Accounting standards
are the regulations or rules (including also the laws and statutes) that
govern the preparation of financial statements. Standard setting is the process of formulating or
formulation of accounting standards. Standards are the result of
standard setting. However, actual practice differs from the
prescribed standard. That is because the 4 things: in most countries the penalty
for noncompliance with the provisions of the official accounting tends
to be weak and ineffective voluntary infomasi company may report more
than required; some countries allow companies to ignore the accounting
standards if by doing operations and financial position will better
results, and in some countries, the standard only applies to the
separate financial statements, and not for the consolidated report.Accounting standard setting involve a
combination of private sector group that includes the accounting
profession, users and compilers of financial statements, the employees
and the public which includes agencies such as the tax authorities,
ministries in charge of commercial law and capital market commission. Stock exchanges are
private or public sector (depending on country) also affect the process.
In common law countries, the private
sector is more influential and auditing profession tends to regulate
itself and to better be able to attest to the consideration of the fair
presentation of financial statements. In code law
countries, public sector and influence over the accounting profession
tend to be more regulated by the State. This
is why different accounting standards around the world.Harmonization
and International Accounting ConvergenceIn the known existence of financial
accounting standards must be followed in making the financial
statements. The standard is necessary because of the many users of
financial statements, even for a similar financial statements. If there is no standard, the company may present its financial
statements at their disposal in accordance with the will of their own. This
will be a problem for users because it will make it difficult for them
to understand the existing financial statements.Existing standards for financial
accounting standards made by the board in each country. Council is to set standards of accounting standards
applicable in the country and used by entities that exist in the country
as well. Because
the accounting standards prepared and compiled by each board of
standards in each country, accounting standards from country to country
may differ greatly.Currently, when the business world can be said
almost without limit state, the production of resources (eg money) that
is owned by an investor in a particular country can be moved easily and
quickly into the country through mechanisms such as the stock market. Of course there will be a
problem when the accounting standards used in different countries accounting standards used in
other countries. Investors
and potential investors and creditors and potential creditors will have
great difficulty in understanding the financial statements are
presented with different standards.
Harmonization is a process to improve the compatibility (suitability) accounting practices by setting limits on how large these practices may vary. Harmonization of standards will be free of conflicts of logic and can improve the comparability (comparability) of financial information from different countries.Efforts to harmonize accounting standards have been started long before the establishment of the International Accounting Standards Committee in 1973. More recently, a number of companies seeking to raise capital in markets outside the country of origin and the investors who seek to diversify their investments internationally face increasing problems as a result of national differences in terms of accounting, disclosure, and audit.Sometimes people use the term harmonization and standardization as if both have the same meaning. However, contrary to the harmonization, standardization generally means the determination of a group of rigid rules and narrow and may even be the application of a single standard or rule in any situation. Standardization does not accommodate the differences between countries, and therefore more difficult to diimplemntasikan internationally. Harmonization is much more flexible and open, do not use one size fits all approach, but to accommodate some of the differences and have experienced great progress internationally in recent years.Comparability of financial information is a concept that is more clear than harmonize. The information generated from the system of accounting, disclosure and audit different or comparable if it has a similarity in the way in which users can compare the financial statements without the need to familiarize themselves with more than one system.Harmonization of accounting include:
1. Accounting standards (which relates to the measurement and disclosure.
2. Disclosures made by public companies associated with the securities offering and listing on the stock exchange, and
3. Auditing standards
Advantage of international harmonization
• Language, Those who use English as their mother may feel fortunate that English be the language that is widely used around the world.
• Harmonization of taxation's social security system, advantage. Businesses will experienced the benefits of a large cukuo in planning, systems and training costs, and so of harmonization.
Loss of international harmonizationTaxation and social security systems have a strong influence on economic efficiency. Different systems have different effects. The ability to compare how the different approaches in different countries led to the countries capable of increasing their respective systems. Countries competing and competition forced them to adopt an efficient system through the operation of such market power. Approval of the tax system would be like establishing a cartel and would eliminate the potential benefits of interstate competition.A recent paper also supports the existence of a harmonized global GAAP. The benefits:
1. Into global capital markets and investment capital can move across the world without hambaran means. High-quality financial reporting standards that are used consistently throughout the world will improve the efficiency of capital allocation.
2. Investors can make better investment decisions, be more diverse portfolio and reduced financial risk
3. companies can improve decision making strategies in the areas of mergers and acquisitions
Harmonization is a process to improve the comparability (compliance) with the accounting practices to determine the limits on how large these practices may vary. In simple terms the harmonization of accounting standards may mean that a country does not fully follow the internationally accepted standards. Only make the country accounting standards that they have no conflict with international accounting standards.Harmonization is very flexible and open so that there may be differences between the standards followed by the country with international standards. It's just a difference in the standard sought is not a distinction that is contradictory. During the differences were not opposing these standards continues to be used by the country concerned.Convergence in accounting standards and international standards in the context of future intended means there will be only one standard. One then applies that standard to replace the standard that had been made and used by the state itself. Before there was convergence of standards is usually the difference between the standards that were developed and used in the country by international standards.Convergence of standards would remove the differences slowly and gradually so that there will be no longer a difference between the state standards with internationally accepted standards.
ACCOUNTING SYSTEM IN JAPAN
Accounting and financial reporting in Japan reflects a combination of domestic and international influences. Two separate government agency responsible for the regulation of accounting and corporate income tax law in Japan have more influence as well. In the first half of the 20th century, reflecting the effect of German accounting thought; in the second half, the ideas of the influential U.S.. Lately, the influence of the International Accounting Standards Board began to be felt and in 2001 major changes occurred with the establishment of private sector organizations as a maker of accounting standards.Firms - Japanese firms have equity shares each to each other, and often times together have another company. These investments are interlocked industrial conglomerate that produces meraksasa called keiretsu.Keiretsu venture capital is in line with the reform of structural changes in the Japanese to overcome economic stagnation that began in 1990 - an. The financial crisis that followed the breakup of the Japanese bubble economy is also pushing for a thorough evaluation of the Japanese financial reporting. It is apparent that many accounting practices to hide how bad the Japanese companies.A major change in accounting was announced in late 1990 - to create an economic health of Japanese companies become more transparent and bring Japan closer to international standards.Accounting Regulations and Enforcement RulesThe national government has the most influence signifikann of accounting in Japan. Accounting regulation is based on three laws: Commercial Law, Capital Market Law and the Income Tax Law of the Company. These three laws are associated and related to one another. Japanese researchers called the situation a person is a "triangle Legal System".Commercial law is governed by the Ministry of Justice (MOJ). The law is at the core of accounting regulation in Japan and most have a major influence. A company incorporated under the Commercial Law are required to meet the accounting provision, which was published in the "rules concerning the balance sheet, income statement, statement of business, and supporting schedules with a limited liability company.Public-owned enterprises shall further comply with the Capital Market Law (Securities and Exchange Law - SEL) is regulated by the Ministry of Finance. SEL is made pursuant to - U.S. Capital Market Act and imposed on Japan by the United States during the U.S. occupation after World War II. The main purpose of SEL is to provide information in making investment decisions.
Accounting Business Advisory Council
(Business Accounting Deliberation Council - BADC) is a special advisory
body to the Ministry of Finance is responsible for developing accounting
standards in accordance with the SEL. BADC was appointed
by the Ministry of Finance and working part time. They come from
academia, government, business circles as well as members of the
Institute of Certified Public Accountants in Japan (Japan Institute Of
Certified Accountants - JICPA). (BADC members have a background in accounting,
in contrast to the legal background for individuals who work in the
issue - the issue of Commercial Law at the Ministry of Justice). BADC is supported by a research organization known as the
Research Institute of Finance (Corporate Finance Research Institute).JICPA a CPA
professional organization in Japan. The whole CPA must be a member of JICPA. In
addition to providing guidance in the implementation of an audit, JICPA
published guidance in the implementation of the accounting issues and
consulting with BADC in developing accounting standards. Auditing
standards generally accepted (like those in the United States),
distributed by the BADC more than by JICPA.Financial ReportingCompany
incorporated under the Commercial Law shall be obliged to prepare a
report which must be approved in the annual meeting of shareholders,
which contains the following:
1. Balance
2. Statement of Income
3. Business Report
4. Proposal for Determination of Use (appropriation) Retained Earnings
5. Supporting Schedule
Companies that list their stocks should also prepare financial statements in accordance with the Capital Market Law (Securities and Exchange Laws - SEL) which generally requires the same basic financial statements with the Commercial Law plus the cash flow statement. However, according to the SEL, konsolidasilah reports of major concern, not the parent company financial statements. Tambhan schedule footnote is also required. Financial statements and schedules are prepared in accordance with the SEL must be audited by independent auditors.Accounting MeasurementCommercial law requires large companies to prepare consolidated reports. In addition, shares of listed companies must prepare consolidated financial statements in accordance with the SEL.Most of the previously described accounting prakrik implemented in recent years as a result of the Great Changes in Accounting as mentioned earlier. Changes - changes in the past include:
(1) requires companies that list their stocks to make a cash flow statement,
(2) expand the number of subsidiaries are consolidated under the control of owned and not a percentage of ownership,
(3) expand the number of affiliated companies accounted for under the based on the equity method and not a significant influence on the percentage of ownership,
(4) assess the investment in securities of the market price rather than cost,
(5) full provision for deferred obligations, and
(6) full accrual for pension and other retirement obligations. Accountancy in Japan being reshaped to fit the IFRS
Chinese Accounting System
At the end of the 1970s, Chinese leaders began to change from a centrally planned economy soviet style becomes more market-oriented but still under the control of the Communist Party.Accounting in China has a long history. Functioning of accounting in terms of accountability can be traced far back to the year 2200 BC during the dynasty Hsiu and a number of documents show that the accounting is used to measure and compare the achievement of wealth among the nobility and Daughters in Xia Dynasty (2000-1500 years BC). Young Confucius (551-479 BC) once served as a warehouse manager and tulisanya menebutkan that include accounting job that should - make a record of receipts and expenditure every day. Among the teachings of Confucius are necessary to maintain accounting records of history and is seen as bagiaian of history ..The main characteristics of accounting in China today comes from the founding of the People's Republic of China in 1949. China adopted a highly centralized planned economy, which reflects the principles of Marxism and the patterns adopted by the Soviet Union where the State controls the use and distribution rights for all means of production and impose a rigid planning and control over the economy.Financial reporting is often done and complete enough. The main traits is the orientation where the management fund, which fund is defined as property, goods, and materials used during the production process.China's economy is currently best described as a hybrid economy (mixture), in which State control of strategic commodities and industries, while other industries as well as commercial and private sector, governed by market-oriented system. With the economic reforms which include privatization, including the transfer of state-owned enterprises into stock companies that issued the company, the new accounting rules have been developed for the new companies are privatized and independent companies with limited liability, as well as foreign-owned enterprises such as joint ventures .Regulali and enforcement of accounting rulesAccounting law, which was amended in 2000, covers all companies and organizations, including the TIDA owned and controlled by the State. The State Council (the Executive unit associated with the Cabinet) also has issued rules for the Financial Reporting and Corporate Accounting (Financial Accounting and Reporting Rules for Enterprises-Farr). Farr focuses on record keeping books, preparing financial statements, reporting practices, and financial accounting issues and other peaporan. Farr Applies to all companies except very small companies that do not get funding dariluar, finance ministry, which dawasi by the State Council, formulate accounting standards and auiditing.In 1992 the finance minister issued Financial Accounting Standard for Business Companies (Accounting Standards For Busines-ASBE Enterprises). ASBE newly published in 2001.China Accounting Standards Committee (China Accounting Standards Committee-CASC) was established in 1998 as an entity authorized under the finance ministry is responsible for developing accounting standards.Accounting System in China for Corporate Business:- Basic principles: Business Continuity, substance over form, consistency, timeliness, it is understood the accrual basis, penyandingan, prudence, materiality of impairment.- Definition of Element: assets, liabilities Owner's equity, revenues, expenses, profit- Classification and principles for the recognition and measurement: assets, kewajiban.ekuitas.- Principles for recognition and classification of income and expenses.
Accounting system IN THE NETHERLANDS
Dutch accounting has some interesting Pardoks. The Netherlands has the financial reporting provisions of Accounting and the relatively permissive, but the standards of professional practice which is tinggi.Belanda a code law country accounting oriented but fair presentation. Financial reporting and tax accounting is a separate activity for modern day. Furthermore, the orientation of developing without adnya influence the fairness of the stock market. England and Amrika States has influenced the Dutch accounting melabihi same as or even other continental countries, and unlike other continental Europe, the accounting profession has a significant influence on accounting standards and rules.The Netherlands is one of the first supporters of the international standards for accounting and acceptable practice. The Netherlands also became home to some of the world's largest multinational companies, like Philips, Royal Dutch / Shell and Unilever.Annual reporting of the Council issued guidance on accounting principles generally accepted. Council consists of:
1. Drafting financial statements (Company)
2. Users of financial statements (the trade union representatives and financial analysts)
3. Auditors of financial statements (the Netherlands Institute of Registered Accountants or NivRA)
Harmonization is a process to improve the compatibility (suitability) accounting practices by setting limits on how large these practices may vary. Harmonization of standards will be free of conflicts of logic and can improve the comparability (comparability) of financial information from different countries.Efforts to harmonize accounting standards have been started long before the establishment of the International Accounting Standards Committee in 1973. More recently, a number of companies seeking to raise capital in markets outside the country of origin and the investors who seek to diversify their investments internationally face increasing problems as a result of national differences in terms of accounting, disclosure, and audit.Sometimes people use the term harmonization and standardization as if both have the same meaning. However, contrary to the harmonization, standardization generally means the determination of a group of rigid rules and narrow and may even be the application of a single standard or rule in any situation. Standardization does not accommodate the differences between countries, and therefore more difficult to diimplemntasikan internationally. Harmonization is much more flexible and open, do not use one size fits all approach, but to accommodate some of the differences and have experienced great progress internationally in recent years.Comparability of financial information is a concept that is more clear than harmonize. The information generated from the system of accounting, disclosure and audit different or comparable if it has a similarity in the way in which users can compare the financial statements without the need to familiarize themselves with more than one system.Harmonization of accounting include:
1. Accounting standards (which relates to the measurement and disclosure.
2. Disclosures made by public companies associated with the securities offering and listing on the stock exchange, and
3. Auditing standards
Advantage of international harmonization
• Language, Those who use English as their mother may feel fortunate that English be the language that is widely used around the world.
• Harmonization of taxation's social security system, advantage. Businesses will experienced the benefits of a large cukuo in planning, systems and training costs, and so of harmonization.
Loss of international harmonizationTaxation and social security systems have a strong influence on economic efficiency. Different systems have different effects. The ability to compare how the different approaches in different countries led to the countries capable of increasing their respective systems. Countries competing and competition forced them to adopt an efficient system through the operation of such market power. Approval of the tax system would be like establishing a cartel and would eliminate the potential benefits of interstate competition.A recent paper also supports the existence of a harmonized global GAAP. The benefits:
1. Into global capital markets and investment capital can move across the world without hambaran means. High-quality financial reporting standards that are used consistently throughout the world will improve the efficiency of capital allocation.
2. Investors can make better investment decisions, be more diverse portfolio and reduced financial risk
3. companies can improve decision making strategies in the areas of mergers and acquisitions
Harmonization is a process to improve the comparability (compliance) with the accounting practices to determine the limits on how large these practices may vary. In simple terms the harmonization of accounting standards may mean that a country does not fully follow the internationally accepted standards. Only make the country accounting standards that they have no conflict with international accounting standards.Harmonization is very flexible and open so that there may be differences between the standards followed by the country with international standards. It's just a difference in the standard sought is not a distinction that is contradictory. During the differences were not opposing these standards continues to be used by the country concerned.Convergence in accounting standards and international standards in the context of future intended means there will be only one standard. One then applies that standard to replace the standard that had been made and used by the state itself. Before there was convergence of standards is usually the difference between the standards that were developed and used in the country by international standards.Convergence of standards would remove the differences slowly and gradually so that there will be no longer a difference between the state standards with internationally accepted standards.
ACCOUNTING SYSTEM IN JAPAN
Accounting and financial reporting in Japan reflects a combination of domestic and international influences. Two separate government agency responsible for the regulation of accounting and corporate income tax law in Japan have more influence as well. In the first half of the 20th century, reflecting the effect of German accounting thought; in the second half, the ideas of the influential U.S.. Lately, the influence of the International Accounting Standards Board began to be felt and in 2001 major changes occurred with the establishment of private sector organizations as a maker of accounting standards.Firms - Japanese firms have equity shares each to each other, and often times together have another company. These investments are interlocked industrial conglomerate that produces meraksasa called keiretsu.Keiretsu venture capital is in line with the reform of structural changes in the Japanese to overcome economic stagnation that began in 1990 - an. The financial crisis that followed the breakup of the Japanese bubble economy is also pushing for a thorough evaluation of the Japanese financial reporting. It is apparent that many accounting practices to hide how bad the Japanese companies.A major change in accounting was announced in late 1990 - to create an economic health of Japanese companies become more transparent and bring Japan closer to international standards.Accounting Regulations and Enforcement RulesThe national government has the most influence signifikann of accounting in Japan. Accounting regulation is based on three laws: Commercial Law, Capital Market Law and the Income Tax Law of the Company. These three laws are associated and related to one another. Japanese researchers called the situation a person is a "triangle Legal System".Commercial law is governed by the Ministry of Justice (MOJ). The law is at the core of accounting regulation in Japan and most have a major influence. A company incorporated under the Commercial Law are required to meet the accounting provision, which was published in the "rules concerning the balance sheet, income statement, statement of business, and supporting schedules with a limited liability company.Public-owned enterprises shall further comply with the Capital Market Law (Securities and Exchange Law - SEL) is regulated by the Ministry of Finance. SEL is made pursuant to - U.S. Capital Market Act and imposed on Japan by the United States during the U.S. occupation after World War II. The main purpose of SEL is to provide information in making investment decisions.
1. Balance
2. Statement of Income
3. Business Report
4. Proposal for Determination of Use (appropriation) Retained Earnings
5. Supporting Schedule
Companies that list their stocks should also prepare financial statements in accordance with the Capital Market Law (Securities and Exchange Laws - SEL) which generally requires the same basic financial statements with the Commercial Law plus the cash flow statement. However, according to the SEL, konsolidasilah reports of major concern, not the parent company financial statements. Tambhan schedule footnote is also required. Financial statements and schedules are prepared in accordance with the SEL must be audited by independent auditors.Accounting MeasurementCommercial law requires large companies to prepare consolidated reports. In addition, shares of listed companies must prepare consolidated financial statements in accordance with the SEL.Most of the previously described accounting prakrik implemented in recent years as a result of the Great Changes in Accounting as mentioned earlier. Changes - changes in the past include:
(1) requires companies that list their stocks to make a cash flow statement,
(2) expand the number of subsidiaries are consolidated under the control of owned and not a percentage of ownership,
(3) expand the number of affiliated companies accounted for under the based on the equity method and not a significant influence on the percentage of ownership,
(4) assess the investment in securities of the market price rather than cost,
(5) full provision for deferred obligations, and
(6) full accrual for pension and other retirement obligations. Accountancy in Japan being reshaped to fit the IFRS
Chinese Accounting System
At the end of the 1970s, Chinese leaders began to change from a centrally planned economy soviet style becomes more market-oriented but still under the control of the Communist Party.Accounting in China has a long history. Functioning of accounting in terms of accountability can be traced far back to the year 2200 BC during the dynasty Hsiu and a number of documents show that the accounting is used to measure and compare the achievement of wealth among the nobility and Daughters in Xia Dynasty (2000-1500 years BC). Young Confucius (551-479 BC) once served as a warehouse manager and tulisanya menebutkan that include accounting job that should - make a record of receipts and expenditure every day. Among the teachings of Confucius are necessary to maintain accounting records of history and is seen as bagiaian of history ..The main characteristics of accounting in China today comes from the founding of the People's Republic of China in 1949. China adopted a highly centralized planned economy, which reflects the principles of Marxism and the patterns adopted by the Soviet Union where the State controls the use and distribution rights for all means of production and impose a rigid planning and control over the economy.Financial reporting is often done and complete enough. The main traits is the orientation where the management fund, which fund is defined as property, goods, and materials used during the production process.China's economy is currently best described as a hybrid economy (mixture), in which State control of strategic commodities and industries, while other industries as well as commercial and private sector, governed by market-oriented system. With the economic reforms which include privatization, including the transfer of state-owned enterprises into stock companies that issued the company, the new accounting rules have been developed for the new companies are privatized and independent companies with limited liability, as well as foreign-owned enterprises such as joint ventures .Regulali and enforcement of accounting rulesAccounting law, which was amended in 2000, covers all companies and organizations, including the TIDA owned and controlled by the State. The State Council (the Executive unit associated with the Cabinet) also has issued rules for the Financial Reporting and Corporate Accounting (Financial Accounting and Reporting Rules for Enterprises-Farr). Farr focuses on record keeping books, preparing financial statements, reporting practices, and financial accounting issues and other peaporan. Farr Applies to all companies except very small companies that do not get funding dariluar, finance ministry, which dawasi by the State Council, formulate accounting standards and auiditing.In 1992 the finance minister issued Financial Accounting Standard for Business Companies (Accounting Standards For Busines-ASBE Enterprises). ASBE newly published in 2001.China Accounting Standards Committee (China Accounting Standards Committee-CASC) was established in 1998 as an entity authorized under the finance ministry is responsible for developing accounting standards.Accounting System in China for Corporate Business:- Basic principles: Business Continuity, substance over form, consistency, timeliness, it is understood the accrual basis, penyandingan, prudence, materiality of impairment.- Definition of Element: assets, liabilities Owner's equity, revenues, expenses, profit- Classification and principles for the recognition and measurement: assets, kewajiban.ekuitas.- Principles for recognition and classification of income and expenses.
Accounting system IN THE NETHERLANDS
Dutch accounting has some interesting Pardoks. The Netherlands has the financial reporting provisions of Accounting and the relatively permissive, but the standards of professional practice which is tinggi.Belanda a code law country accounting oriented but fair presentation. Financial reporting and tax accounting is a separate activity for modern day. Furthermore, the orientation of developing without adnya influence the fairness of the stock market. England and Amrika States has influenced the Dutch accounting melabihi same as or even other continental countries, and unlike other continental Europe, the accounting profession has a significant influence on accounting standards and rules.The Netherlands is one of the first supporters of the international standards for accounting and acceptable practice. The Netherlands also became home to some of the world's largest multinational companies, like Philips, Royal Dutch / Shell and Unilever.Annual reporting of the Council issued guidance on accounting principles generally accepted. Council consists of:
1. Drafting financial statements (Company)
2. Users of financial statements (the trade union representatives and financial analysts)
3. Auditors of financial statements (the Netherlands Institute of Registered Accountants or NivRA)
Source :
weblog
http://wartawarga.gunadarma.ac.id/2011/03/faktor-akuntansi-internasional/
http://faris31.wordpress.com/2011/02/22/harmonisasi-dan-konvergensi-akuntansi-internasional/
http://hendriyono120887.wordpress.com/2008/05/19/standar-akuntansi/
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