The Objective of Financial Statement

 According to SAK

“Provide information regarding the financial position,

performance, and changes in the financial position of a
company that is beneficial to a large number of users in
decision making”

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 The Objective of Financial Statement

 According to ASOBAT (A Statement of Basic

Accounting Theory)

1. Make decisions regarding the use of limited wealth and

to set goals.
2. Direct and effectively control human resources and
other production factors.
3. Maintain and report security on wealth.
4. Helps social functions and supervision.

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 The Objective of Financial Statement

 According to APB Statement No 4

The purpose of financial statements is divided into three

groups:
1. Special purposes
2. General purposes
3. Qualitative Objectives

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The Objective of Financial Statement

The Objectives of
Financial Statements

Special Purposes General Purposes Qualitative objectives

To provide reports: To provide
information: a. Relevance
a. Financial Position
a. Economic sources b. Understandability
b. Company Results
b. Liabilities c. Verifiability
c. Change in Fairly
c. Net Worth d. Neutrality
Financial Position
d. Profit Project e. Timelines
According to
e. Change of Assets f. Comparability
GAAP
and Expenses g. Completeness
f. Relevant
information
The Objectioves of Financial Statements According to APB Statement no. 4

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 The Objective According to APB Statement no 4

 Special Purpose of Financial Statements

The specific purpose of the financial statements is to present

the statement of financial position, results of operations
and other changes in financial position fairly and in
accordance with GAAP.

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 The Objective According to APB Statement no 4

 General Purpose of Financial Statements

Provide reliable information about economic resources and

corporate liabilities
Provide reliable information about the source of net worth

derived from business activities in the search for profit

Assess the financial information that can be used to

estimate the company's potential for generating profits.

Provide other necessary information about changes in

property and liabilities.

Disclose other relevant information required by users of the

report.

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 The Objective According to APB Statement no 4

 Qualitative Objectives of Financial Statements

1. Relevance
2. Understandability
3. Verifiability
4. Neutrality
5. Timelines
6. Comparability
7. Completeness

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 Qualitative objectives of Financial Statements
 Relevance
Choosing information that can really help the report user in the decision making
process.

 Understandability
The information chosen to be presented is not only important but also the
information that the user understands.

 Verifiability
The accounting results should be subject to review by others who will generate the
same opinion.

 Neutrality
The accounting report is neutral to the parties concerned and that is intended for
the public rather than certain parties only.

 Timelines
Accounting reports are only useful for decision making when submitted at the right
time.
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 Qualitative objectives of Financial Statements
 Comparability
Accounting information must be mutually comparable. Accounting should have the
same principles for both companies and other companies.

 Completeness
The accounting information reported should include all the requirements of the
users.

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 Fundamental Concept of Financial Statements

 Basic Concepts of Financial Statements Include:

 Qualitative properties
 Definition of elements of financial statements

 Qualitative Properties
Describe the criteria for:
 Choosing the alternative accounting principles and reporting
methods used.
 Terms of disclosure.

 Qualitative properties of Lap Keu consist of:

 Main Quality
 Secondary Quality
 Cost Benefit Considerations

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 The Main Quality of Financial Statements
 Relevance
1. Predictive value (strengthen future value)
2. Feedback value (strengthen or correct the past expectations
3. Timeline (on time)

 Reliability
1. The qualities that cause data users depend on their belief in the data
presented and which are intended to be presented.
2. Verifiability (can be checked)
3. Neutrality (neutral)

 Verifiability
The financial statements may be examined by any specific person
working independently by developing equal measures of the same
evidence, data and records.

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 Secondary Quality of Financial Statements
 Completeness
Describe the completeness and suitability between the accounting data
and the events intended to be presented.

 Comparability
The preparation of financial statements should be used the same method
over time by certain companies in order to be compared.

 Consistency
The use of accounting methods can not be changed if it has been
selected.

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 Cost Benefit Considerations

 Cost Benefit
Before presenting the information then it must first be reviewed the profit
and loss.

 Meteriality
Materiality is something that is relatively important.

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