NAME : ARINI MUTMAINNAH

NIM : 1992040013
CLASS : A
STUDY PROGRAM : ACCOUNTING EDUCATION

MEETING ASSIGNMENT 4!!

1. use liability, liabilities, debt,or debts to complete the sentences below.

1. He'll have paid his debts off by next year

2. Look at the assets and liability on the balance sheet if you want to know how
the company's doing

3. Many developing countries are burdened by heavy debt

4. We need to look at the long-term liabilities before we think about any major
new purchases

5. The partership has limited liability status

6. Current debt are those which are paid off wthin a year

7. The company's in debts to the tune of 10 million

DISCUSSION (SPEAKING)

• How to become an accountant

1. Pocketing a Bachelor's Degree in Accounting.

2. Select Specialization.

3. Don't Dilemma Between Public Accountant Or CPA.

4. Know the Easy Way to Get a CPA.

5. Go through Work Experience.

6. Try Multiple Fields In CPA.

7. Look for Further Education.

8. Understand Many Case Examples.

• Types of Financial Accounting Standards Applicable in Indonesia

In Indonesia, there are four types of SAK that apply. Each of these SAKS is used
according to the type of business or organization. The preparation and application of
these types of SAK has been adapted to the development of the business world in
Indonesia......

1. PSAK-IFRS

PSAK is the latest name change from SAK which was compiled and published by
DSAK in 2012. The preparation of this PSAK follows the standards used by IFRS
or International Financial Reporting Standards by adjusting to business conditions
in Indonesia.

2. SAK STAGE

On the other hand, if the company has no or no public accountability, then the
process of preparing its financial statements uses SAK-ETAP.

3. PSAK-Sharia

Judging from the name alone, it is very easy to understand that this financial
accounting standard is a sharia-based accounting standard. The preparation of
financial statements using the PSAK-Sharia standard is generally carried out by
business entities that have sharia concepts in their business operations.

4. Government Accounting Standards

As the name implies, SAP is used by government agencies in compiling their

financial reports. The central and local government agencies are no exception, all
of them use SAP in the preparation of their financial reports.

 BALANCE SHEET REPORTING IN INDONESIA

Off balance sheet are transactions that occur within the company, but because
according to the rules, both the rules of accounting principles and other rules are
not included in the balance sheet or may not be recorded in the accounting process.
These transactions usually involve cash transactions or other unrealized financial
instrument transactions, for example:
 a. Current accounts, which have not yet matured

b. The right to receive cash or other financial assets, such as unused ceilings.

c. The right to exchange other more profitable financial assets.

Many off balance sheet activities can result in a risk. However, some off
balance sheet activities can protect and reduce risk from interest rates, credit, and
exchange rates. Therefore, off balance sheet activities can result in increased risk
and reduced risk. Off balance sheet activities become important as a resource for
fee income (from explicit fees and the difference between buying and selling) for
the company there is a possibility to improve its reputation

On balance sheet activity is one of the things we are aware of because its
assets and liabilities are published by financial institutions. For example, on
balance sheet activities include bank deposits, bond ownership, and loans.
Meanwhile, off balance sheet activities are activities that are often invisible, but
the information is very important for investors and regulators. In accounting rules,
off balance sheet activities are recorded at the bottom of the line or are often
recorded as footnotes. In economic rules, off balance sheet accounts still affect
the future of the financial institution concerned, namely regarding its profitability
and solvency...

There are two basic types of off balance sheet activities, namely: credit
substitutes and derivatives. The first type includes credit offering activities for
customers where financial institutions are willing to make payments in advance if
there is an economic activity carried out such as letters of credit (L/C), guarantees,
and something that in the credit limit that has been agreed upon and trusted by the
customer. istitutions. The second type involves the sale and purchase of derivative
securities.

 LEASING IS REPORTED IN THE ACCOUNT

The FASB establishes disclosure requirements for all leases, regardless of

whether they are classified as operating leases or capital leases. The following
information is mandatory for all leases that contain an initial lease period or a
non-cancellable residual period of more than one year:

He read:
 The gross amount recorded as a capital lease and the accumulated
depreciation at each balance sheet date are presented according to the first group.

based on their function.

1. Required minimum future rental payments as of date the last balance sheet
presented in aggregate and for the next five fiscal years. These payments
must be separated between operating leases and capital leases. For a
capital lease, the executory costs must be incurred.

2. Rent expense e for each period for the calculation of profit and loss is
prepared. Additional information regarding minimum leases, contingent
leases, and sublease leases should be provided for the same period.

3. A general description of the lease contract including information on

restrictions on matters such as dividends, additional payables. and
additional leasing.

4. For a capital lease the amount of interest required to reduce ease payments
to be equal to the present value.

Lessor

1. The following elements of the net investment in sales and direct financing leases at
each balance sheet date:

1. Receivable minimum lease payments in future periods with presents

separate deductions for executory costs and accumulated allowances for
uncollectible minimum lease payments receivable

2. Unsecured residual value which benefits the lessor.

3. Unearned revenue

4.Initial direct costs. For direct cost lease only

5. Minimum future lease payments to be received annually for five

consecutive years as of the latest balance sheet date presented, including
information on contingent leases.

6. Amount of unearned income which is included in profit to offset initial

direct costs for each year the income statement is presented.
7. For ses, the cost of the leased assets to other parties and depreciation

8. General explanation of the lease agreement for the lessor