Chapter 1: Financial Accounting
and Accounting Standards
Pengampu:
Pepie Diptyana
http:\\pepiediptyana.wordpress.com
pepiediptyana@yahoo.com
LINGKUP BAHASAN
• Tujuan Pemelajaran
• Karakteristik Akuntansi Keuangan
• Tujuan Pelaporan Akuntansi pada
Perusahaan Bisnis
• Makna GAAP
• Proses Penyusunan Standar
• House of GAAP
• Tantangan yang Dihadapi Akuntansi
Keuangan
Akuntansi Keuangan 1
2
Tujuan Pemelajaran
1. Mengidentifikasi LK utama dan makna-makna
pelaporan keuangan
2. Menjelaskan bagaimana akuntansi dapat
membantu pemanfaatan sumber daya yang
langka secara efisien
3. Mengidentifikasi beberapa tantangan yang
dihadapi oleh akuntansi
4. Mengidentifikasi tujuan pelaporan keuangan
5. Menjelaskan pentingnya standar akuntansi
6. Mengidentifikasi badan-badan penyusunkebijakan penting di Amerika dan peran
mereka dalam proses penyusunan standar
7. Menjelaskan makna GAAP
8. Menggambarkan pengaruh/dampak
kelompok pengguna LK pada proses
penyusunan standar
9. Memahami isu-isu yang terkait dengan
etika dan akuntansi keuangan
Akuntansi Keuangan 1
4
Characteristics of Financial
Accounting
• Accounting identifies, measures and
communicates financial information.
• This information is about economic entities.
• Information is communicated to interested
parties such as investors, creditors, unions
and governmental agencies.
Akuntansi Keuangan 1
5
Accounting and the Efficient Use
of Scarce Resources
Financial Reporting aids users in
the allocation of scarce
resources.
Objectives of Financial Reporting
by Business Enterprises
in Statement of Financial Accounting Concepts
No. 1.
The objectives are as follows:
• Information provided must be useful in
investment and credit decisions.
• Information must be useful in assessing cash flow
prospects.
• Information must be about enterprise resources,
claims to those resources and changes therein.
Generally Accepted
Accounting Principles (GAAP)
• Laporan keuangan dinyatakan wajar apabila
disusun berdasarkan prinsip-prinsip yang
diterima umum
• dikembangkan oleh profesi untuk dapat
menyajikan operasi keuangan perusahaan
secara fairly, clearly and completely
• terdiri dari authoritative pronouncements
yang diterbitkan oleh badan-badan
akuntansi tertentu
The Standard Setting
Process: Parties Involved
• Securities and Exchange Commission (SEC)
• American Institute of Certified Public
Accountants (AICPA)
• Financial Accounting Standards Board
(FASB)
• Governmental Accounting Standards Board
(GASB)
The Financial Accounting
Standards Board (FASB)
• The FASB enjoys the following advantages
compared to its predecessor, the
Accounting Principles Board:
* smaller membership
* greater autonomy
* increased independence of members
* broader representation on the Board
FASB
Due Process
• In establishing financial standards, the FASB
follows a due process procedure.
• The due process procedure gives time to
interested persons to make their views
known to the Board.
FASB
Due Process
2
1
AGENDA
Topics for
standard
setting are
identified
Discussion
Memorandum
The FASB
issues
initial
research and
analysis
4
3
Public
Hearing
A public
hearing
is
conducted
FASB
Due Process
4
Exposure
Draft
The FASB
issues
an exposure
draft
(tentative
standard)
5
Final Standard
The FASB
evaluates
responses and
issues the
final
standard
Major Types of FASB
Pronouncements
•
Standards and Interpretations
•
Financial Accounting Concepts
•
Technical Bulletins
•
Emerging Issues Task Force Statements
Organizational Structure
for Setting Standards
Financial
Accounting
Foundation
FASB
Financial
Accounting
Standards
Advisory
Council
GASB
Staff and
Task Force
Governmental
Accounting
Standards
Advisory
Council
House of GAAP
Challenges Facing
Financial Accounting
• Non-financial measurements need to be
developed and reported
• More information needs to be provided
regarding soft assets (intangibles).
• Forward-looking information, in addition to
historical information, must be provided.
• Statements may have to be prepared on a
real-time basis (and not just periodically).
The Expectations Gap
An expectations gap exists between the
• public’s perception of the profession’s
accountability and profession’s perception of
its accountability to the public.
Corrective steps include the setting up of the:
• SEC Practice sections and
• Public Oversight Board.
International Accounting
Standards
• The International Accounting Standards
Committee (IASC) was formed in 1973.
• The objective was to narrow divergence in
international financial reporting.
• There are many similarities between U.S.
and International accounting standards.
• The concern is that international standards
may not be as rigorous as U.S. standards.