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Conceptual Framework Underlying Financial Accounting KONSEP DASAR AKUNTANSI KEUANGAN Sesi 2.

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Presentation on theme: "Conceptual Framework Underlying Financial Accounting KONSEP DASAR AKUNTANSI KEUANGAN Sesi 2."— Presentation transcript:

1 Conceptual Framework Underlying Financial Accounting KONSEP DASAR AKUNTANSI KEUANGAN Sesi 2

2 Membentuk standar dan aturan akuntansi yang koheren Memecahkan masalah-masalah baru yang mungkin timbul Untuk Apa Kerangka Konseptual ?

3 FASB (Financial Accounting Standard Board) menerbitkan enam (6) Statements of Financial Accounting Concepts (SFAC): Perkembangan Kerangka Dasar LK SFAC No.1 -Objectives of Financial Reporting SFAC No.2 - Qualitative Characteristics of Accounting Information SFAC No.3 - Elements of Financial Statements (superceded by SFAC No. 6) SFAC No.4 - Nonbusiness Organizations SFAC No.5 -Recognition and Measurement in Financial Statements SFAC No.6 - Elements of Financial Statements (replaces SFAC No. 3) SFAC No.7 -Using Cash Flow Information and Present Value in Accounting Measurements

4 Beda lho… “Laporan Keuangan” dan “Pelaporan Keuangan”  Pelaporan keuangan meliputi LK ditambah pengungkapan informasi lainnya seperti prospektus dan peramalan manajemen.

5 Level 1 = Tujuan Dasar (Basic Objectives) Level 2 = Karakteristik Kualitatif dan Elemen Dasar (Qualitative Characteristics and Basic Elements) Level 3 = Konsep Pengakuan dan Pengukuran (Recognition and Measurement Concepts). Tiga Level Kerangka Konseptual

6 ASSUMPTIONS 1.Economic entity 2.Going concern 3.Monetary unit 4.Periodicity PRINCIPLES 1.Historical cost 2.Revenue recognition 3.Matching 4.Full disclosure CONSTRAINTS 1.Cost-benefit 2.Materiality 3.Industry practice 4.Conservatism OBJECTIVES 1. Useful in investment and credit decisions 2. Useful in assessing future cash flows 3. About enterprise resources, claims to resources, and changes in them ELEMENTS Assets, Liabilities, and Equity Investments by owners Distribution to owners Comprehensive income Revenues and Expenses Gains and Losses First level Second level Third level QUALITATIVE CHARACTERISTICS RelevanceReliabilityComparabilityConsistency

7 Level 1: Basic Objectives Pelaporan Keuangan harus menyediakan informasi yang: (a) Berguna untuk investor saat ini dan yang potensial, kreditur serta pengguna lain untuk membuat keputusan rasional dalam investasi, kredit, dan keputusan serupa. (b) Membantu investor saat ini dan yang potensial, kreditur serta pengguna lain untuk menilai jumlah, ketepatan waktu, dan ketidakpastian penerimaan kas masa depan. (c) Memotret sumber daya perusahaan, klaim atas sumber daya tersebut, dan pengaruh transasi, kejadian atau konisi yang mengubah sumber daya tersebut.

8 According to the FASB conceptual framework, the objectives of financial reporting for business enterprises are based on? a.Generally accepted accounting principles b.Reporting on management’s stewardship. c.The need for conservatism. d.The needs of the users of the information. (Adaptasi dari Ujian CPA) Review:

9 Qualitative Characteristics “The FASB identified the Qualitative Characteristics of accounting information that distinguish better (more useful) information from inferior (less useful) information for decision-making purposes.” Level 2: Fundamental Concepts INFORMASI YANG BERKUALITAS ADALAH INFORMASI YANG BERGUNA BAGI PENGAMBILAN KEPUTUSAN

10 Question: How does a company choose an acceptable accounting method, the amount and types of information to disclose, and the format in which to present it? Second Level: Fundamental Concepts LO 4 Identify the qualitative characteristics of accounting information. Answer: By determining which alternative provides the most useful information for decision-making purposes (decision usefulness).

11 Second Level: Qualitative Characteristics (hlm 5)

12 Understandability A company may present highly relevant and reliable information, however it was useless to those who do not understand it. Second Level: Fundamental Concepts Pemakai LK DIASUMSIKAN mempunyai pengetahuan yang memadai

13 ASSUMPTIONS 1.Economic entity 2.Going concern 3.Monetary unit 4.Periodicity PRINCIPLES 1.Historical cost 2.Revenue recognition 3.Matching 4.Full disclosure CONSTRAINTS 1.Cost-benefit 2.Materiality 3.Industry practice 4.Conservatism OBJECTIVES 1. Useful in investment and credit decisions 2. Useful in assessing future cash flows 3. About enterprise resources, claims to resources, and changes in them QUALITATIVE CHARACTERISTICS RelevanceReliabilityComparabilityConsistency ELEMENTS Assets, Liabilities, and Equity Investments by owners Distribution to owners Comprehensive income Revenues and Expenses Gains and Losses First level Second level Third level Relevance and Reliability

14 Second Level: Qualitative Characteristics Primary Qualities: Relevance – making a difference in a decision. Predictive value Feedback value Timeliness Reliability Verifiable Representational faithfulness Neutral - free of error and bias

15 ASSUMPTIONS 1.Economic entity 2.Going concern 3.Monetary unit 4.Periodicity PRINCIPLES 1.Historical cost 2.Revenue recognition 3.Matching 4.Full disclosure CONSTRAINTS 1.Cost-benefit 2.Materiality 3.Industry practice 4.Conservatism OBJECTIVES 1. Useful in investment and credit decisions 2. Useful in assessing future cash flows 3. About enterprise resources, claims to resources, and changes in them QUALITATIVE CHARACTERISTICS RelevanceReliabilityComparabilityConsistency ELEMENTS Assets, Liabilities, and Equity Investments by owners Distribution to owners Comprehensive income Revenues and Expenses Gains and Losses Illustration 2-6 Illustration 2-6 Conceptual Framework for Financial Reporting First level Second level Third level LO 4 Identify the qualitative characteristics of accounting information. Comparability and Consistency

16 LO 4 Identify the qualitative characteristics of accounting information. Second Level: Qualitative Characteristics Secondary Qualities: Comparability – Information that is measured and reported in a similar manner for different companies is considered comparable. Consistency - When a company applies the same accounting treatment to similar events from period to period.

17 Review: LO 4 Identify the qualitative characteristics of accounting information. Second Level: Qualitative Characteristics Adherence to the concept of consistency requires that the same accounting principles be applied to similar transactions for a minimum of five years before any change in principle is adopted. False

18 ASSUMPTIONS 1.Economic entity 2.Going concern 3.Monetary unit 4.Periodicity PRINCIPLES 1.Historical cost 2.Revenue recognition 3.Matching 4.Full disclosure CONSTRAINTS 1.Cost-benefit 2.Materiality 3.Industry practice 4.Conservatism OBJECTIVES 1. Useful in investment and credit decisions 2. Useful in assessing future cash flows 3. About enterprise resources, claims to resources, and changes in them QUALITATIVE CHARACTERISTICS RelevanceReliabilityComparabilityConsistency ELEMENTS Assets, Liabilities, and Equity Investments by owners Distribution to owners Comprehensive income Revenues and Expenses Gains and Losses Illustration 2-6 Illustration 2-6 Conceptual Framework for Financial Reporting First level Second level Third level ElementsElements LO 5 Define the basic elements of financial statements.

19 Third Level: Recognition and Measurement The FASB sets forth most of these concepts in its Statement of Financial Accounting Concepts No. 5, “Recognition and Measurement in Financial Statements of Business Enterprises.” ASSUMPTIONS 1.Economic entity 2.Going concern 3.Monetary unit 4.Periodicity PRINCIPLES 1.Historical cost (IFRS- FAIR VALUE) 2.Revenue recognition 3.Matching 4.Full disclosure CONSTRAINTS 1.Cost-benefit 2.Materiality 3.Industry practice 4.Conservatism

20 Economic Entity – company keeps its activity separate from its owners and other businesses. Going Concern - company to last long enough to fulfill objectives and commitments. Monetary Unit - money is the common denominator. Periodicity - company can divide its economic activities into time periods. Third Level: Assumptions LO 6 Describe the basic assumptions of accounting.

21 Matching - efforts (expenses) should be matched with accomplishment (revenues) whenever it is reasonable and practicable to do so. “Let the expense follow the revenues.” Third Level: Principles

22 Full Disclosure – providing information that is of sufficient importance to influence the judgment and decisions of an informed user. Provided through: Financial Statements Notes to the Financial Statements Supplementary information Third Level: Principles

23 Cost Benefit – the cost of providing the information must be weighed against the benefits that can be derived from using it. Materiality - an item is material if its inclusion or omission would influence or change the judgment of a reasonable person. Industry Practice - the peculiar nature of some industries and business concerns sometimes requires departure from basic accounting theory. Conservatism – when in doubt, choose the solution that will be least likely to overstate assets and income. Third Level: Constraints

24 Pertanyaan untuk Kelompok  Apa yang dimaksud dengan materialitas?  Apa beda pelaporan keuangan dengan laporan keuangan?  SFAC diterbitkan oleh siapa?  Jika perusahaan menggunakan biaya historis, kualitas informasi keuangan akan lebih reliable atau relevant? Mengapa?  Apa kritik fundamental kerangka konseptual Laporan Keuangan?


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