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Knowing More About Standards Financial Accounting

Many of you are probably still did not have an idea of ​​what will be discussed in this article. Let's start by describing the definition first. Financial Accounting Standards (IFRSs) is a framework in the financial reporting procedures to enable the uniformity in the presentation of financial statements. SAK is the result of the formulation of the principal Committee of Accounting Indonesia in 1994 replaces Accounting Principles GAAP in Indonesia in 1984. Indonesia is applied on the existing accounting standards such as IAS, IFRS, ETAP, GAAP. There was also SFAS Sharia and SAP.

SAK serves to uniformity financial statements, in addition, SAK also serves to facilitate the preparation of financial statements, auditors and makes it easier for the reader of financial statements to understand and compare the financial statements of the entity that is different. There are several explanations of many kinds of Financial Accounting Standards.
Knowing More About Standards Financial Accounting
IAS-IFRS
IAS - IFRS stands for Statement of Financial Accounting Standards - International Financial Reporting Standards. Most of you may be wondering why Indonesia adopt IFRS. This is because Indonesia is part of IFAC. Part of IFAC automatically must comply with SMO (Statement Membership Obligation) which makes IFRS as accounting standards. There are several benefits of the adoption of IFRS. The first is able to improve the comparability of financial statements. IFRS also can provide quality information on the International capital markets. A further benefit is that it can remove barriers International capital flows to reduce differences in financial reporting provisions. The next benefit is reducing the cost of financial reporting of multinational companies and the cost for financial analysis for analysts and the latter is able to improve the quality of financial reporting towards best practice.

There are some "Principles Base" used IFRS. The first is to put more emphasis on interpretation and application of the standard, which should focus on the spirit of the application of these principles. The second principle is the standard requires an assessment of the substance of the transaction and evaluating whether the accounting presentation reflects economic reality. And the third principle is needed professional judgment in the application of accounting standards.

SAK - ETAP
SAK ETAP is a financial accounting Standard for Entities Without Public Accountability. ETAP here means the entity that does not have a significant public accountability and publish general purpose financial statements for external users. SAK ETAP has many benefits including helping small and medium enterprise companies can prepare their own financial statements and can also be audited and and get the opinion of the audit, so that the company can use its financial statements to obtain funding for their business development.

Other benefits of SAK ETAP is that it is easier implementation than the IAS-IFRS because it is simpler. Although arguably simpler while still providing reliable information in the presentation of financial statements. Compiled by adopting IFRS for SME with modifications in accordance with the conditions in Indonesia and made more compact. However, SAK ETAP still require professional judgment but not as much for the IAS-IFRS.

SFAS Sharia
From the name, we can know that this is the SAK undertaken by the principles of Islam. SFAS Syariah consists of a Conceptual Framework, Presentation of Financial Statements Sharia, Accounting Murabaha, Musharaka, Mudaraba, Salam and Istishna.

SAP
SAP stands for Government Accounting Standards. Published by SAP SAP is defined as PP (Government Regulation) that apply to government entities in preparing the Government Financial Statements (LKPP) and the Local Government Finance Report (LKPD).
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