Business Action Coach

Posts Tagged ‘Accountancy’

Managing your finances

Resources to help you understand financial concepts and learn to perform tasks such as budgeting, financial analysis and bookkeeping.

Establish a budget and forecasts
Develop good skills in budgeting and forecasting can promote the prosperity of your business.
Bookkeeping and Accounting
See how a well organized record keeping may be beneficial for your business.
Dealing with your banker and other lenders
Take a look at what bankers look for in a loan application and get the private sector financing for your business.
7 tips to manage your cash
Whether you analyze your financial statements or being tough on deadbeats, see if these tips can give a boost to your cash.
Alternatives to Bankruptcy
If you believe your financial situation goes wrong, there are several steps you can take now to try to redress the balance.

The financial statements are the result of recording, grouping, pengikhtisaran record, the application of the principles and accounting practices, and use of personal experiences constituent data. Therefore, not surprising that the financial statements contain the following limitations.

1.Historical character.

2.General nature.

3.Use of estimates and personal considerations.

4.Contains material information only.

5.Conservative.

6.Emphasizing the economic meaning, not in legal form.

7.Using technical terms of accounting.

8.Containing a variety of alternative methods of accounting.

9.Unable to present qualitative information that is non-financial.

Conceptual Framework for Accounting and Accounting Professionals

• In preparing and presenting the company’s financial statements, management has the flexibility to choose alternative accounting principles or methods that are intended to accurately reflect the economic condition of the company in connection with business operations and transactions. For that, we need a reference in accounting practices in preparing and presenting its financial statements. The basic framework of accounting and financial reporting defined as intent to broadly define the objectives, terms and concepts relating to accounting practices that ultimately is needed to determine the scope and boundaries of accounting and financial reporting.
• The framework includes the following. (1) The purpose of these financial statements. (2) basic assumptions. (3) qualitative characteristics of financial statements. (4) Elements of financial statements. (5) Recognition and measurement of financial statement items. (6) The concept of capital and capital maintenance.

• Other assets. The classification of other assets used to accommodate the posts non-current assets that can not be grouped in a classification above.
• Current liabilities. Items of current liabilities presented in the order likuditasnya. Good debt is paid immediately presented in the top.
• Long-term liabilities. Presentation of long-term liabilities should disclose ties that exist in the long-term debt contracts are concerned, such as interest rate, maturity date, the assets pledged as collateral and so forth.
• Equity owners. Equity is the right of the owner of the company, namely the residual rights over corporate assets after deducting all liabilities. Equity is presented in the balance sheet kekekalannya. Types that are most eternal capital is presented on top, and the less permanent presented below.

• The basic assumption in the preparation and presentation of financial statements is an accrual basis and going concern. There are four characteristics of the financial statements, that is understandable, relevant, reliable and comparable. The elements of the financial statements include the assets, liabilities, equity, revenues, expenses, gains, losses, payments to owners, distributions to owners.
• In general, at least there are three parties that a career in accounting, related to accounting and financial reporting, the management accountant (accounting firms), public accountants and the users report.

• Do not be too often spending

Shopping in addition can lead to the temptation to buy unnecessary items, also will spend the cost of transportation, the cost of eating, drinking, and others who unknowingly drain your pocket.

• Beware of credit card

Using a credit card when purchasing goods becomes very easy. The effect you can be complacent because when shopping so you do not spend money as if there is enough money to be given other goods. However, when the bill comes, you may be scrambling to find funds to pay this bill. Credit cards can mess up the budget for credit card payment system later, make your cash fund for the next month is reduced because they have to pay credit card bill the previous month. See article: Wise Use of Credit Cards.

• Creative

Find solutions to solve your financial problems. To save money, you can search for creative ideas to create an object of economic value that can be sold and become an additional income. Planting vegetables in the garden is a creative act because it could be sold or eaten alone that can help your financial problems.

1. Knowing what financial instruments and how the classification of financial instruments.
2. Knowing the principles and recognition in the accounting of financial instruments
3. Knowing the accounting treatment for the initial transaction and subsequent measurement.
4. Knowing the methods of valuation of financial instruments.
5. Knowing the accounting treatment of impairment (impairment on financial instruments)
6. Knowing about the derecognition of financial instruments.
7. Determines the accounting treatment of compound financial instruments.
8. Knowing the accounting treatment of derivative instruments and embedded derivatives (embedded derivatives).
9. Knowing the accounting treatment for hedging activities.
10. Knowing how financial instruments are presented in the financial statements and how the disclosures relating to such presentation.
11. Perform analysis of company financial instruments.

With the rapid growth of financial instruments, also develops complex accounting standards and companies in Indonesia are required to immediately implement, banks are obliged to start implementing it from January 1, 2010, while non-banks are required to start implementing it from 2012. Understanding of accounting standards on financial instruments is quite complex is very important for the company. Therefore, training on financial instruments accounting knowledge will provide lunch for participants in applying these financial instruments accounting standards.

This two day training will provide a systematic and comprehensive understanding regarding the accounting treatment of financial instruments, both instruments of financial assets, financial liabilities and equity instruments. They also explained the accounting treatment for derivative instruments and hedging activities. The discussion will be based on SFAS 50 and 55 and developments in the international standard, IAS 32, IAS 3, IFRS 7 and IFRS 9.