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Program Studi: S1 Akuntansi Sandi Matakuliah: AKA375 Nama Matakuliah: Akuntansi Internasional SKS: 3 Dosen Pengampu: Dr. Lies Zulfiati, S.E., M.Si., Ak.CA Tim Penyusun Modul: Dr. Lies Zulfiati, S.E., M.Si., Ak., CA Maya Mustika, S.E., M.Ak

i

MODUL PEMBELAJARAN JARAK JAUH

PROGRAM PERTUKARAN MAHASISWA TANAH AIR NUSANTARA

SISTEM ALIH KREDIT DENGAN TEKNOLOGI INFORMASI (PERMATA-SAKTI)

Program Studi : S1 Akuntansi Sandi Matakuliah : AKA375 Nama Matakuliah : Akuntansi Internasional SKS : 3 Dosen Pengampu : Dr. Lies Zulfiati, S.E., M.Si., Ak.CA Tim Penyusun Modul : Dr. Lies Zulfiati, S.E., M.Si., Ak., CA

Maya Mustika, S.E., M.Ak

SEKOLAH TINGGI ILMU EKONOMI INDONESIA (STEI) JAKARTA

2020

ii

PENGESAHAN MODUL PEMBELAJARAN JARAK JAUH

PROGRAM PERTUKARAN MAHASISWA TANAH AIR NUSANTARA SISTEM ALIH KREDIT DENGAN TEKNOLOGI INFORMASI

(PERMATA-SAKTI)

1. Perguruan Tinggi : Sekolah Tinggi Ilmu Ekonomi Indonesia (STEI), Jakarta 2. Dosen Pengampu Nama : Dr. Lies Zulfiati, S.E., M.Si., Ak., CA

NIDN : 0325037601

Handphone : 085218185446

Email : [email protected]

3. Anggota Tim Anggota 1 Maya Mustika, S.E., M.Ak

4. Semester : Semester Ganjil 2020/2021 5. Matakuliah Sandi Matakuliah : AKA375 Nama Matakuliah : Akuntansi Internasional SKS : 3 Program Studi : S1 Akuntansi

Jakarta, 10 November 2020 Telah diperiksa oleh, Kepala Program Studi…

Dosen Pengampu

Siti Almurni, S.E., M.Ak NIDN. 0311097701

Dr. Lies Zulfiati, S.E., M.Si., Ak., CA NIDN

Mengetahui, Jakarta, Wakil Ketua I - Bidang Akademik Kepala Departemen

Akuntansi/Manajemn

Dr. Lies Zulfiati, S.E., M.Si., Ak., CA

NIDN. 0325037601 Dr. Lies Zulfiati, S.E., M.Si., Ak., CA

NIDN. 0325037601

mailto:[email protected]

iii

KATA PENGANTAR

Bismillahirrahmaniirahiim

Assalamu’alaikum Wr.Wb

Puji syukur senantiasa kita panjatkan ke hadirat Allah SWT yang senantiasa melimpahkan

keberkahan bagi kita semua. Alhamdulillah, Modul Pembelajara Jarak Jauh untuk

matakuliah Akuntansi Internasional telah dapat disusun dengan baik.

Bahasan mengenai akuntansi dalam ruang lingkup internasional menjadi sangat menarik dan

relevan dengan situasi saat ini. Ekonomi dan bisnis tidak lagi dibatasi oleh batas negara,

semakin progresif dan massif nya perusahaan multinasional yang beroperasi lintas negara.

Hal ini menjadi tantangan sendiri bagi standar akuntansi untuk mengakomodir segala

perbedaan yang ada di berbagai belahan dunia menjadi satu standar akuntansi global.

Modul Pembelajaran Jarak Jauh untuk matakuliah Akuntansi Internasional ini disusun

sebagai salah satu bahan referensi dalam kegiatan perkuliahan. Semoga bermanfaat bagi kita

semua.

Wassalamu’alaikum Wr.Wb

Jakarta 10 November 2020

Tim Penyusun

iv

DAFTAR ISI

Halaman sampul ................................................................................................... i

Halaman pengesahan ............................................................................................. ii

Kata pengantar ..................................................................................................... iii

Daftar isi .............................................................................................................. iv

ISI modul:

1. RPS ........................................................................................................... 1

2. Materi Pertemuan

2.1.TM 1 & 2 Pengenalan Akuntansi Internasional, Perkembangan dan

Klasifikasi sistem akuntansi keuangan nasional dan regional ............... 6

2.2.TM 3 & 4 Akuntansi Komparatif - Eropa ............................................ 67

2.3.TM 5 & 6 Akuntansi Komparatif – Amerika dan Asia ....................... 99

2.4.TM 7 Pelaporan dan Pengungkapan .................................................... 134

3. Lampiran:

a. Soal Ujian Tengah Semester .......................................................... 165

b. Link Learning Manajemen System (LMS) STEI ............................ 168

c. Aktivitas kuliah .............................................................................. 171

SEKOLAH TINGGI ILMU EKONOMI INDONESIA (STEI) JAKARTA PROGRAM STUDI S1 AKUNTANSI

RENCANA PEMBELAJARAN SEMESTER (RPS) AKUNTANSI INTERNASIONAL SEMESTER GANJIL 2020/2021

Mata Kuliah Sandi Matakuliah Rumpun Mata Kuliah Bobot (SKS) Semester Tanggal Penyusunan Akuntansi

Internasional AKA375 Akuntansi 3 6 2 September 2020

OTORISASI Dosen Pengembang RPS Koordinator Mata Kuliah

DR. Lies Zulfiati, S.E., M.Si., Ak., CA

Kepala Program Studi S1 Akuntansi

Siti Almurni, SE, M.Ak Deskripsi Singkat

Mata Kuliah Akuntansi memainkan peranan yang sangat penting dalam masyarakat. Sebagai cabang dari ilmu ekonomi, akuntansi menyediakan informasi mengenai perusahaan dan transaksinya untuk memfasilitasi keputusan alokasi sumber daya oleh pengguna informasi tersebut. Akuntansi Internasional membahas secara komprehensif bagaimana peran akuntansi di dunia internasional, dengan setting perlakuan akuntansi pada perusahaan multinasional yang operasi dan transaksinya melintasi batas-batas negara.

Materi Pembelajaran/Pokok

Bahasan

Matakuliah ini akan memberikan gambaran yang luas tentang seluk beluk akuntansi dan pelaporan keuangan international. Persoalan-persoalan kontemporer berkaitan dengan akuntansi dan pelaporan keuangan international akan dibahas untuk memperdalam pemahaman kita akan arti penting mempelajari perbedaan perakuntansian antar negara dalam proses harmonisasi. Untuk itu, salah satu fokus dari mata kuliah ini adalah dalam studi komparatif atas praktik akuntansi di berbagai negara. Selain itu, isyu-isyu dalam akuntansi international dan perusahaan multinasional, seperti konsolidasi dan translasi mata uang asing, juga akan menjadi bahan diskusi dalam mata kuliah ini. Tujuan mata kuliah ini adalah untuk menganalisis fungsi akuntansi sebagai “bahasa resmi” dalam pelaporan kinerja perusahaan dari perspektif internasional dengan fokus pada pelaporan dengan mata uang berbeda, dan kesesuaian praktik pelaporan dengan standar akuntansi internasional dan negara asal perusahaan pelapor

Pustaka Utama: Frederick D.S. Choi, Gary K. Meek., Akuntansi Internasional (Terjemahan), Buku 1 & 2, Edisi 6, Salemba Empat, 2017.

Pendukung:

Timothy Doupnik, Mark Finn, Hector Perera, International Accounting, 5th Edition, McGraw Hill Education, 2020

Media Pembelajaran Perangkat lunak: Learning Management System STEI

Perangkat keras: PC /Notebook dan infokus

Tim Pengajar 1. Dr. Lies Zulfiati, S.E., M.Si., Ak., CA 2. Erna Lovita, S.E., M.Si., AK., CA 3. Hendara, S.E., M.Ak., CPSAK

1

Penilaian • Tugas: 30%; Kehadiran 10%; Mid Test: 30%; UAS: 30% • Mahasiswa wajib mengikuti perkuliahan dengan mengunduh materi, tugas/quiz melalui ESTUDY STEI • Mahasiswa wajib hadir pada perkuliahan di kelas VIRTUAL EXCHANGE • Seluruh Bahan Ajar, Tugas, UTS dan UAS dilaksanakan melalui ESTUDY

Mata Kuliah Prasyarat

Akuntansi Keuangan 2

Minggu ke Capaian Pembelajaran MK (Sesuai Tahapan MK)

Materi Pembelajaran (Bahan Kajian)

Referensi (Bahan Bacaan)

Metode Pembelajaran (Estimasi Waktu)

Assesment Indikator Bentuk Bobot

1 • Mampu mendiskusikan karakteristik dan ruang lingkup akuntansi internasional

Pengenalan Akuntansi Internasional, Perkembangan dan Klasifikasi sistem akuntansi keuangan nasional dan regional

Bab 1 dan Bab 2 Frederick D.S. Choi, Gary K.

Meek., Akuntansi Internasional, Buku

1

Estudy: Forum dan Materi Kuliah Virtual Exchange: Ceramah dan Diskusi

Memahami ruang lingkup akuntansi internasional Mampu membedakan sistem akuntansi nasional dan regional

5

2 • Mampu membedakan standar dan praktik akuntansi di negara Uni Eropa, Amerika dan Asia

Membahas lebih dekat akuntansi di beberapa negara tertentu

Bab 3 dan Bab 4 Frederick D.S. Choi, Gary K. Meek., Akuntansi Internasional, Buku 1


Mampu membedakan standar dan praktik akuntansi yang berlaku di negara Eropa, Amerika dan Asia

Studi Kasus

8

3 - 4 • Mampu membedakan informasi finansial dan non finansial dalam ketetapan internasional

• Mampu mengidentifikasi kebutuhan pengaturan pengungkapan

• Mampu mengidentifikasi praktik pelaporan dan pengungkapan

Membahas Pelaporan dan pengungkapan

Bab 5 Frederick D.S. Choi, Gary K. Meek., Akuntansi Internasional, Buku 1


• Mampu membedakan informasi finansial dan non finansial dalam ketetapan internasional

• Mampu mengidentifikasi kebutuhan pengaturan pengungkapan

• Mampu mengidentifikasi praktik pelaporan dan pengungkapan

Studi kasus

8

2

5 - 6 • Mampu mendefinisikan masalah konseptual tentang translasi mata uang asing dalam laporan keuangan

• Mampu menjelaskan konsep current rate dan temporal methods dalam translasi mata uang asing

• Mampu mengaplikasikan dan membedakan current rate dan temporal methods dalam translasi mata uang asing

Translasi Mata Uang Asing • Bab 6 Frederick D.S. Choi, Gary K. Meek., Akuntansi Internasional, Buku 1 • Chapter 7 Timothy Doupnik, Mark Finn, Hector Perera, International Accounting, 5th Edition, McGraw Hill Education, 2020


Mampu mengaplikasikan dan membedakan current rate dan temporal methods dalam translasi mata uang asing

Latihan Soal

7

7 • Mampu menjelaskan arti konvergensi

• Mampu mengidentifikasikan manfaat dan kritik terhadap konvergensi pelaporan keuangan internasional

• Mampu menjelaskan proses konvergensi yang dilakukan oleh IASC dan IASB

• Mampu menjelaskan principle based dalam penyusunan standar akuntansi

Akuntansi Global dan Standar Audit Bab 8 Frederick D.S. Choi, Gary K. Meek., Akuntansi Internasional, Buku 2 Chapter 3 Timothy Doupnik, Mark Finn, Hector Perera, International Accounting, 5th Edition, McGraw Hill Education, 2020


• Mampu mengidentifikasikan manfaat dan kritik terhadap konvergensi pelaporan keuangan internasional

• Mampu menjelaskan proses konvergensi yang dilakukan oleh IASC dan IASB

• Mampu menjelaskan principle based dalam penyusunan standar akuntansi

Latihan Soal 10

8

UJIAN TENGAH SEMESTER

3

9 • Mampu menjelaskan peluang dan tantangan dalam menganalisis laporan keuangan asing

Analisis Laporan Keuangan Internasional



Mampu menjelaskan peluang dan tantangan dalam menganalisis laporan keuangan asing

Diskusi

10 - 11 • Mampu membedakan IFRS dan GAAP

• Mampu menjelaskan perbedaan utama antara IFRS dan GAAP dalam pengakuan dan pengukuran asset

• Mampu menganalisis pengaruh perbedaan antara IFRS dan GAAP dalam pengakuan dan pengukuran asset dalam laporan keuangan

• Mampu menjelaskan pengakuan dan pengukuran persediaan, asset tetap berwujud dan tidak berwujud dalam IFRS

International Financial Reporting Standards

Chapter 4 dan 5 Timothy Doupnik, Mark Finn, Hector

Perera, International

Accounting, 5th Edition, McGraw Hill Education,

2020


• Mampu membedakan

IFRS dan GAAP • Mampu menjelaskan

perbedaan utama antara IFRS dan GAAP dalam pengakuan dan pengukuran asset

• Mampu menganalisis pengaruh perbedaan antara IFRS dan GAAP dalam pengakuan dan pengukuran asset dalam laporan keuangan

• Mampu menjelaskan pengakuan dan pengukuran persediaan, asset tetap berwujud dan tidak berwujud dalam IFRS

Diskusi 6

12 - 13 • Mampu menjelaskan perbedaan utama antara IFRS dan GAAP dalam pengakuan dan pengukuran liabilitas jangka pendek, provisi, pajak penghasilan,

International Financial Reporting Standards

Chapter 4 dan 5 Timothy Doupnik, Mark Finn, Hector

Perera, International

Accounting, 5th Edition, McGraw


Studi Kasus 9

4

pendapatan, instrument keuangan dan sewa.

• Mampu menjelaskan perbedaan IFRS dan U.S GAAP dalam masalah pengungkapan dan penyajian

Hill Education, 2020

14 – 15 • Mampu menjelaskan perbedaan regulasi pajak di berbagai negara

• Mampu menjelaskan bagaimana jurisdiksi perpajakan menyebabkan pajak berganda

Perpajakan Internasional dan Penetapan Harga Transfer



Memahami penyelesaian soal dan studi kasus transaksi penjualan asset tetap induk dan anak arus ke atas dan arus ke bawah

Studi Kasus 6

16

UJIAN AKHIR SEMESTER

5

PERTEMUAN 1 & 2

Hari/Tanggal: Kamis, 24 September 2020 & 1 Oktober 2020 Jam: 08.00

Ruang Kelas Virtual: Akuntansi02

Topik: Pengenalan Akuntansi Internasional, Perkembangan dan Klasifikasi sistem akuntansi keuangan nasional dan regional

6

Choi/Meek, 6/e 1

International Accounting, 6/e

Frederick D.S. Choi

Gary K. Meek

Chapter 1: Introduction

7

Choi/Meek, 6/e 2

Learning Objectives

How is international accounting distinct from domestic accounting?

What does international accounting diversity entail?

Does international accounting have a history?

What factors are contributing to the importance of international accounting as a field of study?

What external and internal reporting issues arise when business and investing transcend national borders?

What is meant by the term, global capital markets, and what does development mean for capital market participants?

8

Choi/Meek, 6/e 3

What is International Accounting?

Domestic accounting: an information specialty providing information about a firm to users of that information as a basis for economic decisions.

International accounting (defined): same as above except that the firm being reported on is a multinational company with operations and transactions that cross national boundaries or an entity with reporting obligations to non-domestic readers.

9

Choi/Meek, 6/e 4

What Does International

Accounting Diversity Entail?

Measurement principles

Financial disclosure (corporate transparency)

Auditing practices

10

Choi/Meek, 6/e 5

Contributing Factors

Accounting’s international heritage

Double-entry originates in the Italian city states.

Bookkeeping spreads to Germany and assists the spread

of capitalism.

Dutch enhance income measurement.

French use accounting for governmental planning and

control.

Double entry assists the British in managing and controlling

commercial interests in the colonies.

Accounting plays a major role in the U.S. industrial

revolution.

11

Choi/Meek, 6/e 6

Contributing Factors (contin)

Paradox of international accounting

In many countries, accounting remains a nationalistic

affair.

Accounting serves people and institutions whose

decisions are international in scope.

Accounting diversity creates a demand for

harmonization.

12

Choi/Meek, 6/e 7


Growth and spread of multinational operations

13

Choi/Meek, 6/e 8 14

Choi/Meek, 6/e 9


Reporting issues when business transcends national boundaries Consolidation of foreign accounts

Accounting for foreign currency fluctuations

Accounting for changing prices

International planning and control

Performance evaluation of foreign operations

Financial risk management

International taxation and transfer pricing

Financial innovation Identifying potential market risks

Quantifying trade-offs associated with alternative risk reduction strategies

Measuring risk exposures

Accounting for specific hedge products

Evaluating the effectiveness of hedging programs

15

Choi/Meek, 6/e 10


Global competition

Competitive

benchmarking

necessitates

international

comparisons.

16

Choi/Meek, 6/e 11


Cross-border mergers and acquisitions

Corporate valuation is a function of accounting

measurements that vary from country to country.

E.g., the e in p/e valuation multiples.

Internationalization of capital markets

Raising external finance abroad means that

financial reports must increasingly travel

internationally.

17

Choi/Meek, 6/e 12 18

Choi/Meek, 6/e 13


Reporting issues associated with

internationalization of capital markets

How to analyze and interpret foreign accounts?

How to report to foreign readers?

How to harmonize reporting standards

internationally?

19

Choi/Meek, 6/e 14

Other Chapter Exhibits

20

Choi/Meek, 6/e 15

Chapter Exhibits (contin)

21

Choi/Meek, 6/e 16


22

Choi/Meek, 6/e 17


23

Choi/Meek, 6/e 18


24

Choi/Meek, 7/e 1

International Accounting, 7/e

Frederick D.S. Choi

Gary K. Meek

Chapter 2: Development and

Classification

25

Choi/Meek, 7/e 2

Learning Objectives

Identify and understand the importance of the eight factors that have a significant influence on accounting development.

Understand the four approaches to accounting development found in market-oriented Western economies and identify countries in which each approach is prevalent.

Have a basic working knowledge of accounting classifications and how they compare with one another.

Explain the difference between the “fair presentation” and “legal compliance” orientations of accounting and identify nations in which each is prevalent.

Explain why distinctions of accounting at the national level are becoming blurred.

26

Choi/Meek, 7/e 3

Why Study Development and

Classification?

Development Helps understand a nation’s accounting.

Explains the differences and similarities in accounting around the world.

Classification Helps understand why and how national accounting

systems differ.

Helps analyze whether these systems are converging or diverging.

Are a way of viewing the world.

Reveals what group members have in common, and

What distinguishes groups from each other

27

Choi/Meek, 7/e 4

Development

Sources of finance – who, how many, how

close?

Equity markets

Profits measure how well managers have run the company.

Accounting is used to assess cash flows, risks, and to value

the firm.

Extensive disclosures.

Banks

Conservative earnings for creditor protection.

Less extensive disclosures.

28

Choi/Meek, 7/e 5

Development (contin)

Legal system

Code law

Laws are all-embracing.

Accounting tends to be prescriptive and procedural.

Accounting focuses on legal form.

Accounting standards and procedures are incorporated into national laws.

Common law

Laws develop on a case-by-case basis.

Accounting develops from experience and judgment.

Accounting tends to be flexible, adaptive, and innovative.

Accounting focuses on economic substance.

Accounting rules are established by private sector professional organizations.

29

Choi/Meek, 7/e 6


Taxation Must companies record revenues and expenses in their

accounts to claim them for tax purposes?

Are financial accounting and taxation the same?

Or are they different?

Political and economic ties Accounting ideas and technologies are transferred through

conquest, commerce, and other forces.

Inflation Inflation distorts historical cost measurements.

Countries with high inflation often require that companies incorporate price changes into the accounts.

30

Choi/Meek, 7/e 7


Level of economic development Affects the types of transactions and which ones are most prevalent in the

economy which, in turn,

Affects the accounting issues that are faced.

Educational level Affects the capability for professional accounting training.

Where education levels are low, countries import accounting training or send citizens elsewhere to get it.

SUMMARY Several variables are closely associated.

Common law legal system, strong equity markets, and separation of financial and tax accounting.

Code law legal system, credit-based financing, and accounting rules that conform to tax law.

Result is two basic orientations of accounting. Fair presentation

Legal compliance

31

Choi/Meek, 7/e 8


Culture and accounting values

Culture (Hofstede)

Individualism vs. collectivism

Power distance – high vs. low

Uncertainty avoidance – high vs. low

Masculinity vs. femininity

Accounting values (Gray)

Professionalism vs. statutory control

Uniformity vs. flexibility

Conservatism vs. optimism

Secrecy vs. transparency

32

Choi/Meek, 7/e 9


Linking the two:

33

Choi/Meek, 7/e 10

Classification

Four approaches to accounting development (Mueller 1967) Macroeconomic approach

Accounting derived from and designed to enhance national macroeconomic goals.

Example: Sweden

Microeconomic approach Accounting derived from microeconomics.

Maintaining physical capital

Separation of capital and income

Replacement costs

Example: the Netherlands

Independent discipline approach Accounting derived from business practices, judgment, and trial-and-error.

Examples: U.K. and U.S.

Uniform approach Accounting is standardized by central government and used as a tool for

administrative control.

Example: France

34

Choi/Meek, 7/e 11

Classification (contin)

Legal systems: common law vs. code law accounting Common law accounting

Oriented toward fair presentation, transparency, and full disclosure

Separation between tax and financial accounting

Accounting standard setting in private sector

Parallels stockholder model of corporate governance

Code law accounting Legalistic orientation, opaque with low disclosure

Alignment between tax and financial accounting

Accounting standard setting in public sector

Parallels stakeholder model of corporate governance

35

Choi/Meek, 7/e 12


Practice systems: fair presentation versus legal compliance accounting Why national accounting distinctions are becoming blurred

Importance of stock markets as a source of finance is growing.

Dual financial reporting is becoming more common, particularly where duality is sanctioned.

Some code law countries are shifting responsibility for accounting standard setting to the private sector.

Fair presentation accounting Substance over form.

Oriented toward decision needs of external investors. Helps judge managerial performance and predict future cash flows and

profitability

Extensive disclosures

IFRS are aimed at fair presentation.

Found in U.K., U.S., Netherlands and countries influenced by them.

The trend for consolidated financial statements.

36

Choi/Meek, 7/e 13


Legal compliance accounting

Designed to satisfy government-imposed

requirements, such as:

Calculating taxable income

Complying with macroeconomic plan

Conservative measurements

Income smoothing

Will persist in code law countries for individual-

company financial statements

37

Choi/Meek, 7/e 14

Other Chapter Exhibit

38

DOSEN PENGAMPU :

DR. LIES ZULFIATI, S.E., M.SI., AK., CA

INTERNATIONAL ACCOUNTING

International Accounting & Multinational Enterprises - Chapter 2 - Radebaugh, Gray, Black 39

Chapter 2

International Accounting

Patterns, Culture and

Development

40

International Accounting & Multinational Enterprises - Chapter 2 - Radebaugh, Gray, Black

Classification of Accounting

and Reporting Systems

Classification aids in

Describing, analyzing,

and predicting the

development of

accounting systems

Strategic planning and

control decisions

International systems

integration

The Challenge?

Adapt past effective

techniques to meet the

demands of the global

market

Must understand

international traditions

and heritage

41


Purposes of International

Classification

Describe and compare international systems

Improved understanding of

Similarities and differences of systems

Development of systems and potential for change

Dominance of some systems over others

Assess issues of international harmonization

Identify and solve problems

42


Purposes of International

Classification

Developing countries

will be informed of

systems in other

countries

Aid international

accountants and

auditors

Problems with

accounting and control

systems for MNEs –

understood and solved 43


Classification Research

Deductive or

judgmental approach

Environmental factors

identified and linked to

national accounting

practices

International groupings

or development patterns

are proposed

Inductive or empirical

approach

Individual practices

analyzed

Development patterns or

groupings identified

Explanations based on

economic, social,

political, and cultural

factors proposed

44


Deductive approach

Mueller’s four approaches to accounting

development

Macroeconomic pattern

Business accounting is tied to national economic

policies – Examples: Sweden, France, Germany

Microeconomic pattern

Accounting is a branch of business economics –

Example: replacement-value accounting in Holland

45


Deductive approach

Mueller’s four approaches to accounting

development

Independent discipline pattern

Accounting is a service function derived from business

practice – Examples: U.S. and U.K.

Uniform accounting pattern

Accounting is an efficient means of administration and

control – Examples: France, Germany, Sweden,

Switzerland

46


Nobes’s Hierarchial

Classification

47


Inductive Approach

Nair and Frank (1980) findings

1973 data

Four measurement groups

British Commonwealth

Latin America

Continental European

U.S.

Seven disclosure groups

Could not be plausibly described

No explanation offered for difference in groupings

48


Inductive Approach

Nair and Frank (1980) findings Differences between measurement and disclosure

groups

Hypotheses not supported

Cultural and economic variables associated with disclosure practices

Trading variables associated with measurement practices

Overall – little attention given to influence of culture

49


Cultural Influences on Accounting

Systems Culture, Societal Values, and the Accounting Subculture – Fig. 2.3

50


Structural Elements of Culture

Hofstede – 4 Underlying societal dimensions

Individualism

Power Distance

Uncertainty Avoidance

Masculinity

Countries grouped into culture areas

Hofstede and Bond – 5th dimension

Confucion Dynamism

51


Hofstede’s Societal

Dimensions

Individualism versus Collectivism

People’s self-concept: “I” or “we”

Large versus Small Power Distance

How a society handles inequalities among people

Strong versus Weak Uncertainty Avoidance

Control the future or just let it happen

Masculinity versus Femininity

The way a society allocates social roles to gender

Confucian Dynamism

Short-term or long-term orientation

52


Accounting Values – Gray

Professionalism versus statutory control

Uniformity versus flexibility

Conservatism versus optimism

Secrecy versus transparency

53


Professionalism versus

Statutory Control

Accountants are perceived to have independent attitudes throughout the world

Public regulation or self regulation U.K. – rely on judgment of accountant

France and Germany – implement detailed legal requirements

Link to societal value dimensions – Professionalism Individualism

Weak uncertainty avoidance

Small power distance

Masculinity

Short-term orientation

54


Uniformity versus Flexibility

Uniform accounting plan and imposition of tax rules for measurement purposes France and Spain

Facilitate national planning

Pursue macroeconomic goals

Intertemporal consistency and some degree of intercompany comparability b/c of flexibility U.S. and U.K.

Link to societal value dimensions – Uniformity Strong uncertainty avoidance

Collectivism

Large power distance

55


Figure 2.4 Culture and Accounting

Systems in Practice

56


Authority and Enforcement

57


Conservatism versus

Optimism

Conservatism seen as a fundamental value

Strongly conservative

Japan, France, Germany, Switzerland

Less conservative

U.S., U.K., the Netherlands

Link to societal value dimensions – Conservatism

Strong uncertainty avoidance

Long-term orientation

Collectivism

Femininity

58


Secrecy versus Transparency

Stems from management and accountants

Closely related to conservatism Secrecy relates to disclosure

Conservatism relates to measurement

Secrecy High – Japan, France, Germany, Switzerland

Low – U.S. and U.K.

Link to societal value dimensions – Secrecy Strong uncertainty avoidance

High power distance

Collectivism

Femininity

59


Accounting Values and

Societal Values

60



International Classification

Accounting values most relevant to professional or statutory authority and enforcement Professionalism and Uniformity

Both concerned with regulation and degree of enforcement or conformity

Accounting values most relevant to measurement and disclosure Conservatism and secrecy

Country groupings Optimistic and transparent

Conservative and secretive

61



International Classification

62


International Pressures for

Accounting Change

Growing international interdependencies

Harmonization of the regulatory framework

internationally

Centrally planned economies embraces

market-oriented approach

Former U.S.S.R., Eastern Europe, China

New opportunities for international

investment, joint ventures, and alliances

63


Economic Groupings and

International Organizations

European Union Promotes economic integration/harmonization

UN World Bank

International Monetary Fund

UN conference on Trade and Development

World Trade Organisation

OECD Foster international economic and social development in

industrialized countries

“Code of Conduct” for MNEs

64


Impact of MNEs and

Globalization

Cultural and social

Employment and consumption patterns

Significantly influenced

Pressure for more accountability

Environmental impact

65


Impact of MNEs and

Globalization

OECD, EU, IOSCO work for harmonization

and internationalization of securities markets

IASB and the International Federation of

Accountants (IFAC)

Professional organizations involved in

harmonization

66

PERTEMUAN 3 & 4

Hari/Tanggal: Kamis, 8 & 15 Oktober 2020 Jam: 08.00


Topik: Akuntansi Komparatif - Eropa

67

Akuntansi International

P2 – Akuntansi di beberapa Negara

(Eropa)

68

Tujuan pembelajaran

• Mampu membedakan standar dan praktik akuntansi yang berlaku beberapa

Negara Eropa

• Dalam Bab ini kita belajar tentang faktor-faktor yang mempengaruhi

perkembangan sistem akuntansi suatu negara, termasuk sumber keuangan,

sistem hukum, perpajakan, ikatan politik dan ekonomi, dan inflasi. Bab ini

melanjutkan untuk mengklasifikasikan sistem akuntansi menurut elemen

umum dan fitur khasnya.

69

Standard Akuntansi & data ekonomi Eropa

Standar akuntansi adalah peraturan atau aturan (seringkali termasuk

hukum dan statuta) yang mengatur penyusunan laporan keuangan.

Penetapan standar adalah proses di mana standar akuntansi dirumuskan.

Jadi, standar akuntansi adalah hasil dari penetapan standar. Namun,

praktik aktual mungkin menyimpang dari apa yang disyaratkan standar.

Setidaknya ada tiga alasan untuk ini. Pertama, di banyak negara hukuman

untuk ketidakpatuhan dengan pernyataan akuntansi resmi lemah atau

tidak efektif. Perusahaan tidak selalu mengikuti standar jika tidak

diterapkan. Kedua, perusahaan mungkin secara sukarela melaporkan

lebih banyak informasi dari yang dibutuhkan. Ketiga, beberapa negara

mengizinkan perusahaan untuk menyimpang dari standar akuntansi jika

hal itu akan lebih mewakili hasil operasi dan posisi keuangan perusahaan.

Untuk mendapatkan gambaran yang lengkap tentang bagaimana

akuntansi bekerja di suatu negara, kita harus memperhatikan proses

penyusunan standar akuntansi, standar akuntansi yang dihasilkan, dan

praktik yang sebenarnya. Auditing menambah kredibilitas laporan

keuangan. Oleh karena itu, kita juga membahas tentang peran dan tujuan

audit negara yang kami periksa.

70

IFRS IN THE EUROPEAN UNION

• Tren pelaporan keuangan mengarah pada penyajian yang wajar, setidaknya untuk laporan keuangan konsolidasian. Tren ini terutama terjadi di Uni Eropa. Pada tahun 2002, Uni Eropa menyetujui peraturan akuntansi yang mewajibkan semua perusahaan Uni Eropa yang terdaftar di pasar yang teregulasi untuk mengikuti IFRS dalam laporan keuangan konsolidasi mereka, mulai tahun 2005.

• Negara-negara anggota bebas untuk memperluas persyaratan ini ke semua perusahaan, tidak hanya yang terdaftar, termasuk individu laporan keuangan perusahaan.

71

IFRS IN THE EUROPEAN UNION

• Untuk memahami akuntansi di Eropa, seseorang harus memahami IFRS dan persyaratan akuntansi lokal. Banyak perusahaan akan memilih untuk mengikuti persyaratan lokal jika IFRS diizinkan. Misalnya, mereka mungkin menganggap IFRS tidak relevan dengan kebutuhan mereka atau terlalu rumit.

• Laporan keuangan IFRS terdiri dari laporan posisi keuangan, laporan laba rugi komprehensif, laporan arus kas, laporan perubahan ekuitas, dan catatan atas laporan keuangan. Pengungkapan catatan harus mencakup:

1. Kebijakan akuntansi

2. Pertimbangan yang dibuat oleh manajemen dalam menerapkan kebijakan akuntansi penting

3. Asumsi utama tentang masa depan dan sumber estimasi penting mengenai ketidakpastian lainnya

72

73

ACCOUNTING MEASUREMENTS

• Di bawah IFRS, semua kombinasi bisnis diperlakukan sebagai pembelian. Goodwill adalah selisih antara nilai wajar imbalan yang diberikan dan nilai wajar aset, kewajiban, dan kewajiban kontinjensi anak perusahaan.

• Goodwill diuji penurunan nilainya setiap tahun. Goodwill negatif harus segera diakui dalam pendapatan.

• Entitas yang dikendalikan bersama dapat diperhitungkan baik dengan konsolidasi proporsional (disukai) atau metode ekuitas.

• Investasi pada perusahaan asosiasi dicatat dengan metode ekuitas.

• Entitas asosiasi adalah entitas yang investornya memiliki pengaruh signifikan, tetapi bukan merupakan entitas anak maupun ventura bersama. Pengaruh signifikan adalah kekuasaan untuk berpartisipasi dalam keputusan kebijakan keuangan dan operasi investee tetapi tidak untuk mengendalikan kebijakan tersebut. Hal ini dianggap ada jika investor memiliki setidaknya 20 persen dari hak suara investee dan tidak akan ada jika kurang dari 20 persen yang dimiliki; praduga ini dapat dibantah jika ada bukti jelas yang bertentangan.

74

ACCOUNTING MEASUREMENTS

• Tranlasi laporan keuangan operasi luar negeri didasarkan pada konsep mata uang fungsional.

• Mata uang fungsional adalah mata uang lingkungan ekonomi utama tempat entitas asing beroperasi. Ini bisa berupa mata uang yang sama yang digunakan oleh induk perusahan untuk menyajikan laporan keuangannya atau mata uang asing yang berbeda.

(A) Jika entitas asing memiliki mata uang fungsional yang berbeda dari mata uang pelaporan entitas induk, laporan keuangan dijabarkan dengan menggunakan metode kurs kini dengan penyesuaian translasi yang dihasilkan dimasukkan dalam ekuitas. (Berdasarkan metode kurs kini, aset dan liabilitas dijabarkan pada akhir tahun, atau saat ini, kurs; pendapatan dan beban dijabarkan dengan kurs transaksi [atau, dalam praktiknya, kurs rata-rata].)

(B) Jika entitas asing memiliki mata uang fungsional yang sama dengan mata uang pelaporan induk, laporan keuangan dijabarkan sebagai berikut:

75

Continued

• Year end rate untuk item moneter

• Nilai tukar tanggal transaksi untuk item nonmoneter dicatat pada biaya historis

• Nilai tukar tanggal penilaian untuk item nonmoneter yang dicatat pada nilai wajar

Penyesuaian translasi dimasukkan dalam pendapatan periode berjalan. (c) Jika entitas asing memiliki mata uang fungsional ekonomi hiperinflasi, maka laporan keuangannya disajikan kembali terlebih dahulu untuk mengetahui pengaruh inflasi, kemudian dijabarkan dengan menggunakan metode kurs kini yang dijelaskan di atas.

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FIVE NATIONAL FINANCIAL

ACCOUNTING SYSTEMS - FRANCE

• Prancis adalah pendukung keseragaman akuntansi nasional terkemuka di dunia. Kementerian Ekonomi Nasional menyetujui Plan Comptable Général resmi pertama (kode akuntansi nasional) pada bulan September 1947.

• Sebuah rencana yang direvisi mulai berlaku pada tahun 1957. Revisi lebih lanjut dari rencana tersebut diberlakukan pada tahun 1982 di bawah pengaruh Petunjuk Keempat Eropa Union (EU).

• Pada tahun 1986 rencana tersebut diperpanjang untuk menerapkan persyaratan Arahan Ketujuh UE pada laporan keuangan konsolidasian, dan direvisi lebih lanjut pada tahun 1999.

77

France

• Dasar utama regulasi akuntansi di Prancis adalah Undang-Undang Akuntansi 1983 dan Keputusan Akuntansi 1983, yang membuat Plan Comptable Général wajib bagi semua perusahaan.

• Kedua teks tersebut dimasukkan ke dalam Code de Commerce. Undang-undang komersial dalam Code de Commerce memiliki ketentuan akuntansi dan pelaporan yang ekstensif.

• Diperlukan inventaris tahunan aset dan kewajiban. Pandangan yang benar dan adil untuk pelaporan keuangan harus dibuktikan, dan catatan akuntansi tertentu diberikan peran istimewa dalam proses peradilan tertentu. Catatan akuntansi, yang secara hukum berfungsi sebagai bukti dan verifikasi, semakin dianggap sebagai sumber informasi untuk pengambilan keputusan.

78

France

• ACCOUNTING REGULATION AND ENFORCEMENT Five major organizations are involved in setting standards in France:

1. Counseil National de la Comptabilité, or CNC (National Accounting Board)

2. Comité de la Réglementation Comptable, or CRC (Accounting Regulation Committee)

3. Autorité des Marches Financiers, or AMF (Financial Markets Authority)

4. Ordre des Experts-Comptables, or OEC (Institute of Public Accountants)

5. Compagnie Nationale des Commissaires aux Comptes, or CNCC (National Institute of Statutory Auditors)

79

France

• French companies must report the following:

1. Balance sheet

2. Income statement

3. Notes to financial statements

4. Directors’ report

5. Auditor’s report

80

• Fitur penting dari pelaporan bahasa Prancis adalah persyaratan untuk pengungkapan catatan kaki yang ekstensif dan terperinci, termasuk item

berikut:

1. Explanation of measurement rules employed (i.e., accounting policies)

2. Accounting treatment of foreign currency items

3. Statement of changes in fixed assets and depreciation

4. Details of provisions

5. Details of any revaluations

6. Breakdown of receivables and liabilities by maturity

7. List of subsidiaries and share holdings

8. Amount of commitments for pensions and other retirement benefits

9. Details of the impact of taxes on the financial statements

10. Average number of employees listed by category

11. Analysis of turnover by activity and geographically

FRANCE

81

Accounting Measurement - France

• Perusahaan Prancis yang terdaftar mengikuti IFRS dalam laporan keuangan

konsolidasi mereka, dan perusahaan yang tidak terdaftar juga memiliki opsi

ini. Namun, semua perusahaan Prancis harus mengikuti peraturan tetap di

tingkat perusahaan individu. Akuntansi untuk perusahaan perorangan adalah

dasar hukum untuk membagikan dividen dan untuk menghitung penghasilan

kena pajak.

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Germany

• Lingkungan akuntansi Jerman telah berubah secara terus menerus dan luar biasa sejak akhir Perang Dunia II. Pada saat itu, akuntansi bisnis menekankan bagan akun nasional dan bagian (seperti di Prancis). Kode Dagang menetapkan berbagai prinsip "pembukuan yang teratur", dan audit independen hampir tidak selamat dari perang.

• Dalam pergantian peristiwa besar, Undang-Undang Korporasi 1965 memindahkan sistem pelaporan keuangan Jerman ke arah gagasan Inggris-Amerika (tetapi hanya untuk perusahaan yang lebih besar). Diperlukan lebih banyak pengungkapan, konsolidasi terbatas, dan laporan manajemen perusahaan. Laporan manajemen dan persyaratan audit tambahan menjadi persyaratan hukum melalui UU Publisitas Perusahaan 1969.

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Germany

• Pada awal tahun 1970-an, Uni Eropa (UE) mulai mengeluarkan arahan harmonisasinya, di mana negara-negara anggotanya harus memasukkannya ke dalam undang-undang nasional mereka. Arahan Uni Eropa Keempat, Ketujuh, dan Kedelapan semuanya masuk ke hukum Jerman melalui Undang-Undang Akuntansi Komprehensif tanggal 19 Desember 1985. Undang-undang ini luar biasa karena

1. Ini mengintegrasikan semua persyaratan akuntansi, pelaporan keuangan, pengungkapan, dan audit Jerman yang ada ke dalam satu hukum;

2. Undang-undang tunggal ini ditetapkan sebagai buku ketiga dari Kode Komersial Jerman (HGB), sehingga berlaku untuk semua entitas bisnis, dari kemitraan terbatas hingga perusahaan swasta dan publik; dan

3. Undang-undang tersebut sebagian besar didasarkan pada konsep dan praktik Eropa. Undang-undang tahun 1985 diperbarui secara signifikan pada tahun 2009 dengan disahkannya Undang-Undang Modernisasi Hukum Akuntansi Jerman

84

Germany

• Undang-undang menentukan isi dan format laporan keuangan, yang meliputi berikut ini:

1. Balance sheet

2. Income statement

3. Notes

4. Management report


85

Accounting measurement

• Berdasarkan Kode Komersial (HGB), metode pembelian (akuisisi) digunakan untuk kombinasi bisnis. Sampai tahun 2009, dua bentuk metode pembelian diizinkan: metode nilai buku dan metode revaluasi (pada dasarnya keduanya berbeda dalam perlakuan terhadap kepentingan minoritas).

• Metode penilaian kembali harus digunakan di mana aset dan kewajiban perusahaan yang diakuisisi dibawa ke nilai kini, dan jumlah yang tersisa adalah niat baik.

• Goodwill harus diamortisasi selama masa manfaatnya, biasanya lima tahun atau kurang.

• Metode ekuitas digunakan untuk entitas asosiasi yang dimiliki 20 persen atau lebih, tetapi hanya dalam laporan keuangan konsolidasian.

• Usaha patungan dapat dicatat dengan menggunakan metode konsolidasi proporsional atau ekuitas. Metode kurs penutupan yang dimodifikasi digunakan untuk mata uang asing.

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Czech Republic

• Akuntansi di Republik Ceko telah berubah arah beberapa kali, yang mencerminkan sejarah politik negara tersebut. Praktik dan prinsip akuntansi mencerminkan negara-negara Eropa berbahasa Jerman hingga akhir Perang Dunia II. Kemudian, dengan pembangunan ekonomi terencana terpusat, praktik akuntansi didasarkan pada model Soviet. Kebutuhan administrasi berbagai lembaga pemerintah pusat dipenuhi melalui fitur-fitur seperti bagan akun yang seragam, metode akuntansi yang terperinci, dan laporan keuangan yang seragam, wajib untuk semua perusahaan. Fokus pada produksi dan penetapan biaya, berdasarkan biaya historis, lebih ditekankan daripada pelaporan eksternal. Sistem akuntansi keuangan dan biaya terpadu menggunakan harga dan prinsip lain yang sama

87

Czech Republic

• Setelah 1989 Cekoslowakia bergerak cepat menuju ekonomi berorientasi

pasar. Pemerintah mengubah struktur hukum dan administrasi untuk

merangsang ekonomi dan menarik investasi asing. Hukum dan praktik

komersial disesuaikan agar sesuai dengan standar Barat. Kontrol harga

dicabut. Akuntansi kembali beralih ke barat, kali ini mencerminkan prinsip-

prinsip yang terkandung dalam Arahan Uni Eropa.

88

Czech Republic

• Financial statements must be comparative, consisting of:

1. Balance sheet

2. Profit and loss account (income statement)

3. Notes

89

Czech Republic

• Metode akuisisi (pembelian) digunakan untuk menghitung kombinasi bisnis.

• Goodwill yang timbul dari kombinasi bisnis dihapuskan pada tahun pertama konsolidasi atau dikapitalisasi dan diamortisasi selama tidak lebih dari 20 tahun.

• Metode ekuitas digunakan untuk perusahaan asosiasi (yang memiliki pengaruh yang signifikan tetapi tidak dikonsolidasi), dan konsolidasi proporsional digunakan untuk usaha patungan.

• Nilai tukar akhir tahun (penutupan) digunakan untuk menerjemahkan laporan laba rugi dan neraca anak perusahaan asing.

• Tidak ada pedoman untuk melaporkan penyesuaian translasi mata uang asing

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Czech Republic

• Aset berwujud dan tidak berwujud dinilai sebesar biaya perolehan dan dihapuskan selama umur ekonomis yang diharapkan.

• Persediaan dinilai berdasarkan biaya yang lebih rendah atau nilai realisasi bersih, dan FIFO dan rata-rata tertimbang adalah

asumsi arus biaya yang diperbolehkan (LIFO tidak).

• Biaya penelitian dan pengembangan dapat dikapitalisasi jika terkait dengan proyek yang berhasil diselesaikan dan mampu

menghasilkan pendapatan di masa depan. Aset sewaan biasanya tidak dikapitalisasi — contoh bentuk melebihi substansi.

• Pajak penghasilan tangguhan disediakan secara penuh untuk semua perbedaan temporer.

• Kerugian kontinjensi dicatat pada saat kemungkinan besar dan dapat diukur dengan andal. Perusahaan juga dapat

mengambil ketentuan untuk biaya perbaikan dan pemeliharaan di masa mendatang. Cadangan hukum diperlukan:

• Keuntungan dialokasikan setiap tahun hingga mencapai 20 persen dari ekuitas untuk perusahaan dan 10 persen untuk

perseroan terbatas.

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Netherlands

• Akuntansi Belanda menyajikan beberapa paradoks yang menarik. Belanda memiliki persyaratan akuntansi dan pelaporan keuangan yang relatif permisif tetapi standar praktik profesional yang sangat tinggi.

• Belanda adalah negara hukum, namun akuntansi berorientasi pada penyajian yang adil. Pelaporan keuangan dan akuntansi pajak adalah dua aktivitas terpisah. Selanjutnya, orientasi kewajaran berkembang tanpa pengaruh pasar saham yang kuat.

• Inggris dan Amerika Serikat telah mempengaruhi akuntansi Belanda sebanyak (atau lebih) daripada negara-negara Eropa kontinental lainnya. Tidak seperti norma di tempat lain di benua Eropa, profesi akuntansi memiliki pengaruh yang signifikan terhadap standar dan peraturan akuntansi Belanda.

92

Netherlands

• The financial statements must include the following:

1. Balance sheet

2. Income statement

3. Notes


5. Other prescribed information

93

United Kingdom

• Akuntansi di Inggris berkembang sebagai disiplin independen, secara

pragmatis menanggapi kebutuhan dan praktik bisnis. Seiring waktu, undang-

undang perusahaan yang berurutan menambahkan struktur dan persyaratan

lainnya, tetapi masih memungkinkan akuntan memiliki fleksibilitas yang

cukup besar dalam penerapan pertimbangan profesional.

• Sejak tahun 1970-an, sumber perkembangan terpenting dalam hukum

perusahaan adalah Arahan UE. Pada saat yang sama, standar akuntansi dan

proses penyusunan standar menjadi lebih otoritatif

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United Kingdom

• Warisan akuntansi Inggris ke seluruh dunia sangat besar. Inggris Raya adalah

negara pertama di dunia yang mengembangkan profesi akuntansi seperti yang

kita kenal sekarang.

• Konsep penyajian hasil dan posisi keuangan yang adil (pandangan yang benar

dan wajar) juga berasal dari Inggris. Pemikiran dan praktik akuntansi

profesional diekspor ke Australia, Kanada, Amerika Serikat, dan bekas milik

Inggris lainnya termasuk Hong Kong, India, Kenya, Selandia Baru, Nigeria,

Singapura, dan Afrika Selatan.

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United Kingdom

• The following six accountancy bodies in the United Kingdom are linked through the Consultative Committee of Accountancy Bodies (CCAB), organized in 1970.44

1. The Institute of Chartered Accountants in England and Wales

2. The Institute of Chartered Accountants of Scotland

3. The Institute of Chartered Accountants in Ireland

4. The Association of Chartered Certified Accountants

5. The Chartered Institute of Management Accountants 6. The Chartered Institute of Public Finance and Accountancy

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United Kingdom

• British financial reporting is among the most comprehensive in the world. Financial statements generally include:


2. Profit and loss account and balance sheet

3. Cash flow statement

4. Statement of total recognized gains and losses

5. Statement of accounting policies

6. Notes referenced in the financial statements


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98

PERTEMUAN 5 & 6

Hari/Tanggal: Kamis, 22 & 30 Oktober 2020 Jam: 08.00


Topik: Akuntansi Komparatif – Amerika dan Asia

99

DOSEN PENGAMPU :

DR. LIES ZULFIATI, S.E., M.SI., AK., CA



Chapter 3

Comparative International

Financial Accounting I

101


Strategic Decision Point

IASB was created to increase comparability

How will differing cultures interpret standards?

Will standards be applied consistently?

What can the IASB do to mitigate this issue?

102


Founding Members of the

IASC and IASB Exhibit 3.1 Economic Data for Developed Countries

GDP PPP

(in billions)

GDP Per

Capita

Populatio

n (in

millions)

Unemplo

yment

Inflation Area per sq

km

(in

thousands)

Imports

(in

billions)

Exports

(in

billions)

U.S $10,990.0 $37,800 293.0 6.0% 2.3% 9,631.4 $,1260.0 $714.5

U.K. $1,666.0 $27,700 60.3 5.0% 1.4% 244.8 $363.6 $304.5

Australia $571.4 $29,000 19.9 6.0% 2.8% 7,686.9 $82.9 $68.7

Netherlands $461.4 $28,600 16.3 5.3% 2.1% 41.5 $217.7 $253.2

Sweden $238.3 $26,800 9.0 4.9% 1.9% 450.0 $83.3 $102.8

Germany $2,271.0 $27,600 82.4 10.5% 1.1% 357.0 $585.0 $696.9

Switzerland $239.3 $32,700 7.4 3.7% 0.6% 41.3 $102.2 $110.0

France $1,661.0 $27,600 60.4 9.7% 2.1% 547.0 $339.9 $346.5

Italy $1,550.0 $26,700 58.1 8.6% 2.7% 301.2 $271.1 $278.1

Spain $885.5 $22,000 40.3 11.3% 3.0% 504.8 $197.1 $159.4

Japan $3,582.0 $28,200 127.3 5.3% -0.3% 337.8 $346.6 $447.1 103


Anglo-American Accounting

Less conservative and more transparent

United States

Focused on large corporations and interests of investors

Securities markets are the dominant influence on

accounting regulation

SEC has authority to formulate and enforce accounting

standards

Delegated to the FASB

Only listed corporations are required by law to comply with

GAAP

Very public standards-setting process

104



United Kingdom Focus on investors

Company law has a much wider remit

Accounting requirements are for all LLCs and corporations

Accounts present a “true and fair view” of company results

Accounting Standards Board (ASB) will incorporate International Financial Reporting Standards (IFRS) by 2005

105



Australia English influence

Focus on investors rather than tax needs

Australian Securities & Investments Commission

Regulate and enforce company law

Australian Accounting Standards Board – creates standards

Urgent Issues Group (UIG)

Financial Reporting Council oversees AASB

Provides guidance for public and private sector

106


The Netherlands

Business economics approach to accounting

Tradition of Public ownership of shares

International business outlook

“Generally Acceptable Accounting Principles” Provided by Council for Annual Reporting

Members from the accounting profession (NIVRA) and others

Not mandated by law, but followed by most companies

Company law is supplemented by case law

IFRS required for listed companies in 2005

107


Nordic Accounting

Nordic Countries: Denmark, Finland, Iceland, Norway, and

Sweden

Sweden

Focus on creditors, government, and tax authorities

Two-tier approach

Individual accounts – traditional basis

Consolidated accounts of major groups – international capital

market needs

The law provides a framework rather than detailed requirements

Accounting Standards Board and Accounting Council provide

guidance in the context of company law


108


Germanic Accounting

Germany Focus on needs of creditors and tax authorities

MNEs are becoming more investor-oriented

Company law is predominant influence

Accounting rules amend the Commercial Code

Annual accounts are the basis for tax accounts

Tax rules dominate legal accounting issues

Limited impact of accounting profession

German Accounting Standards Board


109


Germanic Accounting

Switzerland Favors needs of creditors and authorities

More companies are making further voluntary disclosures

Very secretive and conservative system

Dominated by company law and tax regulations New law – 1992

Improved disclosure and protection for investors

Secret reserves are still allowed

Accounting profession consists of Foundation for Accounting and Reporting

Recommendations – supervises the Accounting Standards Board

Recommendations elaborate and supplement company law

110


Latin Accounting

France Focus on needs of creditors and tax authorities

Consolidated groups can report in U.S. GAAP or IAS

Company law and tax law are the predominant influences Focus on national economic planning

Tax laws tend to override accounting rules

Small accounting profession established by law OECCA and CNCC for public accounting and auditing

Small stock market Most capital contributed by banks, government, or family

French equivalent of the SEC – Commission des Opérations de Bourse (COB)


111


Latin Accounting

Italy Focus on interests of government and tax authorities

Focus is shifting because of globalization

Accounts are used as the basis for taxation Tradition of conservatism to minimize taxes

Italian equivalent of the SEC – CONSOB

Slow to adopt EU directives because External investor interests are seen as less important than

family and state interests

Tendency to protect the right of companies to keep business secrets

Professional accounting bodies are advisory


112


Asian Accounting

Many countries have a colonial accounting history or foreign influence

Japan Focus on needs of creditors and tax authorities

Commercial Code (similar to Germany)

Corporate tax law is very influential Leads to conservative accounting

Government institutions are directly involved in standard-setting Ministry of Finance – responsible for securities and

exchange law

Ministry of Justice – responsible for application of Commercial Code

113


Asian Accounting

Japan continued Accounting for business combinations is a source of

concern Keiretsu – system of interlocking directorates of related

businesses formed to work together

Small accounting profession Makes recommendations on the practical application of

legal accounting rules

Tendency for secrecy and a lack of disclosure

Increased international focus ASBJ in Japan is similar to the FASB in the U.S.

Approximately 30 Japanese companies listed in the U.S. prepare financial statements in accordance with U.S. GAAP.

114

DOSEN PENGAMPU :

ERNA LOVITA SE.,MSI.,AK.,CA.,CSRS.,CSRA.



Chapter 4

Comparative International

Financial Accounting II

116


Strategic Decision Point

Developing nations

Questionable integrity and transparency in financial reports

Being left behind in creation of international standards

Trouble in obtaining international capital

Trouble reaching full potential

What can the accounting profession do to aid these

developing countries?

What can be done to ensure proper compliance in

these countries?

IASB is discussing standards for small MNEs

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Comparative Information Exhibit 4.1 Economic Data for Developing Countries

GDP PPP

(in

billions)

GDP Per

Capita

Populatio

n (in

millions)

Unemplo

yment

Inflation Area per sq

km

(in

thousands)

Imports

(in

billions)

Exports

(in

billions)

India $3,033.0 $2,900 1,065.1 9.5% 3.8% 3,287.6 $74.2 $57.2

Malaysia $207.8 $9,000 23.5 3.6% 1.1% 329.8 $74.4 $98.4

Brazil $1,375.0 $7,600 184.1 12.3% 14.7% 8,512.0 $48.3 $73.4

Argentina $435.5 $11,200 39.1 17.3% 13.4% 2,767.0 $13.3 $29.6

Mexico $941.2 $9,000 105.0 3.3% 4.5% 1,972.6 $168.9 $164.8

China $6,449.0 $5,000 1,298.8 10.1% 1.2% 9,597.0 $397.4 $436.1

Indonesia $758.8 $3,200 238.5 8.7% 6.6% 1,919.4 $40.22 $63.89

Thailand $477.5 $7,400 64.9 2.2% 1.8% 514.0 $65.3 $76.0

Poland $427.1 $11,100 38.6 20% 0.7% 312.7 $63.7 $57.6

Russia $1,282.0 $8,900 143.8 8.5% 13.7% 17.075.2 $74.8 $134.4

Czech

Republic

$161.1 $15,700 10.2 9.9% 0.1% 78.9 $50.4 46.8%

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Comparative Information Exhibit 4.2 Number of Companies in Developing Countries listed on Foreign Exchanges

NYSE NASDAQ London Stock Exchange

India 8 3 17

Malaysia 0 0 3

Brazil 37 1 0

Argentina 10 3 1

Mexico 22 3 0

China 17 0 5

Indonesia 2 0 2

Thailand 0 0 0

Poland 0 0 8

Russia 6 0 4

Czech Republic 0 0 3

119


Comparative Information Exhibit 4.3 IFRS Acceptance

Not Permitted for

Domestic

Listed

Companies

Permitted for

Domestic Listed

Companies

Required for Some

Domestic

Companies

Required for All

Domestic Listed

Companies

India ? ? ? ?

Malaysia X

Brazil X

Argentina X

Mexico X

China X

Indonesia X

Thailand X

Poland X

Russia X

Czech Republic X

120


Comparative Information Exhibit 4.4 Other Country Data

Legal Origin Income Group Rating on Accounting

Standards*

India English Low 45

Malaysia English Upper Middle 76

Brazil French Lower Middle 54

Argentina French Upper Middle 45

Mexico French Upper Middle 60

China German Lower Middle 52

Indonesia French Low 65

Thailand English Lower Middle 64

Poland German Upper Middle 36

Russia Socialist Lower Middle 32

Czech Republic German Upper Middle 38

*Higher scores indicate higher rating on accounting standards

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Anglo-American Influence

Less conservative and more transparent than

German and Latin countries

India

Significantly improved economy over past decade

Focus on needs of investors

Institute of Chartered Accountants in India (ICAI)

and the Accounting Standards Board (ASB)

Create and modify accounting standards

Give consideration to IAS and IFRS issued by IASB

122


Anglo-American Influence

Malaysia

Rapid growth over the last 30 years

Anticipated growth in GDP, private consumption,

and private investment


Financial Reporting Foundation (FRF) oversees

the MASB

MASB tries to converge with IFRS

123


Latin Accounting

More conservative and secretive compared to Anglo-American accounting

Brazil Focus on needs to creditors and tax authorities

Government, company law, and tax regulations influence accounting Corporation law of 1976

IBRACON and the Federal Accounting Council issue accounting standards

CVM – Securities Exchange Commission Sets standards for listed companies

Approves IBRACON and FAC standards

Brazil has one of the major markets in Latin America

124


Latin Accounting

Argentina

Focus on needs of creditors and tax authorities

Standards set by the Argentine Federation of Expert Councils in Economies (FACPCE) Councils may ratify or amend each Technical Resolution (TR)

Confusion on what standard to follow in regard to General Price Level (GPL) accounting Takes inflation into account

Government no longer accepts GPL adjusted financials

FACPCE – GPL is optional is inflation is below 8%

FACPCE works toward harmonization with IFRS, but believes differences should still exist

125


Latin Accounting

Mexico Focus on needs of creditors and tax authorities

Economic development has improved since NAFTA was created

Strongly influenced by U.S. GAAP and GAAS

Professional accountancy

IMCP – similar to AICPA Issues standards and professional code of conduct

Formed the Mexican Council for Research and Development of Financial Reporting Standards (CINIF)

CINIF issues Mexican standards inline with IFRS

70% in line with international standards at beginning of 2005

126


Asian Accounting

China

Focus is shifting from government to investors, creditors,

and management

Information must now meet more than the needs of

macroeconomic control

The Accounting Law of the People’s Republic of China

Established principles on nature & role of accounting

Ministry of Finance empowered to issue standards

New standards are unified and market-oriented

Accounting Society of China and Deloitte Touche

Tohmatsu have aided in reforming accounting

127


Asian Accounting

Indonesia

Dutch influence in the beginning


Asian crisis hurt Indonesia, but reforms have

returned Indonesia to pre-crisis levels

Financial Accounting Standards Board (DSAK) of

the Indonesian Institute of Accountants

Working to harmonize standards with IFRS

128


Thailand

Accounting system values transparency


Asian crisis Implemented reforms to increase corporate governance and

competition

Economy recovered quickly and has since sustained growth

Accounting standards issued by Institute of Certified Accountants and Auditors of Thailand

(ICAAT)

Standards approved by the Ministry of Commerce

Thai SEC Requires all listed companies on the Exchange of Thailand to be

reviewed by independent auditors

Supervises all listed companies

129


Eastern-European Accounting

Poland

Attempted the shock therapy model – 1990

All reforms made at once

A leader among the transition countries

Transition made in three stages

1991 – Decree issued by Ministry of Finance establishing

rules for transition to market economy

1994 – “True and fair view” adopted

2002 – Standards more in line with IFRS

Became EU member in 2004

Will adopt IFRS in 2005

130



Russia Differs from other transition economies

Share of new enterprises is low compared to other economies

Many soviet-style units still exist that are operating at losses

Growth is constrained by reliance on oil and gas

Dominated by unreformed monopolies

Accounting rules created by Ministry of Finance

Central Bank of Russia creates standards for

Banks

Credit institutions

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Russia

Focus on taxation needs of the country

Highly reflects the result of a planned economy

Consolidated statements prepared using IFRS

Individual company statements prepared with

antiquated Russian Accounting Standards (RAS)

Purpose of conversion to IFRS is to

Increase transparency

Encourage investment

132



Czech Republic

Gained independence in 1993

Tried the shock therapy method

Ran into problems with inflation

Working to conform with IFRS

Accounting Act of 2002 – companies can opt for IFRS over

Czech rules

Will adopt IFRS by 2005 as a member of the EU

More market-driven accounting standards exist

Tax system still depends on accounting rules

Government must change this or lose power over tax base

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PERTEMUAN 7

Hari/Tanggal: Kamis, 5 November 2020 Jam: 08.00


Topik: Pelaporan dan Pengungkapan

134

1

International Accounting

Frederick D.S. Choi

Gary K. Meek

Chapter 5: Reporting and

Disclosure

135

Choi/Meek, 6/e 2

Learning Objectives

Distinguish voluntary and mandatory disclosure and the applicable regulatory measures.

Identify the broad objectives for accounting disclosure systems in investor-oriented equity markets.

Discuss “triple-bottom line” reporting and why it is a growing tendency among large multinational corporations.

Have a basic understanding of the following selected corporate financial-disclosure practices: (a) disclosures of forward-looking information, (b) segment disclosures, (c) social responsibility reporting, (d) special disclosures for non-domestic financial statement users, and (e) corporate governance disclosures.

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Choi/Meek, 6/e 3

Development of Disclosure

Voluntary disclosure

Voluntary disclosures are increasing as investors

demand more detailed and timely information.

But managers’ incentives for disclosure aren’t

always aligned with those of investors.

Disclosure regulations and third party certification

can improve the functioning of capital markets.

137

Choi/Meek, 6/e 4

Development of Disclosure

(contin) Regulatory disclosure requirements

Stock exchanges want to be sure that investors have enough information to evaluate a company’s performance and prospects.

Disclosure protects investors, but shareholder protection varies across countries.

Twin objectives of investor oriented markets (Frost and Lang 1996): Investor protection

Investors are provided with material information.

And are protected through monitoring and enforcement.

Market quality Markets are fair, orderly, and efficient.

And free from abuse and misconduct.

SEC financial reporting debate Foreign registrants must furnish financial information substantially similar to that required

of domestic companies.

Must reconcile net income and stockholders’ equity to U.S. GAAP if the registrant uses another GAAP.

Do SEC requirements deter foreign companies from listing their securities in the U.S.?

Or do the requirements protect investors and ensure the quality of U.S. capital markets?

Sarbanes-Oxley requirements are also believed to deter foreign companies from listing in the U.S.

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Choi/Meek, 6/e 5

Reporting and Disclosure

Practices

Forward-looking information Includes

Forecasts of revenues, income, cash flows, capital expenditures

Prospective information about future economic performance or position

Statements of management’s plans and objectives for future operations

Softer information about future prospects is more common than precise forecasts.

Why? Forecasts are inherently unreliable.

Legal repercussions if forecasts aren’t met.

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Choi/Meek, 6/e 6


Practices (contin)

Segment disclosures Disaggregated information about a firm’s industry and

geographic operations and results

Includes disaggregated information on

Revenue

Income

Depreciation and amortization

Capital expenditures

Assets

Liabilities

Helps users understand how the parts make up the whole

Product lines and areas of the world vary in terms of risks, returns, and opportunities

140

Choi/Meek, 6/e 7


Practices (contin)

Social responsibility reporting Reporting to “stakeholders”: employees, customers,

suppliers, governments, activist groups, the general public, in addition to investors

The measurement and communication of information about a company’s effects on employee welfare, the local community, and the environment

A way to demonstrate corporate citizenship

“Sustainability” reports integrate economic, social, and environmental performance

“Triple-bottom line reporting”: profits, people, planet

Increasingly being audited to avoid the charge of “green-washing”

141

Choi/Meek, 6/e 8


Practices (contin) Examples:

Employee reporting Employment levels and personnel costs by division and region of the world

Management development

Compensation

Diversity

Human rights

Environmental reporting Impact of production processes, products, and services on

Air

Water

Land

Biodiversity

Human health

Water, raw material, and energy consumption

Activities to reduce pollution

Spending on all of the above

Despite criticisms, becoming mainstream among multinational companies

Global Reporting Initiative has issued guidelines

142

Choi/Meek, 6/e 9


Practices (contin)

Special disclosures for non-domestic

financial statement users

Language translations and currency restatements

Discussion of GAAP differences

Limited restatement of income and stockholders’

equity to another GAAP

This is the SEC requirement

Complete financial statements using another

GAAP, such as IFRS

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Choi/Meek, 6/e 10


Practices (contin)

Corporate governance disclosures

Governance means the responsibilities, accountability,

and relationships among shareholders, board

members, and managers to meet corporate

objectives.

Governance issues include:

Rights and treatment of shareholders

Responsibilities of the board

Disclosure and transparency

Role of stakeholders

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Choi/Meek, 6/e 11


Practices (contin) Governance framework (Dallas 2004)

Market infrastructure

Ownership patterns

Extent to which companies are publicly listed

Ownership rights

Market for corporate control

Board structure

Legal environment

Type of legal system

Shareholder/stakeholder rights

Company/securities laws

Regulatory environment

Regulatory bodies and their purview

Regulatory gaps/overlap

Information and timing requirements

Effectiveness of enforcement

Informational infrastructure

Accounting standards

Auditing standards

Structure of the accounting/auditing profession

Governance mechanisms and disclosures are improving around the world.

OECD issued its revised Principles of Corporate Governance in 2004.

Disclosure is a key element of any good system of corporate governance.

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Choi/Meek, 6/e 12


Practices (contin)

Internet business reporting and

disclosure

World Wide Web increasingly used as an

information dissemination channel.

XBRL will allow users to easily manipulate

companies’ financial statement data.

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Choi/Meek, 6/e 13

Annual Report Disclosures in

Emerging-Market Countries

Generally less extensive and less credible

than disclosures of companies from

developed countries.

Empirical evidence shows that earnings are

less opaque in developed countries than in

developing countries.

Monitoring and enforcement of disclosure

requirements are also less extensive in

developing countries.

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Choi/Meek, 6/e 14

Implications for Financial

Statement Users

Expect wide variation in disclosure levels and

financial reporting practices.

The levels of mandatory and voluntary disclosure

are increasing worldwide.

Managers of companies from low-disclosure

countries should consider adopting enhanced

disclosure.

Enhanced disclosures can result in competitive

advantage over companies with restrictive

disclosure policies.

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Choi/Meek, 6/e 15

Chapter Exhibits

149

Choi/Meek, 6/e 16

Exhibit 5-1 (contin)

150

Choi/Meek, 6/e 17


151

Choi/Meek, 6/e 18


152

Choi/Meek, 6/e 19


153

Choi/Meek, 6/e 20


154

Choi/Meek, 6/e 21


155

Choi/Meek, 6/e 22


156

Choi/Meek, 6/e 23


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Choi/Meek, 6/e 24


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INTERNATIONAL JOURNAL OF SCIENTIFIC & TECHNOLOGY RESEARCH VOLUME 8, ISSUE 06, JUNE 2019 ISSN 2277-8616

340 IJSTR©2019 www.ijstr.org

Full Disclosure In Financial Reporting

Azhar Susanto, Meiryani

Abstract: Quality in decision making is influenced by the quality of company disclosures provided through the annual report so that the information presented in the financial statements can be understood and does not cause misinterpretation, then the presentation of financial statements must be accompanied by adequate disclosure (Equivalent disclosure). Companies will make disclosures in excess of minimum disclosure obligations if they feel such disclosures will reduce their capital costs or if they do not want to miss competitive disclosure practices.Quality in decision making is influenced by the quality of disclosure provided through the annual report so that the information must be accompanied by adequate disclosure. Mandatory disclosure of information required by applicable regulations, in this case the regulation is issued by the financial services authority. Whereas voluntary disclosure is disclosure of information carried out voluntarily by the company without being required by applicable regulations or disclosures that are more than required. Index Terms: Full Disclosure, Financial Reporting, Financial Statements, Earning Management, Measurement, Financial Statements.

————————————————————

1 INTRODUCTION

Full disclosure is a complete and comprehensive disclosure of company data concerning financial data, management and so on with the aim of being widely known by the general public. The market will not function properly without transparent, complete, and honest reporting of financial performance. Investors and other interested parties need to read and understand all aspects of financial reporting. Departing from that, the authors compiled this paper to increase understanding more about full disclosure in financial reporting. The full disclosure principle or the principle of openness is to present all information in financial statements that can affect the reader's understanding. The interpretation of this principle is very subjective and has the potential to cause too much information to be presented. Therefore, the principle of materiality is used to only disclose information about events that might have a material impact on the entity's financial position or results. Disclosures can include things that cannot be accurately calculated, such as tax disputes with the Government or litigation with other parties. Full disclosure also means that we must always report on existing accounting policies, as well as changes to those policies (for example, changes in asset valuation methods or depreciation methods), non-monetary transactions that occur, relationships with business affiliates that have significant transaction volumes, amounts assets are pledged as collateral, amount of material losses caused by costs lower than market value, description of the obligation to terminate the operation of assets, facts and circumstances that cause a decrease in goodwill. The development of the disclosure system is closely related to the development of the accounting system. Disclosure standards and practices are influenced by financial resources, legal systems, political and economic ties, the level of economic development, the level of education, culture, and other influences. National differences in disclosure are generally driven by differences in corporate and financial governance. In the United States, the United Kingdom and other Anglo American countries, equity markets provide most of the funding that companies need to become very advanced.

In these markets, ownership tends to be widespread among many shareholders and protection of investors is emphasized. Institutional investors play an increasingly important role in these countries, demanding increased financial returns and shareholder value. In most other countries (such as France, Japan and some developing market countries), share ownership still remains highly concentrated and banks (and or family owners) have traditionally been the main source of corporate financing. These banks, inside and others, get a lot of information about the company's financial position and activities.

2 LITERATURE REVIEW

2.1 Measurement and Disclosure Measurement is the process of identifying, classifying, and calculating economic activity or transactions. The measurement provides in-depth input on the probability of operating a company and the strength of financial position. Disclosure is the process by which accounting measurements are communicated to users of financial statements and used in decision making. This field focuses on what issues will be reported, when, in what ways, and to whom. Notes to financial statements are intended to strengthen or clarify the items presented in the main parts of the financial statements (profit and loss, changes in capital, balance sheet, and cash flow). In most cases, all data required by the reader cannot be presented in the financial statements themselves, therefore the report includes essential information that must be presented in the notes to the financial statements. Notes to financial statements can be in the form of narratives, in part or in whole. Notes to financial statements not only help report users who do not understand quantitative accounting information but are also important for understanding the company's performance and financial position. The level of disclosure in financial statements is something that needs to be considered by the manager's judgment. The level of disclosure that is increasingly close to full disclosure (full disclosure) will reduce information asymmetry which is a necessary condition for earnings management (Trueman and Titman, 1998). Therefore the level of disclosure has a negative relationship with earnings management. Companies with a minimum level of disclosure tend to do earnings management and vice versa (Lobo and Zhou, 2001) in Yanivi (2003). In the Statement of financial accounting standards (PSAK) number 1 concerning the presentation of financial statements, paragraph 70 says: notes to financial statements include narrative explanations or details of the amounts listed in the balance

___________________________

Azhar Susanto; Accounting Department, Faculty of Economics and Business, Padjadjaran University, Bandung, Indonesia

Meiryani; Accounting Department, Faculty of Economics and Communication, Bina Nusantara University, Jakarta, Indonesia 11480

[email protected]

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mailto:[email protected]



sheet, income statement, cash flow statement, and report on changes in equity and additional information such as contingent liabilities and commitments. The notes to the financial statements also include information that is required and recommended to be disclosed in the Statement of Financial Accounting Standards and other disclosures needed to produce a fair presentation of financial statements. Notes to financial statements reveal:

1. Information on the basis of preparation of financial statements and accounting policies that are selected and determined for important events and transactions.

2. Information presented in the PSAK but not presented on the balance sheet, income statement, cash flow statement, and report on changes in equity.

3. Additional information that is not presented in financial statements but is needed in the context of fair presentation.

1. The more complete information disclosed in the notes to the financial statements (full disclosure), the financial report readers will increasingly understand the company's financial performance.

Disclosure Level In deciding what information to report, a common practice is to provide information that is sufficient to influence user judgment and decisions. This principle, often called full disclosure, acknowledges that the nature and amount of information included in the financial statements reflects a series of valuation trade offs. This trade off occurs between (1) the need to disclose in sufficient detail the things that will influence user decisions, with (2) the need to condense the presentation so that information can be understood. Besides that, the preparation of financial statements must also take into account the costs of making and using financial statements (Kieso and Weygandt, 2002). In a state of high asymmetry information, the users of financial statements do not have enough information to find out whether financial statements, especially profits have been manipulated. The market microstructure theory says that one of the adverse selection problems faced by decision makers is the possibility of material firm-specific information not disclosed to the public (Yanivi, 2003). Capital market regulators can reduce this information asymmetry by making minimum provisions for disclosures that need to be done by companies listed on the stock exchange. One of the regulations is the decision of the chairman of the Capital Market Supervisory Agency number Kep-06/PM/2000 regarding guidelines for presenting financial statements. Greenstein and Sami (1994) in Yanivi (2003) examined and found that the obligation of the Securitas Exchange Committee (SEC) regarding disclosure of segmentation of public companies in the United States stock market has reduced asymmetry information as indicated by smaller bid-ask spreads in company shares. The level of disclosures in the financial statements will help users of financial statements to understand the contents and figures reported in the financial statements. There are three levels of disclosure, namely full disclosure, fair disclosure, and sufficient disclosure. Full disclosure refers to all information provided by the company, both financial information and non-financial information. Full disclosure does not only cover financial statements but also includes information provided on management letters, company prospects and so on. Sufficient disclosure is

disclosure required by applicable accounting standards. While fair disclosures are sufficient disclosures coupled with other information that can affect the fairness of financial statements such as contingencies, commitments and so on. Imhoff and Thomas (1994) in Yanivi (2003) prove that the rating quality of the analysis is positively related to conservatism in the estimation and selection of accounting methods, and with detailed disclosure of the reported figures. The implication of this finding is that companies that are more conservative in making estimates and choosing accounting methods (or companies with low earnings/income smoothing management) will disclose more information. If companies that choose conservative reporting do low earnings/income smoothing management. So this shows a negative relationship between income smoothing and the level of disclosure. Quality of Disclosures Quality Disclosures in the company's annual report are known by various concepts. These include adequacy (Buzby, 1975), completeness (comprehensiveness) (Barrett, 1976), Informative (informativeness) (Alford et al., 1993), and timely lines (Courtis, 1976; Whittred, 1980) ) Imhoff (1992) points to the level of completeness as a quality characteristic of disclosure, while Singhvi and Desai (1971) refer to completeness, accuracy (Accuracy) and reliability as quality characteristics of disclosure. The empirical indicator of the quality of the expression is a disclosure index which is the ratio (ratio) between the number of elements (items) of information that are filled with the number of elements that might be fulfilled. The higher the disclosure index number, the higher the quality of disclosure.

2.2 Voluntary Disclosure Managers have better information from outsiders about their company's current and future performance. Managers take the initiative to voluntarily disclose such information. The advantages of such disclosures may involve lower transaction costs in company securities trading, higher interest from financial analysis and investors. increase liquidity and lower capital costs. The most recent report supports the view that companies can achieve profits in the capital market by enhancing their voluntary disclosure. Investors throughout the world according to detailed and periodic information, the level of voluntary disclosure increases countries with developed and emerging markets. In a classic scientific work, the author argues that communication between managers and investors is imperfect when: Managers have strong information about their company Manager incentives do not match the interest of all shareholders Accounting and audit rules are not perfect. Strong evidence indicates that company managers often have a large incentive to delay disclosure of bad news, "regulate" their financial statements to ensure a more positive impression of the company, and emphasize the financial situation and prospects of the company. Bad alienation is created when the owner of information formed by the public might offset the benefits of full disclosure. Although this mechanism can influence practice strongly, managers usually include that profits are not met with the need for excessive cost reporting. Thus, the selection of manager's disclosures reflects the overall consequences of the need for disclosure and their incentives to describe information voluntarily. A number of rules, such as accounting rules and disclosures, and endorsement by third parties (such as auditing) can improve

160



the functioning of the market. Accounting rules try to reduce the ability of managers to record economic transactions in ways that do not represent the best interests of shareholders. Disclosure rules stipulate provisions to ensure that shareholders receive timely, complete and accurate information. 2.3 Disclosure Requirements Stock exchanges and government regulations generally require registered foreign companies to complete all financial and non-financial information that is almost the same as that needed for domestic companies. Generally registered foreign companies have the flexibility to relate to the accounting principles they use for a number of disclosures. To protect investors, most securities exchanges determine reports and disclosure requirements for domestic and foreign companies seeking access to their markets. Overall and trustworthy disclosure will increase investor confidence, which will increase liquidity, reduce transaction costs, and improve overall market quality. Investor protection and market quality, namely: Prefections of investors. investors are guaranteed by information and protected by the implementation and supervision of market regulations. Market quality. The market is fair, organized, efficient, and free from misuse and acts of crime. Market justice is promoted with reasonable access to information on trading opportunities. Developing market efficiency by increasing liquidity and reducing transaction costs. The principle of market-oriented investors must be implemented, namely:

Cost effectiveness Flexibility and market freedom Transparent financial coverage and overall disclosure Treatment equivalent to domestic and foreign companies. 2.4. Who is the information disclosed for? 1. Shareholders, Investors and Creditors The company's financial statements are addressed to shareholders, investors and creditors. As stated by the FASB: "Financial reporting should provide information that is useful for current and potential investors and creditors and other users in making investment, credit and similar decisions rationally." Disclosures are also made for other parties such as employees, customers, the government and the general public, but this is considered a secondary disclosure in the annual report. The reason for the lack of emphasis on parties other than investors is due to a lack of knowledge about the decisions they make. Investors and creditors have a decision to buy or sell investments and credit to companies, therefore the purpose of financial reporting for this group is relatively clearer. If we define shareholders and other investors as appropriate focal groups for accounting, disclosures in financial reporting can be defined as the presentation of information needed to achieve optimum operations in efficient capital markets. 2. Disclosure to shareholders In other countries such as Europe, disclosures are shown to broader parties, they tend to place the interests of employees and the State above the interests of shareholders. The

importance of shareholder ownership is overtaken by the broader concept of Stakeholders, the effect of which is the changing nature of disclosure. Companies in France, for example, are required to present a social balance sheet to the company's work council every year. This board consists of workers and management. Every social balance sheet must provide information concerning:

Employment Costs related to wages (allowance packages) Health and safety protection Other work conditions Employee training Industrial relations

Other life conditions related to workers, including housing and transportation provided for employees by the company. 2.3 Levels of Disclosure In a broad sense, disclosure only means information release. Accountants tend to use this word in a somewhat more limited sense, namely the delivery of financial information about a company in financial statements, usually annual reports. This term is sometimes limited further to mean information that is not contained in the financial statements themselves. Questions regarding the delivery of information on the balance sheet, income statement, and cash flow statements in the recognition and measurement documents. Disclosure, in its narrowest sense, includes things such as management discussion and analysis, footnotes, and supplementary reports. Accounting reports are followed in measuring these items as stated by the International Accounting Standars Committee (IASC): "Financial statements must be clear and understandable. Financial statements are based on accounting policies that differ from company to company, both within one country and between countries. therefore, significant accounting policies that form the basis of financial statements need to be disclosed so that the report can be understood as it should be. " How much information must be disclosed depends in part on the reader's expertise. The FASB, for example, believes that information disclosed in financial statements must: "It can be understood by those who have adequate understanding of business and economic activities and are willing to learn the information with reasonable diligence." The level of disclosure also depends on the standards that are considered most desirable. Three concepts in the level of disclosure are: Enough disclosure (adequate)

Fair disclosure Full disclosure (full)

Adequate disclosure means providing disclosures to prevent misunderstandings. Fair disclosure and full disclosure are more positive concepts. Reasonable disclosures have an ethical purpose in the form of providing equal treatment for all potential users, while full disclosure means presenting all relevant information. PSAK adheres to fair disclosures as reflected in the following statement: "Notes to financial statements must be presented systematically. each post in the balance sheet, income statement and cash flow statement must be related to the information contained in the notes to the financial statements. "

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Notes to financial statements reveal: Information about the basis of the preparation of financial statements and accounting policies that are selected and applied to important events and transactions Required information in statements of financial accounting standards but not presented on the balance sheet, income statement, cash flow statement and statement of changes in equity. 2.5. Mandatory and Voluntary Disclosure 1. Mandatory disclosure Mandatory disclosures are minimum disclosures required by applicable regulations. Regulations concerning information disclosure standards for companies that have conducted public offerings and public companies, namely, Regulation No. VIII.G.7 concerning Guidelines for Presentation of Financial Statements and Regulations No. VIII.G.2 concerning the Annual Report. The regulation was strengthened by the Decree of the Chairman of BAPEPAM No. Kep-17/PM /1995, which was subsequently amended by the Decree of the Chairperson of BAPEPAM No. Kep-38 /PM/1996 which applies to all companies that have conducted public offerings and public companies. The regulation was updated with the BAPEPAM No. Circular Letter No. SE-02 / PM / 2002 which regulates the presentation and disclosure of financial statements of issuers or public companies for each type of industry. 2. Voluntary disclosure Disclosure that is more than required. According to Zubaidah and Zulkifar (2005), voluntary disclosure is the disclosure of items that are carried out voluntarily by the company without being required by applicable regulations. Many opinions say that the company will voluntarily disclose information needed to achieve an optimal functioning capital market. Supporters of this view argue that if an information is not disclosed the reason is simply because the information is not relevant to investors or can be obtained by other means. Thus this argument shifts the type of supply of information by accountants from financial information to additional information. Some research on why information is disclosed is not until a clear conclusion, whether it is done voluntarily or because there are required to be several countries such as America and the United Kingdom where disclosure is very tightly regulated. In Indonesia alone there is no PSAK that specifically regulates disclosure. Arrangements arise if there are problems in a particular industry, for example problems in the banking sector that cause a revision of PSAK 31 for companies listed on the stock exchange. The issue of disclosure on financial information is specifically regulated by BAPEPAM. Others state that evidence shows that companies do not increase the extent of financial disclosure without pressure from the accounting profession or the government. They attribute the reluctance of companies to disclose more financial information, among others, by argumentation, along with the responses of each argument included as well: Disclosure will help competitors at the expense of shareholders, but this argument is only slightly true because competitors usually obtain their information through other sources. Trade unions are said to benefit from wage bargaining with complete disclosure of financial information, but full disclosure will usually improve the bargaining climate. It is often said that investors cannot understand accounting policies and procedures and that full disclosures will only

adjust rather than explain. This statement also does not get support because financial analysts and investment managers are well educated in accounting, and other investors can benefit from using financial information in efficient markets or they are able to learn through research on reported financial information. An argument that contains the truth is that often other sources of financial information may be available to provide this information at a lower cost than if provided by the company in the financial statements. The lack of knowledge of investors' needs was also proposed as an excuse to limit disclosure with the possibility of many investment models and the more reliable information brokers, this reason should not be a limiting factor. 2.6 Disclosure Regulations

There are several arguments that support the need for regulation in the provision of information. These reasons are abuse, externalities, market failure, information asymmetry, and management's reluctance. All regulations are directed at preventing misuse and fraud by capital market players, especially in matters of disclosure. In Indonesia, the party that becomes the regulator is BAPEPAM (through BAPEPAM regulations) and profession / IAI (through accounting standards). BAPEPAM has an interest in the level of disclosure and what must be disclosed, especially for the benefit of public registration and initial public offering.

3 DISCUSSION

Full Accountability Reporting Today the company is required to show a sense of responsibility to a large group called stakeholders - employees, customers, suppliers, government, activist groups, and the general public. Information about employee welfare has long been a concern for labor organizations. Areas of concern that are of concern are related to working conditions, job security, equality in opportunity, diversity of the workforce and child labor. Employee disclosures are also in demand by investors because they provide valuable input regarding work relations, costs, and company productivity. Environmental problems include the consequences of production processes, products, and air, water, land, biodiversity and human health services. For example, companies registered in France are now required to announce the results of activities in their environment. Among other things, information must be submitted in: Water, raw materials, and energy consumption, and actions taken to improve energy efficiency. Actions to reduce air, water and soil pollution, including noise pollution, and costs.

A number of conditions for environmental risk. Reporting social responsibility examines the problem itself. As an example: Problems with three basic things are quickly seen. The measurement of profit is quite smooth; not by measuring environmental protection and social justice. His poetry is per section where there is no measure to measure progress in all of these areas. How can the success of the environment be considered against advanced social justice - or, for that matter, does it provide a change in profit? And how can these three things not be traded with each other? . . . Profit measurement - a good old foundation - offering a clear test of business

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success. Not with three basic foundations. The problem is not only in the absence of a size that allows all three sizes to be compared with each other. The problem is also there is no agreement on what progress for the environment, or progress in the social environment actually means - no, at least, if you try to make sure. In other words, there is no measure where protection with different aspects can be compared with each other, especially with other criteria. The same thing applies to social justice. The biggest advantage of one basic foundation is setting managers to account for something. Not with basic foundation. It is not permissible to run a business with such permission for free. Special Disclosures for Users of Non-Domestic Financial Reports and Accounting Principles Used Special report to accommodate users of non-domestic financial statements including

(1) "Easy re-reporting" of financial information into foreign currencies;

(2) discussion of the differences between accounting principles used in the main financial statements and several other accounting principles;

(3) the position of repeated financial statements is limited to the provisions of the second accounting principle;

(4) a complete financial report is prepared relating to the provisions of the second accounting principle.

Corporate Management Disclosures Corporate management is related to the internal facilities of the company where the company is run or controlled - responsibility, accountability, relationships between shareholders, members of the board of directors, and managers are arranged in order to achieve company goals. In other words, corporate management is a system where the company is directed and controlled. Among the problems of corporate management are the rights and treatment of shareholders, the accountability of directors, disclosures and transactions, and the role of shareholders. Dallas provides a work plan to understand and assess the management of companies in a country as follows: Market infrastructure, including ownership patterns, flexibility in which companies are registered in the community, ownership rights, and markets for controlling companies. The Legal Environment, including the legal system and the rights of shareholders is clearly explained and consistently and effectively strengthened. The regulatory environment is almost close to the legal environment. Regulatory agents are responsible for market regulation in accordance with existing laws. They ensure rules and market efficiency and strengthen public disclosure provisions. Information infrastructure, intersects with the accounting standards used and whether the results of the financial statements are accurate, complete, and timely. It also includes the structure of the auditing profession and professional standards for audit practices and independence. Disclosure of the Company's Annual Report in Developing Countries. The disclosure of the company's annual reports in developing market countries is generally less extensive and less credible compared to corporate reporting in developed countries. For example, inadequate and misleading disclosures and neglected consumer protection were cited as the causes of the East Asian financial crisis in 1997. The low level of disclosure in developing market countries is consistent with the system of corporate and financial governance in those countries. The equity market is not very developed, banks and internal parties such as family groups channel most of their funding needs and

in general there is not too much need for credible and timely public disclosure when compared to a more advanced economy. However, investor demand for timely and credible information about companies in developing market countries is increasingly regulating in response to this demand by making stricter disclosure provisions and increasing regulatory oversight and enforcement efforts. Implications for Users of Financial Statements and Managers Users of financial statements expect a broad level of disclosure and financial reporting practices so managers must and voluntarily disclose financial statements. Managers of many companies are constantly strongly influenced by the costs of compulsory disclosure of information, mandatory and voluntary disclosure rates are increasing throughout the world. Managers in countries that traditionally have low disclosures must consider whether implementing an increase disclosure policy can provide significant amounts of benefits to their companies. Moreover, managers who decide to provide more disclosure in areas deemed important by investors and financial analysts, such as segment disclosure and reconciliation, can gain competitive advantage from other companies that have strict disclosure policies. Further studies of the costs and benefits of increasing disclosure in the international scope can provide important evidence in this discussion.

4 CONCLUSION Management disclosures are made for various user groups including government, creditors, investors and employees. Traditionally, investors are considered the main focal group for company disclosures. Disclosure is vital for optimum decision making by investors and for achieving a stable capital market. Disclosure of relevant information in a timely manner tends to prevent surprises that can completely change expectations about the company's future. Disclosures also tend to give investors greater confidence in the financial information available to them. The nature of the data that must be disclosed depends in part on the nature of investor decision models. The amount of data disclosed tends to be found by standards such as relevance and reliability. There are many forms and methods that management can use to disclose information to users. The most famous of these methods are formal financial reports, but footnotes, supplementary reports, and narrative discussions are also important basic ingredients. There is no comprehensive theory, accepted by all parties, to determine the right way to make disclosures. Accountants are involved in an active search to determine new ways for readers to become more aware. This relentless search is what makes accounting a very interesting field like this. The development of the disclosure system is closely related to the development of the accounting system. Financial sources, legal systems, political and economic ties, the level of economic development, the level of education, culture, and other influences can influence disclosure standards and practices. The concepts in disclosure are sufficient disclosure, fair disclosure and full disclosure. Managers have the urge to voluntarily disclose information about company performance now and in the future. The Financial Accounting Standards Agency (FASB) explains that companies will benefit from the capital market by increasing voluntary disclosure. There are several that are included in the Disclosure approach such as translation, special information, restatement and primary-secondary reports. The reporting and disclosure practices are centered on information disclosures that look at the future,

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segment disclosures, cash flow statements and fund flows, social responsibility disclosures and special disclosures for users of non-domestic financial statements and the accounting principles used.

ACKNOWLEDGMENT The authors wish to thank to Padjadjaran University, Bandung Indonesia and Binus University, Jakarta, Indonesia.

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Virtual Confrence : vex.stei.ac.id

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Program Studi : S1 Akuntansi Sandi Matakuliah : AKA375 Nama …repository.stei.ac.id/1808/1/AKUNTANSI INTERNASIONAL.pdf · 2020. 11. 16. · perusahaan dari perspektif internasional