A History of the International Financial Reporting Standards (IFRS) By Setiyono Miharjo (FEB UGM & DSAK)

What are International Accounting Standards (IAS)?

International accounting standards are accounting standard issued by the International Caaounting Standards Board (IASB) and its predecessor, the International Accounting Standards Committee (IASC).  A set of established accounting standards put forth by the London Based International Accounting Standards Board (IASB) that gaining worlwide acceptance on an accelerating basis.

IFRS is a comprehensive, globally accepted set of accounting standards with key characteristics:

  1. principles based approach with a greater emphasis on interpertation and application of principles, rather than a rules governed approach;
  2. less extensive body of literature than US GAAP, with limited industry specific guidance and less deatiled applicaion guidance;
  3. greater emphasis oh the substance of transaction and an eveluation of whether the accounting presentation reflects the economic reality;
  4. renewed focus on the need for professional judgement in arriving at accounting conclusions;
  5. Greater use of fair value as a measurement basis placing emphasis on obtaining reliable measurements.

History and Development

In 1966, the history international accounting standards really began with proposal to establish an International Study Group comprising the institute of Chartered Accountants of England and Wales (ICAEW), American Intitute of Certified Accountants (AICPA), and Canadian Institute of Chartered Accountants (CICA).

In 1967, in Frebuary this resulted in the foundation of the Accountants International Study Group (AISG), which began to publish papers on important topics every few months and created an appetite for change.  Many of these papers led the way for the standards that followed, when in March 1973 it was finally agrred to establish and international body writing accounting standards for international use.

In 1973, in June the International Accounting Standards Committee (IASC) cam into existence, with the stated intent that the new international standards it relaeased must “be capable of rapid acceptance and implementation world wide”.  The IASC survived for 27 years, untll 2001, when the organization was restructured and the IASC was replaced by the the International Accounting Standards Board (IASB).  One of the most comprehensive accounts of this early history of international accounting standards ic contained Lord Benson’s article “the story of international accounting standards” which was published in Accountancy Magazine in July 1976 (Volume 87, Number 995) on pages 34—39.  A further source of information is Lord Benson’s biography “Accounting for life” wihich was published by Kogan Page, with the ICAEW in 1989.  Between 1973—2000 the International Accounting Standards Committee (IASC) released a series of standards called “Internasional Accounting Standards (IAS)’ in a numerical sequence that began with IAS 1 and ended with IAS 41 Agriculture with was published in December 2000.

In 2000, in May the International Organization of Securities Commissions (IOSCO) endorses IAS for use in connection wuth cross border listings (as announced in press release issued by IOSCO on 17 May 2000.  In August, the ICAEW issued policy statement (TECH 23/00) on the endorsement and enforcement of International Accounting Standards (IAS) within the EU which was summarized in the press release institute supports step to ensure that International Accounting Standards are effective in Europe released on 3 Audgust 2000.

In 2001, in April the IASC restructured their organization at the end of the twentieth century, which resulted in the formation of the International Accounting Standards Board (IASB).  These changes came into effect on 1 April 2001. At the time the IASB stated that they would adopt the body of standards issued by the Board of the International Accounting Standards Committee (IASC) (1)which would continue to be designted “International Accounting Standards; (2) but any new standards would published in a series called International Financial Reporting Standards (IFRS).

In 2003, In June the first IFRS was published (IFRS 1: First time Adoption of International Financial Reporting Standards (IFRS).

Perkembangan Standar Akuntansi di Indonesia

Pada tahun 1973—1984, Ikatan Akuntan Indonesia (IAI) membentuk komite Prinsip-Prinsip Akuntansi Indonesia untuk menetapkan standar-standar Akuntansi yang kemudian dikenal dengan Prinsip-Prinsip Akuntansi Indonesia (PAI).

Pada tahun 1984—1994, Komite PAI melakukan revisi secara mendasar PAI 1973 dan kemudian menerbitkan PAI 1984.

Pada tahun 1994, menjelang akhir tahun, Komite Standar Akuntansi memuli suatu revisi besar atas prinsip-prinsip akuntansi Indonesia dengan mengumumkan pernyataan standar-standar akuntansi tambahan dan menerbitkan interpretasi atas standar tersebut.  Revisi tersebut menghaslkan 35 pernyataan standar akuntansi keuangan yang sebagian besar harmonis dengan IAS yang dikeluarkan oleh IASB.

Pada tahun 1994—2004, terjadi perubahan kiblat Standar Akuntansi Keuangan di Indonesia dari USGAAP ke IFRS.  Sejak tahun 1994, telah menjadi kebijakan Komite Standar Akuntansi Keuangan untuk menggunakan International Accounting Standards (IAS) sebagai dasar untuk membangun standar akuntansi keuangan Indonesia.  Pada tahun 1995, IAI melakukan revisi besar untuk menerapkan standar-standar akuntansi baru yang kebanyakan konsisten dengan  IAS.  Beberapa standar diadopsi dari USGAAP dan lainnya dibuat sendiri.

Pada tahun 2006—2008, Konvergensi Pertama.  Sejak tahun 1995 sampai tahun 2010, Standar Akuntansi Keuangan (SAK) terus direvisi secara berkesinambungan, baik berupa penyempurnaan maupun penambahan standar baru.  Proses revisi dilakukan enam kali pada tanggal (1) 1 Oktober 1995; (2) 1 Juni 1999; (3) 1 April 2002; (4) 1 Juni 2006; (5) 1 September 2007: (6) 1 Juli 2009.  Pada tahun 2006, dalam kongres IAI ke X di Jakarta, ditetapkan bahwa konvergensi penuh IFRS akan diselesaikan pada tahun 2008.  Target ketika itu adalah taat penuh dengan semua standar IFRS pada tahun 2008.  Namun dalam perjalanannya, ternyata tidak mudah. Sampai akhir tahun 2008 jumlah IFRS yang diadopsi baru mencapai 10 standar IFRS dari 33 standar yang ada.

Kendala harmonisasi PSAK ke IFRS

  1. Dewan Standar Akuntnasi kekurangan sumber daya.
  2. IFRS berganti terlalu cepat sehingga ketika proses adopsi suatu standar IFRS masih dilakukan, IASB sudah dalam dalam proses mengganti IFRS tersebut.
  3. Kendala bahasa, karena setiap standar IFRS harus diterjemahkan ke dalam Bahasa Indonesia dan seringkali mengalami kesulitan.
  4. Infrastruktur profesi akuntansi yang belum siap untuk mengadopsi IFRS karena banyak metode akuntansi baru yang harus dipelajari oleh akuntan.
  5. Kesiapan perguruan tinggi dan akuntan pendidik untuk berganti kiblat ke IFRS.
  6. Dukungan pemerintah terhadap isu konvergensi tidak memadai.

Konvergensi IFRS Tahap II (2008—2012) dan Masa Depan Pelaporan Keuangan di Indonesia

Latar Belakang

IAI menjadi anggota International Federation of Accountants (IFAC) sejak tahun 1986.  IFAC didirikan pada tahun 1977.

Misi dari IFAC adalah sebagai berikut.

  1. To serve the public interest.
  2. Strengthen the accountancy profession worldwide.
  3. (and) Contribute to the development of strong international economies.
  4. (by) Establishing and promoting adherence to high quality professional standards.
  5. Furthering the international convergence of such standards.
  6. (and) Speaking out on public interest issues where the profession’s expertise is most relevant.

The Statement of Membership Obligations (SMO) apply to full and assoiciate member of IFAC.  These statement require member bodies to use their best endeavors to meet the obligations.  In exceptional circumstances, a member body may depart from the obligations contained in these statements, if doing so will fulfill its public interest duties more effectivly.  The member body should be prepared to justify the departure.  A member body that fails to follow the obligations of these statements, or justify satisfactory why it has departed from them, may be suspended or removed from membership.  SMO 7 – International Financial Reporting Standards. Set out the obligations of member bodies of IFAC in relation to IFRS issued by the IASB.

DSAK-IAI sedang melakukan konvergensi IFRS dengan target penyelesaian pada tahun 2012.  Sepanjang tahun 2009, DSAK-IAI telah mengesahkan 10 PSAK baru, 5 ISAK, dan mencabut 9 PSAK berbasis industri dan 1 ISAK.

G20 Leaders Meeting

Konvergensi IFRS adalah juga salah satu kesepakatan pemerintah Indonesia sebagai anggota G20 Forum.  Hasil dari pertemuan pemimpin forum negara G20 di Wahsington DC, 15 November 2008.  Prinsip-prinsip G20 yang dicanangkan adalah sebagai berikut.

  • Strengthening transperency and accountability.
  • Enhancing sound regulation.
  • Promoting integrity in financial markets.
  • Reinforcing international cooperation.
  • Reforming international financial institutions.

Pada kesepatakan G20 London Summit, 2 April 2009 dihasilkan 29 kesepakatan, pada kesepakatan nomor 13—16 adalah tentang strengthening financial supervision and regulation.  Pada butir kesepakatan nomor 15 dikatakan “to call on the accounting standard setters to work urgently with supervisors and regulatiors to improve standards on valuation and provisioning and achieve a single set of high quality global accounting standards.”

IFRS Today and Tomorrow

Today, IFRS is used in over 100 countries.  Required acrross all EU countries, starting in 2005.  Brazil, Canada, and India have announced madated use.  By 2011, it’s expected that:

  • All major countries will have adopted IFRS to some extent.
  • China and Japan will be sustantially converged to IFRS.
  • US Public Companies will likely have the option of using either IFRS of US GAAP.

Perbandingn IFRS dan PSAK pada 31 Desember 2009.  PSAK 43 Standar, 8 Standar Syariah, 13 ISAK, 4 Technical bulletin, dan 1 SAK ETAP. Sedangkan IFRS terdiri dari 37 Standar (8 IFRS dan 29 IAS), 27 Interpretations (16 IFRIC dan 11 SIC).

Pada 31 Maret 2010, PSAK telah mencapai 50% fully comparable, 12% substantially comparable, 19% non comparable, 19 substantially non comparable.  Rincian PSAK Non Comparable per 31 Maret 2010 adalah sebagai berikut.

  • PSAK 3 Laporan Keuangan Interin (ED PSAK 3 Revisi 2010)
  • PSAK 18 Akuntansi Dana Pensin (ED PSAK 18 Revisi 2010)
  • PSAK 21 Ekuitas (akan dicabut)
  • PSAK 27 Akuntan Koperasi (akan dicabut)
  • PSAK 28 Akuntansi Asuransi Kerugian (belum diputuskan)
  • PSAK 29 Akuntansi Minyak dan Gas Bumi (belum diputuskan)
  • PSAK 33 Akuntansi Pertambangan Umum (belum diputuskan)
  • PSAK 36 Akuntansi Asuransi Jiwa (belum diputuskan)
  • PSAK 38 Restruksturisasi Ekuitas sepengendali (belum diputuskan)
  • PSAK 44 Aktivitas Pengembangan Real Estate (belum diputuskan, akan diganti dengan IFRIC 15).
  • PSAK 45 Akuntansi Entitas Nirlaba (direvisi)
  • PSAK 47 Akuntansi Tanah (belum diputuskan)
  • PSAK 50 Instrumen Keuangan: Penyajian dan Pengungkapan (ED PSAK50 dan PSAK 60 Revisi 2010).
  • PSAK 51 Kuasi Reorganisasi (belum diputuskan)
  • PSAK 53 Kompensasi Berbasis Saham (belum diputuskan)

Sasaran Konfergensi IFRS tahun 2012

Merevisi PSAk agar secara material sesuai dengan IFRS versi 1 Januari 2009 yang belaku efektif pada tahun 2011/2012.  Konvergensi IFRS di Indonesia dilakukan secara bertahap.  Pada tahun 2010—2012 SAK Umum akan disusun berbasis IFRS, syariah, dan nonprofit, serta ETAP.  Setelah tahun 2012 akan disusun SAK berbasis IFRS, dan PSAK non IFRS termasuk Syariah, ETAP, dan Nonprofit.

Peta jalan yang disusun adalah sebagai berikut:

  • Tahap Adopsi (2008—2010)

Adopsi seluruh IFRS ke PSAK, persiapan infrastruktur yang diperlukan, dan evaluasi dan kelola dampak adopsi terhadap PSAK yang berlaku.

  • Tahap Persiapan Akhir (2011)

Penyelesaian persiapan infrastruktur yang diperlukan, dan penerapan secara bertahap beberapa PSAK berbasis IFRS.

  • Tahap Implementasi (2012)

Penerapan PSAK berbasis IFRS secara bertahap, dan evaluasi dampak penerapan PSAK secara komprehensif.

PSAk yang telah disahan sampai tanggal 23 Desember 2009 adalah sebagai berikut.

  • PSAK 1 (Revisi 2009) Penyajian Laporan Keuangan
  • PSAK 2 (Revisi 2009) Laporan Arus Kas
  • PSAK 4 (Revisi 2009) Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri.
  • PSAK 5 (Revisi 2009) Segmen Operasi.
  • PSAK 12 (Revisi 2009) Bagian Partisipasi dalam Ventura Bersama.
  • PSAK 15 (Revisi 2009) Investasi dalam Entitas Asosiasi.
  • PSAK 25 (Revisi 2009) Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan.
  • PSAK 48 (Revisi 2009) Penurunan Nilai Aset.
  • PSAK 57 (Revisi 2009) Provisi, Liabilitas Kontijensi, dan Aset Kontijensi.
  • PSAK 58 (Revisi 2009) Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang Dihentikan.

PSAK Baru yang disahkan pada tanggal 19 Februari 2010 adalah sebagai berikut:

  • PSAK 7 (2010) Pengungkapan Pihak-Pihak yang Berelasi.
  • PSAK 10 (2010) Transakasi Mata Uang Asing (Disahkan tanggal 23 Maret 2010)
  • PSAK 12 (2010) Lindung Nilai Investasi Neto dalam Kegiatan Usaha Luar Negeri.
  • PSAK 14 (2010) Biaya Situs Web
  • PSAK 19 (2010) Aset Tidak Berwujud
  • PSAK 22 (2010) Kombinasi Bisnis (Disahkan tanggal 3 Maret 23)
  • PSAK 23 (2010) Pendapatan

Interpretasi yang telah disahkan sampai tanggal 23 Desember 2009 adalah sebagai berikut:

  • ISAK 7 (Revisi 2009) Konsolidasi Entitas Bertujuan Khusus.
  • ISAK 9 Perubahan atas Liabilitas Purna Operasi, Liabilitas Restorasi, dan Liabilitas Serupa.
  • ISAK 10 Program Loyalitas Pelanggan.
  • ISAK 11 Distribusi Aset Nonkas Kepada Pemilik.
  • ISAK 12 Pengendalian Bersama Entitas, Kontribusi Nonmoneter oleh Venturer.

PPSAK yang telah disahkan sepanjang tahun 2009 dan berlaku efektif pada tahun 2010 adalah sebagai berikut:

  • PPSAK 1: Pencabutan PSAK 32 Akuntansi Kehutanan, PSAK 35 Akuntansi Pendapatan Jasa Telekomunikasi, dan PSAK 37 Akuntansi Penyelenggaraan Jalan Tol.
  • PPSAK 2: Pencabutan PSAK 41 Akuntansi Waran dan PSAK 43 Akuntansi Anjak Piutang.
  • PPSAK 3: Pencabutan OSAK 54 Akuntansi Restrukturisasi Utang Piutang Bermasalah.
  • PPSAK 4: Pencabutan PSAK 31 (Revisi 2000) Akuntansi Perbankan, PSAK 42 Akuntansi Perusahaan Efek, dan PSAK 49 Akuntansi Reksadana.
  • PPSAK 5: Pencabutan ISAK 06 Intepretasi atas Paragraf 12 dan 16 PSAK 55 (1999) tentang Instrumen Derivatif Melekat pada Kontrak dalam Mata Uang Asing.

Exposure Draft Public Hearing tanggal 27 April 2010

  • ED PSAK 3 Laporan Keuangan Interim
  • ED PSAK 15 Batas Aset Imbalan Pasti, Persyaratan Pendanaan Minimum dan Interaksinya.
  • ED PSAK 16 Perjanjian Konsesi Jasa (IFRIC 12)
  • ED PSAK 17 Laporan Keuangan Interim dan Penurunan Nilai
  • ED PSAK 18 (2010) Program Manfaat Purnakarya
  • ED PSAK 24 (2010) Imbalan Kerja

Exposure Draft Public Hearing tanggal 14 Juli 2010

  • ED PSAK 8 (Revisi 2010) Peristiwa Setelah Tanggal Neraca
  • ED PSAK 50 (Revisi 2010) Instrumen Keuangan, Penyajian
  • ED PSAK 53 (revisi 2010) Pembayaran Berbasis Saham
  • ED PSAK 60 Intrumen Keuangan, Pengungkapan

Exposure Draft Public Hearing tanggal 30 Agustus 2010

  • ED PSAK 46 (Revisi 2010) Pajak Pendapatan
  • ED PSAK 61 Akuntnasi Hibah Pemerintah dan Pengungkapan Bantuan Pemerintah
  • ED PSAK 63 Pelaporan Keuangan dalam Ekonomi Hiperinflasi
  • ED ISAK 18 Bantuan Pemerintah – Tidak ada Relasi Spesifik dengan Aktivitas Operasi.
  • ED ISAK 20 Pajak Penghasilan – Perubahan Dalam Status Pajak Entitas atau Para Pemegang Saham Lainnya.

IFRS Which Are Still Under Discussion in 2012

  • IFRS 1 First Time Adoption
  • IFRS 4 Insurance Contract
  • IFRS 6 Exploration and Evaluation Mineral Resources
  • IFRS 41 Agricukture

The Board is observing the current develpment of IASB for those standards.

Manfaat Konvergensi IFRS

  • Memudahkan pemahaman atas laporan keuangan dengan penggunaan Standar Akuntansi Keuangan yang dikenal secara internasional (enhance comparability).
  • Meningkatkan arus investasi global melalui transparansi.
  • Menurunkan biaya modal dengan pembuakaan peluang fund raising melalui pasar modal secara global.
  • Menciptakan efisiensi penyusunan laporan keuangan.
  • Meningkatkan kualitas laporan keuangan dengan antara lain mengurangi kesempatan untuk melakukan earaning management.
  • Reklasifikasi antar kelompok surat berharga (securities) dibatasi dan cenderung dilarang.
  • Reklasifikasi dari ke FVTPL dilarang.
  • Reklasifikasi L & R ke AFS dilarang.
  • Tidak ada lagi extraordinary items.

Hasil Riset IAS and Accounting Quality (Barth, Landsman, & Lang)

A goal of IASC and IASB is to develop an internationally acceptable set of high quality financial reporting standards.  To Achieve this goal, the IASC and IASB have issued principles-based standards, and taken steps to remove allowable accounting alternatives and to rquire accounting measurements that better reflect a firm’s economic position and performance (IASC, 1989).

Limiting alternatives can increase accounting quality because doing so limits management’s opportunistic discretion in dtermining accounting amount (Asbaugh and Pincus, 2001).  Accounting amounts that better reflect a firm’s underlying economics, resulting from either principles-based standards or required accounting measurements, can increase accounting quality because doing so provides investors with information to aid them in making investment decision.

However, there are at least two reasons why our predictions may not be borne out.  First, IAS may be of lower quality than domestic standards.  For example, limiting managerial discretion relating to accounting alternatives could eliminate a firm’s ability to report accounting measurements that are more reflective of the firm’s economic position and performance.  In Addition, the inherent flexibility in principles-based standards coul provide greater opportunity for firms to manage earnings, thereby decreasing accounting quality.  Thsi flexibility has long been a concern of securities markets regulators, especially in international context (Breeden, 1994).

Based on inferencs on a sample of firms in 21 countries that adopted IAS between 1994 and 2003 we find that in the postadoption period firms applying IAS generally evidence less earnings management, more timely loss recognition, and more value relevance od accounting amounts than do firms not applying IAS.

Dampak IFRS terhadap Sistem Akuntansi dan Pelaporan


  • Konsep other comprehensive income di dalam laba rugi komprehensif.
  • Perubahan definisi-definsi seperti kewajiban menjadi liabilitas dan hak minoritasmenjadi kepentingan non pengendali (non-controlling interest).
  • Pos luar biasa tidak lagi diperbolehkan.
  • Perubahan nama laporan keuangan

A Complete set of financial statements comprises:

  • A statement of financial position as at the end of period.
  • A statement of comprehensive income for the period.
  • A statement of changes in equity for the period.
  • A statement of cash flow for the period.
  • Notes, comprising a summary of significant accountiog policies and other explanatory information.
  • A Statement of financial position as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retropestive restatement of items in its financial statement, or when it reclassifies items in its financial statement.


  • Tidak diatur tentang format laporan keuangan.
  • Prudence versus Conservatism.
  • Dibolehkan menggunakan revaluation method untuk penilaian PPE.


  1. Peningkatan Penggunaan Nilai Wajar (fair value)

Standar IFRS lebih condong kepada penggunaan nilai wajar, terutama untuk properti investasi, beberapa aset tidak berwujud, dan aset biologis.  Dengan demikian, diperlukan sumber daya yang kompeten untuk menghitung nilai wajar atau bahkan perlu menyewa jasa konsultan penilai terutama untuk aset-aset yang tidak memiliki nilai pasar aktif.

  1. Penggunaan Estimasi dan judgement

Akibat karakteristik IFRS yang lebih berbasis pada prinsp, akan lebihbanyak dibutuhkan judgement untuk menentukan bagaimana suatu transaksi kekuangan dicatat.


Persyaratan pengungkapan yan lebih banyak dan lebih rinci.  IFRS mensyaratkan pengungkapan berbagai informasi tentang risiko baik kualitatif maupun kuantitatif.  Pengungkapan dalam laporan keuangan harus sejalan dengan data atau informasi yang dipakai untuk pengambilan keputusan yang digunakan oleh manajemen.

What Are Companies Saying

  • 37% said simplified financial accounting and reporting.
  • 45 said cost saving.
  • 5% said easier access to capital.
  • 37% said improves financial reporting and transparency.
  • 17% said other.

Today, moe than 100 countries permit or require IFRS for listed companies, with more than 40% of the Global Fortune 500 using IFRS.  Stock exchange in the 85 countries requiring IFRS comprise 35% of the global market capitalization, compared 28% of the global market capitalization held by US exchanges.  Several major countries have plans to adopt or converge to IFRS in the near future.  Brazil (2010), Canada, India, Japan, South Corea (2011), Indonesia and Malaysia (2012).  42% indicated that, if permitted, they would implementing IFRS sooner than 2014 (the initial mandatory date within the SEC proposed roadmap).

Perceived challenges to adopt IFRS: 32% lack of skilled personnel; 7% insufficient technology; 33% lack of accounting technical guidance; 18% cost to convert; 10% other.

Dampak Konvergensi IFRS terhadap Pendidikan Akuntansi

  • Mahasiswa harus belajar tentang konsep yang ada di dalam rerangka konseptual (conceptual framework).
  • Mahasiswa harus menguasai teori-teori yang mendasari pelaporan keuangan, ekonomika makro, keuangan, portofolio dan lainnya.
  • Mahasiswa juga harus menguasai valuation theory.
  • Mahasiswa harus belajar bagaimana menbuat judgement (belajar memahami BC dalam setiap standar).
  • Pembentukan IFRS task force.
  • Kajian-kajian dan riset mengenai IFRS.
  • Pengajaran principle based dan bukan ruled based dan pengungkapan berdasar IFRS.
  • Penggunaan text book berbasis IFRS.
  • Pengetahuan mengenai pengungkapan berdasarkan IFRS.
  • Pemutakhiran materi ajar terutama untuk mata kuliah yang terkena dampak besar dari konvergensi IFRS.
  • Matakuliah yang terdampak paling besar adalah: Akuntansi Keuangan Menengah, Akuntansi Keuangan Lanjutan, Teori Akuntansi, Akuntansi Internasional, Seminar Akuntansi, Statistika Akuntansi, Metodologi Penelitian.


  1. Pembelajaran bisa dari iasb.org www.iasplus.com www.iaiglobal.com www.ifac.org
  2. IFRS per 1 Januari 2009 dapat diunduh gratis dari situs web IASB.
  3. Exposure draft semua ED PSAK dapat diunduh gratis dari situs WEB IAI.


Contoh Standar yang Meningkatkan Transparansi

  1. Laporan keuangan parent harus dikonsolidasi, kalaupun menerbitkan lporan keuangan tersendir harus ada parent yang mengonsolidasi laporannya.
  2. Related party transcation diatur secara lebih ketat.
  3. Pengukuran dan pengungkapan surat berharga diatur lebih rinci (IAS 32 dan IAS 39).


Prudence Is the inclusion of caution in the exercise of the judgements needed in making the estimates required under conditions of uncertainty, such that assets or income are not overstated and liabilities or expenses are not uderstated.  However, the exercis of prudence does not allow, for example, the creation of hidden reserves or exercise provisions, the deliberate understatement of assets or income, or the deliberate overstatement of liablities or expenses, because the financial statements would not be neutral and, therefore, not have the equality of reliability.

Principles Based Reporting

Principles based accounting provides a conceptual basis for accountants to follow instead of a list of detailed rules.

Lease Accountig Under Rules Based and Principles Based Approach

Principles based accounting for leases is addressed in 6 IASB pronouncements and on interprtetation.  In contrast, USGAAP related to lease accounting is addessed in 20 statements, 9 FASB Interpretations, 10 Technical Bulletins, and 39 EITF Abstracts.

Whether a lease is afinance lease or an operating lease depends on the substance of the transaction rather than the form of the contract. Examples of situations that indivdiually or in combination would normally lead to a lease being classified as a finance lease are:

  1. The lease transfers ownership of the asset to the lease by the end of the lease term.
  2. The lessee has the option to purchase the asset at a price that is expected to be sufficiently lower than the fair value at the date the option becomes exercisable for it to be reasonably certain, at the inception of the lease, that the option will be exercised.
  3. The lease term is for the major part of the economic life of the asset even if title is not transferred.
  4. At the inception of the lease the present value of the minimum lease payments amounts to at least sunstantially all of the fair value of the leased asset.
  5. The leased assets are of such a specilised nature that only the lease can use them without major modifications.



Robert Herz, FASB Chair (2002)

Under a principles based approach, one starts with laying out the key objectives of good reporting in the subject area and tha provides guidance explaining the objective and relating it to some common examples.  While rules are sometimes unavoidable, the intent is not to try to provide specific guidance or rules for every possible situation.  Rahter, if in doubt, the reader is directed back to the principles.

Advantage Disadvantage of Principles Based Accounting

  • Broad guidelines that can be applied to numerous situations.
  • Broad principles avoid the pitfalls associated with precise requirements that allow contracts to be written specially to manipulate their intent.
  • 1981 study sponsored by FASB found evidence that managers purposefully to structure leases as operating leases to acoid incurring additional liabilities. Providing broad guidelines may improve the representational faithfulness of financial statements.
  • Principles based accounting standards allow accountants to apply professional judgment in assessing the substance of a transaction. This approach is substantially different from underlying “box ticking’ approach common in rules based accounting standards.
  • FASB Chair Robert Herz has stated that he believes the professionalism of financial statements would be enhanced if accountants are required to utilize their judgement instead of relying on detailed rules.
  • A principles based system would result in simpler standards. Herz has claimed that  a principles based system would lead to standards that would be less than 12 pages long, instead of over 100 pages (Bussiness Week Online, 2002).
  • Principles would be easier to comprehend and apply to a broad range transactions. Harvery Pitt, former SEC Chairman, emplained this as follows: “Because are developed based on rules… they are insufficiently flexible to accomodate future developments in the marketplace.  This has resulted in accounting for unaticipated transactions that is less transparent.”
  • Finally, the use of principles based accounting standards may provide accounting statements that more accurately reflect company’s actual performance because, as Australian Securities and Investment Commission Chair David Knott has statatedm an increase in principle based accounting standards would reduce manipulations of the relus (nationwide News, 2002).

Drawbacks to Principle Based Approach to Standards Setting

  1. In Lack of precise guidelines could create inconsistencies in the application of standards accross organizations. For example, companies are required to recognize both an expense and a liability to a contigent liability that is probable and estimable.  On the other hand, a contigent liability that is reasonably possible is only reported in the footnotes.  With no precise guidelines, how should companies determine if liabilities are probable or only reasonably possible?
  2. Many accountants seem to prefer rules based standards, possibly because of their concerns about the potential of litigation over their exercise of judgment in the absence of bright line rules.
  3. The number of request for implementation guidance received by FASB has always been high, and their significance resulted in the formation of the Emerging Issues Task Force. If financial statements conform with accepted rules, the bases for a lawsuit are diminished.
  4. Sebuah perusahaan swasta membangun sebuah unit pembangkit tenaga listrik yang listriknya dijual ke PLN. Siapa yang harus mengakui aset atas unit pembangkit tersebut?

Users and Information Needs

  1. Providers of capital – decision making or analys of risk and return of investment.
  2. Employees – tability of employers or remuneration.
  3. Lenders – financial health.
  4. Supplies – viability of firm.
  5. Customers – continuance.
  6. Goverments – regulatory, taxation, statistics.
  7. Public – contribution, trends, developments.

Financial Statements


  1. Statement of financial position (balance sheet).
  2. Statement of comprehensive income.
  3. Statement of changes in equity.
  4. Statement of cash flows.
  5. Notes to the financial statements.

Not Included:

  1. Reports by directors.
  2. Statements by chairman.
  3. Discussion and analysis by management.
  4. Other narative reporting.

Objective of Financial Statement

  1. The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an entity that is useful to awide range of users in making economic decision.
  2. Financial statements prepared for this purpose meet the common needs of most users. However, financial statements do not provide all the information that users may need to make economic decisions sinc they largely portray the financial effects of past events and do not necessarily provide non financial information.




~ by DanielStephanus on July 18, 2017.

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