CHAPTER 2 Acounting Theory

Financial Accounting Theory
Craig Deegan
Chapter 2
Lingkungan pelaporan keuangan
Slides written by Craig Deegan
Copyright  2009 McGraw-Hill Australia Pty

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PPTs t/a Deegan, Financial Accounting
Learning objectives
• Dalam bab ini, Anda akan diperkenalkan kepada:
• Sejarah profesi tenaga akuntansi dan peraturan
• beberapa argumen untuk dan melawan keberadaan peraturan akuntansi
• beberapa perspektif teoritik yang digunakan untuk menjelaskan keberadaan
peraturan
• Bagaimana dan mengapa berbagai kelompok dalam masyarakat mencoba
untuk mempengaruhi proses menentukan standar
• In this chapter you will be introduced to:

– the history of the accounting profession and of regulation
– some of the arguments for and against the existence of accounting regulation
– some of the theoretical perspectives used to explain the existence of regulation
– how and why various groups within society try to influence the standard-setting
process
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Learning objectives (cont.)
• pandangan bahwa banyak akuntansi keputusan didasarkan pada
pendapat profesional
• kesadaran tentang beberapa teori-teori yang digunakan untuk
menjelaskan apa yang mempengaruhi akuntan untuk memilih salah
satu metode akuntansi
• Argumen-argumen yang maju untuk mendukung pandangan bahwa
akuntan anggota masyarakat yang kuat
– the view that many accounting decisions are based on professional opinion
– an awareness of some of the theories that are used to explain what
influences the accountant to choose one accounting method
– arguments advanced to support the view that accountants are powerful
members of society

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Akuntansi Keuangan didefinisikan
• Proses yang melibatkan pengumpulan dan
pengolahan informasi yang bersifat finansial
untuk tujuan membantu berbagai keputusan
harus dilakukan oleh pihak eksternal untuk
organisasi

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Users of financial statements
Pengguna laporan keuangan
• Pengguna memiliki kebutuhan informasi yang berbeda sehingga tidak mungkin untuk menghasilkan laporan untuk
memenuhi kebutuhan individual
• Pengguna termasuk
• hadir dan calon investor
• lender
• pemasok
• karyawan
• Pelanggan
• pemerintah dan pihak lainnya melakukan review atau pengawasan fungsi
• Media
•
Users have different information needs so it is not possible to generate reports to meet individual needs
• Users include
– present and potential investors
– lenders
– suppliers
– employees
– customers
– government and other parties performing a review or oversight function
– media

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Accounting knowledge required or expected by users
Akuntansi pengetahuan diperlukan atau diharapkan oleh pengguna
• Perubahan standar akuntansi atau standar baru mempengaruhi angka-angka

dalam laporan keuangan (keuntungan, aset net)
• Pengguna idealnya memiliki pengetahuan yang cukup untuk menilai efek dari
perubahan peraturan
• Kerangka kerja Dewan standar akuntansi internasional (IASB) menyatakan bahwa
'pengguna diharapkan memiliki pengetahuan yang wajar dari bisnis dan kegiatan
ekonomi dan akuntansi dan kemauan untuk studi informasi dengan ketekunan
wajar'
• Changes to accounting standards or new standards affect the numbers within
financial reports (profits, net assets)
• Users should ideally have sufficient knowledge to assess effect of changes to
regulations
– the International Accounting Standards Board (IASB) Framework states that ‘users are
expected to have a reasonable knowledge of business and economic activities and
accounting and a willingness to study the information with reasonable diligence’
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Accounting knowledge required or expected
by users (cont.)
• Tujuan umum laporan keuangan (GPFRs) dirancang
untuk pengguna yang latihan due diligence dan yang
memiliki kemampuan yang diperlukan untuk
memahami pentingnya praktek-praktek
kontemporer
• General purpose financial reports (GPFRs) designed
for users who exercise due diligence and who
possess the proficiency necessary to comprehend
the significance of contemporary accounting
practices
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Use of highlight statements
Penggunaan sorot pernyataan
• Banyak perusahaan menyediakan ringkasan multi-tahun

• laba, laba atas aset, laba bersih per saham, dividen menghasilkan
dll.
• Membantu pembaca akuntansi melek kurang fokus pada isu-isu
penting
• Tetapi manajemen memilih informasi sehingga informasi penting
mungkin diabaikan
• Many companies provide multi-year summaries
– profits, return on assets, earnings per share, dividend yield etc.
• Aid less accounting-literate reader to focus on important issues
• But management selects information so important information may
be overlooked
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Management accounting
Akuntansi Manajemen
• Memberikan informasi untuk pengambilan keputusan oleh pihak

dalam organisasi
• Pengguna tidak eksternal internal
• Sebagian besar tidak diatur
• Cenderung untuk maju difokuskan (sementara akuntansi keuangan
sejarah di alam)
• Provides information for decision making by parties within the
organisation
• Internal not external users
• Largely unregulated
• Tends to be forward focused (while financial accounting is historical
in nature)
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Examples of management accounting information
Contoh informasi akuntansi manajemen
• Arus kas proyeksi

• Penjualan anggaran
• Persyaratan produksi
• Persyaratan persediaan
• Cash flow projections
• Sales budgets
• Production requirements
• Inventory requirements
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Development of accounting practice—first documented use
Perkembangan Praktik akuntansi — pertama kali didokumentasikan penggunaan
• Awal sistem akuntansi berpasangan ditelusuri kembali ke

abad keempat belas dan ketiga belas di Italia Utara
• Biarawan Fransiskan yang bernama Pacioli pertama untuk
praktek akuntansi dokumen entri ganda (1494)
• Termasuk debet dan kredit dan digunakan ledgers dan jurnal
• Early systems of double-entry accounting traced back to
thirteenth and fourteenth century in Northern Italy
• Franciscan monk named Pacioli first to document double-
entry accounting practice (1494)
• Included debits and credits and used ledgers and journals

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Formation of professional associations
Pembentukan asosiasi profesional
• 1854: Masyarakat akuntan (Edinburgh)

• 1880: Institute of Chartered Accountants di Inggris dan Wales (ICAEW)
• 1887: Asosiasi Amerika Akuntan publik
• Meskipun anggota diwajibkan untuk menyiapkan dan audit laporan sesuai
dengan undang-undang perusahaan dan persyaratan Bursa, ada tidak ada
ketentuan tentang konten dari laporan dan bagaimana nomor dikompilasi
• 1854: Society of Accountants (Edinburgh)
• 1880: Institute of Chartered Accountants in England and Wales (ICAEW)
• 1887: American Association of Public Accountants
• Although members required to prepare and audit reports pursuant to
company laws and stock exchange requirements, no regulation about
content of reports and how numbers compiled existed

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Initial regulation of accounting practice
Awal peraturan praktik akuntansi
• Peraturan tidak bermula sehinggalah abad kedua puluh

• Sebelumnya terbatas pemisahan antara kepemilikan dan
pengelolaan entitas bisnis
• Sistem akuntansi karena itu dirancang untuk
memberikan informasi kepada pemilik/manajer
• Regulation did not commence until twentieth century
• Previously limited separation between ownership and
management of business entities
• Systems of accounting were therefore designed to
provide information to the owner/manager
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Initial regulation of accounting practice
(cont.)
• Pada awal abad keduapuluh ada kerja yang terbatas untuk mengkodifikasi aturan dan
prinsip akuntansi
• Dari tahun 1920-an, peneliti berusaha untuk mengidentifikasi dan menggambarkan
umumnya diterima Konvensi akuntansi
• misalnya doktrin konservatisme, materialitas, konsistensi; asumsi entitas; prinsip
pencocokan
• 1930: Amerika Serikat (AS) profesi dan New York Stock Exchange (NYSE) mengembangkan
daftar luas digunakan prinsip akuntansi
• In the early twentieth century there was limited work to codify accounting principles and
rules
• From 1920s researchers sought to identify and describe commonly accepted accounting
conventions
– e.g. doctrines of conservatism, materiality, consistency; entity assumption; matching principle
• 1930: United States (US) profession and New York Stock Exchange (NYSE) developed list of
broadly used accounting principles
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History of accounting regulation
• Tahun 1934: US Securities Exchange Act diperlukan spesifik pengungkapan
informasi keuangan oleh organisasi-organisasi yang berusaha untuk
perdagangan sekuritas
• diatur oleh Securities Exchange Commission (SEC)
• Tahun 1938: SEC hanya menerima laporan keuangan yang disusun
berdasarkan prinsip-prinsip akuntansi yang diterima secara umum profesi
akuntansi
• memberikan banyak kekuatan untuk profesi tenaga akuntansi
• 1934: US Securities Exchange Act required specific disclosures of financial
information by organisations seeking to trade securities
– administered by Securities Exchange Commission (SEC)
• 1938: SEC only accepted financial statements prepared in accordance with
generally accepted accounting principles of the accounting profession
– gave a great deal of power to accounting profession
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History of accounting regulation (cont.)
• 1939: Komite prosedur akuntansi (Komite profesi
akuntansi US) memulakan mengeluarkan
pernyataan pada prinsip-prinsip akuntansi
• dirilis 12 akuntansi Buletin penelitian selama 1939
• 1939: Committee on Accounting Procedure
(committee of the US accounting profession)
commenced issuing statements on accounting
principles
– released 12 Accounting Research Bulletins during 1939
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Development of mandatory accounting
standards
• Pengembangan standar akuntansi wajib
• Di Inggris tidak sampai tahun 1970 ketika Komite Pengarah standar akuntansi
didirikan (kemudian akuntansi standar Komite) standar wajib yang dikembangkan
• Di US keuangan akuntansi standar Board (FASB) yang dibentuk pada tahun 1973
• kemudian diproduksi standar wajib
• dari 1965 penyimpangan dari prinsip-prinsip yang harus diungkapkan dalam
catatan kaki
• In UK not until 1970 when Accounting Standards Steering Committee established
(later Accounting Standards Committee) that mandatory standards developed
• In US Financial Accounting Standards Board (FASB) formed in 1973
– later produced mandatory standards
– from 1965 departures from principles had to be disclosed in footnotes

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History of regulation in Australia
• H1946: Institute of Chartered Accountants di Australia (ICAA) merilis lima
rekomendasi pada prinsip-prinsip akuntansi
• Berdasarkan dokumen yang dirilis oleh ICAEW
• 1956: sejumlah rekomendasi yang dikeluarkan oleh masyarakat Australia akuntan
• tahun-tahun berikutnya dua badan mengeluarkan pernyataan bersama-sama
melalui Australia akuntansi Research Foundation (AARF)
• 1946: Institute of Chartered Accountants in Australia (ICAA) released five
Recommendations on Accounting Principles
– based on documents released by ICAEW
• 1956: a number of recommendations released by Australian Society of
Accountants
– later years the two bodies issued statements jointly through Australian Accounting
Research Foundation (AARF)

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History of regulation in Australia (cont.)
• AARF berkolaborasi dengan Australia akuntansi standar Board (AASB) dalam mengembangkan standar wajib
• AARF kemudian dihapus dari proses pengaturan standar dan dengan adopsi IAS/IFRS banyak proses
pengaturan standar sekarang telah diwariskan ke IASB
• Oleh karena itu, standar akuntansi untuk digunakan di Australia sekarang sangat banyak dikendalikan oleh
IASB yang beroperasi di London.
• Kita berpikir bahwa kebutuhan pembaca laporan keuangan lokal di Australia adalah sama dengan kebutuhan
semua yurisdiksi lain yang juga menggunakan International Financial Reporting standar (IFRS)? Yang satu
pendekatan untuk semua cocok (kita akan membahas masalah ini di kemudian minggu)
• Ada juga upaya saat ini IASB dan kami keuangan akuntansi standar papan untuk bertemu standar akuntansi
masing-masing-ini akan membuat dampak langsung di Australia dan negara-negara lain.
• AARF collaborated with Australian Accounting Standards Board (AASB) in developing mandatory standards
• AARF subsequently removed from the standard setting process and with the adoption of IAS/IFRS much of
the standard setting process has now been passed to the IASB
• Hence, accounting standards to be used in Australia are now overwhelmingly controlled by the IASB which
operates out of London.
• Do we think that the needs of local financial statement readers within Australia are the same as the needs
of all the other jurisdictions that also use International Financial Reporting Standards (IFRS)? Is a one-size-
fits-all approach appropriate (we will address this issue in later weeks)
• There are also current efforts by the IASB and the US Financial Accounting Standards Board to converge the
respective accounting standards – this will create direct impacts in Australia and other countries.

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Accounting knowledge required or expected by users
Akuntansi pengetahuan diperlukan atau diharapkan oleh pengguna
• Perubahan standar akuntansi, atau pengenalan standar baru,

mempengaruhi angka-angka dalam laporan keuangan (seperti
keuntungan, aset net)
• Karena nomor ini digunakan dalam berbagai cara seluruh komunitas
maka perubahan dalam standar akuntansi memiliki potensi untuk
menciptakan konsekuensi ekonomi dan sosial yang signifikan
• Changes to accounting standards, or the introduction of new
standards, affect the numbers within financial statements (such as
profits, net assets)
• Because these numbers are used in various ways across the
community then changes in accounting standards have the potential
to create significant economic and social consequences

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Rationale for regulating financial accounting practice
Rasionale untuk mengatur praktek akuntansi keuangan
• Initially introduced following the Great Depression

– argued that problems with accounting information led to poor and
uninformed investment decisions
• Competing views as to whether regulation is necessary. There are:
– pro-regulation advocates, and
• anti regulation (free-market) advocatesAwalnya diperkenalkan
setelah depresi besar
• berpendapat bahwa masalah dengan informasi akuntansi
menyebabkan keputusan investasi miskin dan kurang informasi
• Pemandangan bersaing untuk Apakah peraturan diperlukan. Ada:
• Pro peraturan pendukung, dan
• anti peraturan (pasar bebas) pendukung
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Arguments in favour of regulation
Argumen yang mendukung peraturan
• Pasar untuk informasi tidak efisien
• 'Rata' pasar efisiensi argumen mengabaikan hak-hak individu
• Mereka mampu permintaan informasi dapat sering melakukannya karena
kekuasaan atas sumber daya yang langka, sementara mereka dengan
kuasa yang terbatas umumnya mampu mengamankan informasi tanpa
peraturan (meskipun organisasi dapat mempengaruhi keberadaan
mereka)
• Markets for information not efficient
• ‘On average’ market efficiency arguments ignore the rights of individuals
• Those able to demand information can often do so as a result of power
over scarce resources, while those with limited power are generally
unable to secure information without regulation (even though the
organisation may impact their existence)
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Arguments in favour of regulation (cont.)
• Investors need protection from fraudulent

organisations producing misleading
information
• Regulation leads to uniform methods thus
enhancing comparability

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Arguments against regulation
• We do not need accounting regulation because
people will be prepared to pay for information
to the extent that it has use
• Capital markets act to punish organisations that
fail to provide information
– no news deemed to imply bad news
• Regulation will lead to oversupply of
information as users who do not bear the cost
of supply tend to overstate their needs
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Arguments against regulation (cont.)
• Regulation restricts the accounting methods

able to be used so organisations may be
prohibited from using methods which best
reflect their particular performance and
position. This has implications on the
efficiency with which the firm can inform the
market about its operations

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Theories used to describe benefits of
regulation
• Public interest theory of regulation
– regulation introduced to protect the public
• Capture theory of regulation
– although regulation introduced to protect the public,
regulatory mechanisms often controlled by groups most
affected by regulation
• Private interest theory of regulation
– government not neutral arbiter and will regulate based
on impacts to key voters and campaign finances
• Discussed further in Chapter 3
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Private versus public sector regulation
• Private sector regulation
– accounting profession best able to develop accounting
standards because of expertise and greater likelihood
rules will be accepted by business
• Public sector regulation

– government has greater enforcement powers, hence
rules more likely to be followed, may be less responsive
to pressure from business and more likely to consider
public interest
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The role of professional judgement in
financial reporting
• While the accounting treatment of many transactions
and events is regulated, many others are unregulated
• Accountants expected to be objective and free from
bias (although, as we will see, various theories of
accounting question whether accountants will allow
objectivity to determine the selection of accounting
methods)
• Do we believe that accountants will also be objective
and free from bias? In making this judgement are we
utilising particular theoretical assumptions?

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The role of professional judgement in
financial reporting (cont.)
• Information generated should faithfully represent
underlying transactions and be neutral and verifiable
• When developing accounting standards the
accounting standard setters give consideration to the
potential economic and social implications of any
changes
• The consideration of economic and social
implications of possible accounting standards implies
bias in their development and implementation
– standard setters face a ‘dilemma which requires a delicate
balancing of accounting and non-accounting variables’
(Zeff 1978, p.62)

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Why are particular accounting methods
applied?
• Efficiency perspective
– different organisational characteristics explain why
different firms, when presented with accounting options,
will adopt different accounting methods—they will adopt
the method that best reflects their performance
– Advocates of a ‘free market’ approach perceive that
accounting regulations which restrict the set of available
accounting techniques will be costly to the organisation as
restricting available accounting methods will limit how
efficiently an organisation is able to produce information
about its financial position and performance
– Such arguments do not tend to consider comparability
benefits that might flow from regulation
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Why are particular accounting methods
applied? (cont.)
• Opportunistic perspective
– assumes that selection of an accounting method is
driven by self-interest
– would question the view that accountants (and other
individuals) would be objective
– accounting methods which provide the desired results
for preparers are selected
• Refer to Chapter 7 for a discussion of these
perspectives
• Chapter 8 addresses other theoretical perspectives
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The power of accountants
• Accountants are often depicted as boring individuals
with limited influence on others … do we agree?
• An alternative perspective is that accountants are
amongst the most powerful members of society
• Output of the accounting process impacts many
decisions about wealth transfers so the judgement of
accountants affect various parties’ wealth
• The provision of accounting information leads to
power for those who receive the information –
allows them to make informed decisions
• Accountants can give legitimacy to organisations
which may not otherwise be deemed legitimate (e.g.
emphasising profits)
– e.g. profits legitimise Commonwealth Bank (see
Accounting Headline 2.1, p.49)
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The power of accountants (cont.)
• Profit measures ignore many social and environmental
externalities caused by the reporting entity
– e.g. major adverse social consequences of a cigarette manufacturer
• Accounting does not objectively reflect a particular reality—it
creates it
– for example, if the accounting profession develops rules that omit any
consideration of various social and environmental impacts then any
related social and environmental expenses will not be recorded and
reported and therefore will not be brought to the attention of
financial statement readers.
– conversely, if accounting placed a cost on environmental degradation
then this would reduce profits (and subsequent dividend payments),
the likely consequence of which would be pressure on the entity from
financial stakeholders to reduce the expenses (and hence, the
environmental degradation)
– in this regard, what might be the impacts of current efforts to place a
cost/tax on carbon emissions?

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CHAPTER 2 Acounting Theory

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CHAPTER 2 Acounting Theory

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Financial Accounting Theory

Slides written by Craig Deegan

Copyright  2009 McGraw-Hill Australia Pty

• In this chapter you will be introduced to:

Copyright  2009 McGraw-Hill Australia Pty

Copyright  2009 McGraw-Hill Australia Pty

Copyright  2009 McGraw-Hill Australia Pty

• Perubahan standar akuntansi atau standar baru mempengaruhi angka-angka

• Banyak perusahaan menyediakan ringkasan multi-tahun

• Memberikan informasi untuk pengambilan keputusan oleh pihak

• Arus kas proyeksi

• Awal sistem akuntansi berpasangan ditelusuri kembali ke

Copyright  2009 McGraw-Hill Australia Pty

• 1854: Masyarakat akuntan (Edinburgh)

Copyright  2009 McGraw-Hill Australia Pty

• Peraturan tidak bermula sehinggalah abad kedua puluh

Copyright  2009 McGraw-Hill Australia Pty

Copyright  2009 McGraw-Hill Australia Pty

Copyright  2009 McGraw-Hill Australia Pty

• Perubahan standar akuntansi, atau pengenalan standar baru,

Copyright  2009 McGraw-Hill Australia Pty

• Initially introduced following the Great Depression

• Investors need protection from fraudulent

Copyright  2009 McGraw-Hill Australia Pty

• Regulation restricts the accounting methods

Copyright  2009 McGraw-Hill Australia Pty

• Public sector regulation

Copyright  2009 McGraw-Hill Australia Pty

Copyright  2009 McGraw-Hill Australia Pty

Copyright  2009 McGraw-Hill Australia Pty

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