Chapter 1

Sejarah dan pengembangan

akuntansi

Awal sejarah Akuntansi

There is evidence of double entry accounting in many early civilisations: Chaldean–Babylonian Assyrian Sumerian Egyptian Chinese Greek Roman

Awal sejarah Akuntansi

C. Littleton’s seven preconditions for the emergence of systematic bookkeeping are: the art of writing arithmetic private property money credit commerce capital

Origins of double-entry accounting

Also known as ‘Italian bookkeeping’ because it was promulgated by Italian traders

First-known double-entry accounting books are those of Massari of Genoa in 1340

Luca Pacioli, a Franciscan friar, is credited with introducing double-entry bookkeeping because his is the first published discussion on the topic (1494), in which: he described the use of debits and credits to

secure a double entry he advised the computation of a periodic profit

and the closing of the books

Cushing’s 11 developments 1. Introduction of specific journals2. Periodic financial statements3. Double-entry system extended to other types

of organisations, e.g. monasteries, the State4. Separate inventory accounts for different types

of goods5. Accounting acquired a better status,

characterised by: need to inform absentee investors need for auditing need for cost accounting reliance on concepts of continuity,

periodicity and accrual

Cushing’s 11 developments (cont’d)

6. Evolution of three methods of treating fixed assets by the 18th century

7. Development of depreciation methods from 1915 onwards

8. Emergence of cost accounting in the 19th century

9. Development of techniques of accounting for prepayments and accruals in the second part of the 19th century

10. Development of fund statements (late 19th and 20th centuries)

11. Development of accounting methods for complex issues

Pengembangan prisnsip-prinsip Akuntansi

Management contribution phase (1900–33): management had complete control over the

selection of financial information disclosed in annual reports

Institution contribution phase (1933–46) and professional contribution phase (1959–73): professional bodies played a significant role

in developing principles Overt politicisation phase (1973–present):

movement towards a politicisation of accounting

Pase Kontribusi Manajemen (1900–33)

Characterised by ad hoc solutions to urgent problems and controversies

Lack of theoretical support Focus on minimisation of income

taxes Smoothing of earnings Complex problems avoided in favour

of expedient solutions

Pase Kontribusi Manajemen (1900–33)

Significant influences of the period

Interest as a cost controversy: the need to invest large amounts of

capital for long periods increased overhead

the inclusion of overhead in product cost became an issue

Growing effect of taxation of business income

Pase Kontribusi Manajemen (1900–33)

Arguments for improvement instandards of financial reporting

From 1900, New York Stock Exchange required corporations to publish annual financial statements

Calls for protection of investors Board of Examiners established in 1917

to create a uniform certified practising accountant (CPA) examination

Pase Kontribusi Institusi (1933–46)

Increasing role of institutions on development of accounting principles: creation of the Securities and Exchange

Commission to administer federal investment laws

emergence of accounting principles companies were permitted to choose their

accounting methods but had to disclose them Committee on Accounting Procedure (CAP)

began issuing accounting research bulletins (ARBs) in 1938

Pase Kontribusi Profesional (1959–73)

Establishment of the Accounting Principles Board (APB) and the Accounting Research Division

The APB was unsuccessful and was criticised for being over-dependent on professional associations: no established theoretical framework authority of its statements not clear-cut alternative treatments allowed flexibility

in the choice of accounting techniques

Overt politicisation phase (1973–present)

Development of a theoretical framework

Emergence of various interest groups Metcalf report released:

charged that US ‘big eight’ accounting firms monopolise the auditing of large corporations and control the standard-setting process

made recommendations aimed at enhancing corporate accountability

History of accounting in Australia

Same major phases as US accounting For much of the 19th century, most

colonies adopted the British model of companies legislation

Sydney Stock Exchange (SSE) also influenced accounting practices: from 1925, SSE demanded publication

of balance sheets and profit-and-loss accounts

such disclosures sometimes preceded legislation by many years

Institutional contribution phase in Australia

Professional opinions on the general principles of accounting practice were released in 1937

The Commonwealth Institute of Accountants (CIA) appointed a Committee on Accounting Principles (CAP) in 1938

The Institute of Chartered Accountants in Australia (ICAA) issued the first in a series of Recommended Accounting Principles in 1944

Institutional contribution phase in Australia (cont’d)

Corporate collapses and the 1960s mining share boom meant a regulatory agency was required to protect investors:  1974: The Interstate Corporate Affairs

Commission was created to bring about uniformity in state companies legislation

  1979: The National Companies and Securities Commission (NCSC) was established

  1981: All states adopted the Commonwealth Companies Act

  1989: The Australian Securities Commission (ASC) was created to replace the NCSE

Professional contribution phase in Australia

In the 1960s, the ICAA created several research committees on accounting principles

In 1965, the Accounting Research Foundation was established by the two accounting bodies, and: was responsible for creating

accounting standards in Australia contributed to the development of a

conceptual framework

Politicisation of accounting phase in Australia

Corporate collapses of the 1960s led to the introduction of legislation to regulate accounting: 1983: Companies and Securities

Legislation (Miscellaneous Amendments) Act 1983 (Cth) required companies to comply with ASRB-approved accounting standards

1991: Australian Accounting Standards Board (AASB) was established

Link between accounting and capitalism

The Sombart thesis argues that double-entry bookkeeping has contributed to the development of capitalism because: it permits the capitalist entrepreneur to plan,

predict and measure the impact of their activities

the separation of owners and business allows the growth of the corporation

Yamey argues that double-entry bookkeeping was originally used only as a record of transactions – not to keep track of profits and capital