Summary PSAK no 1 Penyajian Laporan Keuangan

Subject	Objective	Penyajian	Pengukuran		Pengakuan
PSAK no 1 Penyajian Laporan Keuangan	aset; liabilitas; ekuitas; pendapatan dan beban termasuk keuntungan dan kerugian; kontribusi dari dan distribusi kepada pemilik dalam kapasitasnya sebagai pemilik; dan arus kas	Memberikan definisi laba rugi, pemilik, material, penyesuaian reklasifikasi, tidak praktis, Total penghasilan Komprehensif. Penyajian secara wajar dan kepatuhan terhadap SAK Menyebutkan secara explisit kepatuhan terhadap SAK Kepatuhan terhadap PSAK memberikan pemahaman yang salah (kondisi jarang terjadi) à tidak sesuai PSAK	Entitas menyajikan informasi komparatif terkait dengan periode sebelumnya untuk seluruh jumlah yang dilaporkan dalam laporan keuangan periode berjalan, kecuali diizinkan atau disyaratkan lain oleh SAK. Informasi komparatif yang bersifat naratif dan deskriptif dari laporan keuangan periode sebelumnya diungkapkan jika relevan untuk pemahaman laporan keuangan periode berjalan. Entitas menyajikan minimal, dua laporan posisi keuangan, dua laporan laba rugi dan penghasilan komprehensif lain, dua laporan laba rugi terpisah (jika disajikan), dua laporan arus kas dan dua laporan perubahan ekuitas, serta catatan atas laporan keuangan terkait.		Entitas menyajikan laporan posisi keuangan ketiga pada posisi awal periode sebelumnya sebagai tambahan atas laporan keuangan komparatif minimum jika: entitas menerapkan kebijakan akuntansi secara retrospektif, membuat penyajian kembali retrospektif atas pos-pos dalam laporan keuangan atau reklasifikasi pos-pos dalam laporan keuangan; dan penerapan retrospektif, penyajian kembali retropsektif atau reklasifikasi memiliki dampak material atas informasi dalam laporan posisi keuangan pada awal periode sebelumnya. Entitas menyajikan tiga laporan posisi keuangan pada: akhir periode berjalan; akhir periode sebelumnya; dan awal periode

Summary IFRS Chapter 1: Introduction to the International Financial Reporting Standards

Summarized by:

Mohammad Fahri Pratama

4EB17

24211575

Subject	Objective	Penyajian	Pengukuran		Pengakuan
Chapter 1: -          Introduction to International Financial Reporting Standards -          Origins and early history of the IASB -          The Current Structure -          Process Of IFRS Standard Setting -          Convergence: the IASB and Financial Reporting in the US -          The IASB and Europe -          IFRS for SMEs	Develop the public interest, a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. This model of accounting moderating relationships between company and the state, it serve for tax assessment, and to limit individual dividend payment, it also protecting the running economy by sanctioning individual businesses that are not financially run imprudently. The trustees of the IFRS foundation have both the responsibility to raise funds needed to finance standard setting, and appointing members to the IASB. The IASB’s agenda is determined in various ways. Suggestion made by the trustees, the IFRS advisory council, liaison standard setters, the international audit firms, and others. With the end of the MoU with FASB, FASB has become a member of ASAF. IFRS have to be enshrined in the EU statute law, creating a situation where the EU is in the effect ratifying as laws. Issued by the IASB to reduce the financial reporting burden of small, and medium sized entities.	The display introduces us to the new format of the era of the new worldwide accounting standard. It shows us historically how’s the regulation before GAAP and IFRS. Shows us the role of IFRS and IASB systematically. the IASB has a formal due process, which is currently set out in the IASB and IFRS interpretation. Explains how the convergence happens in the US economic. Determined the EU standards setting which massively affect the EU economic on the setting of the accounting standards. Explains the difference between each standard setters and how to apply it economically.	The document states that the SEC “will consider, among other things, whether a single set of high quality global accounting standard is achievable”. A single set of global standard means IFRS and US GAAP as the two comprehensive financial reporting frameworks in the world. The IASC new leadership, reviewed and revised the existing standards. And new standards were created to fill perceived gaps in IFRS. Working relationships are set up with local standard setters who have adopted or converged with IFRS. The due process comprises six stages: (1) setting the agenda; (2) project planning; (3) developing and publishing a discussion paper; (4) developing and publishing an exposure draft; (5) developing and publishing the IFRS and (6) procedures after an IFRS issued.   IFRS would need to satisfy the following three criteria: (1) establish a core set of standards that constituted a comprehensive basis; (2) enable investor to analyze performance; (3) interpreted and applied. Registrants using any deviation from pure IFRS, and those using any other national GAAP, will continue to be required to present a reconciliation to US GAAP. The standard is a stand alone document with only one optional cross reference to full IFRS for financial instruments.		In 2007, the SEC dropped he reconciliation requirement that had formerly applied to foreign private registrants. In the effect, the SEC was acknowledging that IFRS was full acceptable as a basis for accurate, transparent, meaningful financial reporting. The IFRS were in need of strengthening, particularly as to reducing the range of diverse but accepted alternatives  for similar transactions and events. The challenges  presented to IASC  ultimately would serve to make IFRS stronger. IASB  is an independent body that is solely responsible for establishing IFRS. Including IFRS for SMEs. The IASB also approves new interpretation. The revised IASB and IFRS interpretations committee  due process handbook has an introduction section dealing with oversight, which is identifies the responsibility of  the due process oversight committee. The principal organizations of academician in the US is actively working on standards for IFRS-based accounting curricula. The EU line up behind full and complete adherence to officially promulgated IFRS. The responsibility lies with each jurisdictions to determine which entities should apply IFRS for SMEs.