23 December 2011
IAS 28 (revised 2010) complete the SFAS 62: Contract
1. IAS 28 (revised 2010) complete the SFAS 62: ContractInsuranceIAS 28 (revised 2010): Accounting for Insurance Lossesrevising paragraphs are irrelevant and contradictorywith other IFRSs. IAS 28 (revised 2010) setthings that are not yet regulated in SFAS 62: Contract Insuranceas a set of accounting standards for contractsinsurance. IAS 28 (revised 2010) does not regulate mattersnew in insurance loss accounting. Adoption of IFRS4 Insurance Contracts to ED IAS 62: ContractInsurance does not revoke IAS 28 (revised 1996): AccountingInsurance Losses, just revised so that laterif the entity has a contract of insurance is included in thescope of SFAS 62 and included in the insurancelosses, then it must refer to SFAS 62 and SFAS28 (revised 2010): Accounting for Insurance Losses.Do you agree to the revised IAS 28 toIAS 28 (revised 2010) as the standard k spesificomplete set of accounting insuranceSFAS 62: Contract Insurance? We beg you togiving a reason.2. IAS 28 (revised 2010) does not regulate the newIAS 28 (revised 1996): Accounting for Insurance Lossesrevised only to the things that are not relevant, butvi Copyright © 2010 COMMITMENTS ACCOUNTANT INDONESIAInsurance Accounting SFAS No. ED. 28 (revised 2010)IAS 28 (revised 2010): Insurance Akintansi notset new things in accordance with the developmentgeneral insurance industry is currently in Indonesia. So thatit is possible there are some things that are not yet regulatedin IAS 28 (revised 2010).Does IAS 28 (revised 2010) need to setinsurance in line with developmentsinsurance losses in Indonesia?3. Effective Date and Transitional ProvisionsED IAS 28 (revised 2010): Accounting for Insurance LossesThis is effective for fiscal years beginning onor after January 1, 2012. ED IAS 28 (revised 2010)not set the rules concerning the transition, becauseIt refers to the transition provisions of IAS 25 (revised2009): Accounting Policies, Accounting Estimates andError, which is retrospective.Do you agree with the effective date andED transitional provisions of IAS 28 (revised 2010): AccountingInsurance?Copyright © 2010 BUNCH ACCOUNTANT INDONESIA viiInsurance Accounting SFAS No. ED. 28 (revised 2010)QUICK SUMMARYIAS 28 (revised 2010): Accounting for Insurance Lossesreplaces SFAS 28: Accounting for Insurance Losses.In general, ED IAS 28 (revised 2010): Accounting for InsuranceLosses are not many changes with SFAS 28: AccountingInsurance Losses, but ED IAS 28 (revised 2010) hasadjusted with SFAS 62: Contract Insurance and other IFRSsas well as some differences as follows:About ED IAS 28(Revised 2010)SFAS 28 (1996)Purpose The purpose of ED IAS 28(Revised 2010) isto completeSFAS 62: ContractInsurance.Not regulated.Applied scope forinsurance accountinglosses, butshould be included in thescope of SFAS62: Contract Insuranceas a contractinsurance.Presentation of the reportbusiness financeinsurance losseswithout referring toSFAS 62.
19 December 2011
A good system of internal control
DEFINITIONS
Internal control systems are the plans, methods, procedures, and policies designed by management to provide adequate assurance for the achievement of efficiency and effectiveness of university operations, reliability of financial reporting, safeguarding of the assets of the university, adherence / compliance with laws, policies and other regulations .
INTERNAL CONTROL COMPONENTS
Environmental ControlManagement and employee / employees should have a commitment and a positive and constructive attitude toward internal control and management earnestness. The key to the control environment are:
* Integrity and Ethics
* Commitment to Competence
* Organizational Structure
* Delegation of Authority and Responsibility
* Practice and Human Resources Policy of Good
Risk AssessmentGood internal control enables the assessment of risks faced by organizations both from within and from outside the organization. The steps in risk assessment are as follows:
* Identify the factors that influence the risk
* Assess the risk of a significant effect
* Determine the actions taken to manage risks
Control ActivitiesControl activities are the policies, procedures, techniques, and the mechanism used to ensure management directives are implemented. Control activities should be efficient and effective way to achieve the control objectives themselves. Control activities include:
* Separation of the functions / duties / authority sufficient
* Authorization traksaksi and other activities that are appropriate
* Pendokumentasiaan and recording sufficient
* Control of physical assets and records
* Evaluate independently on the performance
* Control over information processing
* Restrict access to resources and records
Information and CommunicationInformation should be recorded and communicated to management and other parties interested in the organization and in the form and duration that allows convening of internal control and other responsibilities to such information. In carrying out and controlling the operations, management must communicate the events are relevant, reliable, and timely.
MonitoringMonitoring should assess the quality of performance over time and ensure that audit findings and other Review completed correctly. It includes:
* Evaluate the findings, Review, audit recommendations appropriately.
* Determine the appropriate action to respond to the findings and recommendations from audit and Review.
* Complete within the allotted time is used for follow up action recommendations to the attention of management.
Internal control systems are the plans, methods, procedures, and policies designed by management to provide adequate assurance for the achievement of efficiency and effectiveness of university operations, reliability of financial reporting, safeguarding of the assets of the university, adherence / compliance with laws, policies and other regulations .
INTERNAL CONTROL COMPONENTS
Environmental ControlManagement and employee / employees should have a commitment and a positive and constructive attitude toward internal control and management earnestness. The key to the control environment are:
* Integrity and Ethics
* Commitment to Competence
* Organizational Structure
* Delegation of Authority and Responsibility
* Practice and Human Resources Policy of Good
Risk AssessmentGood internal control enables the assessment of risks faced by organizations both from within and from outside the organization. The steps in risk assessment are as follows:
* Identify the factors that influence the risk
* Assess the risk of a significant effect
* Determine the actions taken to manage risks
Control ActivitiesControl activities are the policies, procedures, techniques, and the mechanism used to ensure management directives are implemented. Control activities should be efficient and effective way to achieve the control objectives themselves. Control activities include:
* Separation of the functions / duties / authority sufficient
* Authorization traksaksi and other activities that are appropriate
* Pendokumentasiaan and recording sufficient
* Control of physical assets and records
* Evaluate independently on the performance
* Control over information processing
* Restrict access to resources and records
Information and CommunicationInformation should be recorded and communicated to management and other parties interested in the organization and in the form and duration that allows convening of internal control and other responsibilities to such information. In carrying out and controlling the operations, management must communicate the events are relevant, reliable, and timely.
MonitoringMonitoring should assess the quality of performance over time and ensure that audit findings and other Review completed correctly. It includes:
* Evaluate the findings, Review, audit recommendations appropriately.
* Determine the appropriate action to respond to the findings and recommendations from audit and Review.
* Complete within the allotted time is used for follow up action recommendations to the attention of management.
competitiveness due to changes in accounting standards
competitiveness due to changes in accounting standardsAccounting is the only major business language in the capital markets. Without a good accounting standards, capital market will never work well anyway because of the financial statements are the main products in the capital market mechanism. Effectiveness and timeliness of financial information transparency that can be compared and required by all relevant stakeholders (employees, suppliers, customers, institutional credit providers, even government). Stakeholders are not simply want to know financial information of one company alone, but from many companies (if you can, perhaps of all companies) from all over the world to be compared with each other.
The question is, how these needs can be met only if the companies are still using forms and financial reporting principles different? International Accounting Standards, better known as International Financial Reporting Standards (IFRS), a single standard of high quality accounting reporting and accounting framework based on principles that include strong professional assessment with a clear and transparent disclosures regarding the economic substance of transactions, the explanation until you reach a certain conclusion , and the related accounting transactions. Thus, users of financial statements can easily compare the entity's financial information between countries in different parts of the world.
The implication, adopting IFRS means adopting a global financial reporting language that would make a firm can be understood by the global market. A company will have greater competitiveness when adopting IFRS in its financial statements. Not surprisingly, many companies that have adopted IFRS have significant progress when entering the global capital markets.
Internationally, IFRS has been adopted by many countries, including European Union countries, Africa, Asia, Latin America and Australia. In Asia, Hong Kong, Philippines and Singapore have also adopted it. Since 2008, an estimated 80 countries require companies who have been enrolled in the global stock exchanges to apply IFRS in preparing and presenting its financial statements.
In the context of Indonesia, the convergence of IFRS with the guidelines of Financial Accounting Standards (SFAS) is very important to ensure national competitiveness. Changes in procedures for financial reporting of Generally Accepted Accounting Principles (GAAP), GAAP, to IFRS or any other very large impact. IFRS will become mandatory â € œkompetensi-Barua €?? for a public accountant, appraiser (Appraiser), management accountants, regulators and accountants educators. Can the workers facing accounting changes constantly be made to meet the needs of global markets to the financial information? How does this preparation Indonesia to IFRS?
Since 2004, the accounting profession in Indonesia has been doing a harmony between the IAS / IFRS and Indonesian GAAP. Convergence of IFRS is expected to be achieved in 2012. Although IFRS is still not fully implemented at this time, preparation and readiness to welcome him to give competitive edge to its own business entities in Indonesia.
With the adoption of IFRS readiness as a single global accounting standards, corporate Indonesia will be ready and able to trade, including mergers and acquisitions (M & A), lintasnegara. Lintasnegara recorded a number of acquisitions have occurred in Indonesia, for example, Philip Morris's acquisition of Sampoerna (May 2005), Khazanah's acquisition of Bank Lippo Bank and Bank of Commerce (August 2005), or UOB against Buana (July 2005). As Thomas Friedman says, "The World is Flat", M & A activity lintasnegara it is not uncommon. Because IFRS is intended as a single global accounting standards, accounting industry Indonesia's readiness to adopt IFRS will be competitive at the global level. This is the advantage of adopting IFRS.
For business in general, questions and challenges traditional: whether the implementation of IFRS requires huge costs? Already, some parties have complained about the amount of investment in information systems and information technology that must be borne by the company to follow the required conditions. The answer to this question is obvious, the adoption of IFRS requires the cost, energy and time are not light, but the costs of not adopting it would be much more significant. Indonesia firm management commitment to adopt IFRS is a necessary condition to enhance the competitiveness of Indonesia in the future
The question is, how these needs can be met only if the companies are still using forms and financial reporting principles different? International Accounting Standards, better known as International Financial Reporting Standards (IFRS), a single standard of high quality accounting reporting and accounting framework based on principles that include strong professional assessment with a clear and transparent disclosures regarding the economic substance of transactions, the explanation until you reach a certain conclusion , and the related accounting transactions. Thus, users of financial statements can easily compare the entity's financial information between countries in different parts of the world.
The implication, adopting IFRS means adopting a global financial reporting language that would make a firm can be understood by the global market. A company will have greater competitiveness when adopting IFRS in its financial statements. Not surprisingly, many companies that have adopted IFRS have significant progress when entering the global capital markets.
Internationally, IFRS has been adopted by many countries, including European Union countries, Africa, Asia, Latin America and Australia. In Asia, Hong Kong, Philippines and Singapore have also adopted it. Since 2008, an estimated 80 countries require companies who have been enrolled in the global stock exchanges to apply IFRS in preparing and presenting its financial statements.
In the context of Indonesia, the convergence of IFRS with the guidelines of Financial Accounting Standards (SFAS) is very important to ensure national competitiveness. Changes in procedures for financial reporting of Generally Accepted Accounting Principles (GAAP), GAAP, to IFRS or any other very large impact. IFRS will become mandatory â € œkompetensi-Barua €?? for a public accountant, appraiser (Appraiser), management accountants, regulators and accountants educators. Can the workers facing accounting changes constantly be made to meet the needs of global markets to the financial information? How does this preparation Indonesia to IFRS?
Since 2004, the accounting profession in Indonesia has been doing a harmony between the IAS / IFRS and Indonesian GAAP. Convergence of IFRS is expected to be achieved in 2012. Although IFRS is still not fully implemented at this time, preparation and readiness to welcome him to give competitive edge to its own business entities in Indonesia.
With the adoption of IFRS readiness as a single global accounting standards, corporate Indonesia will be ready and able to trade, including mergers and acquisitions (M & A), lintasnegara. Lintasnegara recorded a number of acquisitions have occurred in Indonesia, for example, Philip Morris's acquisition of Sampoerna (May 2005), Khazanah's acquisition of Bank Lippo Bank and Bank of Commerce (August 2005), or UOB against Buana (July 2005). As Thomas Friedman says, "The World is Flat", M & A activity lintasnegara it is not uncommon. Because IFRS is intended as a single global accounting standards, accounting industry Indonesia's readiness to adopt IFRS will be competitive at the global level. This is the advantage of adopting IFRS.
For business in general, questions and challenges traditional: whether the implementation of IFRS requires huge costs? Already, some parties have complained about the amount of investment in information systems and information technology that must be borne by the company to follow the required conditions. The answer to this question is obvious, the adoption of IFRS requires the cost, energy and time are not light, but the costs of not adopting it would be much more significant. Indonesia firm management commitment to adopt IFRS is a necessary condition to enhance the competitiveness of Indonesia in the future
25 November 2011
due to use IFRS
due to use IFRSWhy is Enron, one of the U.S. energy giant, can achieve phenomenal growth in a short time, then went bankrupt in a short time anyway? "Science" is used by Jeff Skilling, the genius Harvard Business School graduate and former McKinsey consultant leading firms to achieve all that? He replied: accounting. Who is who "protect" and to approve Enron's accounting practices prior to unfold? None other than public accountants Arthur Andersen.
Accounting is the only major business language in the capital markets. Without a good accounting standards, capital market will never work well anyway because of the financial statements are the main products in the capital market mechanism. Effectiveness and timeliness of financial information transparency that can be compared and required by all relevant stakeholders (employees, suppliers, customers, institutional credit providers, even government). Stakeholders are not simply want to know financial information of one company alone, but from many companies (if you can, perhaps of all companies) from all over the world to be compared with each other.
The question is, how these needs can be met only if the companies are still using forms and financial reporting principles different? International Accounting Standards, better known as International Financial Reporting Standards (IFRS), a single standard of high quality accounting reporting and accounting framework based on principles that include strong professional assessment with a clear and transparent disclosures regarding the economic substance of transactions, the explanation until you reach a certain conclusion , and the related accounting transactions. Thus, users of financial statements can easily compare the entity's financial information between countries in different parts of the world.
The implication, adopting IFRS means adopting a global financial reporting language that would make a firm can be understood by the global market. A company will have greater competitiveness when adopting IFRS in its financial statements. Not surprisingly, many companies that have adopted IFRS have significant progress when entering the global capital markets.
Internationally, IFRS has been adopted by many countries, including European Union countries, Africa, Asia, Latin America and Australia. In Asia, Hong Kong, Philippines and Singapore have also adopted it. Since 2008, an estimated 80 countries require companies who have been enrolled in the global stock exchanges to apply IFRS in preparing and presenting its financial statements.
In the context of Indonesia, the convergence of IFRS with the guidelines of Financial Accounting Standards (SFAS) is very important to ensure national competitiveness. Changes in procedures for financial reporting of Generally Accepted Accounting Principles (GAAP), GAAP, to IFRS or any other very large impact. IFRS will become mandatory â € œkompetensi-Barua €?? for a public accountant, appraiser (Appraiser), management accountants, regulators and accountants educators. Can the workers facing accounting changes constantly be made to meet the needs of global markets to the financial information? How does this preparation Indonesia to IFRS?
Since 2004, the accounting profession in Indonesia has been doing a harmony between the IAS / IFRS and Indonesian GAAP. Convergence of IFRS is expected to be achieved in 2012. Although IFRS is still not fully implemented at this time, preparation and readiness to welcome him to give competitive edge to its own business entities in Indonesia.
With the adoption of IFRS readiness as a single global accounting standards, corporate Indonesia will be ready and able to trade, including mergers and acquisitions (M & A), lintasnegara. Lintasnegara recorded a number of acquisitions have occurred in Indonesia, for example, Philip Morris's acquisition of Sampoerna (May 2005), Khazanah's acquisition of Bank Lippo Bank and Bank of Commerce (August 2005), or UOB against Buana (July 2005). As Thomas Friedman says, "The World is Flat", M & A activity lintasnegara it is not uncommon. Because IFRS is intended as a single global accounting standards, accounting industry Indonesia's readiness to adopt IFRS will be competitive at the global level. This is the advantage of adopting IFRS.
Accounting is the only major business language in the capital markets. Without a good accounting standards, capital market will never work well anyway because of the financial statements are the main products in the capital market mechanism. Effectiveness and timeliness of financial information transparency that can be compared and required by all relevant stakeholders (employees, suppliers, customers, institutional credit providers, even government). Stakeholders are not simply want to know financial information of one company alone, but from many companies (if you can, perhaps of all companies) from all over the world to be compared with each other.
The question is, how these needs can be met only if the companies are still using forms and financial reporting principles different? International Accounting Standards, better known as International Financial Reporting Standards (IFRS), a single standard of high quality accounting reporting and accounting framework based on principles that include strong professional assessment with a clear and transparent disclosures regarding the economic substance of transactions, the explanation until you reach a certain conclusion , and the related accounting transactions. Thus, users of financial statements can easily compare the entity's financial information between countries in different parts of the world.
The implication, adopting IFRS means adopting a global financial reporting language that would make a firm can be understood by the global market. A company will have greater competitiveness when adopting IFRS in its financial statements. Not surprisingly, many companies that have adopted IFRS have significant progress when entering the global capital markets.
Internationally, IFRS has been adopted by many countries, including European Union countries, Africa, Asia, Latin America and Australia. In Asia, Hong Kong, Philippines and Singapore have also adopted it. Since 2008, an estimated 80 countries require companies who have been enrolled in the global stock exchanges to apply IFRS in preparing and presenting its financial statements.
In the context of Indonesia, the convergence of IFRS with the guidelines of Financial Accounting Standards (SFAS) is very important to ensure national competitiveness. Changes in procedures for financial reporting of Generally Accepted Accounting Principles (GAAP), GAAP, to IFRS or any other very large impact. IFRS will become mandatory â € œkompetensi-Barua €?? for a public accountant, appraiser (Appraiser), management accountants, regulators and accountants educators. Can the workers facing accounting changes constantly be made to meet the needs of global markets to the financial information? How does this preparation Indonesia to IFRS?
Since 2004, the accounting profession in Indonesia has been doing a harmony between the IAS / IFRS and Indonesian GAAP. Convergence of IFRS is expected to be achieved in 2012. Although IFRS is still not fully implemented at this time, preparation and readiness to welcome him to give competitive edge to its own business entities in Indonesia.
With the adoption of IFRS readiness as a single global accounting standards, corporate Indonesia will be ready and able to trade, including mergers and acquisitions (M & A), lintasnegara. Lintasnegara recorded a number of acquisitions have occurred in Indonesia, for example, Philip Morris's acquisition of Sampoerna (May 2005), Khazanah's acquisition of Bank Lippo Bank and Bank of Commerce (August 2005), or UOB against Buana (July 2005). As Thomas Friedman says, "The World is Flat", M & A activity lintasnegara it is not uncommon. Because IFRS is intended as a single global accounting standards, accounting industry Indonesia's readiness to adopt IFRS will be competitive at the global level. This is the advantage of adopting IFRS.
IFRS
Another benefit of the convergence of IFRS into the IAS, which facilitate the understanding of financial statements by the use of financial accounting standards are internationally known.
Moreover, he added, the application of IFRS into the IAS also effectively lower the cost of capital by opening a "fund raising" through the global capital markets.
When Indonesia was later fully adopt IFRS, he estimates the quality of financial reporting information in this country will increase, including the quality of financial reports of State-Owned Enterprises (SOEs).
He mentioned, the Financial Accounting Standards Board of Accountants Association of Indonesia (DSAK-IAI) has initiated the process of convergence since 2009 and is expected to be completed before early 2012.
IFRS convergence target in 2012 is revised IAS that are materially in accordance with IFRS version of January 1, 2009 which became effective January 1, 2012.
"IFRS is not just changing the way companies create financial statements, but also change how the company does business," he explained.
To menyahuti demands IFRS convergence to the SFAS is absolutely necessary in readiness of practitioners, among others, management accountants, public accountants, accountants, academics and readiness of regulators and other supporting professions, such as appraisers and actuaries.
According to him, the application of IAS-based IFRS will have a major impact to the business world, especially on the side of the company's policy-making based on accounting data.
Besides the impact on accounting and financial reporting firm, he said, konvegensi IFRS also have an impact on enterprise information systems technology, human resources involved in the company and the impact on the company's organizational system.
To expedite the process of adoption of SFAS, continued Ersa, the success of the transition period is the key.
Associated with changes in financial accounting standards, he said, effective steps that need to be firm during the transition period is to establish the convergence of IFRS adhoc team that is responsible for initial preparation and organizing resources.
"Successful application of international accounting standards in a country, can not be separated from the role of capital markets, taxation and other regulatory authorities," said Ersa.
ikatakan, IFRS has now been widely adopted SFAS number of countries in order to answer the demand of institutional investors and other users of financial statements.
Moreover, he added, the application of IFRS into the IAS also effectively lower the cost of capital by opening a "fund raising" through the global capital markets.
When Indonesia was later fully adopt IFRS, he estimates the quality of financial reporting information in this country will increase, including the quality of financial reports of State-Owned Enterprises (SOEs).
He mentioned, the Financial Accounting Standards Board of Accountants Association of Indonesia (DSAK-IAI) has initiated the process of convergence since 2009 and is expected to be completed before early 2012.
IFRS convergence target in 2012 is revised IAS that are materially in accordance with IFRS version of January 1, 2009 which became effective January 1, 2012.
"IFRS is not just changing the way companies create financial statements, but also change how the company does business," he explained.
To menyahuti demands IFRS convergence to the SFAS is absolutely necessary in readiness of practitioners, among others, management accountants, public accountants, accountants, academics and readiness of regulators and other supporting professions, such as appraisers and actuaries.
According to him, the application of IAS-based IFRS will have a major impact to the business world, especially on the side of the company's policy-making based on accounting data.
Besides the impact on accounting and financial reporting firm, he said, konvegensi IFRS also have an impact on enterprise information systems technology, human resources involved in the company and the impact on the company's organizational system.
To expedite the process of adoption of SFAS, continued Ersa, the success of the transition period is the key.
Associated with changes in financial accounting standards, he said, effective steps that need to be firm during the transition period is to establish the convergence of IFRS adhoc team that is responsible for initial preparation and organizing resources.
"Successful application of international accounting standards in a country, can not be separated from the role of capital markets, taxation and other regulatory authorities," said Ersa.
ikatakan, IFRS has now been widely adopted SFAS number of countries in order to answer the demand of institutional investors and other users of financial statements.
IFRS
22 November 2011
The IASB and the International Federation of Accountants (IFAC) have announced an agreement to strengthen their co-operation in developing private and public sector accounting standards.21 November 2011
The SME Implementation Group (SMEIG) today published two draft Questions & Answers (Q&As) on the IFRS for Small and Medium sized Entities (SMEs).14 November 2011
The IASB and the FASB have issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers.10 November 2011
The Trustees’ Due Process Oversight Committee (DPOC) has published a working draft of a protocol for due process oversight.24 November 2011
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