bab 10

FINANCIAL RISK MANAGEMENT

Risk management is a structured approach / methodology in managing the uncertainty associated with the threat. Financial risk management focuses on risks that can be managed using financial instruments. The main objective of financial risk management is to minimize the potential loss arising from unexpected changes in currency rates, credit, commodities, and equities. Market participants tend not to take risks. Intermediary financial services and a market maker responds by creating a financial product that allows a trader to shift the risk of unexpected price changes to others-the other side.

COMPONENTS – KEY COMPONENTS OF FOREIGN CURRENCY RISK

To minimize exposure faced by the volatility of foreign exchange rates, commodity prices, interest rates and securities prices, the financial services industry offers a lot of financial hedging products, such as swaps, interest rate, and also an option. Most financial instruments are treated as items outside the balance sheet by a number of companies that conduct international financial reporting. As a result, the risks associated with using this instrument is often covered up, and until now the world’s accounting standard makers to be in discussions on the principles of measurement and reporting are appropriate for these financial products.

There are several key components in the foreign currency risk, namely:

• Accounting risk (the risk of accounting): The risk that the preferred accounting treatment of a transaction are not available.
• Balance sheet hedge (balance sheet hedging): Reducing foreign exchange exposure faced by differentiating the various assets and liabilities of a company abroad.
• Counterparty (the opponent): Individuals / organizations who are affected by a transaction.
• Credit risk (credit risk): The risk that the opponent had failed to pay its obligations.
• Derivatives: contractual agreements that give rise to special rights or obligations with the value derived from other financial instrument or commodity.
• Economic exposure (economic exposure): Effect of changes in foreign exchange rates against the cost and revenue in the future.
• Exposure management (exposure management): Preparation of strukturdalam companies to minimize impacts kursterhadap changes in earnings.
• Foreign currency commitment (commitment to a foreign currency): Commitment to the sale / purchase of the company denominated in foreign currencies.
• Inflation differential (difference of inflation): The difference in the rate of inflation between two countries or more.
• Liquidity risk (liquidity risk): The inability to trade a financial instrument in a timely manner.
• Market discontinuities (discontinuities market): Changes in market value suddenly and significantly.
• Market risk (market risk): risk of losses due to unexpected changes in foreign exchange rates, commodity loans, and equity.
• Net assets exposed position (potential risk of the net asset position): Excess assets position of the position of liabilities (also referred to as a positive position).
• Net exposed liability position (potential risk of the net liability position): Excess liability position to the position of the asset (also referred to as a negative position).
• Net investment (net investment): An asset or net liability position that happens to a company.
• National amount (national number): Total principal amount stated in the contract to determine the settlement.
• Operational hedge (hedging operations): Protection valutaasing risk that focuses on variables that affect a company’s expenses pendapatandan in foreign currency.
• Option (option): The right (not obligation) to buy or sell a financial contract at a specified price before or during a specific date in the future.
• Regulatory risk (regulatory risk): The risk that a law limiting the public will mean the use of a financial product.
• Risk mapping (risk mapping): Observing the temporal relationship with the market risks of financial reporting variables that affect the value of the company and analyze the possibility of occurrence.
• Structural hedges (hedge structural): Selection or relocation of operations to reduce the overall foreign exchange exposure of a company.
• Tax risk (the risk of tax): The risk that the absence of the desired tax treatment.
• Translation exposure (translation exposure): Measuring the effect in the currency of the parent company of the change in foreign exchange for the assets, liabilities, revenues, and expenses in foreign currencies.
• Transaction risk potential (potential risk of the transaction): Advantages ataukerugian foreign exchange arising from the settlement or konversitransaksi in foreign currencies.
• Value at risk (the value of the risk): Risk of loss on trading portfolio of a company which is caused by changes in market conditions.
• Value drivers (trigger value): The accounts of the balance sheet and income statement yangmempengaruhi value of the company.

MANAGING TASKS IN FOREIGN CURRENCY RISK

Risk management can enhance shareholder value by identifying, controlling / managing the financial risks faced by actively. If the value of the company to match the present value of future cash flows, active management of potential risks can be justified by the following reasons:

• Management of exposure to assist in stabilizing the company’s cash flow expectations. Flow is more stable cash flows that can minimize the earnings surprise, thereby increasing the present value of expected cash flows. Stable earnings also reduces the likelihood of default and bankruptcy risk, or risk that profits may not be able to cover contractual debt service payments.
• exposure to active management allows companies to concentrate on the major business risks. For example in a manufacturing company, he can hedge interest rate risk and currency, so it can concentrate on the production and marketing.
• The lenders, employees, and customers also benefit from exposure management. Lenders generally have a lower risk tolerance than the shareholders, thereby limiting the exposure of companies to balance the interests of shareholders and bondholders. Derivative products also allow pension funds managed by the employer obtain a higher return by giving the opportunity to invest in certain instruments without having to buy or sell the related real instrument. Due to losses caused by price and interest rate risk of certain transferred to the customer in the form of higher prices, limiting exposure management of risks faced by consumers.

DEFINITION AND COUNTING TRANSLATION RISK

Companies with significant overseas operations prepare consolidated financial statements that allow the readers of financial statements to gain a holistic understanding of the company’s operations both domestically and abroad. The financial statements of foreign subsidiaries are denominated in foreign currencies are presented again in the currency of the parent company. The process of re-presentation of financial information from one currency to another currency is called translation. Translation is not equal to the conversion. Conversion is the exchange of one currency to another currency physically. Translation is just a change of monetary units, such as only a balance sheet re-expressed in GBP are presented in U.S. dollar equivalent value. Potential risk of these measuring translational effects of changes in foreign exchange against domestic currency equivalent value of assets and liabilities denominated in foreign currency held by the company. Because the amount of foreign currency is generally translated into domestic currency equivalent value for purposes of monitoring or management of external financial reporting, translational effects that pose an immediate impact on the desired profit.

Translation risks can be calculated in 2 ways, namely:

• It is said the potential risk of exposure to positive when the asset is greater than the liabilities (ie items in foreign currencies are translated based on the exchange rate now. Devaluation of foreign currencies relative to the reporting currency (foreign currency exchange rate decreases) causing translational loss. Currency Revaluation foreign (foreign currency exchange rate increases) making a profit translation.
• Potential risk of exposure to negative when liabilities exceed assets exposed. In this case, the devaluation of foreign currency translation gains cause. Revalusi foreign currency translation losses caused. In addition to the potential risks of translational traditional accounting measurement of the potential foreign exchange risk is also centered on the potential risks of the transaction. Potential risks associated with the transaction gains and losses in foreign exchange rates arising from the settlement of transactions denominated in foreign currencies. Transaction gains and losses have a direct impact on cash flow. Potential risks of the transaction report contains items that generally do not appear in conventional financial statements, but it raises transaction gains and losses as foreign currency forward contracts, purchase commitments and future sales and long-term lease.

DEFINITION TRANSACTION RISK AND COUNTING

Companies with significant overseas operations prepare consolidated financial statements that allow the readers of financial statements to gain a holistic understanding of the company’s operations both domestically and abroad. The financial statements of foreign subsidiaries denominated in foreign currencies are restated in the currency of the parent company. The process of re-presentation of financial information from one currency to another currency is called translation. Translation is not the same as the conversion. Conversion is the exchange of one currency to another currency physically. Translation is just a change of monetary units, for example, only the balance of the re-expressed in USD expressed in U.S. dollar equivalent value.
In addition to traditional accounting measures of risk potential translational potential of foreign exchange risk is also centered on the potential risks of the transaction. Potential risks associated with gains and losses on foreign exchange transactions arising from the settlement of transactions in foreign currencies. Transaction gains and losses have a direct impact on cash flow. Potential risks of the transaction report contains items that generally do not appear in conventional financial statements, but it raises transaction gains and losses as foreign currency forward contracts, purchase commitments and future sales and long-term lease.

Understanding Risk Management

Risk management or self-employed people working in strategic areas, each day dealing with poor road conditions. Someone could have been sure to arrive at the office on time. However, conditions on the road no one knows, for example, a tree felled by the earlier rain, or the road is closed, or other factors which may cause obstruction of the trip.

Person’s ability to manage uncertainty in the streets is one form of risk management.
Similarly, the financial world. Risk is the uncertainty that will occur from each situation and the decisions we take. It’s just that the consequences of that risk management is reduced or loss of our funds.

DIFFERENCES IN RISK OF ACCOUNTING AND ECONOMIC RISKS

Management accounting plays an important role in the process of risk management. They assist in the identification of market exposure, quantify the balance associated with alternative risk response strategy, the company faced a potential measure of risk, noting certain hedging products and evaluate the hedging program.

The basic framework is useful for identifying different types of market risk can potentially be referred to as risk mapping. This framework begins with the observation of the relationship of the various market risks triggering a company’s value and its competitors. The trigger value refers to the financial condition and operating performance items that affect the main financial value of a company. Market risks include the risk of foreign exchange rates and interest rates, and commodity and equity price risk. State the source of the purchase currency depreciates in value relative to domestic currency country, then these changes can lead to domestic competitors able to sell at lower prices, is referred to as the risk of facing currency competitive. Management accountants have to enter a function such that the probability associated with a series of output values ​​of each trigger.

Another role played by accountants in the process of risk management involves balancing the quantification process relating to the alternative risk response strategies. Foreign exchange risk is one of the most common form of risk and will be faced by multinational companies. In the world of floating exchange rates, risk management include:

• anticipation of exchange rate movements,
• measurement of exchange rate risk faced by the company,
• designing appropriate protection strategies,
• the manufacture of internal risk management control. Financial managers must have information about the possible direction, timing, and magnitude of changes in exchange rates and to develop adequate defensive measures more efficiently and effectively.

EXCHANGE RATE PROTECTION STRATEGY AND ACCOUNTING TREATMENT NEEDED
Exchange hedging strategy can be done by:

• Balance Sheet Hedging

Protection strategy by adjusting the level and value of monetary assets and liabilities denominated exposed companies, which will reduce the potential risks facing the company. Example of a hedging method subsidiaries located in countries that are vulnerable to devaluation is:

• Maintain cash balances in local currency at the minimum level needed to support current operations.
• Restore the earnings above the required amount of capital to the parent company untukekspansi.
• Speeding (ensure-leading) the receipt of outstanding receivables dagangyang in local currency.
• Delay (slow-lagging) the payment of debt in local currency.
• Accelerate the payment of debts in foreign currencies.
• Invest surplus cash into the stock of debt other danaktiva in local currency which was less affected by devaluation losses.
• Invest in assets outside the country with a strong currency
• Operational Hedging

Focusing on operational hedging variables affecting revenues and expenses in foreign currencies. More stringent cost control allows a greater margin of safety against potential currency losses. Structural hedging include relocation of manufacturing to reduce the potential risks facing the company or changing the state is the source of raw materials and component manufacturing.

• Contractual Hedging

One form of hedging with financial instruments, both the derivative instrument and the basic instrument. This instrument products include forward contracts, futures, options, and the mix of all three are developed. To provide greater flexibility for managers to manage the potential risks faced by foreign exchange.

Accounting Treatment

Before a standard is created, global accounting standards for derivative products is incomplete, inconsistent and developed gradually. Most financial instruments, that are executable, be treated as items outside the balance sheet. Then the FASB issued FAS 133, FAS 149 is clarified through the month of April 2003, to provide a single, comprehensive approach to accounting for derivatives and hedging transactions. No IFRS. 39 (revised) contains guidelines for the first time provide universal guidance on accounting for financial derivatives.

Basic provisions of this standard are:

1. Instrument-derivative financial instruments are recorded on the balance sheet as assets and liabilities. Derivative instruments are recorded at fair value, including those attached to the main contract is not carried at fair value.
2. Gains or losses from changes in fair value of derivative instruments, not including the assets or liabilities, but are recognized as income if it is planned as a hedge.
3. Hedging should be very effective in order to deserve a special accounting treatment, the gain or loss on the hedging instrument exactly offset the gains or losses should be something that is hedged.
4. hedging relationship must be documented in full for the benefit of readers of the report.
5. Advantages / disadvantages of net investment in foreign currency (asset or liability position of the net exposure) were initially recorded in other comprehensive income. Subsequently reclassified into current earnings if the subsidiary is sold or liquidated.
6. Gains / losses from hedge against future cash flows are uncertain, such estimates of export sales, are initially recognized as part of comprehensive income. Gains / losses recognized in earnings when the transaction is expected to occur that affect earnings.

ACCOUNTING AND CONTROL PROBLEMS ASSOCIATED WITH RISK MANAGEMENT OF FOREIGN CURRENCY EXCHANGE RATE

Examples of accounting and control issues associated with the risk management of foreign exchange can be seen in the following cases:

These companies continuously create and implement new strategies to improve their cash flow in order to increase shareholder wealth. It does require some expansion strategy in the local market. Other strategies require penetration into foreign markets. Foreign markets can be very different from the local market. Foreign markets creates opportunities increased incidence of corporate cash flow. The number of barriers to entry into foreign markets that have been revoked or reduced, encouraging companies to expand international trade. Consequently, many national companies become multinational companies (multinational corporation) that are defined as companies engaged in some form of international business.

MNC own purpose generally is to maximize shareholder wealth. Goal setting is very important for an MNC, as all decisions must be made to contribute to the achievement of these goals. Any corporate policy proposals not only need to consider the potential return, but also its risks. An MNC must make decisions based on the same goal with the goal of purely domestic firms. But on the other hand, MNC companies have a much wider opportunity, which makes the decision became more complex.

There are several constraints faced by MNC companies such as, environmental constraints, regulatory constraints, and ethical constraints. Environmental constraints can be seen from the different characteristics of each country. Regulatory constraints of each country regulatory differences that exist such as, taxes, currency conversion rules, as well as other regulations that may affect the cash flows of subsidiaries. Constraint itself is described as an ethical business practices vary in each country. MNC, in doing international business, in general can use the following methods:

1. International trade
2. Licensing
3. Franchising
4. The joint venture
5. Acquisition of companies
6. Establishment of new subsidiaries abroad

 source :

http://wartawarga.gunadarma.ac.id/2012/04/eva-lestari-21208448-4eb11-tugas-softskill-akuntansi-internasional-bab-10/

bab 9

MANAGEMENT PLANNING AND CONTROL

FOUR DIMENSIONS IN MAKING BUSINESS MODEL

Determination of the business model of the big picture, and consists of the implementation, formulation and evaluation of long-term business plan that includes four dimensions of the game are:

• Identify key factors that are relevant to the company’s progress in the future.
• Formulate appropriate techniques to predict future developments and analyze the company’s ability to adapt or take advantage of this development.
• Develop data sources for the selection of strategic support.
• certain options translated into a series of specific actions.

STANDARD COST DIFFERENCE CONCEPT AND KAIZEN

Determine the standard cost system tries to minimize the variance between budget costs with actual costs. Kaizen Costing stressed to do what is Necessary to Achieve the desired level of performance in a competitive market conditions.

Standard cost concepts:

• Control costs
• Applied to the condition of existing manufacturing
• Purpose: compliance with performance standards
• Standards are determined each year
• Analysis of variance based on actual vs. standard
• Investigate if the standards are not met

The concept of Kaizen Cost:

• Reduction of costs
• Applied to continuous improvement in manufacturing
• purpose: Achieve cost reduction target
• Target cost reduction is determined each month
• Analysis of variance based on constant cost reduction
• Investigate if the target does not cost Achieved

FOREIGN INVESTMENT EXPECTED RETURN

The decision to invest abroad is a very important element in global strategies of multinational corporations. Foreign direct investment involves a large number of general capital and uncertain prospects. Investment risk, followed by an unfamiliar environment, complex and constantly changing. Generally, a formal planning necessity and carried out within the framework of capital budgeting that compares the benefits and costs of the proposed investment.
In the international environment, investment planning is not as simple as that. Differences in tax law, accounting systems, the rate of inflation, the risk of nationalization, currency framework, market segmentation, transfer restrictions retained earnings, and differences in language and culture add to the complexity of the Elements That rarely found in domestic environments. The difficulty for the quantification of these data make-existing problem worse.

CALCULATION OF THE MULTINATIONAL COMPANY CAPITAL COSTS

If foreign investment is evaluated by using a discounted cash flow models, the appropriate discount rate should be developed. The theory of capital budgeting in particular using the cost of capital as the discount rate, Thus Spake the project should generate a profit at least equal to the cost of capital in order to be accepted. The level of the benchmark (hurdle rate) associated with the proportion of debt and equity in the company’s financial structure as follows.
It is not easy to measure the cost of multinational capital. The cost of equity capital can be calculated several ways. One popular method of combining the expectation was the return of dividends by the dividend growth rate expectations. Assuming the per share dividend = estimate at the end of the period. Po = price of the stock market is now at the beginning of the period and g = expected growth rate in dividends, the cost of equity, should be calculated as follows for = many At / Po + g. Although the capital is to measure the stock price is, in most countries where the multinational company’s shares are listed, is often quite difficult to measure in a and g. Since the first expectation. Dividends are expected to depend on the company’s operating cash flow as a whole. Measure of cash flow is complicated by the consideration of environmental factors. Besides the measurement of the dividend growth rate is a function of expectations of future cash flows are complicated by exchange controls and other government restrictions on cross-border transfer of funds.

PROBLEMS IN DESIGNING AND CONTROL SYSTEM HASSLE FINANCIAL INFORMATION AND MULTINATIONAL COMPANIES

Clear distance is a hassle. Caused by geography, formal information communication generally replace the personal contact between the local operations manager with office management.
Three global information technology strategy, each of which is associated with certain types of multinational organizations. Achieved success depends on the suitability of the design of systems with corporate strategy:

• deployment of low to high centralization. Used by smaller organizations with limited international business operations and information systems need to dominate the domestic
• high-low spread of centralization. Local subsidiary is given a significant influence on the development of strategies relating to technology and information systems Himself.
• high with spread of high centralization. Following the global information technology strategy execution locally by global companies with strategic alliances throughout the world. Information system is designed to reflect the needs of the company adapted to local conditions.

Management Accountant to prepare some information for the management of companies, ranging from data collection to reporting estimates of different types of liquidity and operational expenditure. For each group of data submitted by the company management should determine the relevant time period for the report, the level of accuracy required, the frequency of reporting and the costs and benefits of depreciation and timely delivery. Here also the environmental factors that influence the use of information generated translation. Reports from overseas operations of multinational companies are generally translated into U.S. dollar equivalent value of the manager’s office in the U.S. to evaluate their investment in dollars.

VARIANCE ANALYSIS OF EXCHANGE RATE

Three exchange rate to use when Preparing the draft operating budget at the beginning of the period:

• exchanges where the exchange rate when the budget prepared
• the exchange rate expected to apply at the end of budget period (projection level)
• the exchange rate at the end of the period when the budget be adjusted if changes in the exchange rate (closing rate)

SPECIAL DIFFICULTIES IN IMPLEMENTING THE SYSTEM DESIGN AND PERFORMANCE EVALUATION OF MULTINATIONAL COMPANIES

Evaluation of performance on certain multinational companies are classified into three levels Essentially, that is

• Levels of Leadership (Director and above)
• Supervisors and above
• Employees are low (blue)

In the evaluation of the directors to the top, the assessment is directed “leadership framework” which includes 13 behaviors were classified into 4 groups:

• Inspires people consisting of:

1. Leading people. Is the ability of civil servants and make them confident in doing something so That They could create the appearance was consistent with the principles of management and leadership with the translation as follows: Related to keep all relevant information and community, increase effectiveness of work teams and team principal to success.
2. Develop people. Is to help employees to identify needs for the successful development needs, encourage employees to learn to provide suitable support. With the translation as follows: Provide a detailed command ensures that the command was understood and Cleary look and create a positive environment for long-term development.
3. Practice what you Preach. Is it to be consistent with the principles and values ​​Realizing, including “the passage of communication” even in difficult times.

• Opening up, consisting of:

1. Knowing yourself. Is the ability to precisely identify and understand the power of yourself and fix it as well as applied and implemented in effect, order was understood in a person’s effectiveness in the organization. And has an extensive self-care and deep. Act as a constant (stable) on the influence of their power to correct and compensate for weaknesses.
2. Insight. Is the ability to identify relationships between facts, ideas and the situation was not clear and collecting it to solve problems that require priority, clarify and explain the complex situation that has been given / created opportunity.
3. Courage. Associated with the capacity and confidence of employees in their opinion, and allowed to make decisions or choices, along with concerns Evaluating the risks and responsibilities in dealing with critical situations and challenges.
4. Curiosity. An employee openly curiosity to learn more about the environment by asking questions to think or do research It appears simple, broad and constant.
5. Service orientation. Is the desire to help or serve the customer with an understanding of customer expectations and needs, providing quality services that are long lasting and mutually beneficial as well as a long-term perspective on the merits.

• Calls with the Other, which consists of:

1. Proactive collaboration. Whether working with others through a commitment to Achieve the object, understand and target the needs of others and adapting own views and the views, if appropriate behavior through personal contribution to effective teamwork.
2. Impact: Reassure and Others. Is convinced, directly or indirectly to obtain commitment to the project idea or action that the Organization of interest through the use of a lot of convincing arguments, generate interest in others by using the influence of an integrated strategy.

• Adding value, comprising:

1. The results of the focus. Ambition is to meet the target performance / quality standards and work continuously to Obtain Suitable methods of process improvement, motivation to Achieve the target to increase employment and maximize employment in the long run.
2. Initiative. Make the employee is to act proactively (to act and think in simple terms) so that the initiative was not just reacted to the situation, but also anticipating for a long time and do it well.
3. Innovation / Renovation. Display behavior to receive the ‘status quo’ challenges in improving the control and new ideas so that there is a change up and running efficiently.

HOW TO FIGHT INFLATION AND THE EFFECT ON FLUCTUATIONS  MULTINATIONAL CORPORATE PERFORMANCE MEASUREMENT

For multinational companies, foreign currency fluctuation level of uncertainty resulting from the company’s operations in the international arena. Eye risk management refers to enterprise risk management transactions, economic, and translation. Transaction risk refers to the likelihood that cash transactions in the future will be influenced by changes in exchange rates. Economic risk refers to the possibility that the present value of cash flow company in the future will be influenced by exchange rate fluctuations. One way to overcome problems of economic risk and the risk of the transaction is to hedge (hedging). Swap contracts require the buyer before a certain currency with a certain exchange rate (forward rate) at a predetermined date in the future. In the face translational risk, management can give a report in dollar-denominated and local multinational management can know the true state of the local divisions and the impact of foreign currency translation. Multinational companies use a system of decentralized Because It Gives advantage to the country of origin and distribution of foreign divisions. These advantages include:

• Local Manager Able to Produce better decisions through the use of local information.
• Local managers can provide more timely responses to changing circumstances.
• Manager of the center is not possible to understand all of products and markets.
• Train and motivate local managers to make decisions daily operations so that top management can focus was more on long-term problems.

Performance measurement in multinational companies should separate the evaluation of a division manager with evaluation of this division. Managers should be evaluated based on revenue and costs incurred. Once the manager is evaluated, a subsidiary of the financial statements can be tailored to the parent company’s currency and the cost can be allocated beyond the control of managers. Environmental factors such as social culture, economic, political, legal, and differ in one country from another country is out of control, but managers will affect company profits and ROI.

source :

http://wartawarga.gunadarma.ac.id/2012/04/eva-lestari-21208448-4eb11-tugas-softskill-akuntansi-internasional-bab-9/

INTERNATIONAL ACCOUNTING HARMONIZATION

INTERNATIONAL ACCOUNTING HARMONIZATION
 "Harmonization" is a process for improving the compatibility (suitability) accounting practices by setting limits on how large-prkatik 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. International accounting harmonization is one of the most important issues faced by the makers of accounting standards, capital market regulators, stock exchanges, and those who prepare or use financial statements.Include the harmonization of accounting harmonization:A. Accounting standards (which relates to the measurement and disclosure)2. Disclosures made by public companies associated with the securities offering and listing on stock exchanges3.Standar audit
International Harmonization profitA recent article also supports the existence of a "global GAAP" harmonized. Some of the benefits mentioned include:A. Into global capital markets and investment capital can move across the globe without a hitch. 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; portfolio will be more diverse and less financial risk.3. Companies can improve decision making strategies in the areas of mergers and acquisitions.4. The best ideas arising from the standard pat-making activity is spread in developing global standards of the highest quality.
On criticism of International Standards
            Internationalization of accounting standards is also drawn criticism. In early 1971 (before the establishment of IASC), some argue that the determination of international standards is a very simple solution for complex problems. Also stated that the accounting, the social sciences, has had a flexibility that is built up by itself in it and the ability to adjust to a very different situation is one of its most important values. At the international standards of doubt can be flexible to overcome differences in background, tradition, and national economic environment, some people argue that this will be a challenge that is politically unacceptable to national sovereignty.Furthermore, it feared that the adoption of international standards will lead to "excessive standards". Companies must respond to the pressure composition of the national, political, social, and economic and increasingly made the MAGs to meet additional international regulations are complicated and costly.Joint Reconciliation and RecognitionTwo approaches are proposed as a possible solution is used to overcome the problems associated with cross-border financial report:A. ReconciliationThrough reconciliation, a foreign firm can prepare financial statements using accounting standards country of origin, but must provide a reconciliation between the accounting measures (such as net income and shareholders' equity) in the country of origin and in countries where financial statements are reported.2. Mutual recognition (which is also referred to as the "payoff" / reciprocity)Mutual recognition occurs when the regulator outside the country of origin to receive the financial statements of foreign companies which are based on the principles of country of origin.
Evaluation
            The debate over harmonization may never be fully resolved. Several arguments against harmonizing contain some truth. However, growing evidence suggests that the goal of international harmonization of accounting, disclosure, and audit have been received so extensive that trend leading to the international harmonization will continue or even sooner. A large number of companies voluntarily adopting International Financial Prlaporan Standards (International Financial Reporting Standards-IFRS). Many countries have adopted IFRS as a whole, using IFRS as national standards or permit the application of IFRS. National differences in the underlying factors that lead to differences in accounting, disclosure and audit practices increasingly narrow as the capital markets and international products.

Application of International StandardsInternational accounting standards are used as a result of:A. International treaties or political2. Voluntary compliance (or being pushed in a professional manner)3. Decision by the international accounting standards-making body
Some important events in the history of the International Accounting Standards Determination1959 - Jacob Kraayenhof, a founding partner of a firm of independent accountants the main European, pushing for international accounting standards-making business began.1961 - Group d'Etudes, composed of practicing professional accountants, established in Europe to provide advice to the EU authorities in matters relating to accounting.1966 - Accountants International Study Group was founded by a professional institute in Canada, Britain and the United States.1973 - International Accounting Standards Committee (International Accounting Standards Committee, IASC) was established.1976 - The Organization for Economic Cooperation and Development (Organization for Economic Corporation and Development-OECD) issued a Declaration Investing in Multinationals, which contains guidelines for the "Disclosure Information".1977 - International Federation of Accountants (International Federation of Accounting, IFAC) was founded.1977 - Group of Experts appointed by the Economic and Social Council of the United Nations issued a report that consists of four sections of the International Standards of Accounting and Reporting for Transnational Corporations.1978 - The Commission issued a directive Fourth ropa Society as a first step towards harmonization of European accounting.1981 - IASC established a consultative group consisting of non-member organizations to expand the inputs in the manufacturing of international standard.1984 - London Stock Exchange said that it hoped that the companies that list their stocks, but not incorporated in England or Ireland to adjust to international accounting standards.1987 - The International Organization of the Capital Market Commission (IOSCO) said in its annual conference to encourage the use of common standards in accounting and auditing practices.1989 - IASC issued exposure draft 32 of the comparative financial statements. Basic Framework for the Preparation and Presentation of Financial Statements issued aoleh IASC.1995 - The Board of IASC and the IOSCO Technical Committee approved a work plan and successfully issued IAS solution to form a core group of a comprehensive standard. Success in the completion of these standards menmungkinkan IOSCO Technical Committee to recommend endorsement of IAS in the collection of capital across borders and the need for listing of shares across global markets.1995 - The European Commission adopted an emergency approach to the harmonization of accounting that will allow the use of IAS by companies that do the listing of shares in the international capital markets.1996 - U.S. Capital Markets Commission (SEC) announced that it ".... support the objectives of the IASC to develop, as quickly as possible, accounting standards that can be used to prepare financial statements that can be used in cross-border securities offerings.1998 - IOSCO published a report "International Disclosure Standards for Cross-Border Travel and Registration of Foreign Issuer Shares to Prime."
1999 - The International Forum for Accountancy Development (International Forum on Accountancy Development-IFDA) met for the first time in June.2000 - IOSCO received, in total, all 40 core standards set by the IASC in response to the wish list of IOSCO in 1993.2001 - The European Commission proposed a rule that would require all EU companies listed their shares on a regulated market to prepare consolidated accounts according to IAS in 2005 at the latest.2001 - International Accounting Standards Board (Accounting Standards Board Internastiaonal-IASB) replaced the IASC and take over his responsibilities as of 1 April. IASB standards known as International Financial Reporting Standards (IFRS) including IAS and issued by the IASC.2002 - The European Parliament approved the European Commission proposal that virtually all EU companies listed their shares must follow IASB standards starting no later than 2005 in the consolidated financial statements. Member states may extend this provision to the financial statements of companies that do not keep records of individual stocks and companies. European Council later adopted a rule that allows this is achieved.2002 - IASB and the FASB signed the "Norwalk Agreement" which contains the commitment to the convergence of international and U.S. accounting standards.2003 - Council of Europe approved the Fourth and Seventh EU Directives are amended, to eliminate the inconsistency between the old directive with IFRS.2003 - IASB issued IFRS 1 and IAS 15 revisions to.

Glance Major International Organizations Regarding Promoting Harmonization of AccountingSix organizations have become a major player in the determination of the international accounting standards and in promoting international harmonization of accounting:1. International Accounting Standards Board (IASB)2. Commission of the European Union (EU)3. International Organization of the Capital Market Commission (IOSCO)4. International Federation of Accountants (IFAC)5. Intergovernmental Working Group of Experts on the United Nations International Standards of Accounting and Reporting (International Standards of Accounting and Reporting - Isar), part of the United Nations Conference in Trade and Development (United Nations Conference on Trade and Development-UNCTAD)6. Accounting Standards Working Group in the Organization of Economic Cooperation and Development (OECD Working Group)

International Accounting Standards BoardIASB objectives are:A. To develop in the public interest, a set of global accounting standards are of high quality, understandable and can be applied which requires high quality information, transparent, and comparable financial statements.2. To encourage the use and application of these standards are strict.3. To bring the convergence of national accounting standards and International Accounting Standards and International Financial Reporting toward high quality solutions.
New structure of the IASB:A. Trustee agencies2. Council of IASB3. Standards advisory council4. International financial reporting interpretations committee (IFRIC)
The European Union (Europen Union-EU)One goal is to achieve the integration of EU financial markets of Europe. For this purpose, the EC has introduced a directive and take a huge initiative to achieve a single market for:a. Changes in capital in the EUb. Create a common legal framework for securities and derivatives markets are integratedc. Achieve a single set of accounting standards for companies whose shares are listed.

International Organization of the Capital Market Commission (IOSCO)International Organization of the Capital Market Commission (the International Organization of Securities Commissions-IOSCO) consists of a number of regulatory bodies of capital markets in over 100 countries. According to the budget opening IOSCO:Capital market authorities decided to work together in ensuring better market regulation, both at domestic and international, to maintain a fair marketplace, efficient and healthy:> Mutual exchange of information based on their experience to encourage the development of the domestic market.> Uniting the efforts to create standards and penhawasan effective international securities transactions.> Provide assistance together to ensure market integrity through the application of strict standards and effective enforcement against offenses.
IOSCO has worked extensively in international disclosure and accounting standards to facilitate the ability of firms to raise capital efficiently through the global securities markets. Its main purpose is to facilitate a process that can be used by publishers world-class shares to raise capital in the most effective and efficient at all that there is a demand for capital market investors. The Committee is working with the IASB, among others, by providing input to the IASB projects.

INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC)IFAC is a world-class organization that has 159 member organizations in 118 countries, representing more than 2.5 million accountants. Founded in 1977, whose mission is to support the development of the accountancy profession with harmonized standards so that accountants can provide consistently high quality services in the public interest.IFAC Council, which meets every 2.5 years, had a representative from each IFAC member organizations. The Assembly has a council, composed of individuals who come from 18 countries, elected for 2.5 years. This council, which meets two times each year, setting policy and overseeing IFAC operations. Daily administration conducted by the IFAC Secretariat, located in New York, which has a staff of accounting professionals from around the world.
WORKING GROUP BETWEEN THE GOVERNMENT OF THE UNITED NATIONS INTERNATIONAL STANDARDS FOR EXPERT IN ACCOUNTING AND REPORTING (Isar)Isar was formed in 1982 and is the only inter-governmental working group to discuss accounting and auditing at the corporate level. Particular mandate is to encourage the harmonization of national accounting standards for companies. Isar realize this mandate through discussion and adoption of best practices, including those recommended by the IASB. Isar is an early supporter of the environment reporting and a number of recent initiatives focused on corporate governance and accounting for small and medium sized companies.
ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (OECD)OECD is an international organization advanced industrial countries-oriented market economy. With a membership consisting of the advanced industrial countries is greater, the OECD is often a formidable opponent against the other bodies (such as the UN or the International Confederation of Free Trade Union) which has a tendency to perform acts contrary to the interests of its members.

Sources:http://2wir.blogspot.com/2011/05/harmonisasi-akuntansi-internasional.htmlhttp://nunung-nur.blogspot.com/2011/05/harmonisasi-akuntansi-internasional.htmlhttp://0wi3.wordpress.com/2012/05/18/harmonisasi-akuntansi-internasional/www.gunadarma.ac.id

harmonisasi akuntansi internasional

HARMONISASI AKUNTANSI INTERNASIONAL

“Harmonisasi” merupakan proses untuk menigkatkan kompatibilitas (kesesuaian) praktik akuntansi dengan menentukan batasan-batasan seberapa besar praktik-prkatik tersebut dapat beragam. Standar harmonisasi ini bebas dari konflik logika dan dapat meningkatkan komparabilitas (daya banding) informasi keuangan yang berasal dari berbagai negara. Upaya untuk melakukan harmonisasi standar akuntansi telah dimulai jauh sebelum pembentukan Komite Standar Akuntansi Internasional pada tahun 1973. Harmonisasi akuntansi internasional merupakan salah satu isu terpenting yang dihadapi oleh pembuat standar akuntansi, badan pengatur pasar modal, bursa efek, dan mereka yang menyusun atau menggunakan laporan keuangan.
Harmonisasi akuntansi mencakup harmonisasi :
1. Standar akuntansi (yang berkaitan dengan pengukuran dan pengungkapan)
2. Pengungkapan yang dibuat oleh perusahaan-perusahaan public terkait dengan penawaran surat  berharga dan pencatatan pada bursa efek
3.Standar audit

Keuntungan Harmonisasi Internasional
Sebuah tulisan terbaru juga mendukung adanya suatu “GAAP global” yang terharmonisasi. Beberapa manfaat yang disebutkan antara lain:
1. Pasar modal menjadi global dan modal investasi dapat bergerak di seluruh dunia tanpa hambatan. Standar pelaporan keuangan berkualitas tinggi yang digunakan secara konsisten di seluruh dunia akan memperbaiki efisiensi alokasi modal.
2. Investor dapat membuat keputusan investasi yang lebih baik; portofolio akan lebih beragam dan risiko keuangan berkurang.
3. Perusahaan-perusahaan dapat memperbaiki proses pengambilan keputusan strategi dalam bidang merger dan akuisisi.
4. Gagasan terbaik yang timbul dari aktivitas pembuatan standard pat disebarkan dalam mengembangkan standar global yang berkualitas tertinggi.

Kritik Atas Standar Internasional
            Internasionalisasi standar akuntansi juga menuai kritik. Pada awal tahun 1971 (sebelum pembentukan IASC), beberapa pihak mengatakan bahwa penentuan standar internasional merupakan solusi yang terlalu sederhana atas masalah yang rumit. Dinyatakan pula bahwa akuntansi, sebagai ilmu sosial, telah memiliki flesibilitas yang terbangun dengan sendiri di dalamnya dan kemampuan untuk menyesuaikan diri dengan situasi yang sangat berbeda merupakan salah satu nilai terpenting yang dimilikinya. Pada saat standar internasional diragukan dapat menjadi fleksibel untuk mengatasi perbedaan-perbedaan dalam latar belakang, tradisi, dan lingkungan ekonomi nasional, maka beberapa orang berpendapat bahwa hal ini akan menjadi sebuah tantangan yang secara politik tidak dapat diterima terhadap kedaulatan nasional.
Lebih jauh lagi, ditakutkan bahwa adopsi standar internasional akan menimbulkan “standar yang berlebihan”. Perusahaan harus merespon terhadap susunan tekanan nasional, politik, social, dan ekonomi yang semakin meningat dan semakin dibuat untuk memenuhi ketentuan internasional tambahan yang rumit dan berbiaya besar.
Rekonsiliasi dan Pengakuan Bersama
Dua pendekatan yang diajukan sebagai solusi yang mungkin digunakan untuk mengatasi permasalahan yang terkait dengan isi laporan keuangan lintas batas:
1. Rekonsiliasi
Melalui rekonsiliasi, perusahaan asing dapat menyusun laporan keuangan dengan menggunakan standar akuntansi negara asal, tetapi harus menyediakan rekonsiliasi antara ukuran-ukuran akuntansi yang penting (seperti laba bersih dan ekuitas pemegang saham) di negara asal dan di negara dimana laporan keuangan dilaporkan.
2. Pengakuan bersama (yang juga disebut sebagai “imbal balik” / resiprositas)
Pengakuan bersama terjadi apabila pihak regulator di luar negara asal menerima laporan keuangan perusahaan asing yang didasarkan pada prinsip-prinsip negara asal.

Evaluasi
            Perdebatan mengenai harmonisasi mungkin tidak akan pernah terselesaikan dengan penuh. Beberapa argumen yang menentang harmonisasi mengandung sejumlah kebenaran. Namun demikian, semakin banyak bukti menunjukkan bahwa tujuan harmonisasi internasional akuntansi, pengungkapan, dan audit telah diterima begitu luas sehingga tren yang mengarah pada harmonisasi internasional akan berlanjut atau bahkan semakin cepat. Sejumlah besar perusahaan secara sukarela mengadopsi Standar Prlaporan Keuangan Internasional (Internasional Financial Reporting Standards-IFRS). Banyak negara telah mengadopsi IFRS secara keseluruhan, menggunakan IFRS sebagai standar nasional atau mengizinkan penerapan IFRS. Perbedaan nasional dalam faktor-faktor dasar yang menyebabkan perbedaan dalam akuntansi, pengungkapan, dan praktik audit semakin sempit karena pasar modal dan produk semakin internasional.

Penerapan Standar Internasional
Standar akuntansi internasional digunakan sebagai hasil dari :
1. Perjanjian internasional atau politis
2. Kepatuhan secara sukarela (atau yang didorong secara professional)
3. Keputusan oleh badan pembuat standar akuntansi internasional

Beberapa Peristiwa penting Dalam Sejarah Penentuan Standar Akuntansi Internasional
1959- Jacob Kraayenhof, mitra pendiri sebuah firma akuntan independen Eropa yang utama, mendorong agar usaha pembuatan standar akuntansi internasional dimulai.
1961- Group d’Etudes, yang terdiri dari akuntan professional yang berpraktik, didirikan di Eropa untuk memberikan nasihat kepada pihak berwenang Uni Eropa dalam masalah-masalah yang menyangkut akuntansi.
1966- Kelompok Studi Internasional Akuntan didirikan oleh institute professional di Kanada, Inggris, dan Amerika Serikat.
1973- Komite Standar Akuntansi Internasional (Internasional Accounting Standard Committee-IASC) didirikan.
1976- Organisasi untuk Kerja Sama dan Pembangunan Ekonomi (Organization for Economic Coorporation and Development-OECD) mengeluarkan Deklarasi Investasi dalam Perusahaan Multinasional yang berisi panduan untuk “Pengungkapan Informasi”.
1977- Federasi Internasional Akuntan (International Federation of Accounting-IFAC) didirikan.
1977- Kelompok Para Ahli yang ditunjuk oleh Dewan Ekonomi dan Sosial Perserikatan Bangsa-bangsa mengeluarkan laporan yang terdiri dari empat bagian mengenai Standar Internasional Akuntansi dan Pelaporan bagi Perusahaan Transnasional.
1978- Komisi Masyarakat ropa mengeluarkan Direktif Keempat sebagai langkah pertama menuju harmonisasi akuntansi Eropa.
1981- IASC mendirikan kelompok konsultatif yang terdiri dari organisasi nonanggota untuk memperluas masukan-masukan dalam pembuatan standar internasional.
1984- Bursa Efek London menyatakan bahwa pihaknya berharap agar perusahaan-perusahaan yang mencatatkan sahamnya tetapi tidak didirikan di Inggris atau Irlandia menyesuaikan dengan standar akuntansi internasional.
1987- Organisasi Internasional Komisi Pasar Modal (IOSCO) menyatakan dalam konferensi tahunannya untuk mendorong penggunaan standar yang umum dalam praktik akuntansi dan audit.
1989- IASC mengeluarkan Draf Eksposure 32 mengenai perbandingan laporan keuangan. Kerangka Dasar untuk Penyusunan dan Penyajian Laporan Keuangan diterbitkan aoleh IASC.
1995- Dewan IASC dan Komisi Teknis IOSCO menyetujui suatu rencana kerja yang penyelesaiannya kemudian berhasil mengeluarkan IAS yang membentuk satu kelompok inti standar yang komprehensif. Keberhasilan dalam penyelesaian standar-standar ini menmungkinkan Komisi Teknis IOSCO untuk merekomendasikan pengesahan IAS dalam pengumpulan Modal lintas batas dan keperluan pencatatan saham di seluruh pasar global.
1995- Komisi Eropa mengadopsi sebuah pendekatan daru dalam harmonisasi akuntansi yang akan memungkinkan penggunaan IAS oleh perusahaan-perusahaan yang melakukan pencatatan saham dalam pasar modal internasional.
1996- Komisi Pasar Modal AS (SEC) mengumumkan bahwa pihaknya ”….mendukung tujuan IASC untuk mengembangkan, secepat mungkin, standar akuntansi yang dapat digunakan untuk menyusun laporan keuangan yang dapat digunakan dalam penawaran surat berharga lintas batas.
1998- IOSCO menerbitkan laporan “Standar Pengungkapan Internasional untuk Penawaran Lintas Batas dan Pencatatan Saham Perdana bagi Emiten Asing”.

1999- Forum Internasional untuk Pengembangan Akuntansi (International Forum on Accountancy Development-IFDA) bertemu untuk pertama kalinya pada bulan Juni.
2000- IOSCO menerima, secara keseluruhan, seluruh 40 standar inti yang disusun oleh IASC sebagai jawaban atas daftar keinginan IOSCO tahun 1993.
2001- Komisi Eropa mengusulkan sebuah aturan yang akan mewajibkan seluruh perusahaan EU yang tercatat sahamnya  pada suatu pasar yang diregulasi untuk menyusun akun-akun konsolidasi sesuai dengan IAS selambatnya tahun 2005.
2001- Badan Standar Akuntansi Internasional (Internastiaonal Accounting Standars Board-IASB) menggantikan IASC dan mengambil alih tanggung jawabnya per tanggal 1 April.  Standar IASB disebut sebagai Standar Pelaporan Keuangan Internasional (IFRS) dan termasuk didalamnya IAS yang dikeluarkan oleh IASC.
2002- Parlemen Eropa menyetujui proposal Komisi Eropa bahwa secara nyata seluruh perusahaan EU yang tercatat sahamnya harus mengikuti standar IASB dimulai selambat-lambatnya tahun 2005 dalam laporan keuangan konsolidasi. Negara-negara anggota dapat memperluas ketentuan ini terhadap laporan keuangan perusahaan-perusahaan yang tidak melakukan pencatatan saham dan perusahaan secara individu. Dewan Eropa kemudian mengadopsi aturan yang memungkinkan hal ini tercapai.
2002- IASB dan FASB menandatangani “Perjanjian Norwalk” yang berisi komitmen bersama terhadap konvergensi standar akuntansi internasional dan AS.
2003- Dewan Eropa menyetujui Direktif EU Keempat dan Ketujuh yang diamandemen, yang menghapuskan ketidakkonsistenan antara direktif lama dengan IFRS.
2003- IASB menerbitkan IFRS 1 dan revisi terhadap 15 IAS.

Sekilas Mengenai Organisasi Internasional Utama yang Mendorong Harmonisasi Akuntansi
Enam organisasi telah menjadi pemain utama dalam penentuan standar akuntansi internasional dan dalam mempromosikan harmonisasi akuntansi internasional :
1. Badan Standar Akuntansi International (IASB)
2. Komisi Uni Eropa (EU)
3. Organisasi Internasional Komisi Pasar Modal (IOSCO)
4. Federasi Internasional Akuntan (IFAC)
5. Kelompok Kerja Ahli Antarpemerintah Perserikatan Bangsa-bangsa atas Standar Internasional Akuntansi dan Pelaporan (International Standars of Accounting and Reporting – ISAR), bagian dari Konferensi Perserikatan Bangsa-bangsa dalam Perdagangan dan Pembangunan (United Nations Conference on Trade and Development –UNCTAD)
6. Kelompok Kerja dalam Standar Akuntansi Organisasi Kerja Sama dan Pembangunan Ekonomi (Kelompok Kerja OEDC)

Badan Standar Akuntansi Internasional
Tujuan IASB adalah :
1. Untuk mengembangkan dalam kepentingan umum, satu set standar akuntansi global yang berkualitas tinggi, dapat dipahami dan dapat diterapkan yang mewajibkan informasi yang berkualitas tinggi, transparan, dan dapat dibandingkan dalam laporan keuangan.
2. Untuk mendorong penggunaan dan penerapan standar-standar tersebut yang ketat.
3. Untuk membawa konvergensi standar akuntansi nasional dan Standar Akuntansi Internasional dan Pelaporan Keuangan Internasional kea rah solusi berkualitas tinggi.

Struktur IASB yang Baru :
1. Badan wali
2. Dewan IASB
3. Dewan penasihat standar
4. Komite interpretasi pelaporan keuangan internasional (IFRIC)

Uni Eropa (Europen Union-EU)
Salah satu tujuan EU adalah untuk mencapai integrasi pasar keuangan eropa. Untuk tujuan ini, EC telah memperkenalkan direktif dan mengambil langkah inisiatif yang sangat besar untuk mencapai pasar tunggal bagi :
a. Perubahan modal dalam tingkat EU
b. Membuat kerangka dasar hokum umum untuk pasar surat berharga dan derivatif yang terintegrasi
c. Mencapai satu set standar akuntansi tunggal untuk perusahaan-perusahaan yang sahamnya tercatat.

Organisasi Internasional Komisi Pasar Modal (IOSCO)
Organisasi Internasional Komisi Pasar Modal (International Organization of Securities Commissions-IOSCO) beranggotakan sejumlah badan regulator pasar modal yang ada di lebih dari 100 negara. Menurut bagian pembukaan anggaran IOSCO:
Otoritas pasar modal memutuskan untuk bekerja bersama-sama dalam memastikan pengaturan pasar yang lebih baik, baik pada tingkat domestic maupun internasional, untuk mempertahankan pasar yang adil, efisien dan sehat:
> Saling menukarkan informasi berdasarkan pengalaman masing-masing untuk mendorong perkembangan pasar domestic.
> Menyatukan upaya-upaya untuk membuat standard an penhawasan efektif terhadap transaksi surat berharga internasional.
> Memberikan bantuan secara bersama-sama untuk memastikan integritas pasar melalui penerapan standar yang ketat dan penegakkan yang efektif terhadap pelanggaran.

IOSCO telah bekerja secara ekstensif dalam pengungkapan internasional dan standar akuntansi memfasilitasi kemampuan perusahaan memperoleh modal secara efisien melalui pasar global surat berharga. Tujuan utamanya adalah untuk memfasilitasi proses yang dapat digunakan para penerbit saham kelas dunia untuk memperoleh modal dengan cara yang paling efektif dan efisien pada seluruh pasar modal yang terdapat permintaan investor. Komite ini bekerja sama dengan IASB, antara lain dengan memberikan masukan terhadap proyek-proyek IASB.

FEDERASI INTERNASIONAL AKUNTAN (IFAC)
IFAC merupakan organisasi tingkat dunia yang memiliki 159 organisasi anggota di 118 negara, yang mewakili lebih dari 2,5 juta orang akuntan. Didirikan tahun 1977, dimana misinya adalah untuk mendukung perkembangan profesi akuntansi dengan harmonisasi standar sehingga akuntan dapat memberikan jasa berkualitas tinggi secara konsisten demi kepentingan umum.
Majelis IFAC, yang bertemu setiap 2.5 tahun, memiliki seorang perwakilan dari setiap organisasi anggota IFAC. Majelis ini memiliki suatu dewan, yang terdiri dari para individu yang berasal dari 18 negara yang dipilih untuk masa 2.5 tahun. Dewan ini, yang bertemu 2 kali setiap tahunnya, menetapkan kebijakan IFAC dan mengawasi operasinya. Administrasi harian dilakukan oleh Sekretariat IFAC yang berlokasi di New York, yang memiliki staf professional akuntansi dari seluruh dunia.

KELOMPOK KERJA ANTAR PEMERINTAH PERSERIKATAN BANGSA-BANGSA UNTUK PAKAR DALAM STANDAR INTERNASIONAL AKUNTANSI DAN PELAPORAN (ISAR)
ISAR dibentuk pada tahun 1982 dan merupakan satu-satunya kelompok kerja antar pemerintah yang membahas akuntansi dan audit pada tingkat perusahaan. Mandat khususnya adalah untuk mendorong harmonisasi standar akuntansi nasional bagi perusahaan. ISAR mewujudkan mandat tersebut melalui pembahasan dan pengesahan praktik terbaik, termasuk yang direkomendasikan oleh IASB. ISAR merupakan pendukung awal atas pelaporan lingkungan hidup dan sejumlah inisiatif terbaru berpusat pada tata kelola perusahaan dan akuntansi untuk perusahaan berukuran kecil dan menengah.

ORGANISASI UNTUK KERJASAMA EKONOMI DAN PEMBANGUNAN (OECD)
OECD merupakan organisasi internasional Negara-negara industry maju yang berorientasi ekonomi pasar. Dengan keanggotaan yang terdiri dari Negara-negara industry maju yang lebih besar, OECD sering menjadi lawan yang tangguh terhadap badan-badan lain (seperti PBB atau Konfederasi Internasional Persatuan Perdagangan Bebas) yang memiliki kecenderungan untuk melakukan tindakan yang bertentangan dengan kepentingan anggota-anggotanya.
Sumber :
http://2wir.blogspot.com/2011/05/harmonisasi-akuntansi-internasional.html
http://nunung-nur.blogspot.com/2011/05/harmonisasi-akuntansi-internasional.html

http://0wi3.wordpress.com/2012/05/18/harmonisasi-akuntansi-internasional/

www.gunadarma.ac.id

Financial Reporting and Price Changes

Financial Reporting and Price Changes

FINANCIAL STATEMENTS MAY HAVE THE POTENTIAL FOR MISLEADING PRICES DURING THE PERIOD OF CHANGE


During periods of inflation, asset values ​​are carried at acquisition cost less initially reflect its current value (the higher). This distorts the measurement inaccuracies (1) financial projections based on historical time series of data (2) the budget is the basis of performance measurement and (3) performance data can not isolate the effect of inflation that can not be controlled. Earnings are valued more in turn will lead to:
A. The increase in the proportion of tax
2. Demand more dividends than shareholders

3. Salaries and demand higher wages than workers
4. Adverse action of the host country (such as the taxation of a huge advantage).

Failure to adjust the company's financial data to changes in the monetary unit's purchasing power also creates difficulties for the reader to interpret financial statements and compare the operating performance of companies that reported. In periods of inflation, revenues are generally denominated in the general purchasing power is lower (ie the purchasing power of the present period), which is then applied against the related expenses. Conventional accounting procedures also ignore the purchasing power gains and losses arising from the ownership of cash (equivalent) during the period of inflation.

Therefore, to explicitly recognize the effect of inflation is useful to do because:
A. The effect of price changes in part depend on the transaction and the circumstances facing the company.
2. Manage the problems caused by price changes depend on an accurate understanding of the problem.
3. Reports from managers about the problems caused by price changes much easier to believe when businesses publish financial information that addresses these problems.


Inflation Accounting terms

Inflation is a process of rising prices in general and persistent (continuous) associated with the market mechanism can be caused by various factors, among others, increased consumption or a lack of launch distribution of goods. In other words, inflation is also a process of declining currency value continuously. Inflation is the process of an event, rather than the high-low price levels.
Accounting methods used in the method of determination of inflation = profits. The emphasis is on the determination of the profits return more relevant is illustrated by the financial statements, while the inflation value of all items contained in the financial statements. To prepare financial statements in the period of inflation to be more relevant to use several methods.

According to Johnson, the 1977 method of measurement of assets and liabilities can be divided as follows:
A. The entry value of the common price system consisting of:
Historical cost
General price level


In the method for example GPL historical cost method adjusted for changes in price levels during inflation so that the GPL is greater than the value of historical cost.
GPLA advantages are:
a. May explain the effect of inflation on the company.
b. Improve the usefulness of comparative reports between periods.
c. Help users assess the statement of cash flows to be dating ddimasa better.
d. Improve the confidence level of financial statement ratios are calculated from the figures that have been customized financial reports.
The disadvantage is:
a. Inflation was terrjadi on different goods and different companies, so it can not be generalized.
b. GPLA not significant for the company.
c. Figures are not adjusted to describe the cash flow.
d. It is a crude indicator ratios.

Replacement cost
Is the value measured at this time to get new assets or replace it with the same production capacity. Depreciation is calculated based on the value of changing it. On the value of the replacement value of inflation is greater than the general price level. This method is widely criticized, but some people think that this method is the easiest method is applied in accounting for inflation.


Reproduction cost
Is another term that is almost equal to the replacement cost. Here the price is measured based on the current price if the asset was created or published as what belongs to it without looking at the technological changes that made it possible mempengaruhiaktiva.

2. The exit value or current market pricing system that consists of market value:


Net realizable value
NRV is the estimated selling price less selling costs. Depreciation is calculated on the difference between the asset's sale price at the beginning than at the end of the period.


Selling price
selling price less cost of sales so that no financial statements prepared according to the selling price will be greater than the net realizable value and the other methods mentioned earlier.

Expected value
This method is highly dependent on one's expectations can be larger or smaller than other methods because the expected value is an overview of the present value of cash in the future.

Differences in current cost accounting model and the conventional

Differences in the cost accounting model and the conventional current Historical Cost Financial Statements Statements of Financial Position:

A. Amount in the statement of financial position are not expressed in the units of measurement are now at the end of the reporting period, are restated by applying a general price index.

2. Items of monetary restated because they are expressed in monetary units is now at the end of the reporting period. Monetary posts are owned and the money to be received or paid in cash.

3. Assets and liabilities, with the agreement, which is connected with changes in prices such as index linked bonds and loans, adjusted in accordance with the agreement to ensure the balance at the end of the reporting period. The posts are recorded at amounts have been adjusted in the statement of financial position are restated.

4. All assets and other liabilities are nonmonetary. Some noted the number of non-monetary post is now at the end of the reporting period, such as net realizable value and fair value, then the post is not restated. All assets and liabilities to other non-monetary restated.

5. Most of the non-monetary items carried at cost or cost less depreciation. Therefore, these items are stated at the amount present on the date of acquisition. Acquisition cost, or cost less depreciation, which are presented back to each item is determined by applying the change in the general price index from the date of acquisition until the end of the reporting period on a historical cost and accumulated depreciation. For example, fixed assets, inventories of raw materials and merchandise, goodwill, patents, trademarks and similar assets are restated from the date of purchase. Supply of intermediate goods and finished goods are restated from the date of the purchase cost and conversion costs.

6. Detailed record of the date of acquisition of units of fixed assets may not be available or can not be estimated. In rare circumstances, it may be necessary, in the first period to implement this statement, to use an independent professional assessment of the value of such units as the basis for the presentation of the return.

7. General price index may not be available for a period of time restate fixed assets required by this Statement. Under these circumstances, an entity may need to use the basic estimates, for example, the transfer rate between the functional currency and foreign currencies are relatively stable.

8. Some noted the number of non-monetary post is now on a date other than the date of acquisition or date of statement of financial position, for example, fixed assets have been revalued in the previous date. In this case, the carrying amount restated from the date of revaluation.

9. Restated amounts of non-monetary items is reduced, in accordance with relevant GAAP, when the amount exceeds the recoverable amount. For example, the amount of fixed assets, goodwill, patents and trademarks presented again reduced to recoverable amount and restated amount of inventory reduced to net realizable value.

10. Investee is recorded using the equity method may make a report in the currency hyperinflation economy. Statement of financial position and reports comprehensive income of the investee are restated in accordance with this Statement for the investor counting on net assets and profit and loss. When the financial statements of the investee are restated denominated in foreign currencies, the financial statements are translated at the closing exchange rate.

11. Effect of inflation is usually recognized in borrowing costs. It is not appropriate to restate the capital expenditure financed by borrowing and to capitalize the borrowing costs to compensate for inflation over the same period. Part of this borrowing costs are recognized as an expense in the period when the cost occurs.

12. An entity may acquire assets in a deal that allows entities to defer payment without incurring an explicit interest charge. When an entity is not practical to determine the amount of interest, then such assets are restated from the date of payment and not the date of purchase.

13. At the beginning of the first period of application of this, a component of equity, except retained earnings and revaluation surplus, are restated using general price index from the date of the equity component is contributed or appear. Revaluation surplus that arose in previous periods is eliminated. Balance restated earnings from all other amounts in the statement of financial position

14. At the end of the first period and subsequent periods, all components of equity are restated by applying a general price index from the beginning of the period or the date of contribution, if more recent. Shift in owners' equity during the period disclosed in accordance with IAS 1 (revised 2009) Presentation of Financial Statements. Comprehensive Income Statement

15. This statement requires that all items in comprehensive income statement are expressed in units of measurement are now at the end of the reporting period. Therefore, the entire amount necessary to implement the changes and display it in the general price index from the date income and expenses were initially recorded in the financial statements. Gain or Loss on Net Monetary Position.

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Sources: Revised Edition Book Accounting Theory, Sofyan Harahap Syafri