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Transcript of Chap01
Chapter 1
Sejarah dan pengembangan
akuntansi
Awal sejarah Akuntansi
There is evidence of double entry accounting in many early civilisations: Chaldean–Babylonian Assyrian Sumerian Egyptian Chinese Greek Roman
Awal sejarah Akuntansi
C. Littleton’s seven preconditions for the emergence of systematic bookkeeping are: the art of writing arithmetic private property money credit commerce capital
Origins of double-entry accounting
Also known as ‘Italian bookkeeping’ because it was promulgated by Italian traders
First-known double-entry accounting books are those of Massari of Genoa in 1340
Luca Pacioli, a Franciscan friar, is credited with introducing double-entry bookkeeping because his is the first published discussion on the topic (1494), in which: he described the use of debits and credits to
secure a double entry he advised the computation of a periodic profit
and the closing of the books
Cushing’s 11 developments 1. Introduction of specific journals2. Periodic financial statements3. Double-entry system extended to other types
of organisations, e.g. monasteries, the State4. Separate inventory accounts for different types
of goods5. Accounting acquired a better status,
characterised by: need to inform absentee investors need for auditing need for cost accounting reliance on concepts of continuity,
periodicity and accrual
Cushing’s 11 developments (cont’d)
6. Evolution of three methods of treating fixed assets by the 18th century
7. Development of depreciation methods from 1915 onwards
8. Emergence of cost accounting in the 19th century
9. Development of techniques of accounting for prepayments and accruals in the second part of the 19th century
10. Development of fund statements (late 19th and 20th centuries)
11. Development of accounting methods for complex issues
Pengembangan prisnsip-prinsip Akuntansi
Management contribution phase (1900–33): management had complete control over the
selection of financial information disclosed in annual reports
Institution contribution phase (1933–46) and professional contribution phase (1959–73): professional bodies played a significant role
in developing principles Overt politicisation phase (1973–present):
movement towards a politicisation of accounting
Pase Kontribusi Manajemen (1900–33)
Characterised by ad hoc solutions to urgent problems and controversies
Lack of theoretical support Focus on minimisation of income
taxes Smoothing of earnings Complex problems avoided in favour
of expedient solutions
Pase Kontribusi Manajemen (1900–33)
Significant influences of the period
Interest as a cost controversy: the need to invest large amounts of
capital for long periods increased overhead
the inclusion of overhead in product cost became an issue
Growing effect of taxation of business income
Pase Kontribusi Manajemen (1900–33)
Arguments for improvement instandards of financial reporting
From 1900, New York Stock Exchange required corporations to publish annual financial statements
Calls for protection of investors Board of Examiners established in 1917
to create a uniform certified practising accountant (CPA) examination
Pase Kontribusi Institusi (1933–46)
Increasing role of institutions on development of accounting principles: creation of the Securities and Exchange
Commission to administer federal investment laws
emergence of accounting principles companies were permitted to choose their
accounting methods but had to disclose them Committee on Accounting Procedure (CAP)
began issuing accounting research bulletins (ARBs) in 1938
Pase Kontribusi Profesional (1959–73)
Establishment of the Accounting Principles Board (APB) and the Accounting Research Division
The APB was unsuccessful and was criticised for being over-dependent on professional associations: no established theoretical framework authority of its statements not clear-cut alternative treatments allowed flexibility
in the choice of accounting techniques
Overt politicisation phase (1973–present)
Development of a theoretical framework
Emergence of various interest groups Metcalf report released:
charged that US ‘big eight’ accounting firms monopolise the auditing of large corporations and control the standard-setting process
made recommendations aimed at enhancing corporate accountability
History of accounting in Australia
Same major phases as US accounting For much of the 19th century, most
colonies adopted the British model of companies legislation
Sydney Stock Exchange (SSE) also influenced accounting practices: from 1925, SSE demanded publication
of balance sheets and profit-and-loss accounts
such disclosures sometimes preceded legislation by many years
Institutional contribution phase in Australia
Professional opinions on the general principles of accounting practice were released in 1937
The Commonwealth Institute of Accountants (CIA) appointed a Committee on Accounting Principles (CAP) in 1938
The Institute of Chartered Accountants in Australia (ICAA) issued the first in a series of Recommended Accounting Principles in 1944
Institutional contribution phase in Australia (cont’d)
Corporate collapses and the 1960s mining share boom meant a regulatory agency was required to protect investors: 1974: The Interstate Corporate Affairs
Commission was created to bring about uniformity in state companies legislation
1979: The National Companies and Securities Commission (NCSC) was established
1981: All states adopted the Commonwealth Companies Act
1989: The Australian Securities Commission (ASC) was created to replace the NCSE
Professional contribution phase in Australia
In the 1960s, the ICAA created several research committees on accounting principles
In 1965, the Accounting Research Foundation was established by the two accounting bodies, and: was responsible for creating
accounting standards in Australia contributed to the development of a
conceptual framework
Politicisation of accounting phase in Australia
Corporate collapses of the 1960s led to the introduction of legislation to regulate accounting: 1983: Companies and Securities
Legislation (Miscellaneous Amendments) Act 1983 (Cth) required companies to comply with ASRB-approved accounting standards
1991: Australian Accounting Standards Board (AASB) was established
Link between accounting and capitalism
The Sombart thesis argues that double-entry bookkeeping has contributed to the development of capitalism because: it permits the capitalist entrepreneur to plan,
predict and measure the impact of their activities
the separation of owners and business allows the growth of the corporation
Yamey argues that double-entry bookkeeping was originally used only as a record of transactions – not to keep track of profits and capital