A. DIFFERENT INTERNATIONAL ACCOUNTING ACCOUNTING WITH OTHER
In the sense, the international accounting is accounting for international transactions accounting comparisons between different countries and harmonization of accounting standards in the field of tax authorities, auditing and other accounting areas. Accounting must evolve in order to provide the information required in decision-making in the company in any business environment changes.
Accounting plays a
crucial role in society. The purpose of accounting is
to providen formation that can be used by decision-making
to make economic decisions.
In the corporate world of
accounting is an information tool, which provide
accurate accounting for decision
making. International accounting has a
role similar to the larger context, where the scope of
reporting is for multinational companies with cross-bordertransactions and
operations of the State or companies with reporting
obligations to users in other countries report.
The process was no
different accounting and reporting standards specific to
the qualifications set out internationally and locally in certain countries.
But the important thing to know about the international dimension of accounting processes in different countries. Where the difference is included, the difference culture business practices, political structures, legal systems, currencies, localinflation rate, business risk, as well as rules and regulations affect how multinational companies conduct their operations and deliver its financial statements.
But the important thing to know about the international dimension of accounting processes in different countries. Where the difference is included, the difference culture business practices, political structures, legal systems, currencies, localinflation rate, business risk, as well as rules and regulations affect how multinational companies conduct their operations and deliver its financial statements.
There are some things that the
international accounting different from the others, the study of
international accounting differences are in:
1. Reporting for MNC / MNE (Multi National Corporation)
2. Border
3. Reporting to the other parties in different countries
4. International Taxation
5. International Transaction
1. Reporting for MNC / MNE (Multi National Corporation)
2. Border
3. Reporting to the other parties in different countries
4. International Taxation
5. International Transaction
Harmonization and International Accounting
Convergence
In the known existence of
financial accounting standards must be followed in making the financial
statements. The standard is necessary because of the many users of
financial statements, even for a similar financial statements. If there is
no standard, the company may present its financial statements at their disposal
in accordance with the will of their own. This will be a problem for users
because it will make it difficult for them to understand the existing financial
statements.
Existing standards for financial
accounting standards made by the board in each country. Council is to set
standards of accounting standards applicable in the country and used by
entities that exist in the country as well. Because the accounting
standards prepared and compiled by each board of standards in each country,
accounting standards from country to country may differ greatly.
Currently, when the business
world can be said almost without limit state, the production of resources (eg
money) that is owned by an investor in a particular country can be moved easily
and quickly into the country through mechanisms such as the stock market. Of
course there will be a problem when the accounting standards used in different
countries with the accounting standards used in other countries. Investors
and potential investors and creditors and potential creditors will have great
difficulty in understanding the financial statements are presented with
different standards.
Harmonization is a process to
improve the compatibility (suitability) accounting practices by setting limits
on how large these practices may vary. Harmonization of standards will be
free of conflicts of logic and can improve the comparability (comparability) of
financial information from different countries.
Efforts to harmonize accounting
standards have been started long before the establishment of the International
Accounting Standards Committee in 1973. More recently, a number of
companies seeking to raise capital in markets outside the country of origin and
the investors who seek to diversify their investments internationally face
increasing problems as a result of national differences in terms of accounting,
disclosure, and audit.
Sometimes people use the term
harmonization and standardization as if both have the same meaning. However,
contrary to the harmonization, standardization generally means the
determination of a group of rigid rules and narrow and may even be the
application of a single standard or rule in any situation. Standardization
does not accommodate the differences between countries, and therefore more
difficult to diimplemntasikan internationally. Harmonization is much more
flexible and open, do not use one size fits all approach, but to accommodate
some of the differences and have experienced great progress internationally in
recent years.
Comparability of financial
information is a concept that is more clear than harmonize.The information
generated from the system of accounting, disclosure and audit different or
comparable if it has a similarity in the way in which users can compare the
financial statements without the need to familiarize themselves with more than
one system.
Include the harmonization of accounting harmonization
1. Accounting standards (which relates to the measurement and disclosure
2. Disclosures made by public companies associated with the securities offering and listing on the stockexchange, and
3. Auditing standards
Include the harmonization of accounting harmonization
1. Accounting standards (which relates to the measurement and disclosure
2. Disclosures made by public companies associated with the securities offering and listing on the stockexchange, and
3. Auditing standards
• Language, Those who use English as their mother may feel fortunate that
English be the language that is widely used around the world.
• Harmonization of taxation's social security system, advantage. Businesses
will experience great benefits cukuo in planning, systems and training costs,
and so of harmonization.
Loss of international
harmonization
Taxation and social security
systems have a strong influence on economic efficiency.Different systems have
different effects. The ability to compare how the different approaches in
different countries led to the countries capable of increasing their respective
systems. Countries competing and competition forced them to adopt an
efficient system through the operation of such market power. Approval of
the tax system would be like establishing a cartel and would eliminate the
potential benefits of interstate competition.
A recent paper also supports the
existence of a harmonized global GAAP. The benefits:
1. Into global capital markets and investment capital can move across the world without hambaran means. High-quality financial reporting standards that are used consistently throughout the world will improve the efficiency of capital allocation.
2. Investors can make better investment decisions, be more diverse portfolio and reduced financial risk
3. companies can improve decision making strategies in the areas of mergers and acquisitions
4. The best ideas arising from the creation of standards activities can be deployed in developing high-quality global standard.
1. Into global capital markets and investment capital can move across the world without hambaran means. High-quality financial reporting standards that are used consistently throughout the world will improve the efficiency of capital allocation.
2. Investors can make better investment decisions, be more diverse portfolio and reduced financial risk
3. companies can improve decision making strategies in the areas of mergers and acquisitions
4. The best ideas arising from the creation of standards activities can be deployed in developing high-quality global standard.
To prevent problems caused by the
differences in accounting standards used by different countries, the Council of
the International Accounting Standards Committee (Board of IASC) was established
in 1973 issued international accounting standards (IAS). IAS exit was
followed by some interpretations of IAS in the form of SIC (Standing Committee
Intepretation).
The next development is
established IASC IASC Foundation. Through the IASC Foundation is the
development of accounting standards and reporting standards entered a new
phase. New stage in the development of accounting and reporting standards
are the establishment of several entities that exist under the IASC Foundation. Some
bodies are formed by the IASC Foundation
A. IASB (International Accounting Standard Board)
2. IFRIC (International Financial Reporting Committee)
3. SAC (Standard Advissory Committee).
A. IASB (International Accounting Standard Board)
2. IFRIC (International Financial Reporting Committee)
3. SAC (Standard Advissory Committee).
IASB publishes a role in the new
accounting standards with input from the SAC to look after. Contribute to
the IFRIC inteprestasi standards issued by the IASB. IASB step in addition
to issuing the new standards is to revise and replace the old standards that
have been there before. Standards issued by the IASB are then given the
name of IFRS (international calls Financial Reporting Standard). IFRS may
contain standard that replaces the previous standard or standards that are
truly new.
These standards, IFRS and IAS,
the reference or adopted directly by the standard setter in each country who want
to revise their standards to conform with internationally accepted standards. Standards
have been made by the standard setter, which may have been referring to IFRS
and IAS, and then used as guidance in the accounting records for companies that
are in the enactment of these standards.
In relation to international
standards, there are several kinds of steps taken by many countries in relation
to differences in the standards they previously made. Outline the steps
that can be taken can be divided into the harmonization and convergence.
Harmonization is a process to
improve the comparability (compliance) with the accounting practices to
determine the limits on how large these practices may vary. In simple
terms the harmonization of accounting standards may mean that a country does
not fully follow the internationally accepted standards. Only make the
country accounting standards that they have no conflict with international
accounting standards.
Harmonization is very flexible
and open so that there may be differences between the standards followed by the
country with international standards. It's just a difference in the
standard sought is not a distinction that is contradictory. During the
differences were not opposing these standards continues to be used by the
country concerned.
Convergence in accounting
standards and international standards in the context of future intended means
there will be only one standard. One then applies that standard to replace
the standard that had been made and used by the state itself. Before there
was convergence of standards is usually the difference between the standards
that were developed and used in the country by international standards.
Six organizations have
become a major player in the determination of the
internationalaccounting standards and in promoting international harmonization
of accounting:
1. International Accounting Standards Board (IASB)
2. Komini European Union (EU)
3. International Organization of the Capital Market Commission (IOSCO)
4. International Federation of Accountants (IFAC)
5. Intergovernmental Working Group of Experts on the United Nations International Standards of Accounting and Reporting, part of the United Nations Conference on trade and Development
6. The working group in cooperation Accounting Standards Organization and Economic Development
1. International Accounting Standards Board (IASB)
2. Komini European Union (EU)
3. International Organization of the Capital Market Commission (IOSCO)
4. International Federation of Accountants (IFAC)
5. Intergovernmental Working Group of Experts on the United Nations International Standards of Accounting and Reporting, part of the United Nations Conference on trade and Development
6. The working group in cooperation Accounting Standards Organization and Economic Development
In the international accounting is divided into three broad areas, Accounting includesseveral extensive process include:
1. Measurement
Can provide in-depth feedback on the probability of a company's operations andfinancial position of strength. The process of identifying, classifying and countingaktivtias and transactions, to provide input regarding the profitability and operatingdepth.
2. Disclosure
The process by which accounting measurement is communicated to the users offinancial statements and used in decision making or process of communicating to theuser.
3. Auditing
The process by which the special accounting professionals (auditors) performattestation (testing) on reliability of measurement and communication processes.
2. Disclosure
The process by which accounting measurement is communicated to the users offinancial statements and used in decision making or process of communicating to theuser.
3. Auditing
The process by which the special accounting professionals (auditors) performattestation (testing) on reliability of measurement and communication processes.
C. INTERNATIONAL ACCOUNTING HISTORY
At first, beginning with the accounting
system of double-entry (double entry bookkeeping) in Italy in the 14th century
and 15. Double entry bookkeeping
(double entry bookkeeping), considered the beginning of the creation of
accounting. Modern accounting started in
double entry accounting was found and used in business activity, namely the
multiple listing system (double entry bookkeeping) Luca introduced by paciolo
(in 1447).
Double entry bookkeeping (double entry
bookkeeping) is a standard practice of recording financial transactions. Bookkeeping process only
involves recording transactions in a variety of journals and books giving
estimates of the classification code (ie the collection of raw financial data),
which became the basis for the accounting systems that collect and organize raw
data into useful information.
Luca Pacioli was born in Italy in 1447, he
was not an accountant but the priest who is an expert mathematician, and
lecturer at several universities in Italy. Luca who first published the
basic principles of double accounting system in his book: the Arithmetica
geometria proportioni Summa et proportionalita in 1494. However many historians argue
that the basic principles of double accounting system is not a pure idea Luca
but he only summarizes the accounting practices that took place at the time and
publish it. It is recognized by the Lica (Radebaugh, 1998).
Business practices with the reference
method venetian Luca wrote the book has become the method adopted not only in
Italy but almost all the countries of Europe such as German, Dutch, English.
Dutch accounting in the accounting model
to export such as Indonesia, the accounting system in the French Polynesian and
African territories under French rule. Reporting framework of the
German system is influential in Japan, Sweden, and Russian empires.Half of the 20th century, as
growing economic power of the United States, the complexity of accounting
issues arise simultaneously. Then accounting is recognized
as a separate academic discipline. After World War II, the
accounting impact increasingly felt in the western world. Accounting is supported by the
development of education (the emergence of business schools), as times change
and the development of international relations, the hassle of getting into
accounting.
The following chronology until the month
of June 1998 was taken from an article, 'IASC - 25 Years of Evolution,
Cooperation and Improvement', by David Cairns, former secretary general of the
IASC, the IASC published in Insight, in June 1998. This information has been
furnished to the event between June 1998 and December 2005.
2005
* The Trustees issued IASC Foundation Constitution has been amended.
* The Trustees appoint the chairman and members of the reconstituted SAC.
'Roadmap' * developed by the European Commissioner supports the U.S. SEC staff to the elimination by 2008 of a requirement for firms to reconcile from IFRS to U.S. GAAP when listing in the United States.
* The first IFRIC Co-ordinator appointed.
* The IFRIC start 'tentative agenda decisions' publication.
* The IASB published a discussion paper written by two staff from the partner standard-setters.
2004
* With published four SAK, two IASS revised and amended standards of financial instruments at the end of March led to the completion of the IASB's 'stable platform' of standards for use by companies of the standards adopted in January 2005.
* Later in the year other IASB issues IFRS standards and changes in employee benefits.
* The IASB issues first five IFRIC Interpretation.
* The IASB convergence agreement concluded with the Accounting Standards Board of Japan.
* The IASB and FASB agreed to initiate a conceptual framework project
* SAC drafted a charter draft terms of reference and operating procedures
* The Trustees issued a consultation paper inviting public comment on their conclusions on a review of the IASC Foundation Constitution.
* The IASB published a discussion paper first (in SMEs)
2003
* The launch of the IASC Foundation Trustees review of the Constitution.
* The IASB issues IFRS 1 on first time adoption of IFRSs
* The IASB complete the project by issuing a general improvement IASS 13 was revised, and revised versions of both standards on financial instruments.
* The IASB issued exposure drafts of two new standards.
* The Trustees appoint a Director of Education to head the Foundation's educational initiatives.
* The IASB began broadcasting meetings via the Internet.
* The first IFRIC draft Interpretation published.
2002
* The IFRIC met for the first time.
* The IASB issues International Financial Reporting Standards Introduction and first change-an urgent statement to IAS 19 Employee Technical Benefits-The Asset Ceiling
* After extensive consultation with the SAC, the national accounting standard-setters, regulators and other interested parties, the IASB announced a new program of technical projects.
* The IASB issued exposure drafts of three new standards and changes to existing standards 16
* The IASB meets the U.S. Financial Accounting Standards Board (FASB). They concluded Norwalk Agreement, a memorandum of understanding that the board is committed to working together to remove differences between IFRSs and U.S. GAAP and to coordinate their future work program.
* The IASB host the first annual meeting world standards makers.
2001
* The coach announced the members of the International Accounting Standards Board.
* Trustees appoint members of the Standards Advisory Council (SAC), which met for the first time.
* The European Commission presents the legislation to require the use of IASC standards for all listed companies in 2005 at the latest.
* Patrons bring structure effect until 1 April 2001-IASB is responsible for setting accounting standards, designated International Financial Reporting Standards (IFRSs).
* IASC Foundation acquire office space at 30 Cannon Street, and moved to a new IASB.
* After consultation with the IASB SAC to announce an initial program of nine technical projects, including projects for the improvement of twelve and two IASS IASS on financial instruments.
* The IASB reopened the comment period G4 a discussion paper on share-based payments, and published the exposure draft Introduction to IFRSs.
* Trustees appoint members of the International Financial Reporting Interpretation Committee (IFRIC) to succeed the SIC.
* The coach announced the members of the International Accounting Standards Board
* Supervisor announced the search for a member of the Advisory Board of the IAS
* The European Commission presents the legislation to require the use of IASC standards for all public companies no later than 2005
* Patrons bring structure not apply - 1 April 2001 - IASB is responsible for setting accounting standards, International Financial Reporting Standards appointed
2000
* SIC meetings open to public observation
* Basel Committee expressed support for the IASS and efforts to harmonize international accounting
* SEC concept release on the use of international accounting standards in the U.S.
* As part of the restructuring program, the IASC Board approved a new constitution
* IOSCO recommends that its members allow multinational issuers to use 30 IASC standards in cross-border offerings and listing
* Nomination of Trustees announced the beginning of the IASC was restructured
* IASC member bodies approve IASC restructuring and new IASC Constitution
* The European Commission announced plans to ask the IASC standards for all listed companies from the European Union no later than 2005
* Sir David Tweedie was named as the first Chairman of the Board of IASC was restructured
* Board of Trustees announced a new look - more than 200 applications received
IASC Board approved limited changes * IAS 12, IAS 19 and IAS 39 (and related standards)
* Staff IASC published IAS 39 Implementation Guidance
* IAS 41 Agriculture approved at the last meeting of the Board of IASC
1999
* Review IOSCO core standards IASC began
* IASC Council Meeting open to public observation
* G7 Finance Ministers and IMF urge support IASS to 'strengthen the international financial architecture
* New IFAC International Forum of Accounting Development (IFAD) assumes the commitment to 'support the use of International Accounting Standards as a minimum benchmark' throughout the world
* EC single market plan for financial services including the use of the IASS
* COST urges that allows European companies to use without the EC Directives and the IASS to phase out U.S. GAAP
* Eurasian Federation of Accountants and Auditors plans adoption of IASS in CIS countries
* Restructuring of the IASC Board unanimously approved the 14-member board (12 full-time) under an independent trustee
* Appoint the Board of Trustees Nomination Committee to select the first under the new IASC structure
1998
* A new law in Belgium, France, Germany and Italy allow large companies to use domestic IASS
* The first official translation of IASS (Germany)
IFAC Public Sector Committee issued draft guidelines for the Government Financial Reporting as a platform for a set of International Public Sector Accounting Standards, must be based on the IASS
* Number of countries with over 100 members of the IASC
* Strategy Working Party proposed structural changes, close relationships with national standard setters
* IASS published on CD ROM
* Core comes standard with approval of IAS 39 in December
1997
* Interpretation of Standing Committee formed
* IASC and FASB issued a similar standard on earnings per share
* IASC, FASB and the CICA issued a new standard segment with a relatively small difference
* Discussion Paper proposed for the entire fair value of financial assets and financial liabilities - IASC held 45 consultation meetings in 16 countries
* Joint Working Group's financial instruments are set up with national standard-setters
* People's Republic of China became a member of IASC and IFAC and IASC joined the Board as an observer
* COST calls in Europe to use the IASC's Framework
* Strategy Working Party was formed
* IASC set up its Internet site
1996
* Core standards acceleration program, target 1998
* Financial executives joined the Board of Directors and IOSCO to join as an observer
* Council began a joint project with the provisions of the UK Accounting Standards Board
* The EU Contact Committee finds IASS is compatible with EU directives, with the exception of a small
* U.S. Congress calls for 'high-quality set of generally accepted international accounting standards'
* Australian Stock Exchange supports the program to harmonize Australian standards with the IASS
* Minister at the World Trade Organization encourages the successful completion of international standards
1995
* The agreement with IOSCO to complete core standards in 1999 - on successful completion of the IASS IOSCO will consider support for cross-border deals
* First German companies reporting under the IASS
* The parent company Swiss join the Board
* Malaysia and Mexico replaced Italy and Jordan on Board - India and South Africa agreed to share the seat with the Board of Sri Lanka and Zimbabwe
* The European Commission supports the IASC / IOSCO agreement and the use of the IASS by EU multinationals
1994
* SEC received three treatments plus IAS IAS 7
* Council according to the standard-setters to discuss E48 Financial Instruments
* The World Bank agreed to fund the Agricultural
* Establishment of Advisory Council approved
* IOSCO received 14 IASS but refused to step-by-step support IASS ('Shiratori letter')
* FASB agrees to work with the IASC in earnings per share
* Future events - the first joint publication G4 1
1993
* India to replace Korea on Board
* IOSCO agrees list of core standards and supporting IAS 7 Statement of Cash Flows
* Comparative and Repair projects completed with the approval of the revised ten-IASS
1992
* The first delegation to the People's Republic of China
1991
* First IASC standard-setter conference (organized in conjunction with COST and the FASB)
* Insight IASC, IASC Update subscription and publication scheme launched
* FASB plans to support international standards
1990
* Statement of Intent on Comparative Financial Statements
* The European Commission joined the Consultative Group and joined the Board as an observer
* External funding launched
* Committee of Bishops confirmed the relationship between the IASC and IFAC
1989
* COST Nordemann president Hermann argues that Europe's best interests are served by international harmonization and greater involvement in the IASC
* Framework of the Preparation and Presentation of Financial Statements approved
* Guidelines IFAC public sector business government requires companies to follow the IASS
1988
* Jordan, Korea and the Nordic Federation of replacing Mexico, Nigeria and Taiwan in the Council
* The financial instruments project began with the Canadian Accounting Standards Board
* IASC published a survey on the use of the IASS
* FASB joined the Consultative Group and joined the Board as an observer
* E32 Comparative Financial Statements
1987
* Comparative projects started
* IOSCO Consultative Group to join and support the project of comparative
* First Bound Volume IASC International Accounting Standards
1986
* Financial analysts joined the Board
* Joint Conference with the New York Stock Exchange and the International Bar Association on the globalization of financial markets
1985
* OECD forum harmonization of accounting
* IASC proposal responds to SEC prospectus multinational
1984
* Taiwan joins the Board
* Formal meetings with the U.S. SEC
1983
* Italy joined the Board
1982
* IASC / IFAC mutual commitment - Board expanded to 13 states plus four other organizations interested in financial reporting '
1981
* Consultative Group formed
* IASC began a visit to the national standard-setters
* Work on the deferred tax is set to the standard-setter in the Netherlands, Britain and the United States
1980
* Discussion of bank disclosure in the published paper
* The UN's Intergovernmental Working Group Accounting and Reporting meeting for the first time - IASC paper presents a position on the cooperation
1979
* IASC meet OECD working group on accounting standards
1978
* Nigeria and South Africa joined the Board
1977
* Revision of the Constitution was adopted - the Council expanded to 11 countries - 'associations' members to be members - reference 'basic' standard deleted
* IFAC formed - IASC continue to be autonomous but with close ties to the IFAC
1976
* Group of Ten Governor of the Bank decided to work with the IASC and IASC project funds, the financial statements of banks
1974
* First published Exposure Draft
* Members of the association claimed First (Belgium, India, Israel, New Zealand, Pakistan, and Zimbabwe)
* IAS 1 Disclosure of Accounting Policies
1973
* IASC was formed - the inaugural meeting of June 29, London
Contemporary point of view
2005
* The Trustees issued IASC Foundation Constitution has been amended.
* The Trustees appoint the chairman and members of the reconstituted SAC.
'Roadmap' * developed by the European Commissioner supports the U.S. SEC staff to the elimination by 2008 of a requirement for firms to reconcile from IFRS to U.S. GAAP when listing in the United States.
* The first IFRIC Co-ordinator appointed.
* The IFRIC start 'tentative agenda decisions' publication.
* The IASB published a discussion paper written by two staff from the partner standard-setters.
2004
* With published four SAK, two IASS revised and amended standards of financial instruments at the end of March led to the completion of the IASB's 'stable platform' of standards for use by companies of the standards adopted in January 2005.
* Later in the year other IASB issues IFRS standards and changes in employee benefits.
* The IASB issues first five IFRIC Interpretation.
* The IASB convergence agreement concluded with the Accounting Standards Board of Japan.
* The IASB and FASB agreed to initiate a conceptual framework project
* SAC drafted a charter draft terms of reference and operating procedures
* The Trustees issued a consultation paper inviting public comment on their conclusions on a review of the IASC Foundation Constitution.
* The IASB published a discussion paper first (in SMEs)
2003
* The launch of the IASC Foundation Trustees review of the Constitution.
* The IASB issues IFRS 1 on first time adoption of IFRSs
* The IASB complete the project by issuing a general improvement IASS 13 was revised, and revised versions of both standards on financial instruments.
* The IASB issued exposure drafts of two new standards.
* The Trustees appoint a Director of Education to head the Foundation's educational initiatives.
* The IASB began broadcasting meetings via the Internet.
* The first IFRIC draft Interpretation published.
2002
* The IFRIC met for the first time.
* The IASB issues International Financial Reporting Standards Introduction and first change-an urgent statement to IAS 19 Employee Technical Benefits-The Asset Ceiling
* After extensive consultation with the SAC, the national accounting standard-setters, regulators and other interested parties, the IASB announced a new program of technical projects.
* The IASB issued exposure drafts of three new standards and changes to existing standards 16
* The IASB meets the U.S. Financial Accounting Standards Board (FASB). They concluded Norwalk Agreement, a memorandum of understanding that the board is committed to working together to remove differences between IFRSs and U.S. GAAP and to coordinate their future work program.
* The IASB host the first annual meeting world standards makers.
2001
* The coach announced the members of the International Accounting Standards Board.
* Trustees appoint members of the Standards Advisory Council (SAC), which met for the first time.
* The European Commission presents the legislation to require the use of IASC standards for all listed companies in 2005 at the latest.
* Patrons bring structure effect until 1 April 2001-IASB is responsible for setting accounting standards, designated International Financial Reporting Standards (IFRSs).
* IASC Foundation acquire office space at 30 Cannon Street, and moved to a new IASB.
* After consultation with the IASB SAC to announce an initial program of nine technical projects, including projects for the improvement of twelve and two IASS IASS on financial instruments.
* The IASB reopened the comment period G4 a discussion paper on share-based payments, and published the exposure draft Introduction to IFRSs.
* Trustees appoint members of the International Financial Reporting Interpretation Committee (IFRIC) to succeed the SIC.
* The coach announced the members of the International Accounting Standards Board
* Supervisor announced the search for a member of the Advisory Board of the IAS
* The European Commission presents the legislation to require the use of IASC standards for all public companies no later than 2005
* Patrons bring structure not apply - 1 April 2001 - IASB is responsible for setting accounting standards, International Financial Reporting Standards appointed
2000
* SIC meetings open to public observation
* Basel Committee expressed support for the IASS and efforts to harmonize international accounting
* SEC concept release on the use of international accounting standards in the U.S.
* As part of the restructuring program, the IASC Board approved a new constitution
* IOSCO recommends that its members allow multinational issuers to use 30 IASC standards in cross-border offerings and listing
* Nomination of Trustees announced the beginning of the IASC was restructured
* IASC member bodies approve IASC restructuring and new IASC Constitution
* The European Commission announced plans to ask the IASC standards for all listed companies from the European Union no later than 2005
* Sir David Tweedie was named as the first Chairman of the Board of IASC was restructured
* Board of Trustees announced a new look - more than 200 applications received
IASC Board approved limited changes * IAS 12, IAS 19 and IAS 39 (and related standards)
* Staff IASC published IAS 39 Implementation Guidance
* IAS 41 Agriculture approved at the last meeting of the Board of IASC
1999
* Review IOSCO core standards IASC began
* IASC Council Meeting open to public observation
* G7 Finance Ministers and IMF urge support IASS to 'strengthen the international financial architecture
* New IFAC International Forum of Accounting Development (IFAD) assumes the commitment to 'support the use of International Accounting Standards as a minimum benchmark' throughout the world
* EC single market plan for financial services including the use of the IASS
* COST urges that allows European companies to use without the EC Directives and the IASS to phase out U.S. GAAP
* Eurasian Federation of Accountants and Auditors plans adoption of IASS in CIS countries
* Restructuring of the IASC Board unanimously approved the 14-member board (12 full-time) under an independent trustee
* Appoint the Board of Trustees Nomination Committee to select the first under the new IASC structure
1998
* A new law in Belgium, France, Germany and Italy allow large companies to use domestic IASS
* The first official translation of IASS (Germany)
IFAC Public Sector Committee issued draft guidelines for the Government Financial Reporting as a platform for a set of International Public Sector Accounting Standards, must be based on the IASS
* Number of countries with over 100 members of the IASC
* Strategy Working Party proposed structural changes, close relationships with national standard setters
* IASS published on CD ROM
* Core comes standard with approval of IAS 39 in December
1997
* Interpretation of Standing Committee formed
* IASC and FASB issued a similar standard on earnings per share
* IASC, FASB and the CICA issued a new standard segment with a relatively small difference
* Discussion Paper proposed for the entire fair value of financial assets and financial liabilities - IASC held 45 consultation meetings in 16 countries
* Joint Working Group's financial instruments are set up with national standard-setters
* People's Republic of China became a member of IASC and IFAC and IASC joined the Board as an observer
* COST calls in Europe to use the IASC's Framework
* Strategy Working Party was formed
* IASC set up its Internet site
1996
* Core standards acceleration program, target 1998
* Financial executives joined the Board of Directors and IOSCO to join as an observer
* Council began a joint project with the provisions of the UK Accounting Standards Board
* The EU Contact Committee finds IASS is compatible with EU directives, with the exception of a small
* U.S. Congress calls for 'high-quality set of generally accepted international accounting standards'
* Australian Stock Exchange supports the program to harmonize Australian standards with the IASS
* Minister at the World Trade Organization encourages the successful completion of international standards
1995
* The agreement with IOSCO to complete core standards in 1999 - on successful completion of the IASS IOSCO will consider support for cross-border deals
* First German companies reporting under the IASS
* The parent company Swiss join the Board
* Malaysia and Mexico replaced Italy and Jordan on Board - India and South Africa agreed to share the seat with the Board of Sri Lanka and Zimbabwe
* The European Commission supports the IASC / IOSCO agreement and the use of the IASS by EU multinationals
1994
* SEC received three treatments plus IAS IAS 7
* Council according to the standard-setters to discuss E48 Financial Instruments
* The World Bank agreed to fund the Agricultural
* Establishment of Advisory Council approved
* IOSCO received 14 IASS but refused to step-by-step support IASS ('Shiratori letter')
* FASB agrees to work with the IASC in earnings per share
* Future events - the first joint publication G4 1
1993
* India to replace Korea on Board
* IOSCO agrees list of core standards and supporting IAS 7 Statement of Cash Flows
* Comparative and Repair projects completed with the approval of the revised ten-IASS
1992
* The first delegation to the People's Republic of China
1991
* First IASC standard-setter conference (organized in conjunction with COST and the FASB)
* Insight IASC, IASC Update subscription and publication scheme launched
* FASB plans to support international standards
1990
* Statement of Intent on Comparative Financial Statements
* The European Commission joined the Consultative Group and joined the Board as an observer
* External funding launched
* Committee of Bishops confirmed the relationship between the IASC and IFAC
1989
* COST Nordemann president Hermann argues that Europe's best interests are served by international harmonization and greater involvement in the IASC
* Framework of the Preparation and Presentation of Financial Statements approved
* Guidelines IFAC public sector business government requires companies to follow the IASS
1988
* Jordan, Korea and the Nordic Federation of replacing Mexico, Nigeria and Taiwan in the Council
* The financial instruments project began with the Canadian Accounting Standards Board
* IASC published a survey on the use of the IASS
* FASB joined the Consultative Group and joined the Board as an observer
* E32 Comparative Financial Statements
1987
* Comparative projects started
* IOSCO Consultative Group to join and support the project of comparative
* First Bound Volume IASC International Accounting Standards
1986
* Financial analysts joined the Board
* Joint Conference with the New York Stock Exchange and the International Bar Association on the globalization of financial markets
1985
* OECD forum harmonization of accounting
* IASC proposal responds to SEC prospectus multinational
1984
* Taiwan joins the Board
* Formal meetings with the U.S. SEC
1983
* Italy joined the Board
1982
* IASC / IFAC mutual commitment - Board expanded to 13 states plus four other organizations interested in financial reporting '
1981
* Consultative Group formed
* IASC began a visit to the national standard-setters
* Work on the deferred tax is set to the standard-setter in the Netherlands, Britain and the United States
1980
* Discussion of bank disclosure in the published paper
* The UN's Intergovernmental Working Group Accounting and Reporting meeting for the first time - IASC paper presents a position on the cooperation
1979
* IASC meet OECD working group on accounting standards
1978
* Nigeria and South Africa joined the Board
1977
* Revision of the Constitution was adopted - the Council expanded to 11 countries - 'associations' members to be members - reference 'basic' standard deleted
* IFAC formed - IASC continue to be autonomous but with close ties to the IFAC
1976
* Group of Ten Governor of the Bank decided to work with the IASC and IASC project funds, the financial statements of banks
1974
* First published Exposure Draft
* Members of the association claimed First (Belgium, India, Israel, New Zealand, Pakistan, and Zimbabwe)
* IAS 1 Disclosure of Accounting Policies
1973
* IASC was formed - the inaugural meeting of June 29, London
Contemporary point of view
The existence of a number of additional
factors that add to the importance of studying international accounting. These factors are derived from
the reduction of significant and persistent barriers to trade and control of
the national capital that has occurred over the progress of information
technology.
Some of this perspective include:
1. Any attempt to reduce international accounting differences
2. National controls on capital flows
3. Foreign exchange
4. Foreign direct investment
5. The liberalization of the transaction
6. Privatization of government enterprises (for the reduction of foreign exchange controls and restrictions on cross-border investment)
7. Advances in information technology
1. Any attempt to reduce international accounting differences
2. National controls on capital flows
3. Foreign exchange
4. Foreign direct investment
5. The liberalization of the transaction
6. Privatization of government enterprises (for the reduction of foreign exchange controls and restrictions on cross-border investment)
7. Advances in information technology
The concept of comparative accounting or
international accounting to international accounting point of the study and
understanding of national differences in the skuntansi.This includes:
1. Awareness of international diversity in corporate accounting and reporting practices.
2. Understanding of the principles and accounting practices of each country.
3. Ability to assess the impact of the diversity of accounting practices in financial reporting.
1. Awareness of international diversity in corporate accounting and reporting practices.
2. Understanding of the principles and accounting practices of each country.
3. Ability to assess the impact of the diversity of accounting practices in financial reporting.
The emergence of a new paradigm in the
international accounting framework and expand the idea to incorporate new ideas
of international accounting. As a result, appeared to be a
very long list of concepts and theories created by Amenkhienan accounting to
include the following by Amenkhienan to include the following:
A. Universal theory or world
2. The theory of multinational
3. The theory of comparative
4. Theory of international transactions
5. Translation theory
A. Universal theory or world
2. The theory of multinational
3. The theory of comparative
4. Theory of international transactions
5. Translation theory
Each of the above theories provide the
basis for the development of a conceptual framework for international accounting. Although there will be
arguments about what the theory would be preferred.
Iqbal, Melcher and Elmallah (1997: 18)
defines an international accounting as the accounting for transactions between
countries, comparisons of accounting principles in the country - different
countries and harmonization of accounting standards around the world.
A company became involved with the
international accounting is when getting the chance to export or import
transactions. Export is defined as sales to
overseas and domestic seller begins when companies get a firm purchase orders
from foreign buyers. Difficulties - difficulties
began to arise when the domestic firm to conduct an investigation into the
feasibility of foreign acquirers.
If the buyers are requested to provide
financial information relating to the company, there is the possibility that
financial information is not easily interpreted, given the assumptions and
procedures of accounting akkuntansi unusual in the selling firm. Most companies are just
starting out in international business can have recourse to the bank or
accounting firm with international expertise to analyze and interpret the
financial information.
D. FINANCIAL SECTOR POLICY NATIONAL TREND
Do not feel we have entered in 2011. Government is optimistic the
economy will be better next year. Of course, the measure used is
the economic growth that is predicted to reach 6.4%, continuing the achievement
of 2010. Moreover, according to
President Yudhoyono in his speech in East Java, Indonesia's economic growth
ranked third in the G-20 after China and India. When using indicators of
economic growth, the claim is not false.
Economic growth until the third quarter of
2010, which reached 5.9% is higher than this year's target of 5.8%. Moreover, the financial indicators
in 2010 has set new records for Indonesia Stock Exchange recorded an increase
of composite stock price index (CSPI), the highest in the world of 2575 in the
early years, through 3600 in December this year.
Other financial indicators, such as foreign exchange reserves and the strengthening of the rupiah also show a tremendous increase of only about U.S. $ 51 billion to over U.S. $ 90 billion at the end of 2010.
Other financial indicators, such as foreign exchange reserves and the strengthening of the rupiah also show a tremendous increase of only about U.S. $ 51 billion to over U.S. $ 90 billion at the end of 2010.
Wave of hot money has inflated reserves
and encourage the strengthening of the rupiah by 19%, the highest among Asian
countries.
"Need a change in budget politics that is not just a collection of state budget funds allocated to stimulate economic growth.
"Need a change in budget politics that is not just a collection of state budget funds allocated to stimulate economic growth.
However, also as a political tool to
maintain the level of social welfare by making changes in priorities. However, how much financial
benefit from the achievements of the shine for the national economy? In any country the size of the
economic success rather than the achievement of the financial sector. The proof, since the beginning
of the year, almost all countries are busy playing in the financial sector
policy whose main objective for the real sector. Like for example, developed
countries and developing a continued attempt to lower their interest rates to
near zero and weaken its currency to boost the real sector and reduce
unemployment.
Very surprising that during the 2010
Indonesia would take a different policy direction to the trend of financial
policies in the countries of the world. Rupiah strengthened precisely assessed as a strength. JCI is considered performance
rebound, but there is the threat of financial bubbles. Trends in the financial sector
policies are not integrated with strategy and policy on trade and industry
sectors. That way, no consideration is
unclear why the exchange should be strengthened or weakened. " How the
financial sector policy in 2011?
Financial policy in 2010 will certainly
continue and there will be no fundamental change.The government and Bank
Indonesia would not make changes to the policy of flooding the global money
market funds that will go to Indonesia. Loose fiscal policy tends to
allow and even encourage the influx of hot money, and Indonesia will remain a
haven for the world's investment portfolio.
Intervention from the developed countries
and multilateral institutions to Indonesia still maintains a policy of
financial sector that is very loose it will continue to occur through a variety
of ways because Indonesia is becoming increasingly important. Since early 2010, many
countries have to erapkan various control policies on the entry of short-term
funds.
In Thailand for example, the government
has imposed a withholding tax for interest or capital gains received by
foreigners. Brazil has raised taxes for
foreign investors to buy domestic bonds. Meanwhile, in South Korea, the
government has even banned the withdrawal of foreign currency loans and lower
portion of the foreign debt.
The consequences of a policy to keep
interest rates and bond yields are high foreign ownership in the SUN, SBI, and
the stock will continue to increase as the current trend.When in 2008 the total foreign
funds amounting to Rp548 trillion only, to Rp1.374 trillion this year, in 2011
certainly will be much greater.
In fact, besides the threat of reversal of
capital, the economic cost to be paid from the amount of foreign ownership is
very expensive. Capital Bank Indonesia will
continue to erode, the cost of private capital will be more expensive due to
high lending rates and yields of bonds issued.
E. THE ROLE OF ACCOUNTING AND BUSINESS IN GLOBAL CAPITAL MARKETS
E. THE ROLE OF ACCOUNTING AND BUSINESS IN GLOBAL CAPITAL MARKETS
Other factors also contributed the growing
importance of international accounting is the phenomenon of global competition. Determination of reference
(benchmarking), to compare the performance of an act of the parties with a
reasonable standard is nothing new, but the standard of comparison used is now
beyond national borders is nothing new.
According to the regulations in the United
States, to be listed on the NYSE Market issuers need to do the following.
1. The registration process
2. Submit financial statements. They can use U.S. GAAP, IAS or GAAP of each country but each have additional requirements include:
a. Fill out Form 20-7 for the annual report
b. To reconcile net earnings and equity to conform with U.S. GAAP
c. Provide disclosure in accordance U.S. GAAP
d. Submit quarterly reports that are not necessary in the audit
1. The registration process
2. Submit financial statements. They can use U.S. GAAP, IAS or GAAP of each country but each have additional requirements include:
a. Fill out Form 20-7 for the annual report
b. To reconcile net earnings and equity to conform with U.S. GAAP
c. Provide disclosure in accordance U.S. GAAP
d. Submit quarterly reports that are not necessary in the audit
As we know that the capital market
watchdog aims to protect public shareholders, especially individual investors
(individual investors). While the Private Placement or
Institutional Investor market is usually considered to have the ability to
examine the feasibility of an investment sehinggan not need to specifically get
government protection.
In global capital markets transactions
known QIB (Qualified Institutional Buyers). This grouping is intended to
limit the institutional market participants. This group must be at least
menginvest of U.S. $ 250 quadrillion. For this investor group
typically does not require much disclosure (disclosure) the financial
statements.
In addition known as ADR or American
Depositary Receipts. This method is intended to
convert the shares into the domestic market from outside the United States
making it more compatible with economic conditions and investors. For example, the stock value
of $ 10,000 can be broken down to be worth U.S. $ 100 per share or U.S. $ 0.10
seballiknya can be made to U.S. $ 100.00 per share. In addition there is another
ADR GDR (Global Depository Receipts) that the nature and meaning as to
facilitate the investors to invest in a variety of markets, companies or
countries. This situation is all the
trigger and accelerate the process towards a global market and global
accounting standards.
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