F inancial
Statements and
Financ ia l Repo rting
l Accountin g and
l
l
l
Capital
Alloc ation
Ch allen ges
Objectives
Th e Need to
Deve lop
Standards
Parties In vo lved in
Standa rd Setting
Exch an ge
Commission
(SEC )
American In stitu te
of C ertified Pu blic
Accoun tan ts
(AICPA )
Fin ancial
Accoun tin g
Stan dards B oard
(FAS B)
Govern men tal
Accoun tin g
Stan dards B oard
(GAS B)
Ch an gin g R ole of
th e A IC PA
Is sues in F inancial
Reporting
l P olitical
E nviron men t
l The E xpectations
G ap
l Intern ation al
l
A ccou n tin g
S tan dar ds
E th ics
Characteristics of Accounting
Economic Entity
Financial Statements
Additional Information
Financial
Information
Accounting?
Identifies
and
Measures
and
Communicates
Balance Sheet
Income Statement
Statement of Cash
Flows
Statement of
Owners or
Stockholders
Equity
Note Disclosures
Presidents letter
Prospectuses,
SEC Reporting
News releases
Forecasts
Environmental
Reports
Etc.
GAAP
Not GAAP
Financial
Reporting
Users
Capital
Allocation
In vestors, c reditors,
and o ther use rs
The process o f
de te rm in in g how
an d at what co st
money is a llocated
among compe ting
interests.
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Financial Statements
Balance Sheet
Income Statement
Statement of Stockholders
Equity
Note Disclosure
Generally Accepted
Accounting Principles
(GAAP)