EKMA4210 Akuntansi Keuangan Menengah I - Pelaporan Keuangan

Hello, students of the University of Terbuka. Welcome to the University of Terbuka's program. In this meeting, we will discuss the academic record of the Middle School of Finance with the topic of financial reporting.

The purpose of today's lesson is how we can understand that financial reporting is organized based on standards and of course we need to understand how the standard arrangement process will of course produce the standard used in financial reporting. Second,

It turns out that we have experienced an extraordinary development in the world, especially in the accounting standard, which we know as the International Financial Reporting Standard. So we need to understand how Indonesia, which of course has a financial accounting standard,

related to the international standards known as the IFRS.

Third, we will also see how we can have financial reports that we call quality financial reports. Because of course, what is presented in the financial report must be useful for the user of the financial report.

and we will also see

who will usually be the user of the financial report. And then we see the organization in the accounting environment which will of course have a connection with the financial report. And finally, we will also see, actually, if we look

Accountants, which of course is a profession related to accounting, it turns out that there are various types of accountants. Let's first see how we see between financial reporting and accounting standards.

As I said earlier, we often know the development of the world as globalization. So now we see that the markets in the world have united.

What does it mean? Transactions that happen are not only related to one country, but it turns out that there have been many inter-country transactions that we often know as capital allocation. What does it mean?

For example, if we in Indonesia need funds from investors. Well, investors can come from various countries in the world. And for investors, of course, one of the basic decisions

to be able to provide funds to companies in Indonesia, they see how the position of the company's finance and of course through financial reports. Of course, it can be imagined that if the financial reports that are arranged have different standards,

it is difficult for them to compare between what is a financial report in their country with financial reports in companies in Indonesia. Therefore, you see that now

Accounting requires higher quality standards. Therefore, we need to really realize the importance of international financial accounting standards.

Second, as I said earlier, the main purpose of financial reporting is to support the decision-making of all important parties. Therefore, of course, we must ensure what is called

the use of financial information for decision-making. So, of course, we need to make sure that the value provided in the financial report can really represent what is in the company. Third,

We also need to understand who is responsible for the arrangement of standards that determine how the financial report is arranged. Now you will see now, first, if we are in Indonesia, we usually see that the financial accounting standard is the result of

which we call the Indonesian Accounting Association, namely the Accounting Professions Association responsible for organizing the accounting standards in Indonesia. In the Indonesian Accounting Association, there is a Financial Accounting Standards Commission. They are responsible for

to arrange financial accounting standards and the process is of course the responsibility of the Board of Standards which is part of the IAI. However, we must not forget that what we are now arranging standards must be related to what is arranged by

International Standard A.K.A. IASB or International Accounting Standards Board. So, you can imagine that in Indonesia, it is known as DSAK, International Standard Accounting Standards Board. If we talk about international standards, we know it as IASB.

IFRS is a standard issued by the IASB. Therefore, you need to know that the standard arranger is in our country, but also in a global nature, namely the IASB.

Then we also need to see that accounting or accounting is dynamic. Meaning, we always see that accounting must be able to meet the challenges that continue to arise in this world. What are they? Let's try to see one by one. The first one,

Accounting cannot be separated from what we call the political environment. So what does it mean?

Often, when we talk about standards that will of course be determined for the arrangement of financial reports, it is very influenced by the political situation in a country. Because we know that

Politics cannot be separated from the economy. So, for example, if we talk about the Financial Accounting Standard Committee will make changes to one accounting standard related, for example, to the property industry. Well, we know that

The economic condition will also be affected by the industry. Therefore, the standard-bearer must also get income from the business world. And of course, not apart from the government regulation.

Therefore, the political situation in each country can determine the standards that are determined in each country. Second, what we call the gap between hope and expectation. What does it mean?

If we are a financial reporting user, we certainly have a desire and hope. And now we are talking about financial reports that are arranged by the company.

It can happen that what is provided by the company turns out to be not meet the expectations or expectations of the user. Therefore, here is the role of the accounting standard to be able to reduce this shortage so that the benefits that can be

received by the user, the greater.

Third, what we call a significant financial reporting problem. What does it mean? This is often, perhaps in simple terms, we talk about how what happens is often seen as a manipulation of financial reporting or the language we know is usually fraud.

So what does it mean? Accountancy is expected to reduce the possibility that financial reports later contain major manipulation. How? Here again is the role of quality accounting standards. We realize that

If we make a standard or regulation, it must consider various parties.

we cannot only focus on one party's interests. Therefore, the accounting standard often requires sometimes judgment or estimation and selection of policies that will be used. Often,

There are cracks like this that will make

the probability of fraud to occur is higher. Why? Because it is possible to have flexibility in the selection of standards that will be used in the arrangement of financial reports. This is a challenge for accounting that must be answered in the future.

Fourth, the problem of ethics. So we see here that if we talk about reporting financial positions, usually it contains certain interests from the arranger of financial reports. The problem is

Ethics must play a very important role. Not everything can be regulated by standards. So, we must make sure that the financial reporting arranger is aware of the ethics that must be respected in financial reporting.

And the last one, perhaps the most important one now, is that the accounting standards must be able to converge with international standards. And that's what happened in Indonesia.

We still arrange the standards according to the situation and conditions in Indonesia, but we do a convergence of standards issued by the IASB, which I mentioned earlier as IFRS.

So what does it mean? Every time IFRS is issued, our Financial Accounting Standard Committee will review and see how it fits

The standards that exist in Indonesia and as much as possible our standards adjust to what is outlined by the IFRS. But what needs to be remembered,

We have not yet adopted the full version of the IFRS, but we are doing a convergence.

towards the IFRS. So that's what makes Indonesia not isolated from other countries, so that our financial reports can be more trusted by investors from all over the world. Viewers, based on what we have discussed today,

We can try to see what the conclusion is. First, you can see that

The arrangement of financial reports now refers to the accounting standards that are not only local, but we must also see that the standards are convergent with international standards. Second,

With the convergence of these two, the accounting standards in Indonesia have undergone many changes. And the last change, the Accounting Standards Commission has made changes

12 standards and of course for the arrangement of the usual financial reports we need to review what we need to understand the changes.

I will just give an example, for example, we will talk later about the report of the loss rate, you will see how the format of the loss rate report is slightly different from what may have been known before.

So, I will remind you again in this conclusion that financial reporting needs to pay attention to the quality of the information provided. And that quality, of course, must be based on the basic assumptions of accounting,

The basic principles of accounting, especially what we know as accrual basis. Second, we talk about what means revenue recognition or recognition of income. And third, we talk about matching or balance between burden and income.

especially university students, wherever you are. This is the end of our meeting. I hope this show is useful for you. Good luck and good luck!