Accounting Disclosure Practices Influenced By Difference Corporate Governance, Financial Governance In A State
Disclosure standards and practices are influenced by financial resources, legal systems, economic political ties, the level of economic development, education, cultural and other influences. National differences in disclosure is driven largely by differences in corporate governance and finance. In the United States, Britain, and the country – other countries Aglo American equity markets was widespread among shareholders and investor protection is institutionally ditekankan.Investor play an important role, demanding financial returns and increasing shareholder value. Pengukapan public is very advanced as a public company respos of accountability.
In other countries such as France, Japan, and some developing countries share ownership remains highly concentrated and the bank is the main source of finance companies advanced on the market – this market and the huge difference in the amount of information that is given to large shareholders and creditors to that given to public is still allowed. And establish firm discipline.
France is a major supporter of national accounting in the world. Ministry of National Economy approved the General Plan Comptable (national kodeakuntansi) the first official in September 1947. Revisikode was conducted in 1957. The next revision occurs padatahun 1982 by the Fourth Directive of the European Union (EU). In 1986, the plan expanded to implement the provisions of the EU DirektifKetujuh the consolidated financial statements and revised lanjutpada 1999.
Accountancy in France is strongly associated with the code so sangatmungkin to miss the fact that commercial kuhum legislation (ie Code de Commerce) and the actual tax law menentukanbanyak accounting practices and financial reporting in France. Code deCommerce ordinance originated from Coulbert (Minister of Finance on eraLouis XIV) in 1673 and 1681 and enforced by Napoleon in 1807 as part of the law that created by written law.
The primary basis of accounting rules in France are the Accounting Law 1983 and Decree Accounting 1983, which makes Plan Comptable General wajibdigunakan by the entire company. Both documents are menjadibagian of the Code de commers. Code de Commerce legislation contains provisions that eksentif accounting and reporting.
The special feature is the presence of accounting in France dichotomy antaralaporan separately with the company’s financial statements are consolidated keuangankelompok business. France to follow the law memperbolehkanperusahaan KeuanganInternasional Reporting Standards (IFRS), or even generally accepted accounting principles Dias (GAAP) in preparing the consolidated financial statements. Utamauntuk reason this flexibility is when the Seventh EU Directives enacted in thun1986, many multinational companies from France who has menyusunlaporan financial statements based on the principles of Anglo-Saxon untukkeperluan overseas stock listing. French companies in IFRS or GAAP yangmengacu U.S. often it states that they have laporankeuangan accordance with international standards or denganstandar France and the United States.
Accounting Regulations and Enforcement Rules
The five organizations involved in standard-setting process in France is:
1.Counseil National de la Comptabilite or CNC (National Accounting Board)
2.Comite de la Reglementatioan Comptable or CRC (Accounting Regulation Committee)
3.Autorite des Marches financiers or AMF (Financial Markets Authority)
4.Ordre des Experts-Comptables or OEC (Institute of Certified Public Accountants)
5.Compagnie National des Commisaires aux Comptes or CNCC (Association of National Compliance Auditor)
French companies have to report the following:
Profit 2.Laporan rRugi
3.Catatan to Financial Statements
4. Report of the Director
5. Auditor’s Report
The main characteristic is the provision of reporting in France mengenaipengungkapan ekstentif footnotes and detail, which include the halberikut:
• A description of the measurement rules in force (eg, accounting policies)
• The accounting treatment for items in foreign currency
• Report changes in fixed assets and depreciation
• provision Detai
• Analysis of accounts receivable and debt according to maturity
• List of subsidiaries and shareholdings
• Total commitment to pension and other benefits pascakerja
• Detail the tax effects on the financial statements
• Average number of employees in group
• Analysis of revenue by activity and geographic
Accounting and financial reporting in Japan reflects the influence of domestic and international gabunganberbagai. Yangterpisah two government agencies responsible for the regulation of accounting and law firms in Japan pajakpenghasilan have more influence as well. The first Padaparuh the 20th century, thought to reflect accounting pengaruhJerman; in the second half, the ideas of the influential U.S.. Lately, the influence of body the International Accounting Standards Board in 2001 began to be felt danpada major change occurred with the formation of private organisasisector as a maker of accounting standards.
Japan is a traditional society with strong cultural roots danagama. Group consciousness and interdependence of personal and corporate dalamhubungan against independenyang reasonable relationship between individuals and groups in the countries of Japan barat.Perusahaan equity shares belonging to each other, and together often have other companies. Inimenghasilkan interlocked investment industry conglomerate that meraksasa called keiretsu.
Banks often become part of a large industry group ini.Penggunaan bank loans and debt capital which extends to fairly large membiayaiperusahaan much when viewed from the perspective of corporate management Baratdan more accountable primarily to banks and other financial institutions, compared to shareholders. The central government also imposed a strict control over the various aktivitasusaha in Japan, which means a strong bureaucratic control in matters of business, including accounting. Usahautamanya limited knowledge about the activities of the company and other parties such as banks and government.
These keiretsu venture capital, is in line denganreformasi structural changes made to overcome the stagnation ekonomiyang Japan began in the 1990s. The financial crisis that followed the Japanese bubble pecahnyaekonomi also encourage the evaluation of financial reporting standards menyeluruhatas Japan. It is apparent that many praktikakuntansi hide how bad the company in Japan. Major in accounting Suatuperubahan announced at the end of the 1990s the Japanese company’s economic health untukmembuat become increasingly transparandan bring Japan closer to international standards.
Accounting Regulations and Enforcement Rules
The national government still has the most significant influence terhadapakuntansi in Japan. Accounting regulation is based on three laws: Commercial Law, Capital Market Law and Corporate Law PajakPenghasilan.
a) Commercial Law organized by the Ministry of Justice (MOJ). Hukumtersebut is at the core of accounting regulation in Japan and a major influence palingmemiliki. Developed from German commercial law, a law enacted early in 1980, but new dilaksanakantahun 1899. Protection against creditors and holders of the main principles sahammerupakan with a very clear dependence ataspengukuran historical cost. Disclosure of credit worthiness danketersediaan earnings for dividends as well as important. Established Seluruhperusahaan required to comply with the accounting provisions, contained in the rules concerning the balance sheet, income statement, statement of business and supporting schedules perusahaandengan limited liability.
b) The Company shall meet the public’s further dalamUndang Capital Market Law (SEL) is regulated by the Ministrymade under the Capital Market Law diberlakukanterhadap U.S. and Japan by the United States during the occupation after World War SEL is the main II.Tujuan to provide information in pengambilankeputusan investment. Although SEL requires that financial statements dasaryang same as commercial law, terminology, form and content laporankeuangan more specifically defined by SEL; some post laporankeuangan reclassified for presentation purposes and tambahandiberikan detail. However, net income and shareholders’ equity remains samamenurut Kom.ersial Law and SEL.
c) Accounting Business Advisory Council (BADC) is a special lembagapenasehat responsible for the finance ministry jawabuntuk develop accounting standards in accordance with the SEL. BADC is the primary source of GAAP dapatdikatakan in Japan now ini.Tetapi BADC State can not exclude a different standard commercial denganhukum. BADC members appointed by the ministry keuangandan work part time. They come from academia, government, business circles and a member of the Japan Institute of Accountants PublikBersertifikat (JICPA).
Major changes in the setting of accounting standards in Japan terjadipada years 2001dengan establishment Accounting Standards Board of Japan (ASBJ) and the regulatory agencies associated with the known sebagaiLembaga Financial Accounting (FASF). As an independent organization swastayang sector, ASBJ is expected to be stronger and lebihtransparan and was less affected by political pressure and bertujuankhusus, when compared with the BADC. ASBJ IASBdalam developed in collaboration with IFRS.
Company incorporated under commercial law that required mandatory reporting untukmenyusun must be approved in a meeting stock tahunanpemegang containing: balance sheet, income statement lapioran, business reports, proposals for the determination of the use (appropriation) profit in the hold, supporting schedules.
Notes accompanying balance sheet and income statement accounting menjelaskankebijakan and provide supporting detail. Berisigaris large business enterprises report information about the operations and financial position and hasiloperasi. A number of supporting schedules shall also be made, apart from financial ataslaporan records, which include:
a) Changes in share capital and reserves must
b) Changes in bonds and long-term debt and short-term
c) Changes in fixed assets and accumulated depreciation
d) Assets in the underwriting
e) Guarantees of debt
f) Changes in provisions
g) The amount owed to and are collectible from the controlling shareholder
h) Ownership of equity in a subsidiary company and the number of shares owned by such subsidiaries.
i) Receivables from subsidiaries
j) Transactions with directors, the auditor shall, controlling shareholders and third parties that pose a conflict of interest
k) Remuneration paid to directors and auditors required information is compiled for a single year by a indukperusahaan and shall be audited by auditors. Commercial law does not require a cash flow statement.
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