Professional Documents
Culture Documents
22-1
ACCOUNTING CHANGES
Accounting Alternatives:
Diminish the comparability of financial information.
22-2 LO 1
CHANGES IN ACCOUNTING POLICY
Average-cost to LIFO.
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CHANGES IN ACCOUNTING POLICY
1) Currently.
2) Retrospectively.
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CHANGES IN ACCOUNTING POLICY
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CHANGES IN ACCOUNTING POLICY
ILLUSTRATION 22-1
Comparative Income
Statements for Cost-
Recovery versus
Percentage-of-Completion
Methods
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CHANGES IN ACCOUNTING POLICY
22-8 LO 3
CHANGES IN ACCOUNTING POLICY
22-10 LO 3
CHANGES IN ACCOUNTING POLICY
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CHANGES IN ACCOUNTING POLICY
22-12
LO 3
CHANGES IN ACCOUNTING POLICY
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CHANGES IN ACCOUNTING POLICY
(b) What is the amount of net income and retained earnings that
would be reported in 2015? Assume beginning retained earnings
for 2014 to be $100,000.
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CHANGES IN ACCOUNTING POLICY
22-15 LO 3
CHANGES IN ACCOUNTING POLICY
Comparative Statements
Restated Previous
2015 2014 2014
Pre-tax income $ 700,000 $ 780,000 $ 610,000
Income
Statement Income tax (35%) 245,000 273,000 213,500
Net income $ 455,000 $ 507,000 $ 396,500
22-16 LO 3
CHANGES IN ACCOUNTING POLICY
22-17 LO 3
CHANGES IN ACCOUNTING POLICY
Impracticability
Companies should not use retrospective application if one of the
following conditions exists:
1. Company cannot determine the effects of the retrospective
application.
Examples of Estimates
1. Bad debts.
2. Inventory obsolescence.
3. Useful lives and residual values of assets.
4. Periods benefited by deferred costs.
5. Liabilities for warranty costs and income taxes.
6. Recoverable mineral reserves.
7. Change in depreciation estimates.
8. Fair value of financial assets or financial liabilities.
22-19 LO 5
CHANGES IN ACCOUNTING ESTIMATE
Prospective Reporting
Changes in accounting estimates are reported prospectively.
Account for changes in estimates in
1. the period of change if the change affects that period only,
or
22-20 LO 5
CHANGES IN ACCOUNTING ESTIMATE
22-21 LO 5
After 7
CHANGES IN ESTIMATE years
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CHANGES IN ACCOUNTING ESTIMATE
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CHANGES IN ACCOUNTING ESTIMATE
Disclosures
A company should disclose the nature and amount of a change in
an accounting estimate that has an effect in the current period or
is expected to have an effect in future periods (unless it is
impracticable to estimate that effect).
22-24 LO 5
ACCOUNTING ERRORS
22-25 LO 6
ACCOUNTING ERRORS
ILLUSTRATION 22-16
Accounting-Error Types
22-26 LO 6
ACCOUNTING ERRORS
ILLUSTRATION 22-16
Accounting-Error Types
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ACCOUNTING ERRORS
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Example of Error Correction
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Example of Error Correction
Selectro’s income statement for 2015 with and without the error.
ILLUSTRATION 22-17
What are the entries that Selectro should have made and did make
for recording depreciation expense and income taxes?
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Example of Error Correction
ILLUSTRATION 22-17
22-32 LO 6
Example of Error Correction
22-33 LO 6
Example of Error Correction
Reversal
Correcting Retained Earnings 12,000
Entry in Deferred Tax Liability 8,000
2016
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Example of Error Correction
22-35 LO 6
Example of Error Correction
Single-Period Statements
Illustration: Selectro Company has a beginning retained earnings
balance at January 1, 2016, of £350,000. The company reports net
income of £400,000 in 2016.
ILLUSTRATION 22-19
Reporting an Error—
Single-Period Financial
Statement
22-36 LO 6
Example of Error Correction
Comparative Statements
Company should
1. make adjustments to correct the amounts for all affected
accounts reported in the statements for all periods
reported.
22-37 LO 6
ACCOUNTING ERRORS
Woods, Inc.
Statement of Retained Earnings
For the Year Ended December 31, 2015
Before issuing the report for the year ended December 31, 2014, you
discover a $62,500 error that caused the 2013 inventory to be overstated
(overstated inventory caused COGS to be lower and thus net income to be
higher in 2013). Would this discovery have any impact on the reporting of the
Statement of Retained Earnings for 2014? Assume a 20% tax rate.
22-38 LO 6
ACCOUNTING ERRORS
Woods, Inc.
Statement of Retained Earnings
For the Year Ended December 31, 2015
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ACCOUNTING ERRORS
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Summary of Changes and Errors
ILLUSTRATION 22-21
22-41 LO 6
ACCOUNTING ERRORS
1. Political costs.
2. Capital Structure.
3. Bonus Payments.
4. Smooth Earnings.
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ERROR ANALYSIS
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ERROR ANALYSIS
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ERROR ANALYSIS
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ERROR ANALYSIS
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ERROR ANALYSIS
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ERROR ANALYSIS
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ERROR ANALYSIS
E22-19 (Error Analysis; Correcting Entries): A partial trial balance of
Dickinson Corporation is as follows on December 31, 2015.
Dr. Cr.
Supplies R 2,500
Salaries and wages payable R 1500
Interest receivable 5,100
Prepaid insurance 90,000
Unearned rent 0
Interest payable 15,000
Instructions: (a) Assuming that the books have not been closed, what
are the adjusting entries necessary at December 31, 2015?
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ERROR ANALYSIS
(a) Assuming that the books have not been closed, what are the
adjusting entries necessary at December 31, 2015?
22-50 LO 8
ERROR ANALYSIS
(a) Assuming that the books have not been closed, what are the
adjusting entries necessary at December 31, 2015?
22-51 LO 8
ERROR ANALYSIS
(a) Assuming that the books have not been closed, what are the
adjusting entries necessary at December 31, 2015?
22-52 LO 8
ERROR ANALYSIS
E22-19 (Error Analysis; Correcting Entries): A partial trial balance of
Dickinson Corporation is as follows on December 31, 2015.
Dr. Cr.
Supplies R 2,500
Salaries and wages payable R 1500
Interest receivable 5,100
Prepaid insurance 90,000
Unearned rent 0
Interest payable 15,000
Instructions: (b) Assuming that the books have been closed, what are
the adjusting entries necessary at December 31, 2015?
22-53 LO 8
ERROR ANALYSIS
(b) Assuming that the books have been closed, what are the adjusting
entries necessary at December 31, 2015?
22-54 LO 8
ERROR ANALYSIS
(b) Assuming that the books have been closed, what are the adjusting
entries necessary at December 31, 2015?
22-55 LO 8
ERROR ANALYSIS
(b) Assuming that the books have been closed, what are the adjusting
entries necessary at December 31, 2015?
22-56 LO 8
TIGA Pilar Standar Akuntansi Indonesia
22-57 57
SAK ETAP
Bab 1 Ruang Lingkup
Bab 2 Konsep dan Prinsip Pervasif
Bab 3 Penyajian Laporan Keuangan
Bab 4 Neraca
Bab 5 Laporan Laba Rugi
Bab 6 Laporan Perubahan Ekuitas dan Laporan
Laba Rugi dan Saldo Laba
Bab 7 Laporan Arus Kas
Bab 8 Catatan atas Laporan Keuangan
Bab 9 Kebijakan Akuntansi, Estimasi dan
Kesalahan
22-58
Latar Belakang
Jumlah UMKM di • 57.895.721 (sumber: Kementerian
Indonesia Koperasi & UKM, 2013)
22-59 3
SAK EMKM
Memenuhi kriteria UMKM
Memenuhi definisi ETAP sesuai UU No 20/2008 tentang
UMKM
22-60 60
Struktur Isi SAK ETAP VS SAK EMKM
Struktur SAK ETAP Padanan dalam SAK EMKM
Bab 1. Ruang Lingkup Bab 1. Ruang Lingkup
Bab 2. Konsep dan Prinsip Pervasif Bab 2. Konsep dan Prinsip Pervasif
Bab 3. Penyajian Laporan Keuangan Bab 3. Penyajian Laporan Keuangan
Bab 4. Neraca Bab 4. Laporan Posisi Keuangan
Bab 5. Laporan Laba Rugi Bab 5. Laporan Laba Rugi
Bab 6. Laporan Perubahan Ekuitas dan Laporan Laba Rugi dan Saldo Laba -
Bab 10. Investasi pada Efek Tertentu Bab 8. Aset dan Liabilitas Keuangan
Bab 11. Persediaan Bab 9. Persediaan
Bab 12. Investasi pada Entitas Asosiasi dan Entitas Anak -
Bab 13. Investasi pada Joint Venture Bab 10. Investasi pada Ventura Bersama
Bab 14. Properti Investasi -
Bab 15. Aset Tetap Bab 11. Aset Tetap
Bab 16. Aset Tidak Berwujud Bab 12. Aset Tidak Berwujud
Bab 17. Sewa Bab 14. Pendapatan dan Beban
Bab 18. Kewajiban Diestimasi dan Kontinjensi
Bab 13. Liabilitas dan Ekuitas
Bab 19. Ekuitas
Bab 20. Pendapatan
Bab 21. Biaya Pinjaman
Bab 14. Pendapatan dan Beban
Bab 22. Penurunan Nilai Aset
Bab 23. Imbalan Kerja
Bab 24. Pajak Penghasilan Bab 15. Pajak Penghasilan
Bab 25. Mata Uang Pelaporan Bab 3. Penyajian Laporan Keuangan
Bab 26. Transaksi dalam Mata Uang Asing Bab 16. Transaksi dalam Mata Uang Asing
Bab 27. Peristiwa setelah Akhir Periode Pelaporan -
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