Financial Accounting Standards
Financial Accounting Standards - Accounting whole system in has major standards that should be used so that the product of accounting financial statements have uniformity in presentation. We know the term Financial Accounting Standards Committee is the result of the formulation of the principal accounting in 1994 replaces Accounting Principles in 1984. Accounting Standards is a compilation of the various standards that exist in the world and has been adapted for use in .
Starting this year the application of Financial Accounting Standards taken based on IFRS (International Financial Reporting Standard) it is that the financial statements will be easy, easy for compilers, auditors and users of financial statements. On GAAP-IFRS, SAK ETAP set by the Financial Accounting Standards Board Accounting Association of . SFAS issued by the Council of Sharia Islamic Accounting sedangkanSAP by the Government Accounting Standards Committee.
In this paper I will describe the existing GAAP under IFRS such as:
GAAP-IFRS
GAAP-IFRS will be implemented in full in the year. While this is still in the process of convergence. This process through the adoption phase in 2008-2010 later this year entering the final stages of preparation before the implementation stage in the year. At SFAS shall apply to entities with public accountability such as issuers, listed companies, banking, insurance, and state. The aim of FRS is to provide relevant information to users of financial statements.
Then why adopt IFRS?
to adopt IFRS because is part of the IFAC which certainly must comply with SMO (Statement Membership Obligation) which makes the accounting standard IFRS. In addition IFRS convergence is agreement between the government of as members of the G20 Forum. At a meeting of G20 leaders in the Washington, DC, on 15 November 2008 found the results: "Strengthening Transparency and Accountability" which later on 2 April 2009 at the London meeting resulted in an agreement for: Strengthening Financial Supervision and Regulation "to call on the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and Achieve a single set of high-quality global accounting standards. "
BENEFITS IFRS
The benefits of the application of IFRS as follows:
Improving the comparability of financial statements
Providing quality information on the International Capital Market
International capital flows eliminate bottlenecks by reducing differences in financial reporting requirements
Reduce the cost of financial reporting costs for multinational corporations and financial analysis for analysts
Improving the quality of financial reporting towards best practice
So although had to adjust financial standards with IFRS, but it will make it easier for financial reporting aka tone despite the changes in the financial statements themselves that are menyuluruh.
Character IFRS
IFRS uses "Base Principles" are:
More emphasis on interpretation and application of the standard, which should focus on the application of the principle spirit
The Standard requires an assessment of the substance of the transaction and assess whether the accounting presentation reflects the economic reality
Requires professional judgment in the application of accounting standards.
IFRS also used in the assessment of fair value, if there is no active market value should make an assessment yourself or use the services of appraisers. In addition IFRS requires disclosure (disclosure) is a much better quantitatively and qualitatively.
That's a little explanation of the Financial Accounting Standards may be useful. Read also set Journal of Accounting I have written before.
Financial Accounting Standards - Accounting whole system in has major standards that should be used so that the product of accounting financial statements have uniformity in presentation. We know the term Financial Accounting Standards Committee is the result of the formulation of the principal accounting in 1994 replaces Accounting Principles in 1984. Accounting Standards is a compilation of the various standards that exist in the world and has been adapted for use in .
Starting this year the application of Financial Accounting Standards taken based on IFRS (International Financial Reporting Standard) it is that the financial statements will be easy, easy for compilers, auditors and users of financial statements. On GAAP-IFRS, SAK ETAP set by the Financial Accounting Standards Board Accounting Association of . SFAS issued by the Council of Sharia Islamic Accounting sedangkanSAP by the Government Accounting Standards Committee.
In this paper I will describe the existing GAAP under IFRS such as:
GAAP-IFRS
GAAP-IFRS will be implemented in full in the year. While this is still in the process of convergence. This process through the adoption phase in 2008-2010 later this year entering the final stages of preparation before the implementation stage in the year. At SFAS shall apply to entities with public accountability such as issuers, listed companies, banking, insurance, and state. The aim of FRS is to provide relevant information to users of financial statements.
Then why adopt IFRS?
to adopt IFRS because is part of the IFAC which certainly must comply with SMO (Statement Membership Obligation) which makes the accounting standard IFRS. In addition IFRS convergence is agreement between the government of as members of the G20 Forum. At a meeting of G20 leaders in the Washington, DC, on 15 November 2008 found the results: "Strengthening Transparency and Accountability" which later on 2 April 2009 at the London meeting resulted in an agreement for: Strengthening Financial Supervision and Regulation "to call on the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and Achieve a single set of high-quality global accounting standards. "
BENEFITS IFRS
The benefits of the application of IFRS as follows:
Improving the comparability of financial statements
Providing quality information on the International Capital Market
International capital flows eliminate bottlenecks by reducing differences in financial reporting requirements
Reduce the cost of financial reporting costs for multinational corporations and financial analysis for analysts
Improving the quality of financial reporting towards best practice
So although had to adjust financial standards with IFRS, but it will make it easier for financial reporting aka tone despite the changes in the financial statements themselves that are menyuluruh.
Character IFRS
IFRS uses "Base Principles" are:
More emphasis on interpretation and application of the standard, which should focus on the application of the principle spirit
The Standard requires an assessment of the substance of the transaction and assess whether the accounting presentation reflects the economic reality
Requires professional judgment in the application of accounting standards.
IFRS also used in the assessment of fair value, if there is no active market value should make an assessment yourself or use the services of appraisers. In addition IFRS requires disclosure (disclosure) is a much better quantitatively and qualitatively.
That's a little explanation of the Financial Accounting Standards may be useful. Read also set Journal of Accounting I have written before.
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