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CONCEPTUAL FRAMEWORK
COMPARISON BETWEEN U.S GAAP
AND INDONESIAN FINANCIAL
ACCOUNTING STANDARDS Building Blocks of Conceptual Framework
By:
Tania Ananda Mahdani (023113004)
Pradypto Utomo (023111217)
Statement of Authorship
We the undersigned declare that the paper is purely the result of work attached our own. No work of others that we use it without citing its sources. "
This material has not been presented as material for paper / assignment on subjects other than we clearly state that we use it.
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Subject : Indonesian Financial Accounting Standards
(SAKI)
Paper Title : Conceptual Framework Comparison Between U.S
GAAP and Indonesian Financial Accounting Standard
Date : 16th of September 2013
Lecturer :
Name : 1. Tania Ananda Mahdani
2. Pradypto Utomo
NIM : 1. 023113004
2. 023111217
Signature : 1.
2.
Introduction
The conceptual framework of Indonesian Financial Accounting
Standards (SAKI) that we used to know is based on the U.S GAAP, however
as of 1st of June 2012 the standards have been converged to the International
Financial Reporting Standards (IFRS). Basically, conceptual framework
provides general guidance on how to present the financial reporting. However,
each country has different accounting standard, in this paper further
explanation about the comparison between the conceptual framework of
FASB’s SFAC and Indonesian Accounting Standard (SAKI) will further
discussed.
FASB’s STATEMENT OF FINANCIAL
ACCOUNTING CONCEPT (SFAC)Definition
According to FASB’s SFAC it describes conceptual framework as “…
a coherent system of interrelated objectives and fundamental concepts that
prescribes the nature, function, and limits of financial accounting and
reporting and that is expected to lead to consistent guidance” (Statement of
Financial Accounting Concepts No. 8, September 2010). The statement
indicated that FASB’s conceptual framework provides structures and guidance
to present financial reports. The word ‘coherent system’ and ‘consistent’
indicate that the conceptual framework is a logical system in which it provides
clear guidelines on how to serve the financial reports to the end users, and that
its objective is consistent without making the information presented biased.
The information provided thus will help users for decision-making activity and
also decides on how to allocate their resources in order to function effectively
and efficiently.
ObjectivesAccording to the Statement of Financial Accounting Concept no. 8
“The objective of general purpose financial reporting forms the foundation of
the Conceptual Framework. Other aspects of the Conceptual Framework—a
reporting entity concept; the qualitative characteristics of, and the constraints
on, useful financial information; elements of financial statements; recognition,
measurement; presentation; and disclosure—flow logically from the
objective” (SFAC no.8 2010). Therefore, the SFAC or so called conceptual
framework acts as a based to financial accounting and reporting standards,
needed as guidance to established accounting standards, to provide useful
information to external and internal users for decision-making.
Although it is used as a based to established financial accounting
standards, it cannot be used on the application of Rule 203 of the Rules of
Conduct of the Code of Professional Ethics of AICPA. It is because the SFAC
doesn't form GAAP, and therefore cannot be used. Unlike the SFAS which
formed the GAAP.
The conceptual framework objectives according to FASB SFAC no 1,
“Financial reporting should provide information to help present and potential
investors and creditors and other users in assessing the amounts, timing, and
uncertainty of prospective cash receipts from dividends or interest and the
proceeds from the sale, redemption, or maturity of securities or loans” (SFAC
no 1 1978 as amended). According to FASB they emphasis its objective of
financial reporting as to help investors and creditors assess the financial
reporting that will influence their decision-making process.
Their second objective as stated in the SFAC no. 1 “Financial reporting
should provide information about the economic resources of an enterprise, the
claims to those resources (obligations of the enterprise to transfer resources to
other entities and owners’ equity), and the effects of transactions, events, and
circumstances that change its resources and claims to those resources” (SFAC
no. 1 1978 as amended). Besides providing guidance for investors and
creditors, the financial reporting should provide clear information about the
economic resources of the entity, and all kinds of changes which affected its
activity.
However, according to FASB “Establishment of objectives and
identification of fundamental concepts will not directly solve financial
accounting and reporting problems” (SFAC no 8 2010). This means the
objectives will only give directions while the concepts of the conceptual
framework acts as the tools to solve the financial reporting problems.
Qualitative Characteristics of Accounting InformationIn the SFAC no. 2 about Qualitative Characteristics of Accounting
Information “The characteristics or qualities of information discussed in this
Statement are the ingredients that make information useful and are the
qualities to be sought when accounting choices are made” (SFAC no. 2 1980
as amended). The statement indicates that in order to obtain useful
information, the quality of that information needs to be considered when
making accounting decision. Useful information is needed in order to match
its benefits with the cost obtaining the information.
A hierarchy of accounting qualitiesAccording to SFAC no. 2 about Qualitative Characteristics of Accounting
Information “The characteristics of information that make it a desirable
commodity can be viewed as a hierarchy of qualities” this means the most
important and useful information is set in a hierarchical order, to help users in
the decision making process.
RelevanceBased on the Statement of Financial Accounting Concepts No. 2 "The
capacity of information to make a difference in a decision by helping users to
form predictions about the outcomes of past, present, and future events or to
confirm or correct prior expectations". Therefore the meaning of relevance in
financial reporting is the information that gave should be related and reliable
in order to help people in making decision.
Feedback Value
According to Statement of Financial Accounting Concepts No. 2 "The quality
of information that enables users to confirm or correct prior expectations". It's
just like the prediction in the future will be more accurate because of the
experience in the past.
Predictive Value
Statement of Financial Accounting Concepts No. 2 "The quality of
information that helps users to increase the likelihood of correctly forecasting
the outcome of past or present events". The meaning of predictive value is the
information that can increase the accuracy of prediction in the future.
Timeliness
Statement of Financial Accounting Concepts No. 2 "Having information
available to a decision maker before it loses its capacity to influence
decisions". It means that the information should be available when it's needed,
then it will not lose it's value
ReliabilityAs Statement of Financial Accounting Concepts No. 2 said "The quality of
information that assures that information is reasonably free from error and bias
and faithfully represents what it purports to represent". Means that the
information of financial reporting that we use must be reliable or trusted, so
they will not make wrong decision.
Representational Faithfulness
Statement of Financial Accounting Concepts No. 2 "Correspondence or
agreement between a measure or description and the phenomenon that it
purports to represent (sometimes called validity)".
Bias
Statement of Financial Accounting Concepts No. 2 "Bias in measurement is
the tendency of a measure to fall more often on one side than the other of what
is represents instead of being equally likely to fall on either side". if its happen
in a company, the information that served can't be reliable anymore.
Completeness
Statement of Financial Accounting Concepts No. 2 "The inclusion in reported
information of everything material that is necessary for faithful representation
of the relevant phenomena". Means that the information that served is free
from bias, and we can assume that the information is reliable, but
completeness of information mostly relative for financial reports
Verifiability
Statement of Financial Accounting Concepts No. 2 "The ability through
consensus among measurers to ensure that information represents what it
purports to represent or that the chosen method of measurement has been used
without error or bias".
Reliability and Relevance
Statement of Financial Accounting Concepts No. 2 "Reliability and relevance
often impinge on each other. Reliability may suffer when an accounting
method is changed to gain relevance, and vice versa".
Conservatism
Statement of Financial Accounting Concepts No. 2 "A prudent reaction to
uncertainty to try to ensure that uncertainty and risks inherent in business
situations are adequately considered".
Neutrality
Statement of Financial Accounting Concepts No. 2 "Absence in reported
information of bias intended to attain a predetermined result or to induce a
particular mode of behavior". Means that the information is free from bias.
Comparability
Statement of Financial Accounting Concepts No. 2 "The quality of
information that enables users to identify similarities in and differences
between two sets of economic phenomena".
Consistency
Statement of Financial Accounting Concepts No. 2 "Conformity from period
to period with unchanging policies and procedures".
Materiality
Statement of Financial Accounting Concepts No. 2 "The magnitude of an
omission or misstatement of accounting information that, in the light of
surrounding circumstances, makes it probable that the judgment of a
reasonable person relying on the information would have been changed or
influenced by the omission or misstatement"
Elements of Financial Statements“ Elements of financial statements are the building blocks with which financial
statements are constructed” (SFAC no. 2 2008). The elements of financial statements
refer to the accounts existed in the financial statements. All the elements are related to
specific entity, this statement defines 10 interrelated elements that play a significant
role in the performance measurement and status of the business. The elements consist
of:
1. Assets. “Assets are probable future economic benefits obtained or controlled
by a particular entity as a result of past transactions or events” (SFAC no 2,
par. 25 2008). According to FASB, the word ‘controlled’ here means that the
company fully own and control the item, then it has future economic benefits
flowing into the company the it’s called as assets. The assets that fulfill the
characteristics of par. 25 also called as economic resources, and are usually
used a means of economic activities.
*Statement of Financial Accounting Concept (SFAC) no. 2; 2008
2. Liabilities. “Liabilities are probable future sacrifices of economic benefits
arising from present obligations of a particular entity to transfer assets or
provide services to other entities in the future as a result of past transactions
or events” (SFAC no.2, par. 27 2008). The liabilities here are described as
obligations arising from the past transactions due to providing service or
transferring assets to another entity.
3. Equity or Net Assets. “Equity or net assets is the residual interest in the
assets of an entity that remains after deducting its liabilities” (SFAC no.2 par.
49 2008). The amount remains after paying the liabilities to third parties is
equity, in a non profit organization, the equity is divided into 3 classes;
permanently restricted, temporary restricted, and unrestricted net assets.
4. Investments by owner. “Investments by owners are increases in equity of a
particular business enterprise resulting from transfers to it from other entities
of something valuable to obtain or increase ownership interests (or equity) in
it” (SFAC no.2 par.
5. Distribution to owner “Distributions to owners are decreases in equity of a
particular business enterprise resulting from trans- ferring assets, rendering
services, or incurring liabilities by the enterprise to owners. Distributions to
owners decrease ownership interest (or equity) in an enterprise”.
6. Comprehensive income “Comprehensive income “Comprehensive income is
the change in equity of a business enterprise during a period from transactions
and other events and circumstances from non owner sources”.
7. Revenue. “Revenues are inflows or other enhancements of assets of an entity
or settlements of its liabilities (or a combination of both) from delivering or
producing goods, rendering services, or other activities that constitute the
entity’s ongoing major or central operations”.
8. Expenses. “Expenses are outflows or other using up of assets or incurrences
of liabilities (or a combination of both) from delivering or producing goods,
rendering services, or carrying out other activities that constitute the entity’s
ongoing major or central operations”.
9. Gains. “Gains are increases in equity (net assets) from peripheral or
incidental transactions of an entity and from all other transactions and other
events and circumstances affecting the entity except those that result from
revenues or investments by owners”.
10. Losses. “Losses are decreases in equity (net assets) from peripheral or
incidental transactions of an entity and from all other transactions and other
events and circumstances affecting the entity except those that result from
expenses or distributions to owners”.
Recognition and Measurement-Assumption
1. Economic entity. The economic entity means that the business assumes that
the owners should be separated from the entity.
2. Going concern. Going concern assumption assume that the entity will
continue to operate for a very long time, or so called indefinitely.
3. Monetary unit. “…nominal units of money will continue to be used to
measure items recognized in financial statements”(SFAC no.5 par.72 2008).
This assumption means that only transactions that can be measured in money
terms should be recorded.
4. Time period assumption. The time period principle means that accounting
period of an entity can be divided into periods of time, either interim,
annually, or semi-annually.
Recognition and Measurement-Principles“To be recognized in financial statements, a resource must meet the definition
of an asset, and an obligation must meet the definition of a liability. A change in
equity must meet the definition of a revenue, expense, gain, or loss to be recognized
as a component of comprehensive income” (SFAC no. 5 par.64 2008). This indicates
that assets, liabilities, equity, revenue, and expenses can only be recognized when
they have met the definition and criteria. There are several principles that can be used
in recognizing and measurement of the above components:
1. Historical cost (historical proceeds). “Property, plant, and equipment and most
inventories are re- ported at their historical cost, which is the amount of cash, or its
equivalent, paid to acquire an asset, commonly adjusted after acquisition for
amortization or other allocations” (SFAC no.5 par. 67). During the recording process
of the transactions when acquiring assets, the historical cost or the amount we
obtained when we acquire the assets will be used to record the transactions.
2. Current cost. “Some inventories are reported at their current (replacement) cost,
which is the amount of cash, or its equivalent, that would have to be paid if the same
or an equivalent asset were acquired currently” (SFAC no.5 par.67 2008). Current
cost is sometimes described as the agreed price between two or more parties.
3. Current market value. “Some investments in marketable securities are reported at
their current market value, which is the amount of cash, or its equivalent, that could
be obtained by selling an asset in orderly liquidation” (SFAC no.5 par.67 2008).
Through current market value, assets are valued and reported using the agreeable cost
in the market.
4. Net realizable (settlement) value. “Short-term receivables and some
inventories are reported at their net realizable value, which is the non-
discounted amount of cash, or its equivalent, into which an asset is expected to
be converted in due course of business less direct costs, if any, necessary to
make that conversion” (SFAC no.5 par.67 2008). The assets such as short-
term receivables and inventories are reported and valued at their net realizable
value, which is by using the cost when assets are expected to be sold les its
direct costs.
5. Present (or discounted) value of future cash flows. “Long-term receivables are
reported at their present value (discounted at the implicit or historical rate), which is
the present or discounted value of future cash inflows into which an asset is expected
to be converted in due course of business less present values of cash outflows
necessary to obtain those inflows” (SFAC no.5 par.67 2008). By using the present
value, the value of future cash flows will be discounted and then less the present
value to obtain the inflows.
Recognition and Measurement-Constraints1. Cost and Benefits. “Each user of accounting information will uniquely
perceive the relative value to be attached to each quality of that information.
Ultimately, a standard-setting body has to do its best to meet the needs of
society as a whole when it promulgates a standard that sacrifices one of those
qualities for another; and it must also be aware constantly of the calculus of
costs and benefits” (SFAC no.2 2008). This is one of the constraints for the
standard setter, because they need to justify the cost for obtaining and
providing the information with the benefits received from that information.
2. Materiality. “Materiality is a pervasive concept that relates to the qualitative
characteristics, especially relevance and reliability” (SFAC no.2 2008). In
order to know the materiality of a transaction, there’s a need to distinguish
relevance and reliability, however judgment has to be made and therefore this
is the constraint, because each management might have different judgment on
the level of materiality, and still no general standards have been formulated by
the standard setters.
3. Timeliness. “Timeliness is an ancillary aspect of relevance. If information is
not available when it is needed or becomes available only so long after the
reported events that it has no value for future action, it lacks relevance and is
of little or no use” (SFAC no.2 par.56 2008). Timeliness is also the constraint,
it’s because if the information cannot be obtained on time, then the
information has become outdated and become not useful anymore.
IntroductionPSAK - IFRS based needs to be applied to entities with public accountability
as Issuers, public companies, banking, insurance, and SOEs, but it can also be applied by other entities. This happened before 2012, in which before the convergence
occurred. Gradually, as per 1 June 2012 IFRS has been implemented following the application of relevant PSAK. Due to gradual convergence of IFRS and PSAK, Indonesia hasn’t completely adopted IFRS, therefore some differences still exist, and required in financial reporting as of beginning of January 2012. Indonesia began fully adopting IFRS as of I January 2012. The IFRS convergence with PSAK has been done because Indonesia is one of the member in IFAC, whereas its members need to follow the Statement Membership Obligation (SMO), in which one of its rule is to use IFRS as its accounting standards, also the use of IFRS also due to Indonesia's commitment as a member of G20.
Objective According to PSAK conceptual framework “Kerangka dasar ini merumuskan
konsep yang mendasari penyusunan dan penyajian laporan keuangan bagi para pemakai eksternal” (PSAK-Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan 2009). The conceptual framework acts as a fundamental basis in the formation and presentation of financial reports for the external users. It has several objectives, in which its main objective is as “a reference for financial accounting standard setters in Indonesia, financial reports’ compilers, auditor, and users of financial reports” (PSAK-Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan 2009). However, the conceptual framework cannot be used as an accounting standard due to its inability to define the measurement and tools to sole the financial accounting problems. There has been some confusion about the difference between PSAK-conceptual frameworks with Indonesian Accounting Standards. PSAK conceptual frameworks supposedly to be used as a reference for standard setters in developing or amended current accounting standards, therefore “Namun demikian, berhubung kerangka dasar ini dimaksudkan sebagai acuan bagi komite penyusun standar akuntansi keuangan dalam pengembangan standar akuntansi keuangan di masa depan dan dalam peninjauan kembali terhadap standar akuntansi keuangan yang berlaku, maka banyaknya kasus konflik tersebut akan berkurang dengan berjalannya waktu” (PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan no.3 2009).
“Kerangka dasar ini membahas laporan keuangan untuk tujuan umum (general purpose financial statements, yang selanjutnya hanya disebut "laporan keuangan"), termasuk laporan keuangan konsolidasi” (PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan no.6 2009). The conceptual framework of PSAK discuss about financial statements generally, or so called as general purpose financial statements. According to PSAK the objective of financial reports is define as to provide information related to financial position, performance and changes in the financial resources of an entity that benefits the society which shows an influence in the making of economic decision. “Tujuan laporan keuangan adalah menyediakan informasi yang menyangkut posisi keuangan, kinerja serta perubahan posisi keuangan suatu perusahaan yang bermanfaat bagi sejumlah besar pemakai dalam pengambilan keputusan ekonomi” (PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan no.12 2009). The financial statements will also show about what the management has done or what they are responsible for, for the past accounting period, and the non-financial information will not be included in the making of financial reports.
Qualitative Characteristics of Accounting Information
“Karakteristik kualitatif merupakan ciri khas yang membuat informasi dalam laporan keuangan berguna bagi pemakai. Terdapat empat karateristik kualitatif pokok yaitu: dapat dipahami, relevan, keandalan, dan dapat diperbandingkan” (PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan no.24 2009). The qualitative characteristic is a signature that makes information useful to its users, in which four qualitative characteristics exist; understandable, relevant, reliability, and comparability. Those characteristics are needed in order to obtain a useful information so that users can make the right decision from the information provided in the financial statements.
1. Understandable
“Kualitas penting informasi yang ditampung dalam laporan keuangan adalah
kemudahannya untuk segera dapat dipahami oleh pemakai” (PSAK-
Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan no.25 2009).
This statement indicates that users should be able to have adequate knowledge
to understand about the entity and its economic activities, also able to interpret
the information in the financial statements so that users are able to take
economic decision. However, complex information doesn’t necessarily mean
it should be excluded from the financial statements.
2. Relevant
“Agar bermanfaat, informasi harus relevan untuk memenuhi kebutuhan
pemakai dalam proses pengambilan keputusan”( PSAK- Kerangka Dasar
Penyusunan dan Penyajian Laporan Keuangan no.26 2009). An information
is considered relevant when it has the ability to influence the economic
decision of its users. Which is through the observation of past, current, and
future events, asserting and evaluating past events.
“Peran informasi dalam peramalan (predictive) dan penegasan
(confirmatory) berkaitan satu sama lain” ( PSAK- Kerangka Dasar
Penyusunan dan Penyajian Laporan Keuangan no.27 2009). The
predictive characteristic means that the information can only be useful
when the prediction made benefited the users, and that they can take
advantage of opportunities and to react to adverse situations. For the
confirmatory characteristic, a useful information needs to be able to
confirm users that the past prediction can meet the expectation.
“Relevansi informasi dipengaruhi oleh hakekat dan materialitasnya”
(PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan
Keuangan no.29 2009). This statement indicates that relevant
information also sometimes depends on the nature and its materiality.
The amount of materiality in one entity could be different from one
another, thus this depend on the management of the company.
“Informasi dipandang material kalau kelalaian untuk mencantumkan
atau kesalahan dalam mencatat informasi tersebut dapat
mempengaruhi keputusan ekonomi pemakai yang diambil atas dasar
laporan keuangan” (PSAK- Kerangka Dasar Penyusunan dan
Penyajian Laporan Keuangan no.30 2009).the information is
considered as material when it can influence the economic decision.
The amount of materiality depends on judgment about the omission
and misstatement in recording financial transactions. Because of that,
materiality is more of a separation point of the qualitative
characteristics that an information should posses.
3. Reliability
“Agar bermanfaat, informasi juga harus andal {reliable)” (PSAK- Kerangka
Dasar Penyusunan dan Penyajian Laporan Keuangan no.31 2009). The word
‘reliable’ in here means that in order for the information to be useful, the
information should be reliable, which means that it wont be misleading and
has no materiality mistake, also can be trusted on its accuracy of its contents.
However, although the contents of the information is relevant, it doesn't
necessarily mean that the information is reliable and cant be potentially
misleading. There are five characteristics of reliability financial statements:
Honest Presentation “Agar dapat diandalkan, informasi harus
menggambarkan dengan jujur transaksi serta peristiwa lainnya
yang seharusnya disajikan atau yang secara wajar dapat
diharapkan untuk disajikan” (PSAK- Kerangka Dasar Penyusunan
dan Penyajian Laporan Keuangan no.33 2009). On of the
characteristics of reliable information is the honest presentation of
the financial statements, so that the information provided is true
and not fake, that it truly represents the accounts shown in the
financial statements.
Economic Substance Over Legal Form“Jika informasi
dimaksudkan untuk menyajikan dengan jujur transaksi serta
peristiwa lain yang seharusnya disajikan, maka peristiwa tersebut
perlu dicatat dan disajikan sesuai dengan substansi dan realitas
ekonomi dan bukan hanya bentuk hukumnya” (PSAK- Kerangka
Dasar Penyusunan dan Penyajian Laporan Keuangan no.34 2009).
This means in order for the information to be relevant, all the
transactions need to be recorded and presented according to its
economic substance and not just its legal form.
Neutrality “Informasi harus diarahkan pada kebutuhan umum
pemakai, dan tidak bergantung pada kebutuhan dan keinginan
pihak tertentu” (PSAK- Kerangka Dasar Penyusunan dan
Penyajian Laporan Keuangan no.36 2009). The information
provided in order to be reliable must be directed for general
purpose, and is not intended to fulfill the needs and wants of
specific users.
Prudence “Penyusun laporan keuangan adakalanya menghadapi
ketidakpastian peristiwa dan keadaan tertentu…; Ketidakpastian
semacam itu diakui dengan mengungkapkan hakekat serta
tingkatnya dan dengan menggunakan pertimbangan sehat
(prudence) dalam penyusunan laporan keuangan”( PSAK-
Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan
no.37 2009). A good consideration when in doubt during the
making of financial statements is needed in order not to overstated
income and understated expense, therefore producing unreliable
information.
Completeness “Agar dapat diandalkan, informasi dalam laporan
keuangan harus lengkap dalam batasan materialitas dan biaya”
(PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan
Keuangan no.38 2009). When the information provided becoming
misleading and biased due to deliberate omission, and therefore
cannot be used and imperfect, it can only be considered as that
through the relevancy of the information.
4. Comparability
“Pemakai harus dapat memperbandingkan laporan keuangan perusahaan
antar periode untuk mengidentifikasi kecenderungan (trend) posisi dan kinerja
keuangan” (PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan
Keuangan no.39 2009). Users of financial statements should be able to
compare the financial information between companies, in order to evaluate the
conditions of the entity. Therefore, measurement and presentation of the
financial effects of transactions and other events that are similar should be
done consistently for the company, the same company between periods and for
different companies.
Elements of Financial Statements
“Laporan Keuangan menggambarkan dampak keuangan dari transaksi dan
peristiwa lain yang diklasifikasikan dalam beberapa kelompok besar menurut
karakteristik ekonominya” (PSAK- Kerangka Dasar Penyusunan dan Penyajian
Laporan Keuangan no.47 2009). The financial reports reflect the financial situation of
an entity from its transactions and other events, which are classified into some group
according to its economic characteristics. These large groups, which consist of
elements that reflect the financial position of the entity, consist of assets, liabilities,
and equity. Meanwhile, the elements related with the performance measurement in the
comprehensive income statement are expenses and revenues.
1. Financial Position
Assets “Aktiva adalah sumber daya yang dikuasai oleh perusahaan sebagai
akibat dari peristiwa masa lalu dan dari mana manfaat ekonomi di masa
depan diharapkan akan diperoleh perusahaan” (PSAK- Kerangka Dasar
Penyusunan dan Penyajian Laporan Keuangan no.49 2009). In the
definition of assets, it is stated that assets should be in the form of
resources from past transactions, in which the economic benefit will be
obtained in the future, whereas the economic benefit can be directly or
indirectly in the form of cash or cash equivalents, or any kind of activity
that provides future economic benefits that can be converted to cash and
cash equivalents.
Liabilities “Kewajiban merupakan hutang perusahaan masa kini yang
timbul dari peristiwa masa lalu, penyelesaiannya diharapkan
mengakibatkan arus keluar dari sumber daya perusahaan yang
mengandung manfaat ekonomi” (PSAK- Kerangka Dasar Penyusunan dan
Penyajian Laporan Keuangan no.49 2009). Liabilities are current
obligations of the entity that needs to be settled to the third parties.
Usually, the settlement of these obligations is through the sacrifices of
some resources (assets) that provide future economic benefits. Liabilities
arise from past transactions.
Equity “Ekuitas adalah hak residual atas aktiva perusahaan setelah
dikurangi semua kewajiban” (PSAK- Kerangka Dasar Penyusunan dan
Penyajian Laporan Keuangan no.49 2009). When the company is in the
liquidation process, the right to pay its liabilities to third parties will come
first, then when there are residual amounts from the sale of assets, it is the
equity and will be distributed to the shareholders (owners).
2. Performance
The amount of net income is usually used to define the performance of the
company, or to define the earnings per share or as a based measurement of the
return on investment. The elements related in the measurement of net income
are income and expense.
Income “Penghasilan (income) adalah kenaikan manfaat ekonomi selama
suatu periode akuntansi dalam bentuk pemasukan atau penambahan
aktiva atau penurunan kewajiban yang mengakibatkan kenaikan ekuitas
yang tidak berasal dari kontribusi penanam modal” (PSAK- Kerangka
Dasar Penyusunan dan Penyajian Laporan Keuangan no.70 2009) .
According to its definition, income includes both the revenue and gain.
Revenues arise from regular activities, like sales, fees, interest, dividend
and royalties.
Expense “beban (expenses) adalah penurunan manfaat ekonomi selama
suatu periode akuntansi dalam bentuk arus keluar atau berkurangnya
aktiva atau terjadinya kewajiban yang mengakibatkan penurunan ekuitas
yang tidak menyangkut pembagian kepada penanam modal” (PSAK-
Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan no.70
2009). The definition of expenses include all the losses and expensesfrom
regular activities of the company, this is usually in the form of cash
outflows or decreasing in the amount of assets like cash and cash
equivalents.
3. Capital Maintenance
“Revaluasi atau pernyataan kembali (restatement) aktiva dan kewajiban
menimbulkan kenaikan atau penurunan ekuitas” (PSAK- Kerangka Dasar
Penyusunan dan Penyajian Laporan Keuangan no.81 2009). Although the
definition of capitalmaintenance fulfill the characteristics of income and
expenses, in some cases it is not included in the comprehensive income
statement of the entity.
Recognition and Measurement-Assumption Concept
“Pengakuan (recognition) merupakan proses pembentukan suatu pos yang
memenuhi definisi unsur serta kriteria pengakuan yang dikemukakan dalam paragraf
83 dalam neraca atau laporan laba rugi”. The recognition process is done through the
formation of a post that fulfill the criteria as follow:
a) ada kemungkinan bahwa manfaat ekonomi yang berkaitan dengan pos tersebut
akan mengalir dari atau ke dalam perusahaan; dan
b) pos tersebut mempunyai nilai atau biaya yang dapat diukur dengan andal.
(PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan
no.83 2009)
1. Assumption Accrual Basis
“Untuk mencapai tujuannya laporan keuangan disusun atas dasar akrual”
(PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan
no.22 2009). With this concept, the transactions are recorded when it occurred
and not when cash or cash equivalents are received, and those transactions are
recorded based on the date when it occurred. Through this concept, users are
able to see the past transactions and take the economic decision based on the
provided information.
Going Concern
“Laporan keuangan biasanya disusun atas dasar asumsi kelangsungan
usaha perusahaan dan akan melanjutkan usahanya di masa depan” (PSAK-
Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan no.23
2009). With going concern concept, the company assumes that it will
operate indefinitely. Therefore the financial statements are made according
to this assumption.
Measurement and Recognition-Principles“Sejumlah dasar pengukuran yang berbeda digunakan dalam derajat dan
kombinasi yang berbeda dalam laporan keuangan” (PSAK- Kerangka Dasar
Penyusunan dan Penyajian Laporan Keuangan no.100 2009). According to PSAK
conceptual frameworkno 100 2009, the principles consist of:
1. Historical cost. “Aktiva dicatat sebesar pengeluaran kas (atau setara kas)
yang dibayar atau sebesar nilai wajar dari imbalan {consideration) yang
diberikan untuk memperoleh aktiva tersebut pada saat perolehan”. Based on
the historical concept, assets are recorded based on the cost when we obtained
the assets, or the considered value.
2. Current cost. “Aktiva dinilai dalam jumlah kas (atau setara kas) yang
seharusnya dibayar bila aktiva yang sama atau setara aktiva diperoleh
sekarang”. The assets are valued in cash or cash equivalents, in which its
value is based on the value of assets as if it’s obtained now.
3. Realizable/Settlement Value. “Aktiva dinyatakan dalam jumlah kas (atau
setara kas) yang dapat diperoleh sekarang dengan menjual aktiva dalam
pelepasan normal (orderly disposal)”. Through this concept, assets are valued
in cash or cash equivalents which is obtained through the disposal of assets.
The amount of settlement will be discounted, and that’s the amount that will
be recorded.
4. Present Value. “Aktiva dinyatakan sebesar arus kas masuk bersih di masa
depan yang didiskontokan ke nilai sekarang dari pos yang diharapkan dapat
memberikan hasil dalam pelaksanaan usaha normal”. By using this concept,
assets are valued in cash and cash equivalents through the calculation of its
present value in which the value will be discounted for present value.
5. Revenue Recognition. “Penghasilan diakui dalam laporan laba rugi kalau
kenaikan manfaat ekonomi di masa depan yang berkaitan dengan peningkatan
aktiva atau penurunan kewajiban telah terjadi dan dapat diukur dengan
andal” (PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan
Keuangan no.92 2009). Revenue will be recognized when there’s a future
economic benefit that will flow into the business, in which assets will increase
and expenses will decrease.
6. Expense Recognition. “Beban diakui dalam laporan laba rugi kalau
penurunan manfaat ekonomi masa depan yang berkaitan dengan penurunan
aktiva atau peningkatan kewajiban telah terjadi dan dapat diukur dengan
andal” (PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan
Keuangan no.92 2009). In this concept, expense is recognized when there’s a
decrease in the economic benefit that will flow into the business, which is
related with decreasing assets, or increase in liabilities. The method used to
recognized expenses is through matching revenues with expenses and record it
in the income statement.
Measurement and Recognition-Constraints
1. Timeliness. “Jika terdapat penundaan yang tidak semestinya dalam
pelaporan, maka informasi yang dihasilkan akan kehilangan relevansinya”
(PSAK- Kerangka Dasar Penyusunan dan Penyajian Laporan Keuangan
no.43 2009). when there’s an unnecessary postponement in the financial
statements, then an information can lose its relevancy. Therefore, management
should seek balance on this matter.
2. Balance Between Benefits and Cost. “Keseimbangan antara biaya dan
manfaat lebih merupakan kendala yang pervasif daripada karakteristik
kualitatif. Manfaat yang dihasilkan informasi seharusnya melebihi biaya
penyusunannya” (PSAK- Kerangka Dasar Penyusunan dan Penyajian
Laporan Keuangan no.44 2009). Balance between benefits and costs are one
of the constraints in which there should be a balance between the cost spent
and benefits obtained. The benefits coming from the information obtained
should exceed the cost of making the financial statements. However, the cost
of providing the information doesn’t always be borne by the creator, but
sometimes it gets to be allocated to other users. However, it is still hard to
perform the cost testing in this matter, an therefore it still is a constraint.
