Conceptual Framework & AIS
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This document provides an overview of an accounting class including: - 14 lectures from the professor and 13 sessions with teaching assistants before and after the midterm - Two parallel quizzes, one before and one after midterm, which contribute to the final grade - Topics to be covered on the midterm and final exams - Tips for studying accounting effectively including cumulative study, attendance, participation, note-taking and group study - An introduction to the conceptual framework, accounting standards, and objectives of financial reporting
Conceptual Framework & AIS
- 1. Pertemuan 1 Sabtu, 15 September 2012
- 2. Akuntansi Keuangan 1 • 14 kali Pertemuan Dosen • 13 kali pertemuan asisten (6 kali sebelum dan 7 kali setelah UTS) • 2 kali kuis paralel (1 kali sebelum dan 1 kali setelah UTS) masuk nilai akhir • Absen dan tugas asistensi tiap minggu. – Dikumpulkan di asistensi berikutnya.
- 3. Silabus • UTS – Conceptual Framework – Adjusting + Reversing Entries – Statement of Comprehensive Income + Financial Position – Cash – Receivables + Impairment – Inventories
- 4. Silabus • UAS – Property, Plant and Equipment • Revaluation – Investment Property – Intangible Assets – Impairment of Assets – Current Liabilities, Provisions and Contingencies – Accounting for Pension
- 5. How to Study Accounting • Cumulative Study • Maintain a good attendance record • Participate actively in class • Do not use memorization as a substitute for understanding • Take notes • Make friends by studying in a group • Be prepared • Keep up with the work
- 8. Accounting Standards FASB (United States) IASB (International) DSAK (Indonesia) US GAAP Indonesia GAAP (PSAK) IAS IFRS
- 10. Objective “To provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in making decisions in their capacity as capital providers.” Provided by issuing general-purpose financial statements. Assumption is that users have reasonable knowledge of business and financial accounting matters to understand the information.
- 12. Relevance • Relevan jika informasi dalam laporan keuangan berguna dan mampu membuat perbedaan dalam proses pengambilan keputusan. • Jika informasi relevan: – User bisa memprediksi future performance dan ekspektasi lain (predictive value) – User bisa evaluasi kondisi perusahaan sekarang berdasarkan prediksi/ekspektasi yang dulu dibuat dengan (confirmatory value)
- 13. Faithful Representation • Informasi laporan keuangan dibuat berdasarkan kenyataan yang ada, sehingga dapat diandalkan (reliable) • Agar bisa faithful representation, laporan keuangan: – Menyertakan informasi secara lengkap tanpa ada yang dipotong (Completeness) – Tidak memihak pengguna laporan tertentu (Neutrality) – Tidak ada kesalahan dalam penyusunan (Free from error)
- 14. Enhancing Qualities (Komplementer) • Laporan keuangan dapat diperbandingkan antar perusahaan (Comparability) – Dapat diperbandingkan antar periode (Consistency) • Laporan keuangan dapat diverifikasi dengan hasil yang sama oleh penilai independen yang berbeda (Verifiability) • Informasi dalam laporan keuangan tidak kadaluarsa bagi pengguna (Timeliness) • Laporan keuangan dapat dipahami oleh pengguna (Understandability)
- 15. Recognition, Measurement and Disclosure ASSUMPTIONS 1. Economic entity 2. Going concern 3. Monetary unit 4. Periodicity 5. Accrual PRINCIPLES 1. Measurement 2. Revenue recognition 3. Expense recognition 4. Full disclosure CONSTRAINTS 1. Cost 2. Materiality
- 16. Assumptions • Ada pemisahan antara aktivitas atau kekayaan perusahaan dengan pemilik perusahaan (economic entity) • Perusahaan akan terus beroperasi dalam jangka panjang (going concern) – Mempengaruhi metode dan penilaian aset • Semua aktivitas dan informasi dalam laporan keuangan dapat dinyatakan dengan satuan moneter (monetary unit)
- 17. • Laporan keuangan dibuat secara reguler/ ada rentang waktu antar pembuatan laporan – bulanan, semesteran atau tahunan - (periodicity) – Trade off fundamental quality • Semua transaksi/kejadian dicatat pada saat terjadinya kejadian tersebut –bukan pada saat kas masuk dan keluar- (accrual basis)
- 18. Basic Principles • Measurements: – Cost Principle -> aset dan kewajiban dicatat berdasarkan data historis – Fair Value Principles -> aset dan kewajiban dicatat berdasarkan nilai wajar (misal nilai pasar) – Trade off Fundamental Qualities • Revenue Recognition – Revenue diakui ketika kemungkinan future economic benefit probable dan nilainya reliable – Pada saat produksi? Setelah produksi? Penjualan? Penerimaan kas?
- 19. • Expense Recognition – Let the expense follow the revenues • Full Disclosure – Menyediakan laporan yang lengkap • Financial Statements • Notes to Financial Statements • Supplementary Information
- 20. Constraints • Perusahaan harus mempertimbangkan biaya yang dikeluarkan dalam membuat laporan keuangan terhadap manfaat yang diterima (Cost Constraint) – Cost: Collecting, disseminating, auditing, litigation dll – Benefit: Greater management control, lower Cost of capital
- 21. • Item dalam laporan keuangan material jika penghapusannya akan mempengaruhi pengambilan keputusan -> masalahnya bagaimana materialitas suatu item tanpa mengurangi fundamental quality (material constraint)
- 22. WHY? WHAT? HOW?
- 26. Accounting Cycle Transactions 1. Journalization 6. Financial Statements 7. Closing entries 8. Post-closing trail balance 9. Reversing entries 3. Trial balance 2. Posting 5. Adjusted trial balance 4. Adjustments Work Sheet
- 27. Adjusting and Reversing • Report on the income statement the proper revenues and expenses for the period. – Revenues are recorded in the period in which they are earned. – Expenses are recognized in the period in which they are incurred.
- 28. Accrual Basis 1. Prepaid Expenses. Expenses paid in cash and recorded as assets before they are used or consumed. Deferrals (Cash in Advance) 3. Accrued Revenues. Revenues earned but not yet received in cash or recorded. 4. Accrued Expenses. Expenses incurred but not yet paid in cash or recorded. 2. Unearned Revenues. Revenues received in cash and recorded as liabilities before they are earned. Accruals (Cash Receipt Later)
- 29. Reversing Entries • Tujuan dari reversing entries adalah: – SIMPLICITY – CONSISTENCY • All accruals should be reversed. • All deferrals for which a company debited or credited the original cash transaction to an expense or revenue account should be reversed. • Adjusting entries for depreciation and bad debts are not reversed.