Conceptual Framework 2013

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Conceptual Framework

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Materi Matrikulasi

Transcript of Conceptual Framework 2013

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Conceptual Framework1Conceptual FrameworkA set of interrelated concepts that define the nature, subject, purpose and broad content of general purpose financial reporting in the private and public sectorsNormative basis for accounting standards

2Underlying PhilosophyThe CF reflects the 4 (four) features as the decision usefulness Primary objective - decision usefulness [the primary objective of financial reporting is to provide information useful for resource allocation decisions].Secondary-accountability [assumed to be satisfied if the decision usefulness objective is met].

3Common information needs - predicting cash flows (The common information needs of different user groups are to be satisfied by GPFR).Qualitative characteristics - criteria for useful information (what qualities should accounting information possess if its to be useful for decision making?)4Why construct a CF?The primary purpose of CF is as a guide to the Boards when developing and reviewing Accounting Standards and other authoritative documentsPreparersAuditorsUsers5Statement of Financial Accounting ConceptsObjectives of Financial Reporting by Business Enterprises (1978). Qualitative Characteristic of Accounting Information (1980). Elements of Financial Statements of Business Enterprises (1980). Objectives of Financial Reporting by Nonbusiness Organizations (1980). 6Recognition and Measurement in Financial Statements of Business Enterprises (1984). Elements of Financial Statements (1985), Using Cash Flow Information and Present Value in Accounting Measurements [2000]

7[1] Objectives of Financial Reporting by Business EnterprisesInformation useful in Investment and credit decisions & assessing cash flow prospectsInformation about enterprises resources, claims to those resources, and changes in themEconomic resources, obligations, and owners equity8[1] Objectives of Financial Reporting by Business EnterprisesEnterprise Performance and EarningsLiquidity, Solvency, and Funds FlowsManagement Stewardship and PerformanceManagement Explanations and Interpretations9[2] Qualitative Characteristic of Accounting Information

10[3] Elements of Financial Statements of Business EnterprisesAssetsLiabilitiesEquityInvestments by ownersDistributions to owners

Comprehensive incomeRevenues ExpensesGainsLosses 11[6] Elements of Financial Statements of Business EnterprisesAssets are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events Liabilities are probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events

12Equity or net assets is the residual assets of an entity that remains after deducting its liabilities. In the business enterprise, the equity is the ownership interest. In a not-for-profit organization, which has no ownership interest n the same sense as a business enterprise, net assets is divded into three classses base on presence or absence of donor-imposed restrictionspermanently restricted, temporarily restricted, and unrestricted net assets

13Investments by owners are increases in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to obtain or increase ownership interests (or equity) in it. Assets are most commonly received as investements by owners, but that which is received may also include services or satisfaction or conversion of liabilities of the enterprise

14Distributions to owners are decreases in equity of a particular business enterprise resulting from transferring assets, rendering services, or incurring liabilities by the enterprise to owners. Distributions to owners decrease ownership interest (or equity) in an enterprise

15Comprehensive income is the change in equity of a business enterprise during a period from transactions and other event and circumstances from non-owner sources.It includes all changes in equity during a period except those resulting from investements by owners and distrbutions to owners

16Revenues are inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or carrying out other activities that constitute the entitiy's ongoing major or central operations

17Expenses are outflows or other using up of assets or incurrences of liabilities (or a combination of both) from delivering or producing of goods, rendering services, or carrying out other activities that constitute the entity's ongoing major or central operations

18Gains are increse in equity (net assets) from peripheral or incidental transactions of an entity and from all other transactions or other events and circumstances affecting the entity except those that result from revenues or investements by owners

19Losses are decreses in equity (net assets) from peripheral or incidental transactions of an entity and from all other transactions or other events and circumstnces affecting the entity except those that result from expenses or distributions to owners

20[4] Objectives of Financial Reporting by Nonbusiness Organizations The major distinguishing characteristics of nonbusiness organizations include: receipts of significant amounts of resources from resource providers who do not expect to receive either repayment or economic benefits proportionate to resources providedoperating purposes that are primarily other than to provide goods or services at a profit or profit equivalent, and

21absence of defined ownership interests that can be sold, transferred, or redeemed, or that convey entitlement to a share of a residual distribution of resources in the event of liquidation of the organization.

22[5] Recogniton and Measurement in Financial Statements of Business EnterprisesHistorical costCurrent cost (replacement cost), Current market value (exit value), Net realizable value (sales price disposal assets), Present (discounted) value of futute cashflow

23[7] Using Cash Flow Information and Present Value in Accounting Measurements Accounting measurement is a very broad topic. Consequently, the FASB focused on a series of questions relevant to measurement and amortization conventions that employ present value techniques.

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