Chapter 1. INTRODUCTION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

Subject	objective	penyajian	pengukuran	pengakuan
Introduction to international financial reporting standards Origins and early history of the IASB The current structure Proses of IFRS standaerd setting Convergence : the IASB and financial reporting in the us The IASB and Europe IFRS for SMEs	The stated goal of the IFRS foundation and the international accounting standards board is to develop in yhe public interest, a  single set of  high quality, understandable,enforceable and globally accept financial reporting standards based upon clearly articulated principles. Financial reporting in the developed world evolved from two broad modls, whose objectives were somewhat different, here a require for an annual fair value statement of financial position was intriduced by the government is a means of protecting the economy from bankruptcies,this model of accounting  serves primary as means of moderating relationships between the individual company and the state. It seves for tax assessment, and to limit dividend payment, while the madel has been adapted for stock market reporting and group ( consolidated ) structures, this is not its main focus. The formal structure put in place in 2000 has the IFRS foundation, a delaware corporation, as its keystone, the trustees of the IFRS foundation have both the responsibility to raise fund needed  to finance standard setting and responsibily of appointing members to the internasional accounting standards board IAS The IASB has a formal due process which is set out in the preface to IFRS, and the due process handbook of the IASB, suggestions are made by the trustees, the IFRS advisory council, liaison standard setter, the international audit firms and others. It was only then that FASB became interested in IASC, when IASC was beginning to work with IOSCO, a body in which the SEC has always had a powerful voice,in efect, both the SEC and FASB were starting to consider the international financial reporting area. This intention was made  concrete with the approval of the IFRS regulation in june by the Europan council of miniters, the EU decision was all the more welcome given that, to be efferctive in lgal termn, ifrs have to be enshrined in EU satute law, creating a situation where the EN is in effect ratifying as laws the set of rules created by smallm, self appointed, private sector body. The IFRS for SMEs was issued by the IASB in july 2009 to reduce the financial reporting burgen or small and medium sized entities.	The display introduces us to the new format of the era of the new worldwide accounting standard. It shows us historically hows the regulation before GAAP and IFRS The monitoring board is respnsible to ensure that the trustees of the IFRS foundation  discharge their duties as defined by IFRS Foundation consitutution and to appove the appointment or reappointment of trustees. The IASB has a formal due process which is set out in the preface to IFRS, and the due process handbook of the IASB Explains how the convergence happens in the us economic. Determined the EU standards setting which massively effect the EU economic on the setting of the accounting. In the process, many of the recognition and measurement principles in full IFRS have been simplified, disclosures significantly redused and topics not relevant to SMEs omitted.	This easing of US registration requirements for foreign companies seeking to enjong the benefit of listing their equity or deby serities in the US led, quite naturally, to a call bydosmetic companies to  permit them to also freely chosee between financial reporting under US GAAP and IFRS. In this model the financial report provided a means of monitoring the activities of large businesses in order to inform their sharehoders,and the IASC new leardership, review and revised the existing standards were created to fill perceived gaps in IFRS. Working relationships are set up with local standard setters who have adopted or converged with international financial reporting standards IFRS. The statement of working relationship sets out a range of activities that should be undertaken to facilitate the adoption and use of IFRS. The due process comprises six stages : 1) setting the agrnda, 2) planning project, 3) developing and publishing the discusions paper, 4) developing andpublishing the esposure draft, 5) developing and publishing the standard and, 6) the stages after the standard is issued. Shortly after IASC restarted its IOSCO work in1995, the SEC issued a statement april 2996 to the effect, to be acceptable, IFRS would need to satisfy the follwing theree criteria : 1) it would need to establish a core set of standartds that constituted a comprehensive basis of accounting, 2)  the standards would need be of high quality, and woluld enable investots to annalyze performance meaningfully both across time periods and among different companies and, 3) the standards would have to be rigorously interpreted and applied as otherwise comparability and transparency could not be achieved. They were soon being lobbied bay comporate intersts that had failed to effectively influeence IASB directly, in order to achieve their objective. The proceess of obtaining EU endorsement of IFRS was at the cost of exposing OASB to polotical pressures in much the same way  US FASB has at times been the target. In preferred to work with another private sector body, created for the purpose, the euopean financian reporting advisor group EFRAG. The standard is stand alone docoment with only on optinal cross reference to full IFRS  for financial instruments, which provides a choice regarding the  treatment of financial instruments.	2007 and 2008 proved to be watershed years for the glowing acceptability of IFRS. In 2007 one of the most important development was that the SEC dropped the reconciliation ter, those repoting in a  manner fully comlint with IFRS,in effect, the US SEC was acknowledging that IFRS was fully acceptable as a basis for accurate, trnasparent, meaningfull financial reporting. This was a considerable step forward for the IASC, which it self was quickly exceeded by an announcement in june 200 thgat the european commissions intended to adopt IFRS as the requitment for primary listhing in all member states. The  IASB is an independent body that is solely responsible for establishing international financial reporting standards IFRS, including IFRS for SMEs. That IASB also approve new interpretations. The IASB also has a joint agrnda cpmmitee with the FASB. Longrange projects are first put on the research agenda, which means that preliminary work is being done on colleting information about the problem and potential olution. Projevt can also arrive on the current agenda outside that route. Would have the greatest practical significance for foreign issuers in term of the US market, acces to the US capital msrkets by foreign registrants would be greatly facilitated, principal organizations of academician in th US is actively working on standards for IFRS basec accounsing curricula. The EU line up behind full and complate adherence to afficially promulgated IFRS. The responsibility lies with each jurisdiction to determine which entities should apply the IFRS foe SMEs. Comprehensive training material is in the pros=cess of being developed for SMEs by the IFRS foundation and aSME implementation group is set up to deal with financial reporting issued regarding  SMEs.