTasikmalaya Trade And Industry Guide, 2005: SME Export Ready Tasikmalaya. Workshop on Unsil Tasikmalaya.
Along with business and financial markets that have a lot to internationalization, as well as differences in international accounting is becoming more important from the standpoint of financial statement analysis internsaional. The key questions include the direction of international accounting differences that affect the assessment of income and cash flow in the future and of the risks and uncertainties allies.
There are three main forces that drive the international dimension into the accounting field that continues to grow. Force strength is
(1) ENVIRONMENTAL FACTORS,
(2) INTERNATIONALIZATION AND ACCOUNTING DISCIPLINES, AND
(3) THE INTERNATIONALIZATION OF THE ACCOUNTING PROFESSION.
International accounting is accounting for international transactions, the comparison between countries of different accounting principles and harmonization of accounting standards in the field of tax authorities, auditing and other accounting areas. Accounting must evolve in order to provide the information required in decision-making in the company in any business environment changes.
We often hear how the company has a good organizational system to support the vision, mission and action plan for a planned business plan does not guarantee success in achieving profits. In fact, many companies are experiencing a decline in business performance simply because of errors in interpreting the scenarios and assumptions influence the external environment. Entering the era of liberalization and globalization in the 21st century, the company’s leaders can not simply ignore the changes happening around them, especially if they want to win.
Increasing globalization of world markets kukuhnya symptoms are influenced directly by the various trade and investment liberalization policies in the Asia Pacific region, many open up business opportunities for domestic producers and foreign investors. Widespread network of organizations and global corporate communications a few years before the global economic crisis, has proven to provide various opportunities for domestic private firms in Indonesia in the form of joint venture (joint ventures) and franchises (franchising). But instead we see how the changes external environment that runs very quickly, as the incidence of attack the World Trade Center and the U.S. military incursion into Iraq, then in an instant competitive advantage ravaged the country in the pattern of trade between nations in the world. Bad influence of external environmental impacts are sometimes veiled, and the cruel position of competitive advantage claimed some domestic companies are small and medium enterprises.
DEVELOPMENT AND INTERNATIONAL ACCOUNTING CLASSIFICATION
- Identify and explain the factors that influence the development of the accounting world
Culture and historical roots of a country is the first step to identify the factors that affect the accounting. Culture is an important element that should be considered to find out how a social system that is changing due to the influence of cultural norms and values of a system and group behavior in their interactions within and outside the system.
A. Structural elements that affect the business and cultural
a. Individualism vs. collectivism
Individualism is a trend that is relatively free of social function and individual mean just take care of themselves and their families. In contrast, collectivism is the tendency of the social functions of a relatively tight masing0masing where individuals identify themselves as a group with unquestionable loyalty. The main problem of this dimension is the level of the individual in a society interedensi.
b. Large vs. small power distance
Power distance is the extent to which members of the public to receive power in institutions and organizations is distributed unequally. In small power distance society requires equality of power and the justification for the inequality of power. In large power distance societies accept a hierarchical order where each one has its place again without justification. The main problem of this dimension is how a society handles inequalities among people when it happens.
c. Strong vs. weak uncertainty avoidance
Is the degree to which community members are not comfortable uncertainties premises. Strong uncertainty avoidance try to maintain a form of society is so great faith, and less tolerant of people or alternative ideas. Opposite to weak uncertainty avoidance. The main theme of this dimension is how a public reaction against the fact that time only goes in one direction and the future is unknown, and whether to try to control the future or let it go.
d. Masculine versus feminine
Masculine in a society that tends to give parameters to the family, heroism, and material successes. Instead of feminism tend to personal relationships, intolerant of weakness and quality of life. The main theme in this dimension is to how the society providing social roles related to gender issues.
Value Accounting
A. Professionalism versus statutory control
The ability to make professional judgments as individuals and strive to maintain an independent professional regulatory opposed to compliance with legal requirements and statutory control.
2. Uniformity versus flexibility
The tendency for a uniform accounting practices between firms and is consistent with the current level of flexibility to implement the practices adapted to the conditions of a company.
3. Conservatisme vs. optimism
The tendency of people to be careful of the current level of risk and uncertainty in the future compared with the more optimistic behavior and the courage to take risks.
4. Secrecy vs. Transparency
The tendency to place restrictions on the disclosure of business only to the parties involved with the management and financial intense compared with a more transparent and open.
2. Knowing the developmental approach to accounting in a market-oriented economy
Four approaches to the development of accounting
Initial classification was proposed by Mueller mid-1960s. He identified four approaches to the development of accounting in Western countries with market-oriented economic system.
(1) Based on the macroeconomic approach, obtained from the accounting practices and are designed to improve the national macroeconomic objectives. General corporate purposes and not to follow the lead of national policy, because the business enterprise mengordinasikan their activities with national policy. Therefore, for example, a national policy of stable employment to avoid major changes in the business cycle will result in a leveling of income accounting practices. Or, to encourage the development of a particular industry, a State can permit rapid removal of capital expenditure on some of the industry. Accounting in Sweden evolved from macroeconomic approach. (2) based on the microeconomic approach, developed from the accounting principles of microeconomics. The focus is on individual companies that have the purpose to survive. To achieve this goal, the company must maintain physical capital owned. It is equally important that the company is clearly separate capital from profits to evaluate and control the business activity. Accounting measurements are based on replacement cost is supported as best suited to this approach. Accounting in the Netherlands grew from microeconomics. (3) by an independent disciplinary approach, derived from accounting and business practices developed on an ad hoc, with the base slowly from consideration, trial and error. Accounting services is considered as a function of the concepts and principles taken from the business process being run, and not from the branches of science such as economics. Businesses face the real world complexity and uncertainty that always happens through experience, practice, and intuition. Accounting develops the same way. For example, profit is simply the most useful thing in a pragmatic and disclosure practices in responding to the needs of its users. Independently developed accounting in Britain and the United States. (4) based on a uniform approach, standardized accounting and is used as a tool for administrative control by the central government. Uniformity in the measurement, disclosure and presentation of accounting information makes it easier to control all types of businesses. In general, uniform approach is used in countries with large government ketelibatan in perncanaan economy in which the accounting is used among others for measuring performance, allocating resources, collect taxes and control prices. France, with a uniform chart of national accounting is a major supporter of the uniform accounting approach.
3. Identifying the dominant state in the development of accounting practice
Classification is done G. G. Mueller, published in The International Journal of Accounting (Spring 1968) which uses assessments of economic development, the complexity of the business, political and social situation of the legal system, dividing the countries into 10 groups based on the accounting system are:
A. United States / Canada / Netherlands
2. British Commonwealth countries
3. Germany / Japan
4. Mainland Europe (not including West Germany, the Netherlands and Scandinavia)
5. Scandinavia
6. Israel / Mexico
7. South America
8. Developing Countries
9. Africa (excluding South Africa)
10. Communist countries
4. Have basic knowledge of accounting and be able to compare classification (international accounting with local)
International accounting classification can be done in two ways: By considerations and empirically. Classification with consideration depends on the knowledge, intuition and experience. Classification empirically using statistical methods to collect data
accounting principles and practices worldwide.
There are 4 (four) approach to the development of accounting:
A. Based on the macroeconomic approach, obtained from the accounting practices and are designed to improve the national macroeconomic objectives.
2. Based on microeconomic approach, accounting bekembang of microeconomic principles. The goal lies in the individual companies that have the purpose to survive.
3. Based on an independent approach, derived from accounting and business practices developed on an ad hoc, with the base slowly and consideration, trial and error, and errors. Accounting services is seen as a function of the concepts and principles taken from the business process being run, and not from the branches of science such as economics.
4. Based on a uniform approach, accounting distandariasi and used as a tool for administrative control by the central government. Uniformity in the measurement, disclosure, and will facilitate the presentation of the designer of government, tax authorities, and even managers to use accounting information in controlling all types of businesses.
Accounting system can also be classified by the laws of a State. (1) Accounting in common law countries have a fair presentation of the character-oriented, transparency and full disclosure and the separation between financial and tax accounting. Dominate the stock market financial resources and financial reporting needs infrmasi shown to outside investors. Accounting law commonly referred to as the Anglo Saxon. (2) accounting in code law countries have a legalistic-oriented characteristics, does not allow disclosure of the amount is less, and conformity between financial and tax ankuntansi. Bank or financial ksumber dominate the government and financial reporting and financial reporting is intended to protect creditors. Accounting is also called continental. Provision of accounting parallels the character referred to as a model of shareholders and other interested parties kelila corporate governance role in common law countries and the legal code.
Many differences in national accounting is becoming increasingly lost. There are several reasons for this are (1) Hundreds of companies today noted its shares on stock exchanges outside their home country, (2) Some of the code law countries, particularly Germany and Japan to shift responsibility from the government’s establishment of accounting standards to the private sector professional and independent, (3) The importance of the stock market as a source of funding is growing worldwide.
5. Explain the difference fair presentation and compliance with State law and the stage where the dominant application
Classification based Padada fair presentation versus legal compliance pose a major influence on many accounting issues, such as (1) depreciation, where the load is determined based on the reduction in the usefulness of an asset over the useful economic (fair presentation) or the amount allowed for tax purposes (compliance law), (2) lease with purchase of fixed assets of the substance to be treated like that (fair presentation) or treated as operating leases are common (legal compliance), (3) pension costs accrued at the time generated by the employee (fair presentation) or charged on the basis paid at the time to stop working (legal compliance).
Another problem is the use of reserves to smooth earnings discrete from one period to another.
6. Knowing the important issue of fair presentation stage of legal compliance
And fair presentation of substance over form (substance over form) is the main characteristic of the general accounting laws. Accounting drancang legal compliance to meet government regulations such as dikenankan calculation of taxable income or meet the national government’s macroeconomic plans. Mamastikan conservative measurement that the number of shared care. Accounting for legal compliance will continue to be used in the financial statements of individual firms in code law countries where consolidated statements apply to the presentation of fair reporting. In this way, consolidated statements may provide information to investors, while individual company reports to comply with the law.
COMPARATIVE ACCOUNTING
- Identifying terms of accounting standards and standard setting
The Financial Accounting Standards Board (FASB) is a private, not-for profit organization whose sole purpose is to develop generally accepted accounting principles (GAAP) in the United States in the public interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the United States was created in 1973, replacing the Committee on Accounting Procedure (CAP) and Accounting Principles Board (APB) of the American Institute of Accountants Certified Public (AICPA). FASB’s mission is “to establish and improve standards of accounting and financial reporting guidance and education to the public, including issuers, auditors, and users of financial information.” [1] To achieve this, the FASB has five goals [1]:
• Increase the benefits of financial reporting by focusing on the main characteristics of relevance and reliability, and on the comparative quality and consistency.
• Keep standards current to reflect changes in methods of doing business and the economy.
• Consider promptly any significant areas of deficiency in financial reporting that might be enhanced through the establishment of standards.
• Promote the international convergence of accounting standards concurrent with improving the quality of financial reporting.
• Improve public understanding of the nature and purpose of the information in the financial statements.
Description
FASB is not a government agency. . The SEC has the legal authority to establish financial accounting and reporting standards for publicly held companies under the Securities Exchange Act of 1934. Throughout its history, however, the policy of the Commission has relied on the private sector for this function if the private sector demonstrates the ability to fulfill responsibilities in the public interest.
FASB is an independent part of the structure of all businesses and professional organizations. Before the present structure was created, financial accounting and reporting standards was first established by the Committee on Accounting Procedure of the American Institute of Certified Public Accountants (1936-1959) and then by the Accounting Principles Board, also part of the AICPA (1959 -73). Statement of its predecessor bodies remain in effect unless amended or superseded by the FASB.
FASB subject to supervision by the Financial Accounting Foundation (FAF), FASB members who voted and the Governmental Accounting Standards Board and funds both organizations. FAF Board of Trustees, in turn, partly elected by a group of organizations including:
• American Institute of Accountants
• American Institute of Certified Public Accountants
• CFA Institute
• Financial Executives International
• The Government Finance Officers Association
• Institute of Management Accountants
• National Association of State Auditors, Comptrollers and Treasurers
• Securities Industry Association
FASB structure is very different from its predecessor in many ways. Council consists of seven full members. The members are required to sever all ties with companies and institutions that previously they may have served prior to joining the FASB .. This is to ensure the impartiality and independence of the FASB. They are appointed for a term of five years and is eligible for one additional term of five years. The current members (with the end of this time period stated date):
• Robert H. Herz, Chairman (2012)
• Thomas J. Linsmeier (2011)
• Leslie F. Seidman (2011)
• Marc A. Siegel (2013)
• Lawrence W. Smith (2012)
In addition to full-time members, there are about 68 members of staff. This staff is, “professionals drawn from public accounting, industry, academia, and government, plus support personnel.”
This group was formed in order to provide quick response to their financial problems arise. This group includes 15 people from both public and private sectors coupled with the representatives of the FASB and the SEC observer. As problems arise, the task force consider them and try to reach consensus on what action to take. If a consensus can be achieved, they EITF issues and FASB are not involved. EITF considered as a legitimate issue as FASB statements and are included in GAAP.
Creation of Codification
On July 1, 2009, FASB announced the launch of the Accounting Standards Codification, stating that a “single source of authoritative nongovernmental U.S. generally accepted accounting principles.” The codification of many of the statements set of U.S. GAAP to be sought, consistent format. [3] Codification is not to be confused with the FASB Conceptual Framework, a project initiated in 1973 to develop a sound theoretical basis for the development of accounting standards in the United States.
Norwalk Agreement
FASB is pursuing convergence project with the International Accounting Standards Board (IASB) and International Financial Reporting Standards (IFRS). On 18 September 2002, in Norwalk, Connecticut, FASB and IASB met and issued a Memorandum of Understanding. [4] This document describes a plan to converge IFRS and U.S. GAAP into a single set of high quality and compatible standards. As part of the project, the FASB has begun to move from the principle of historical cost to fair value.
The independence
In June 2009, the FASB has been criticized by investor advisory panel after making the change-to-market accounting as a sign of a response to political pressure. Lobbyists have obtained permission for banks to apply a special accounting treatment for toxic assets. [5]
FASB statement
In order to establish accounting principles, FASB issue public statements, each of which address problems or special general accounting. This statement is:
• Statement of Financial Accounting Standards
• Statement of Financial Accounting Concepts
• FASB Interpretation
• FASB Technical Bulletins
• EITF Abstracts
2. Understanding why different from standard accounting practices prescribed
Four (4) The reason why the practice is not in accordance with the standards, namely:
a. In most countries the penalty for noncompliance with the official accounting tend to be weak and ineffective
b. The company may voluntarily report more information than the diharuska
c. Some states allow companies to ignore the accounting standards if by doing operations and financial position will be better tersajikan
d. In some countries accounting standards only apply to the separate financial statements and not to the consolidated report.
3. Knowing the accounting system in developed countries! example?
Netherlands
Accounting in the Netherlands has some interesting paradox. The Netherlands has the provision of accounting and financial reporting are relatively permissive, but the standards for professionalism is very high. The Netherlands is the country code of law, but accounting-oriented fair presentation. Financial reporting and tax accounting are two separate activities.
Dutch accounting is willing to consider ideas from outside. The Netherlands is one of the first supporters of the international standards for accounting and financial reporting, and the IASB statement received great attention in determining acceptable practice.
Accounting Regulations and Enforcement Rules
Regulation in the Netherlands remained so in 1970 when liberal laws enacted Annual Financial Report, the 1970 Act introduced a mandatory audit. The law also encourages the formation of Accounting Studies Three Parties (Tripaartif) (which was replaced by the Council’s Annual Report on the Year 1981)
Annual reporting of the Council issued guidance on acceptable accounting principles (not accepted) in general, the Council has members from three different groups:
A. The preparation of financial statements (the company)
2. Users of financial statements (union representatives and financial analysts)
3. Auditors of financial statements (the Dutch institute or NivRA Registered Accounting)
Financial Reporting
Quality of the Netherlands is very uniform financial reporting, financial statements shall be drawn up in Dutch, but in English, French, and German can be accepted. Financial reports should contain the following:
- Balance
- Statements of Income
- Records
- Report of the Board of Directors
- Other information recommended
Accounting Measurement
The method used is the purchase method, goodwill is the difference between acquisition cost and fair value of purchased assets and liabilities. Dutch flexibility in accounting measurements can be seen with the permissibility of the use of nilaii now for tangible assets such as inventory and assets are depreciated. Because the company – a Dutch company has flexibility in applying the rules of measurement, can be presumed that there is a chance to perform smoothing earnings. Certain items can ignore the statements of income and adjusted directly against reserves in shareholders’ equity. It includes:
• Catastrophic losses that are not possible or is not common for the uninsured
• Losses due to nationalization or confiscation of other similar
• Onsekuensi due to financial restructuring
German
In the early 1970s, the European Union (EU) began to issue a harmonization directive, which must be adopted by member states into national law. EU directive fourth, seventh, eighth entirely into German law through the Comprehensive Accounting Act which came into force on December 19, 1985
The third fundamental characteristic of Accountancy in Germany is its dependence on the statutes and court decisions. Besides those two things that have no binding status or authority. To understand accounting in Germany, one must mmerhatikan HGB and legal frameworks related cases.
Accounting Regulations and Enforcement Rules
Prior to 1998, the Germans did not have the financial accounting standard-setting functions as understood in English-speaking countries. Law on control and transparency in 1998 introduced the requirement to recognize a private entity that sets national standards to meet the following objectives:
• Develop recommendations on the application of accounting standards in the consolidated financial statements
• Provide advice to the Ministry of Justice for a new accounting legislation
• Representing Germany in an international accounting organization, as the IASB
System implementation of new accounting standards in Germany largely similar to existing systems in the United Kingdom and the United States. But to note that the standard of GaSb is a mandatory recommendation applies only u / lapoaran financial statements.
Financial Reporting
Law – Accounting Act in 1985 specifically determine the content and form of financial statements that include:
A. Balance
2. The income statement
3. . Notes to the financial statements
4. Management reports
5. Auditor’s report
The main feature of the financial reporting system in Germany is a personal statement by the auditor to the company’s management board and supervisory board of the company, for the purpose of consolidation, all firms in the group must use the accounting and valuation principles are the same.
Accounting Measurement
GAS is more stringent when compared to HGB in the consolidated financial statements, Menurt GAS 4, revaluation methods should be used, while the assets and liabilities acquired in business combination must be revalued to fair value and the remaining excess was allocated to goodwill. Goodwill is amortized over a period no more than 20 years and tested for impairment annually.
As mentioned earlier, the company – the German company can now choose to prepare consolidated financial statements in accordance with the rules of German, as described above, the international accounting standards or U.S. GAAP. The third option can be found in practice and the readers of German financial statements must be careful to find out which accounting standards are used.
English
British heritage is very important for the world. Britain was the first country in the world to develop the accounting profession as we know it. The concept of presenting the results and financial position of the natural (true and fair view) is also from England.
Accounting Regulations and Enforcement Rules
The two main sources of financial accounting standards in the UK is the company’s legal and accounting professions. Act of 1981 set out five basic principles of accounting:
A. Revenues and expenses should be matched according to the accrual basis
2. Postal assets and liabilities separately in each category of assets, and liabilities are assessed separately
3. The principle of conservatism
4. Application of accounting policies that are consistent from year to year are required
5. Business continuity principle is applied to companies that use accounting
The Act contains a broad assessment of rules in which the accounts can be determined based on historical cost or current cost.
Financial Reporting
UK financial reporting, including the most comprehensive in the world. The financial statements generally include:
A. Report of the Board of Directors
2. Profit and Loss and Balance Sheet
3. Statement of Cash Flows
4. Report of Total recognized Gains and Losses
5. Accounting policy statements
6. References in the notes to the Financial Statements
7. . Auditor’s Report
Accounting Measurement
Britain to allow both methods of acquisition and mergers in the accounting records for the merger. However, the conditions of the merger method of use is so tight that it almost never used.
In 2003, the Department of trade and Industry announced that starting in January 2005, All UK companies are allowed to use IFRS, in addition to GAAP
Japan
Accounting and Financial Reporting in Japan reflects the combined influence of various domestic and international, to understand Japanese accounting, one must understand the culture, business practices and history of Japan. Firms – Japanese firms belonging akuitas share with each other, and often jointly own other companies. These investments are interlocked industrial conglomerate that produces meraksasa – known as keiretsu
Keiretsu venture capital, is in line with changes in the Japanese structural reforms to overcome economic stagnation that began in the 1990s. The financial crisis that followed the breakup of the Japanese bubble economy is also pushing for a thorough evaluation of the Japanese financial reporting standards.
Accounting Regulations and Enforcement Rules
The national government still has the most significant influence on accounting in Japan. Accounting regulation is based on three laws – Law: Commercial Law, Capital Market Law and the income tax law firm. Commercial law is governed by the Ministry of Justice (MOJ), the law is at the core of accounting regulation in Japan and most have a major influence.
Publicly owned companies must meet further in the capital market laws administered by the finance ministry made under the laws of the U.S. capital markets and imposed on Japan by the United States during the U.S. occupation after World War II, the main purpose of SEL is to provide information in decision decision.
Financial Reporting
Company incorporated under the Commercial Law shall be obliged to prepare a report which must be approved in the annual meeting of shareholders, which contains the following:
A. Balance
2. Profit and loss
3. Business Report
4. Proposal for Determination of Use (appropriation) Retained earnings
5. Supporting Schedule
Companies that list their stocks should also prepare financial statements in accordance with the Law of the capital market in general require the same basic financial statements of the commercial law coupled with the cash flow statement.
Accounting Measurement
Commercial law firm requires large companies to prepare consolidated statements, the company recorded consolidated shares shall prepare reports in accordance with the SEL. Account is a separate company basis for consolidated reporting and general accounting principles as used for both. Consolidated subsidiary if the parent company directly and indirectly control the financial and operational policies.
Although the pooling of interest method is allowed, the purchase method for business combinations commonly used. Goodwill is measured on the basis of the fair value of net assets acquired and is amortized over a maximum of 20 years, the equity method is used to record the joint venture.
4. Identify similarities and differences in accounting systems in developed countries?
Convergence of accounting standards is essentially equating the language of business. Each state has a regulatory agency financial reporting standards. Indonesia Indonesian Institute of Accountants has issued Statement of Financial Accounting Standards as the only standard that is accepted as ‘business language’ companies in Indonesia. United States has a Generally Accepted Accounting Principles (GAAP), which was released by the Financial Accounting Standards Board (FASB). The European Union has the International Accounting Standard (IAS) issued by International Accounting Standard Board (IASB). And so, each country using a standard reporting-reporting standards that are likely to diverge from one another. There is no assurance that the financial statements are presented in different countries can be read with the same language. Difference in the end of this standard will also hamper international business people in business decisions.
By far the leading to the reference standard is the International Financial Reporting Standards (IFRS) issued by International Accounting Standard Board (IASB). IASB standards are the governing body of International Accounting Standards Committee Foundation, an independent international non-profit institutions engaged in financial reporting is based in the UK.
Today, more than 100 countries require or allow the application has IFRS, and is expected to be more and more countries around the world use IFRS. In fact, 10 countries have global capital markets has made convergence to IFRS as Japan, Britain, France, Canada, Germany, Hong Kong, Spain, Switzerland, Australia, including the superpower United States has said it will make the convergence to IFRS. As can be seen on the map, the blue states are the countries that have require or permit the application of IFRS. While the gray are the countries that are in the process of convergence with IFRS.
For Indonesia, as a first step the Financial Accounting Standards Board Indonesia Institute of Accountants (DSAK-IAI) will mengonvergensikan GAAP with IFRS fully through three stages, namely stages of adoption, the final preparation phase and implementation phase. Stages of adoption made in the period 2008-2011 includes activities throughout the IFRS to GAAP adoption, infrastructure preparation, and evaluation of IAS regulations.
Of course not easy to reconcile IAS 62 standard which is owned by owned 37 IFRS standards. There are still considerable gaps between GAAP with IFRS, there are even 20 or 32% IAS standards that can not be compared. When compared with the IFRS, there are still significant differences include financial instruments, investment property, business combination, property, plan and equipment, intangible assets, service concession agreement, the presentation of financial statements, leases, insurance contracts, accounting for banking to be removed , exploration and evaluation of mineral assets, agriculture, and accounting for reporting currencies, and other major differences.
“IFRS convergence targets that have been launched IAI in 2012 is revised IAS that are materially in accordance with IFRS version of January 1, 2009 which became effective in 2011/2012,” said the Chairman of IAI Rosita DSAK Uli Sinaga Public Hearing on the exposure draft of IAS 1 (Revised 2009) of the Financial Statements, in Jakarta last Thursday, August 20, 2009. For the twenty-ninth of Financial Accounting Standards (GAAP) included in the IFRS convergence program launched by IAI DSAK 2009 and 2010. The number of standards to be implemented in the convergence program is a tough challenge for the period 2009-2012 DSAK IAI. If the experience of the implementation of SFAS 50 and 55 concerning financial instruments that have been published in 2008, but it gets the strong pressure of the unpreparedness of the financial industry that have delayed its implementation, then you can imagine how powerful enact dozens of standards in such a short time.
In addition to the readiness of the companies, the implementation of this program also requires the readiness of practitioners of management accountants, public accountants, academics, regulators and other support professionals such as actuaries and appraisers. Public accountants are expected to immediately update their knowledge in relation to changes in GAAP, SPAP update and adjust the IFRS-based audit approach. Management Accountant / Company can anticipate immediately formed a team of successful convergence of IFRS Accountant in charge of updating the knowledge of management, conduct gap analysis and prepare road map for IFRS convergence and coordination with other projects for the optimization of resources. Accounting Academics / University are expected to form a successful team of IFRS convergence to update the knowledge of academics, revising the curriculum and syllabus as well as perform a variety of related research and provide input / comments on the ED and the Discussion Papers published by the IASB DSAK well.
Regulators need to make adjustments to regulations related to financial reporting and taxation and make efforts toward professional development and supervision associated with the reporting keuanganseperti appraisers and actuaries. Industry associations are expected to develop Guidelines for Industrial Accounting in accordance with GAAP developments, and create a forum that is intensively discussed various issues with respect to the impact of the application of GAAP and proactively provide input / comments to DSAK IAI.
Sumber :
http://ucupneptune.blogspot.com/2007/11/mengapa-akuntansi-internasional.html
http://agusw77.files.wordpress.com/2009/06/perkembangan-akuntansi-internasional4.pdf
http://www.scribd.com/doc/43454433/STANDAR-AKUNTANSI-KEUANGAN
Choi, Frederick D.S., and Gerhard D. Mueller, 2005., Akuntansi Internasional – Buku 1, Edisi 5., Salemba Empat, Jakarta.
Hubungan Kode Etik Akuntan Dengan Norma Pemeriksaan Akuntansi
Hubungan Kode Etik Akuntan Dengan Norma Pemeriksaan Akuntansi
- Etika
Etika adalah suatu ilmu bukan ajaran. Yang mengatakan bagaimana manusia harus hidup adalah ajaran moral. Sedangkan yang dimaksudkan dengan ajaran moral adalah ajaran-ajaran, pedoman agama peraturan-peraturan, ketetapan baik lisan maupun tulisan, tentang bagaimana manusia harus hidup dan bertindak agar dia menjadi manusia yang baik
Etika adalah aturan tentang baik dan buruk. Kode etik mengatur anggotanya dan menjelaskan hal apa yang baik dan tidak baik dan mana yang boleh dan tidak boleh dilakukan sebagai anggota professi baik dalam berhubungan dengan kolega, langganan, masyarakat dan pegawai. Kenyataannya konsep etika yang selama ini dijadikan penopang untuk menegakkan praktik yang sehat yang bebas dari kecurangan tampaknya tidak cukup kuat menghadapi sifat sifat “selfish dan egois”, kerakusan ekonomi yang dimiliki setiap pelaku pasar modal, dan manajemen yang bermoral rendah yang hanya ingin mementingkan keuntungan ekonomis pribadinya.
- Etika Profesi
Etika profesi adalah arah tindakan profesi untuk menjalankan tugas sesuai keinginan konsumen/nasabah dan norma – norma yang berlaku.
- Kode Etik
Kode Etik Profesi Akuntan Publik (sebelumnya disebut Aturan Etika Kompartemen Akuntan Publik) adalah aturan etika yang harus diterapkan oleh anggota Institut Akuntan Publik Indonesia atau IAPI (sebelumnya Ikatan Akuntan Indonesia – Kompartemen Akuntan Publik atau IAI-KAP) dan staf profesional (baik yang anggota IAPI maupun yang bukan anggota IAPI) yang bekerja pada satu Kantor Akuntan Publik (KAP).
Kode Etik Ikatan Akuntan Indonesia dimaksudkan sebagai panduan dan aturan bagi seluruh anggota, baik itu yang berpraktik sebagai akuntan publik, bekerja di lingkungan dunia usaha, pada instansi pemerintah, maupun di lingkungan dunia pendidikan dalam pemenuhan tanggung-jawab profesionalnya.
Tujuan profesi akuntansi adalah :
- memenuhi tanggung-jawabnya dengan standar profesionalisme tertinggi,
- mencapai tingkat kinerja tertinggi, dengan orientasi kepada kepentingan publik.
- Untuk mencapai tujuan tersebut terdapat empat kebutuhan dasar yang harus dipenuhi: Kredibilitas. Masyarakat membutuhkan kredibilitas informasi dan sistem informasi.
- Profesionalisme. Diperlukan individu yang dengan jelas dapat diidentifikasikan oleh pemakai jasa Akuntan sebagai profesional di bidang akuntansi.
- Kualitas Jasa. Terdapatnya keyakinan bahwa semua jasa yang diperoleh dari akuntan diberikan dengan standar kinerja tertinggi.
- Kepercayaan. Pemakai jasa akuntan harus dapat merasa yakin bahwa terdapat kerangka etika profesional yang melandasi pemberian jasa oleh akuntan.
Ada delapan kodek etik akuntan yaitu :
- Tanggung Jawab Profesi
Dalam melaksanakan tanggung jawabnya sebagai professional setiap anggotanya harus menggunakan pertimbangan moral dan professional dalam semuia kegiatan yang dilakukannya. Sebagai profesional, anggota mempunyai peran penting dalam masyarakat. Sejalan dengan peran tersebut, anggota mempunyai tanggung jawab kepada semua pemakai jasa profesional mereka. Anggota juga harus selalu bertanggungjawab untuk bekerja sama dengan sesama anggota untuk mengembangkan profesi akuntansi, memelihara kepercayaan masyarakat dan menjalankan tanggung jawab profesi dalam mengatur dirinya sendiri. Usaha kolektif semua anggota diperlukan untuk memelihara dan meningkatkan tradisi profesi.
- Integritas
Integritas adalah suatu elemen karakter yang mendasari timbulnya pengakuan profesional. Integritas merupakan kualitas yang melandasi kepercayaan publik dan merupakan patokan (benchmark) bagi anggota dalam menguji keputusan yang diambilnya. Integritas mengharuskan seorang anggota untuk, antara lain, bersikap jujur dan berterus terang tanpa harus mengorbankan rahasia penerima jasa. Pelayanan dan kepercayaan publik tidak boleh dikalahkan oleh keuntungan pribadi. Integritas dapat menerima kesalahan yang tidak disengaja dan perbedaan pendapat yang jujur, tetapi tidak menerima kecurangan atau peniadaan prinsip.
- Kepentingan Publik
Setiap anggota berkewajiban untuk senantiasa bertindak dalam kerangka pelayanan kepada publik, menghormati kepercayaan publik, dan menunjukan komitmen atas profesionalisme.
Satu ciri utama dari suatu profesi adalah penerimaan tanggung jawab kepada publik. Profesi akuntan memegang peran yang penting di masyarakat, dimana publik dari profesi akuntan yang terdiri dari klien, pemberi kredit, pemerintah, pemberi kerja, pegawai, investor, dunia bisnis dan keuangan, dan pihak lainnya bergantung kepada obyektivitas dan integritas akuntan dalam memelihara berjalannya fungsi bisnis secara tertib. Ketergantungan ini menimbulkan tanggung jawab akuntan terhadap kepentingan publik. Kepentingan publik didefinisikan sebagai kepentingan masyarakat dan institusi yang dilayani anggota secara keseluruhan. Ketergantungan ini menyebabkan sikap dan tingkah laku akuntan dalam menyediakan jasanya mempengaruhi kesejahteraan ekonomi masyarakat dan negara.
Kepentingan utama profesi akuntan adalah untuk membuat pemakai jasa akuntan paham bahwa jasa akuntan dilakukan dengan tingkat prestasi tertinggi sesuai dengan persyaratan etika yang diperlukan untuk mencapai tingkat prestasi tersebut. Dan semua anggota mengikat dirinya untuk menghormati kepercayaan publik. Atas kepercayaan yang diberikan publik kepadanya, anggota harus secara terus menerus menunjukkan dedikasi mereka untuk mencapai profesionalisme yang tinggi.
Untuk memelihara dan meningkatkan kepercayaan publik, setiap anggota harus memenuhi tanggung jawab profesionalnya dengan integritas setinggi mungkin.
- Kerahasiaan
Setiap anggota harus menghormati kerahasiaan informasi yang diperoleh selama melakukan jasa profesional dan tidak boleh memakai atau mengungkapkan informasi tersebut tanpa persetujuan, kecuali bila ada hak atau kewajiban profesional atau hukum untuk mengikatnya.
Kepentingan umum dan profesi menuntut bahwa standar profesi yang berhubungan dengan kerahasiaan didefinisikan bahwa terdapat panduan mengenai sifat sifat dan luas kewajiban kerahasiaan serta mengenai berbagai keadaan di mana informasi yang diperoleh selama melakukan jasa profesional dapat atau perlu diungkapkan. Anggota mempunyai kewajiban untuk menghormati kerahasiaan informasi tentang klien atau pemberi kerja yang diperoleh melalui jasa profesional yang diberikannya. Kewajiban kerahasiaan berlanjut bahkan setelah hubungan antar anggota dan klien atau pemberi jasa berakhir.
- Objektivitas
Setiap anggota harus menjaga obyektivitasnya dan bebas dari benturan kepentingan dalam pemenuhan kewajiban profesionalnya. Obyektivitasnya adalah suatu kualitas yang memberikan nilai atas jasa yang diberikan anggota. Prinsip obyektivitas mengharuskan anggota bersikap adil, tidak memihak, jujur secara intelektual, tidak berprasangka atau bias, serta bebas dari benturan kepentingan atau dibawah pengaruh pihak lain. Anggota bekerja dalam berbagai kapasitas yang berbeda dan harus menunjukkan obyektivitas mereka dalam berbagai situasi. Anggota dalam praktek publik memberikan jasa atestasi, perpajakan, serta konsultasi manajemen. Anggota yang lain menyiapkan laporan keuangan sebagai seorang bawahan, melakukan jasa audit internal dan bekerja dalam kapasitas keuangan dan manajemennya di industri, pendidikan, dan pemerintah. Mereka juga mendidik dan melatih orang orang yang ingin masuk kedalam profesi. Apapun jasa dan kapasitasnya, anggota harus melindungi integritas pekerjaannya dan memelihara obyektivitas.
- Komperensi dan kehati-hatian
Setiap anggota harus melaksanakan jasa profesionalnya dengan berhati-hati, kompetensi dan ketekunan, serta mempunyai kewajiban untuk mempertahankan pengetahuan dan ketrampilan profesional pada tingkat yang diperlukan untuk memastikan bahwa klien atau pemberi kerja memperoleh manfaat dari jasa profesional dan teknik yang paling mutakhir. Hal ini mengandung arti bahwa anggota mempunyai kewajiban untuk melaksanakan jasa profesional dengan sebaik-baiknya sesuai dengan kemampuannya, demi kepentingan pengguna jasa dan konsisten dengan tanggung jawab profesi kepada publik. Kompetensi diperoleh melalui pendidikan dan pengalaman. Anggota seharusnya tidak menggambarkan dirinya memiliki keahlian atau pengalaman yang tidak mereka miliki. Kompetensi menunjukkan terdapatnya pencapaian dan pemeliharaan suatu tingkat pemahaman dan pengetahuan yang memungkinkan seorang anggota untuk memberikan jasa dengan kemudahan dan kecerdikan. Dalam hal penugasan profesional melebihi kompetensi anggota atau perusahaan, anggota wajib melakukan konsultasi atau menyerahkan klien kepada pihak lain yang lebih kompeten. Setiap anggota bertanggung jawab untuk menentukan kompetensi masing masing atau menilai apakah pendidikan, pedoman dan pertimbangan yang diperlukan memadai untuk bertanggung jawab yang harus dipenuhinya.
- Perilaku professional
Setiap anggota harus berperilaku yang konsisten dengan reputasi profesi yang baik dan menjauhi tindakan yang dapat mendiskreditkan profesi. Kewajiban untuk menjauhi tingkah laku yang dapat mendiskreditkan profesi harus dipenuhi oleh anggota sebagai perwujudan tanggung jawabnya kepada penerima jasa, pihak ketiga, anggota yang lain, staf, pemberi kerja dan masyarakat umum.
- Standar etik
Setiap anggota harus melaksanakan jasa profesionalnya sesuai dengan standar teknis dan standar profesional yang relevan. Sesuai dengan keahliannya dan dengan berhati-hati, anggota mempunyai kewajiban untuk melaksanakan penugasan dari penerima jasa selama penugasan tersebut sejalan dengan prinsip integritas dan obyektivitas. Standar teknis dan standar professional yang harus ditaati anggota adalah standar yang dikeluarkan oleh Ikatan Akuntan Indonesia. Internasional Federation of Accountants, badan pengatur, dan pengaturan perundang-undangan yang relevan.
- Norma Pemeriksaan Akuntansi
Norma Pemeriksaan Akuntan yang diterima oleh umum dalam kaitannya dengan pemeriksaan akuntansi terdiri atas tiga buah norma, yaitu norma umum, norma pelaksanaan pemeriksaan, dan norma pelaporan.
- Norma Umum
- Pemeriksaan harus dilakukan oleh seseorang atau beberapa orang yang telah memiliki ketrampilan teknis yang cukup serta berkeahlian sebagai auditor.
- Dalam segala suasana yang berkaitan dengan pemeriksaan, sikap netral yang independen harus senantiasa dipertahankan oleh auditor.
- Auditor garus menggunakan kesungguhan dan ketrampilan profesionalnya dalam pelaksanaan pemeriksaan dan penyiapan laporan dokumen.
- Norma Pelaksanaan Pemeriksaan
- Pemeriksaan harus direncanakan sebaik – baiknya dan asisten auditor jika ada harus memperoleh pengawasan yang memadai.
- Pengetahuan yang cukup mengenai struktur pengendalian intern klien harus didapatkan untuk dipergunakan dalam perencanaan dan penentuan sifat, waktu, dan luas pengujian.
- Bukti yang kompeten dan cukup utnuk mendukung pendapat didapatkan dengan cara inspeksi, observasi, wawancara dan konfirmasi untuk digunakan sebagai dasar pernyataan pendapat atas laporan keuangan yang diperiksa.
- Norma Pelaporan
- Laporan akuntan harus mendukung pernyataan apakah laporan keuangan disajikan menurut prinsip akuntansi yang lazim.
- Laporan akuntan harus mengidentifikasikan konsistensi penerapan prinsip akuntansi yang lazim pada periode berjalan dibandingkan dengan periode sebelumnya.
- Pengungkapan informative dalam laporan keuangan dianggap cukup kecuali dinyatakan lain dalam laporan dokumen.
- Laporan akuntan harus menyatakan suatu pendapat mengenai laporan keuangan secara keseluruhan, atau suatu penegasan bahwa pendapat tidak dapat diberikan. Jika pendapat tidak diberikan, maka alasan – alasannya harus dinyatakan.
Adanya norma – norma tersebut ditunjukan untuk menjamin suatu kinerja pada penugasan pemeriksaannya.
Penjabaran Profesi Akuntansi
ETIKA PROFESI AKUNTANSI
Profesi akuntansi adalah semua bidang pekerjaan yang mempergunakan keahlian di bidang akuntansi. Tujuan profesi akuntansi adalah memenuhi tanggung jawab dengan standar prpfesionalisme yang tinggi, mencapai tingkat kinerja tertinggi, dengan orientasi kepada kepentingan publik.
Profesi akuntansi :
- Profesi akuntansi dalam negeri :
- Akuntansi pendidik
- Dosen : Akuntan yang bekerja sebagai pengajar pendidikan dan keterampilan akuntansi.
B. Akuntansi non pendidik
- Akuntan Publik : Akuntan independen yang memberikan jasa-jasanya atas dasar pembayaran tertentu. Biasanya akuntan public ini pada umumnya mendirikan suatu kantor akuntan dan dalam prakteknya sebagai akuntan publik, seseorang harus memperoleh izin dari Departemen Keuangan
- Akuntan Pajak : Akuntan yang bekerja sebagai pemeriksa atau auditor untuk pemerintah dan dapat membantu mengadakan pengawasan dalam pengeluaran dana dari masyarakat sesuai dengan peraturan yang berlaku.
- Akuntan Keuangan : Akuntan yang bekerja pada perusahaan atau lembaga tertentu yang bertugas khusus di bidang akuntansi intern perusahaan untuk membantu pengelola perusahaan.
- Akuntan Manajemen : Akuntan yang kegiatannya membantu pimpinan perusahaan baik untuk kegiatan sehari-hari. Akuntan manajemen bertanggung jawab untuk mengelola tim bisnis pada saat yang sama harus melaporkan hubungan dan tanggung jawab untuk organisasi keuangan. Para akuntan manajemen memberikan kegiatan termasuk peramalan dan perencanaan, melakukan analisis varians, meninjau dan pemantauan biaya yang melekat dalam bsnismadalah orang yang memiliki akuntabilitas ganda untuk kedua keuangan tim bisnis.
2. Profesi akuntansi luar negeri
- CPA (Certified Public Accountant) : CPA adalah gelar bagi akuntan yang telah lulus Uniform Certified Public Accountant Examination dan telah menempuh pendidikan di beberapa negara dan persyaratan pengalaman untuk sertifikasi sebagai CPA. Seseorang yang telah lulus ujian namun belum terpenuhi syarat pengalamannya maka belum diizinkan sebagai “CPA Aktif”. Dinegara bagian AS lainnya, hanya CPA yang dapat memberikan pendapat terhadap laopran keuangan. Fungsi utama CPA adalah memenuhi semua hal yang berhubungan dengan akuntan publik dan layanan jaminan
- CGA (Certified General Accountant) : CGA adalah sebutan untuk profesional yang masuk dalam keanggotaan CGA Association of Canada (CGA-Canada) atau asosiasi CGA negeri lainnya. Seorang CGA adalah akuntan profesional yang sangat memiliki keahlian dibidang keuangan, perpajakan, strategi bisnis, audit, manajemen dan kepemimpinan bisnis. Seorang CGA harus memenuhi syarat pendidikan, pengalaman dan tes yang diberlakukan secara teratur oleh CGA Kanada. Para CGA bekerja diseluruh bidang industri dunia, perdagangan, keuangan, pemerintah, praktek umum dan sektor nirlaba.
- CIA (Certified Internal Auditor) : CIA adalah sebutan profesional utama yang ditawarkan oleh The IIA*. Peruntukan CIA adalah diakui secara global, sertifikasi bagi auditor internal dan merupakan standar individu yang dapat menunjukkan kompetensi dan profesionalisme dibidang audit internal.
Etika dalam profesi akuntansi
Menurut Maryani & Ludigdo (2001) “Etika adalah Seperangkat aturan atau norma atau pedoman yang mengatur perilaku manusia, baik yang harus dilakukan maupun yang harus ditinggalkan yang di anut oleh sekelompok atau segolongan masyarakat atau profesi”. Pemberlakuan dan komposisi kode etik akuntan indonesia dimaksudkan sebagai panduan dan aturan seluruh anggota, baik yang berpraktik sebagai akuntan public, bekerja di lingkungan dunia usaha, pada instansi pemerintah, maupun di linkungan dunia pendidikan dalam pemenuhan tanggung jawab profesionalnya.
CARPET CLEANING TIPS
TIPS MEMBERSIHKAN KARPET
Oleh: tisca
Karpet sering digunakan orang untuk mempercantik suatu ruangan. Biasanya ruangan yang berkarpet pun terkesan hangat dan nyaman. Tapi bila tidak dirawat, karpet menjadi cepat kusam dan tak cantik lagi. Lebih gawat lagi, karpet yang tidak dibersihkan sering menjadi sarang kuman dan tungau penyebab alergi. Sudah itu, baunya apek pula.
Berikut ini adalah cara-cara untuk merawat karpet agar terlihat tetap cantik, bersih dan tidak cepat rusak.
- Gunakan mesin penyedot debu (vacuum cleaner) untuk membersihkan karpet minimal 3 kali seminggu.
- Karpet dicuci bersih dengan menggunakan sabun khusus untuk karpet setidaknya 6 bulan sekali. Jikalau merasa terlalu berat untuk mencuci sendiri, Anda bisa memasukkan karpet ke jasa binatu. Ongkosnya tak seberapa mahal, sekitar Rp.50.000 untuk karpet berukuran sedang.
- Ubah posisi karpet 2-3 bulan sekali. Maksudnya, putar karpet sedemikian rupa sehingga bagian yang sering terinjak atau dilewati orang bisa berganti posisi.
- Perhatikan letak jendela dan arah sinar matahari yang masuk ke ruangan tersebut. Warna karpet akan cepat memudar jika terkena langsung oleh sinar matahari. Untuk mengatasinya, ubah posisi karpet 2-3 bulan sekali. Hal ini bisa pula diatasi dengan menutup jendela atau menurunkan vitrage.
- Bau apek pada karpet dapat diatasi dengan memercikkan sedikit baking soda ke atas karpet. Tunggu 30 menit, kemudian baru dibersihkan dengan menggunakan penghisap debu.
- Untuk mengatasi bau yang lebih tajam, cucilah bagian yang berbau tersebut dengan 20 bagian cuka dicampur dengan 80 bagian air. Gunakan lap bersih yang dibasahi dengan larutan air cuka tadi. Tidak dianjurkan menggosok bagian itu dengan sikat. Noda yang bau harus segera dibersihkan. Semakin lama noda tersebut menempel, semakin sulit membersihkannya.
Khusus untuk karpet baru. Saat karpet baru dipasang atau dibentang di lantai, semacam debu berterbangan. Bila terhisap, debu ini bisa menyebabkan iritasi mata, tenggorokan gatal dan bahkan pusing-pusing pada sebagian orang. Meskipun, sampai saat ini belum diketahui dengan jelas apakah debu tersebut berbahaya untuk kesehatan atau tidak, tapi efeknya sungguh mengganggu.Untuk mengatasinya, sebelum karpet dikirim ke rumah kita, mintalah toko karpet untuk membersihkan/ menghisap debu karpet tersebut.
Pada saat memasang karpet, terutama karpet yang dipasang melapisi seluruh lantai ruangan, usahakan agar ventilasi di ruangan tersebut betul-betul baik. Kalau perlu buka pintu dan seluruh jendela. Setelah karpet dipasang, sebaiknya jangan menggunakan ruangan tersebut setidaknya selama 72 jam.
Sumber : http://perawatanrumah.blogspot.com/2009_01_01_archive.html
CARPET CLEANING TIPS
By: tisca
Carpet is often used by people to beautify a room. Normally the room is carpeted too impressed warm and comfortable. But if not treated, the carpet becomes quickly dull and not pretty anymore. More worse, the carpet is not cleaned often become a den of germs and mites cause allergies. Already, the musty smell, too.
Here are the ways to treat the carpet to look stay beautiful, clean and not easily damaged.
• Use a vacuum cleaner (vacuum cleaner) to clean the carpet at least 3 times a week.
• Carpets are washed clean by using a special soap to carpet at least 6 months. If felt too heavy to wash yourself, you can enter into service carpet cleaners. The fare is not how expensive, around 50,000 for a medium sized rug.
• Change the position 2-3 months once the carpet. That is, turn the rug so that the part that is often trampled or skipped one can change positions.
• Note the location of windows and direction of incoming sunlight into the room. Carpet color will fade quickly if exposed to direct sunlight. To fix this, change the position 2-3 months once the carpet. This can also be overcome by closing the window or down vitrage.
• musty smell in the carpet can be overcome with a little sprinkle baking soda onto the carpet. Wait 30 minutes, and then cleaned using a vacuum cleaner.
• To overcome a sharper smell, wash the part that smells of vinegar mixed with 20 parts with 80 parts water. Use a clean cloth soaked with vinegar water solution earlier. Not recommended rubbing the area with brush. Odor stains must be cleaned. The longer the stain is attached, the more difficult to clean.
Especially for new carpet. When new carpet installed or is created on the floor, sort of floating dust. When inhaled, this dust can cause irritation of eyes, itchy throat and even dizziness in some people. Although, until now unclear whether the dust is harmful to health or not, but the effect is really mengganggu.Untuk overcome, before the carpet was sent to our homes, ask the carpet store to clean / vacuuming the carpet.
When installing carpet, especially carpet fitted coat the entire floor of the room, keep the ventilation in the room was really good. If I need to open the door and all windows. After the carpet is installed, you should not use that room for at least 72 hours.
Sumber : http://perawatanrumah.blogspot.com/2009_01_01_archive.html
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