GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) EXPOSURE DRAFT OF FINANCIAL REPORTING MODEL IMPROVEMENTS ISSUED JUNE 2020: OCTOBER 2020 SURVEY AND ANALYSIS OF CITY FINANCIAL REPORTS SUPPORT THE NEED FOR IMPROVEMENTS

Integrated reporting (IR), which aims to overcome the limitations of both tradi-tional financial and stand-alone non-financial reports, has gained momentum as a single comprehensive tool merging financial and non-financial information. Initially conceived for private sector entities, IR is also establishing itself in the public sector context as a vehicle for transparency and accountability. This research offers an empirical investigation of IR practices in the State-Owned Enterprises (SOEs) context. More specifically, the paper investigates the levels of disclosure provided through IR by a sample of 34 European SOEs and explores the effects of potential explanatory factors. The results indicate a fair level of IR disclosure and a trend of reporting information already requested under international accounting standards. The findings also highlight that industry (basic materials and financials) and size positively influence the level of IR disclosure in a particularly strong way, while governance features (board size and board gender diversity) and the provision of external assurance do not exert any impact.

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The Adoption of Financial Accounting Standards for Small Medium Enterprises by Muslim Entrepreneurs

JABM JOURNAL of ACCOUNTING - BUSINESS & MANAGEMENT ◽

10.31966/jabminternational.v27i2.692 ◽

2020 ◽

Vol 27 (2) ◽

pp. 54

Author(s):

Muslichah Muslichah ◽

Sunarto Sunarto ◽

Anang Amir Kusnanto ◽

Sri Indrawati ◽

Hariyanto Hariyanto

Keyword(s):

Financial Reporting ◽

Quantitative Data ◽

Accounting Standards ◽

Financial Accounting ◽

Unexpected Finding ◽

Financial Reports ◽

Small Medium Enterprises ◽

Medium Enterprises ◽

Chartered Accountants ◽

Structured Questionnaire

This study aims to discuss the adoption of financial reporting and accounting standards for small-medium enterprises (SMEs) by Muslim entrepreneurs. A structured questionnaire was used to collect quantitative data from the SME owners. 214 Muslim owners of SME businesses participated in the survey. The results show that only a few Muslim entrepreneurs prepared financial reports regularly. The main reason for preparing the statement is for calculating tax, borrowing money, and decision making. An unexpected finding from this study is that most of the Muslim owners are unaware of Standard for SMEs. Users of SME financial reports include tax authority, banks, and owners, or shareholders. This study enriches the financial reporting studies by examining the accounting standards for SMEs in a Muslim dominated country. The findings of this study also have implications for the Institute of Indonesia chartered accountants (IICA) as standard setter. IICA must routinely disseminate these standards to SMEs and also assist them in preparing financial reports

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Dilemmas of Financial Reporting as the Reliable Information Source of an Entity Performance Results

Equilibrium ◽

10.12775/equil.2012.012 ◽

2012 ◽

Vol 7 (2) ◽

pp. 77-95

Author(s):

Joanna Zuchewicz

Keyword(s):

Financial Reporting ◽

Information Needs ◽

Information Source ◽

Accounting Standards ◽

Global Market ◽

International Accounting ◽

International Accounting Standards ◽

Financial Reports ◽

Economic Entity ◽

Basic Source

The objective of the hereby paper is to indicate, on the one hand, the need for transformations in financial reporting as the basic source of information about the financial situation of an economic entity indispensable in the decision making process by its users, and on the other to provide the analysis of the adopted reporting reconstruction directions validity, as suggested by international financial community. On the basis of comments and reservations presented by practitioners and the analysis of research conducted by scientific circles the thesis is put forward by the Author that the suggested extension of information scope to be disclosed in obligatory financial reports proposed by the authorities responsible for the preparation of international accounting standards will not increase the usefulness of information they include and will not influence higher security of business transactions. The paper is divided into there interrelated parts. The first presents the overview of critical opinions expressed by financial circles regarding accounting as the system generating information about the achievements of entities operating at the global market. The second refers to an entity stakeholders and their information needs. Irrespectively of opinions about the primacy of investors and their rights in making investment decisions it is of great importance to meet the needs of the remaining interest groups by means of providing both reliable and useful information in financial statements. The final part of the paper presents an outline of undertaken and suggested restructuring directions in financial reporting proposed by IASB and FASB, as the institutions responsible for preparing international accounting standards. This part also discusses the selected suggestions by Polish researchers regarding the form and content of particular components included in a financial statement.

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FINANCIAL DISCLOSURE IN US MUNICIPALITIES: HAS THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD MADE A DIFFERENCE?

Financial Accountability and Management ◽

10.1111/j.1468-0408.1994.tb00007.x ◽

1994 ◽

Vol 10 (3) ◽

pp. 175-194 ◽

Cited By ~ 9

Author(s):

Arthur Allen ◽

George D. Sanders

Keyword(s):

Accounting Standards ◽

Financial Disclosure ◽

Governmental Accounting ◽

Governmental Accounting Standards Board

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The Role of Financial Accounting Standards for Small And Medium Micro Economic Sectors

International Journal of Research in Business and Social Science (2147-4478) ◽

10.20525/ijrbs.v8i3.202 ◽

2019 ◽

Vol 8 (3) ◽

pp. 17-23

Author(s):

Ahmad Mukoffi ◽

Yayuk Sulistiyowati

Keyword(s):

Financial Reporting ◽

Free Market ◽

Accounting Standards ◽

Financial Statements ◽

Financial Accounting ◽

Economic Sectors ◽

Financial Reports ◽

Strategy Model ◽

Food And Beverage ◽

The Government

In the preparation of financial statements based on financial accounting standards is an improvement in quality of financial statements, which will leverage the credibility of the financial statements in question. The research’s object to be studied are MSMEs in Food and Beverage Sector. The formulation of the problem in this study is, a. How is the preparation of MSME financial statements in the Food and Beverage sector based on EMKM SAK in Tlogomas Sub-District, Malang City, b. What are the constraints faced by MSMEs in the Food and Beverage Sector in implementing EMKM SAK in Tlogomas Sub-District Malang, c. What strategy model is effective from the government so that MSMEs can apply the SAK EMKM optimally. This research method used a combination of research methods (Mixed Methods). With adequate accounting, MSME entrepreneurs can fulfill the requirements in applying for credit, such as making financial reports. The researcher offers a model for the application of electronic-based financial reporting, this is to attract investors to contribute their capital, considering that currently entering the free market. This program also makes easier for the Bank to read the financial statements of micro entities.

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The Recent Reform of Spanish Local Governmental Accounting: A Critical Perspective from Local Governmental Accountants As Internal Users Of Budgeting And Financial Accounting Information.

Lex localis - Journal of Local Self-Government ◽

10.4335/16.3.453-476(2018) ◽

2018 ◽

Vol 16 (3) ◽

pp. 453-476

Author(s):

Jose Manuel Vela-Bargues ◽

Rosa María Dasí-González ◽

Amparo Gimeno-Ruíz

Keyword(s):

Local Government ◽

Financial Reporting ◽

Accounting Information ◽

Financial Accounting ◽

Fiscal Year ◽

Critical Perspective ◽

Financial Reports ◽

Governmental Accounting ◽

Government Accounting ◽

Recent Reform

Local Government Accounting and Financial Reporting in Spain has been recently reformed by the new Accounting Instructions published in 2103 and in force since the 1st of January 2015. Once the financial reports corresponding to 2016 fiscal year have been published, the main purpose of this paper is to empirically evaluate, the perceptions and opinions that local governmental accountants have about the recent reform. Our analysis has found a clear gap between the aims of the reform and the opinion of local governmental accountants, who consider the system too complex and clearly biased towards financial accounting information.

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EMPLOYING FINANCIAL ACCOUNTING STANDARDS FOR ENTITIES WITHOUT PUBLIC ACCOUNTABILITY FOR AUDITING

El Muhasaba Jurnal Akuntansi ◽

10.18860/em.v3i2.2339 ◽

2013 ◽

Vol 3 (2) ◽

Author(s):

Akie Rusaktiva ◽

Adri Putra Nugraha

Keyword(s):

Financial Reporting ◽

Small And Medium Enterprises ◽

Accounting Standards ◽

Secondary Data ◽

Financial Accounting ◽

Public Accountability ◽

Financial Reports ◽

The Difference ◽

Small Medium Enterprises ◽

Medium Enterprises

Financial Accounting Standards for Entities Without Public Accountability (FAS-EWPA) is a financial accounting standards issued by The Indonesian Institute of Accountants or Ikatan Akuntan Indonesia (IAI) and endorsed by the Financial Accounting Standards Board of Indonesian Accountants or Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (DSAK IAI) and intended for small and medium enterprises. The underlying priciple of IAI in issuing this particular standards is the attempt to facilitate small and medium enterprises in arranging their financial reports. If this standard is not issued, they have to follow the new FAS (which is stage of adopting IFRS – full convergence 2012) to arrange their financial reports. The application of this FAS-EWPA based IFRS is relatively more complex and expensive for small and medium enterprises. FAS-EWPA adopted some parts of IFRS (International Financial Reporting Standards) for small-medium enterprises (IFRS for Small-Medium-sized Entities/SMEs). This study aims to describe the layout of the difference measurement, assessment, report and the implementation of auditing standards between FAS-IFRS and FAS-EWPA. This study employed descriptive qualitative technique of data analysis by reviewing literature and analysing the field concerning with the implementation of Financial Accounting Standards Statements (FASS) and FAS-EWPA. Specifically, the secondary data of this study are FAS-IFRS and FAS-EWPA. The findings shows that there is a difference presentation and disclosure of financial statements between entities which report using FAS-IFRS and FAS-EWPA. Therefore the perceived program and audit procedures will be different because it will be tailored to the presentation and objectives the audit, suppose that in the implementation of FASS and EWPA, there is a difference in the assertions about the disclosure/presentation. For other assertions about existence, completeness, rights and obligations as well as assessment and allocation, basically, between FASS and EWPA, they have a common concept. While in presentation assertions as has been described earlier, the FAS-EWPA has a simpler form than with FASS, therefore there is a definitely difference in terms of the presentation between the two.

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Adaptasi Laporan Keuangan Pada Entitas Nonlaba Berdasarkan Isak 35 (Studi Kasus pada Universitas Ibrahimy Sukorejo Situbondo)

JURNAL AKUNTANSI DAN PAJAK ◽

10.29040/jap.v21i02.1388 ◽

2021 ◽

Vol 21 (02) ◽

Author(s):

Imro'atun Shoimah ◽

Siti Maria Wardayati ◽

Yosefa Sayekti

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

Financial Statements ◽

Financial Accounting ◽

Financial Reports ◽

Non Profit ◽

Net Assets ◽

Double Entry ◽

The University

This research aims to analyze and adapt the financial reporting of non-profit entities based on Interpretation of Financial Accounting Standards 35 (ISAK 35): concerning the Presentation of Financial Statements for Non-Profit Oriented Entities. Namely the interpretation of the Statement of Financial Accounting Standards 1 (PSAK 1): concerning the Presentation of Financial Statements. For other accounting provisions for non-profit entities, it refers to the Financial Accounting Standards for Entities without Public Accountability (SAK ETAP) and Sharia Accounting Standards (SAS). Qualitative research was conducted with a case study at the University of Ibrahimy Sukorejo Situbondo. The results of this study, it is necessary to change the accrual basis recording method with the double entry system, preparation of adjusting journals to then compilation of financial position reports, comprehensive income reports, changes in net assets reports, cash flow reports and notes on financial reports based on ISAK 35. Adaptation of university financial reports Ibrahimy based on ISAK 35 is carried out by adjusting the required account posts by Ibrahimy University with the accounts stated in the Interpretation of Financial Accounting Standards 35 (ISAK 35)

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Modifying Local Agency Pavement Management System to Support Governmental Accounting Standards Board 34 Requirements

Transportation Research Record Journal of the Transportation Research Board ◽

10.3141/1819a-04 ◽

2003 ◽

Vol 1819 (1) ◽

pp. 15-23 ◽

Cited By ~ 1

Author(s):

Shameem A. Dewan ◽

Roger E. Smith

Keyword(s):

Asset Management ◽

Management System ◽

Accounting Standards ◽

Pavement Management ◽

Pavement Management System ◽

Local Agency ◽

Governmental Accounting ◽

Reporting Requirements ◽

Asset Management System ◽

Governmental Accounting Standards Board

The Metropolitan Transportation Commission pavement management system (MTC PMS) has been used by many cities and counties in the United States for more than 15 years. MTC PMS was evaluated to determine the extent to which the software can support the Governmental Accounting Standards Board (GASB) 34 reporting requirements, established in 1999. A local agency PMS can take information from a pavement network database to produce useful reports, which can be utilized jointly with the information from other assets managed by an agency to support the requirements for a comprehensive asset management system and other reporting requirements. The objective of this study was to elaborate GASB 34 requirements for reporting infrastructure assets, examine the capabilities of MTC PMS in supporting those standard requirements, and recommend any modifications of MTC PMS needed to better support GASB 34. It is evident from the study that MTC PMS has the capability, to some extent, of supporting GASB 34 for reporting on a pavement network according to both the GASB 34 reporting methods: the depreciation method and the modified approach. It partially supports the prerequisites for using the modified approach, which require that the managing agency have an asset management system with certain designated characteristics. Some modifications of MTC PMS software were proposed to make this management system more effective as a tool supporting an asset management system and overall GASB 34 requirements.

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The Ridgely House Venture: Triple Net Commercial Lease/Purchase Case

Issues in Accounting Education ◽

10.2308/iace.2000.15.3.459 ◽

2000 ◽

Vol 15 (3) ◽

pp. 459-481 ◽

Cited By ~ 1

Author(s):

Joseph D. Quinn ◽

Kenneth J. Smith

Keyword(s):

Financial Reporting ◽

Web Sites ◽

Financial Accounting ◽

Background Information ◽

Executive Summary ◽

Historical Building ◽

Governmental Accounting ◽

Police Station ◽

The Town ◽

Governmental Accounting Standards Board

This case examines the tax, financial accounting, and governmental reporting consequences of a private Developer's actual purchase, renovation, and transfer of Ridgely House—an historical building in Ridgely, Maryland—to the Town of Ridgely. In short, the Developer purchases the building for $110,000 and incurs $190,000 in renovation costs to convert the property to a Town Hall and Police Station. He then “leases” the property back to the Town under terms and conditions outlined in a lease/purchase agreement (which can be viewed on the Web at http://faculty.ssu.edu/∼kjsmith/ridgely.htm). The case is constructed from the background information and actual lease/purchase agreement provided by the Developer. The terms of the agreement raise several questions regarding the proper tax and financial accounting treatment of various aspects of the transaction. The Developer (lessor) questions whether the transaction is to be reported for tax and financial-reporting purposes as a rental or a sale, if the property qualifies for a federal historical tax credit, and what net cash flow can be expected from the project. As an optional assignment (at the instructor's discretion), the Town (lessee) questions whether it has entered into an operating or capital lease, how to record the transaction in accordance with Governmental Accounting Standards Board (GASB) guidelines, and what disclosures are required on its Statement of Financial Position. The case background, key lease/purchase agreement terms, and actual lease/purchase agreement provide the prerequisite material for solving the case requirements. In addition, outside resources (textbooks, online tax and financial accounting web sites, etc.) should be consulted in the process of seeking solutions to the questions posed by the Developer and the Town Commissioners. It is suggested that solutions to the case requirements be presented to the instructor in the form of an Executive Summary with supporting documentation and schedules.

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