All About IFRS

Definisi IFRS

International Financial Reporting Standards (IFRS), merupakan standar tunggal pelaporan akuntansi yang memberikan penekanan pada penilaian (revaluation) profesional dengan disclosures yang jelas dan transparan mengenai transaksi substansi ekonomis. Standar ini muncul akibat tuntutan globalisasi yang mengharuskan para pelaku bisnis di suatu Negara ikut serta dalam bisnis lintas negara. Untuk itu diperlukan suatu standar internasional yang berlaku sama di semua Negara untuk memudahkan proses rekonsiliasi bisnis. Perbedaan utama standar internasional ini dengan standar yang berlaku di Indonesia terletak pada penerapan revaluation model, yaitu kemungkinkan penilaian aktiva menggunakan nilai wajar, sehingga laporan keuangan disajikan dengan basis ‘true and fair‘ (IFRS framework paragraph 46).

Manfaat Penerapan IFRS

Indonesia yang tadinya berkiblat pada standar akuntansi keluaran FASB (Amerika), mau tidak mau harus beralih dan ikut serta menerapkan IFRS karena tuntutan bisnis global. Mengadopsi IFRS berarti menggunakan bahasa pelaporan keuangan global, yang akan membuat perusahaan bisa dimengerti oleh pasar dunia (global market). Akuntan Publik Big four mengatakan bahwa banyak klien mereka yang telah mengadopsi IFRS mengalami kemajuan yang signifikan saat memasuki pasar modal global.

Dengan kesiapan adopsi IFRS sebagai standar akuntansi global yang tunggal, perusahaan Indonesia akan siap dan mampu untuk bertransaksi, termasuk merger dan akuisisi lintasnegara. Sebagaimana yang dikatakan Thomas Friedman, “The World is Flat”, aktivitas merger dan akuisisi lintasnegara bukanlah hal yang tidak lazim. Karena IFRS dimaksudkan sebagai standar akuntansi tunggal global, kesiapan industri akuntansi Indonesia untuk mengadopsi IFRS akan menjadi daya saing di tingkat global.

Dengan konvergensi IFRS, PSAK akan bersifat principle-based dan memerlukan professional judgment, senantiasa peningkatan kompetensi harus pula dibarengi dengan peningkatan integritas. Peta arah (roadmap) program konvergensi IFRS yang dilakukan melalui tiga tahapan. Pertama tahap adosi (2008 - 2011) yang meliputi Adopsi seluruh IFRS ke PSAK, persiapan infrastruktur yang diperlukan, evaluasi dan kelola dampak adopsi terhadap PSAK yang berlaku. Kedua tahap persiapan akhir (2011) yaitu penyelesaian infrastruktur yang diperlukan. Ketiga yaitu tahap implementasi (2012) yaitu penerapan pertama kali PSAK yang sudah mengadopsi seluruh IFRS dan evaluasi dampak penerapan PSAK secara komprehensif.

Program konvergensi IFRS tentu akan menimbulkan berbagai dampak terhadap bisnis antara lain:

1.     Akses ke pendanaan internasional akan lebih terbuka karena laporan keuangan akan lebih mudah dikomunikasikan ke investor global

2.      Relevansi laporan keuangan akan meningkat karena lebih banyak menggunakan nilai wajar.

3.      Disisi lain, kinerja keuangan (laporan laba rugi) akan lebih fluktuatif apabila harga-harg fluktuatif.

4.      Smoothing income menjadi semakin sulit dengan penggunakan balance sheet approach dan fair value

5.      Principle-based standards mungkin menyebabkan keterbandingan laporan keuangan sedikit menurun yakni bila penggunaan professional judgment ditumpangi dengan kepentingan untuk mengatur laba (earning management)

6.      Penggunaan off balance sheet semakin terbatas

Structure of IFRS

IFRS are considered a "principles based" set of standards in that they establish broad rules as well as dictating specific treatments.

International Financial Reporting Standards comprise:

• International Financial Reporting Standards (IFRS)—standards issued after 2001
• International Accounting Standards (IAS)—standards issued before 2001
• Interpretations originated from the International Financial Reporting Interpretations Committee (IFRIC)—issued after 2001
• Standing Interpretations Committee (SIC)—issued before 2001
• Framework for the Preparation and Presentation of Financial Statements (1989)

IFRS financial statements consist of (IAS1.8)

• ·a Statement of Financial Position

• ·a Statement of Comprehensive Income or two separate statements comprising an Income Statement and separately a Statement of Comprehensive Income, which reconciles Profit or Loss on the Income statement to total comprehensive income

• ·a Statement of Changes in Equity (SOCE)

• ·a Cash Flow Statement or Statement of Cash Flows

• ·notes, including a summary of the significant accounting policies

Comparative information is required for the prior reporting period (IAS 1.36). An entity preparing IFRS accounts for the first time must apply IFRS in full for the current and comparative period although there are transitional exemptions (IFRS1.7).

On 6 September 2007, the IASB issued a revised IAS 1 Presentation of Financial Statements. The main changes from the previous version are to require that an entity must:

• ·present all non-owner changes in equity (that is, 'comprehensive income' ) either in one Statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income). Components of comprehensive income may not be presented in the Statement of changes in equity.

• ·present a statement of financial position (balance sheet) as at the beginning of the earliest comparative period in a complete set of financial statements when the entity applies the new standatd.

• ·present a statement of cash flow.

• ·make necessary disclosure by the way of a note.

The revised IAS 1 is effective for annual periods beginning on or after 1 January 2009. Early adoption is permitted.

The following IFRS statements are currently issued:

• IFRS 1 First time Adoption of International Financial Reporting Standards
• IFRS 2 Share-based Payment
• IFRS 3 Business Combinations
• IFRS 4 Insurance Contracts
• IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
• IFRS 6 Exploration for and Evaluation of Mineral Resources
• IFRS 7 Financial Instruments: Disclosures
• IFRS 8 Operating Segments
• IFRS 9 Financial Instruments
• IAS 1: Presentation of Financial Statements.
• IAS 2: Inventories
• IAS 3: Consolidated Financial Statements Originally issued 1976, effective 1 Jan 1977. Superseded in 1989 by IAS 27 and IAS 28
• IAS 4: Depreciation Accounting Withdrawn in 1999, replaced by IAS 16, 22, and 38, all of which were issued or revised in 1998
• IAS 5: Information to Be Disclosed in Financial Statements Originally issued October 1976, effective 1 January 1997. Superseded by IAS 1 in 1997
• IAS 6: Accounting Responses to Changing PricesSuperseded by IAS 15, which was withdrawn December 2003
• IAS 7: Cash Flow Statements
• IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors
• IAS 9: Accounting for Research and Development Activities – Superseded by IAS 38 effective 1.7.99
• IAS 10: Events After the Balance Sheet Date
• IAS 11: Construction Contracts
• IAS 12: Income Taxes
• IAS 13: Presentation of Current Assets and Current Liabilities – Superseded by IAS 1.
• IAS 14: Segment Reporting (superseded by IFRS 8 on 1 January 2008)
• IAS 15: Information Reflecting the Effects of Changing Prices – Withdrawn December 2003
• IAS 16: Property, Plant and Equipment
• IAS 17: Leases
• IAS 18: Revenue
• IAS 19: Employee Benefits
• IAS 20: Accounting for Government Grants and Disclosure of Government Assistance
• IAS 21: The Effects of Changes in Foreign Exchange Rates
• IAS 22:Business Combinations – Superseded by IFRS 3 effective 31 March 2004
• IAS 23: Borrowing Costs
• IAS 24: Related Party Disclosures
• IAS 25: Accounting for Investments – Superseded by IAS 39 and IAS 40 effective 2001
• IAS 26: Accounting and Reporting by Retirement Benefit Plans
• IAS 27: Consolidated Financial Statements
• IAS 28: Investments in Associates
• IAS 29: Financial Reporting in Hyperinflationary Economies
• IAS 30: Disclosures in the Financial Statements of Banks and Similar Financial Institutions – Superseded by IFRS 7 effective 2007
• IAS 31: Interests in Joint Ventures
• IAS 32: Financial Instruments: Presentation (Financial instruments disclosures are in IFRS 7 Financial Instruments: Disclosures, and no longer in IAS 32)
• IAS 33: Earnings Per Share
• IAS 34: Interim Financial Reporting
• IAS 35: Discontinuing Operations – Superseded by IFRS 5 effective 2005
• IAS 36: Impairment of Assets
• IAS 37: Provisions, Contingent Liabilities and Contingent Assets
• IAS 38: Intangible Assets
• IAS 39: Financial Instruments: Recognition and Measurement
• IAS 40: Investment Property
• IAS 41: Agriculture