Financial Statements and Financial Reporting

Essential Charateristic of accounting are:

• The identification, measurement, and communication of finansial information about
• economic entities to
• interested parties.

 

Accounting and Capital Allocation → Resources are limited 

Accounting Standards → High quality standard

1.     Single set of high-quality accounting standards established by a single standard setting body.

2.     Consistency in application and interpretation.

3.     Common disclosures.

4.     Common high-quality auditing standars and practices.

5.     Common approach to regulatory review and enforcement.

6.     Education and training of market participants.

7.     Common approach to corporate governance and legal frameworks around the world.

 

Companies first look to:

1.     Standar Akuntansi Keuangan (SAK)

2.     International Finansial Reporting Standars: International Accounting Standards (issued by the predecessor to the IASB), and IFRS interpretations originated by the IFRS Interpretations Committee (and its predecessor, the IAS Intrepretations Committee)

3.     The Conceptual Framewotk For Financial Reporting.

 

Standard Setting Organisation

1.     Internasional →  International Accounting Standar Board (IASB)

Standard: International Financial Reporting Standard

2.     Indonesia → Ikatan Akuntan Indonesia (IAI) → Dewan Standar Akuntansi Keuangan (DSAK)

Standar: Standar Akuntansi Keuangan (DSAK)

 

Kegunaan Pelaporan Keuangan

            Menyediakan informasi keuangan tentang entitas pelapor yang berguna intik investor saat ini dan investor potensial, pemberi pinjaman, dan kreditor lainnya dalam membuat keputusan tentang penyediaan sumber daya kepada entitas.