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What are IFRS Standards?

High quality, reliable financial information is the lifeblood of capital markets.
Accounting provides companies, investors, regulators and others with a standardised way to describe the financial performance of an entity. Accounting standards present preparers of financial statements with a set of rules to abide by when preparing an entity’s accounts, ensuring this standardisation across the market. Companies listed on public stock exchanges are legally required to publish financial statements in accordance with the relevant accounting standards.
International Financial Reporting Standards (IFRS Standards) is a single set of accounting standards, developed and maintained by the International Accounting Standards Board (the Board) with the intention of those standards being capable of being applied on a globally consistent basis—by developed, emerging and developing economies—thus providing investors and other users of financial statements with the ability to compare the financial performance of publicly listed companies on a like-for-like basis with their international peers.
IFRS Standards are now mandated for use by more than 100 countries, including the European Union and by more than two-thirds of the G20. The G20 and other international organisations have consistently supported the work of the the Board and its mission of global accounting standards.
IFRS Standards are developed by the the Board, the standard-setting body of the IFRS Foundation—a public-interest organisation with award-winning levels of transparency and stakeholder participation. Its 150 London-based staff are from almost 30 different countries. The Board’s 12 members are appointed and overseen by 22 Trustees from around the world, who are in turn accountable to a Monitoring Board of public authorities.

TAX AMNESTY IN PICTURE !

FYI
Non Taxable Income Level Rises to IDR54 Million/Year as of January 2016
Jakarta, 13/04/2016 M*F – Commission XI of House of Representatives has agreed the government’s proposal on increasing Non-Taxable Income (PTKP) level to 50 percent this year. Therefore, the PTKP will be IDR54 million per year or IDR4.5 million per month.

Prior to that, in 2015, the government also had increased PTKP from IDR24.3 million per year to IDR36 million per year. “The increase (in 2016) is similar to that in 2015, from IDR2 million to IDR3 million per month. So, it raises by 50 percent,” the minister explained in Government working meeting with Commission XI of House of Representatives in Jakarta on Monday (11/4).

In detail, total PTKP of unmarried taxpayer (TK/0) is IDR54 million per year. For married taxpayer without children (K/O), PTKP is IDR58.5 million per year; IDR63 million per year for married taxpayer with one child (K/1); IDR67.5 million per year for taxpayer with two children (K/2); and IDR72 million per year for married taxpayer with three children (K/3).

Meanwhile, for married taxpayer whose wife’s income is combined, without children (K/I/0), the PTKP is IDR112.5 million per year; married taxpayer whose wife’s income is combined with one child (K/I/1) is IDR117 million per year; married taxpayer, whose wife's income is combined with two children (K/I/2) is IDR121.5 million per year; and married taxpayer whose wife's income is combined with three children (K/I/3) is IDR126 million per year.

The new level is proposed to be implemented in January 2016. Nevertheless, the official announcement of this will be carried out in June 2016. “We are going to announce the increase in June,” he said.

According to the Minister of Finance, the level adjustment aims to protect and/or increase people’s purchasing power. In addition, it is expected to boost consumption and economic growth. (nv)

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NO TIME TO PREPARE YOUR FINANCIAL REPORT?
NO TEAM TO PREPARE YOUR FINANCIAL REPORT?
LOW BUDGET TO PAY THE TEAM FOR PREPARING YOUR FINANCIAL REPORT?
CALL 081804974651, WE'LL HELP YOU WITH ACCURATE DATA & LOW BUDGET FOR PREPARING YOUR FINANCIAL REPORT!.
DON'T HESITATE TO CONTACT & WAITING FOR YOUR GOOD NEWS!!!

EX CURRENCY SEPTEMBER 06'2016

A financial statement (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.

Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis:[1]

A balance sheet, also referred to as a statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.

An income statement, also known as a statement of comprehensive income, statement of revenue & expense, P&L or profit and loss report, reports on a company's income, expenses, and profits over a period of time. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.

A Statement of changes in equity, also known as equity statement or statement of retained earnings, reports on the changes in equity of the company during the stated period.

A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities.