Financial Accounting is part of the accounting related to the preparation of financial statements for external parties, such as shareholders, creditors, suppliers, and government. The main principle used in financial accounting is the accounting equation (Assets = Liabilities + Equity). Financial accounting related to the problem of recording transactions for a company or organization and preparation of various periodic reports from the record results. This report is prepared for general interest and are typically used to assess the achievements of the company owner or manager used managers as financial accountability to shareholders. The important thing is the existence of financial accounting Financial Accounting Standards (GAAP), which are the rules that must be used in the measurement and presentation of financial statements for external purposes. Thus, the expected financial statement users and authors can communicate through these financial statements, because they use the same reference that is GAAP. SAK it was implemented in Indonesia in 1994, replacing the principles of Accounting Indonesia in 1984.
These financial statements are records of a company's financial information in an accounting period which can be used to describe the performance of the company. These financial statements are part of the financial reporting process. Comprehensive financial report usually includes:
* Balance Sheet
* Statement of income
* Reports of changes in equity
* Report changes in financial position that can be presented in the form of cash flow or funds flow statement
* Notes and other statements and explanatory material that is an integral part of these financial statements
The element that relates directly to the measurement of financial position are assets, liabilities, and equity. While the elements associated with the measurement kinereja in the income statement are income and expenses. The consolidated financial position usually reflects the various elements of the consolidated income and changes in various elements of the balance sheet.
Differences Reporting and Financial Statements
Must distinguish between understanding of financial reporting (English: financial reporting) and financial statements (in English: financial reports). Financial Reporting covers all aspects relating to the provision and peyampaian financial information. These aspects are among other involved agencies (eg the preparation of standards, the regulatory body of the government or the capital markets, professional organizations, and the reporting entity), the applicable regulations including GAAP (generally acceptable accounting principles, or Generally Accepted Accounting Principles / GAAP). These financial statements is just one medium of information delivery. Even should also be distinguished between the statement (in English: statement) and statement (in English: report)
According to the Financial Accounting Standards issued by the Indonesian Institute of Accountants and financial reporting purposes is Provide information concerning the financial position, performance, and changes in financial position of an enterprise that benefits a large number of users in decision making.
Financial statements prepared for this purpose meet the common needs of most users. However, the financial statements do not provide any information that may be required users in making economic decisions because in general describe the financial effects and events of the past, and are not obliged to provide non-financial information.
The financial statements also show what has been done management (English: stewardship), or management responsibility over the resources entrusted to it. Users who want to see what has been done or management responsibility to do so for them to make economic decisions. These decisions include, for example, the decision to hold or sell their investment in the company or the decision to appoint or replace management.
Qualitative characteristics are traits that make information in financial reports useful to the user. There are four principal qualitative characteristics are:
* Can Be Understood
* Relevant
* Reliability
* Can be compared
Sumber dari : http://id.wikipedia.org
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