Understanding SAK

Financial Accounting Standards (GAAP) is a framework for financial reporting procedures to enable the uniformity in the presentation of financial statements. Financial Accounting Standards (GAAP) is the principal result of the formulation of the Indonesian Accounting Committee in 1994 replaced the 1984 Indonesian Accounting Principles. SAK in Indonesia menrupakan applied from some existing accounting standards such as IAS, IFRS, ETAP, GAAP. There are also Sharia GAAP and SAP.
In addition to the uniformity of the financial statements, accounting standards are also needed to facilitate the preparation of financial statements, auditors and Facilitate ease financial statement readers to interpret and compare financial statements of different entities. In Indonesian GAAP under IFRS will be adopted in 2012.
On GAAP-IFRS, SAK ETAP set by the Financial Accounting Standards Board Indonesian Institute of Accountants. SFAS issued by the Council of Sharia Islamic Accounting and SAP by the Government Accounting Standards Committee.
Here is an explanation of the various IFRSs are:

    GAAP-IFRS
GAAP-IFRS will be implemented in full in 2012. It is currently in the process of convergence. This process through the adoption phase in 2008-2010 later this year entered the final preparation stage before the implementation phase in the SFAS 2012.Pada be applied to entities with public accountability as: Issuers, public companies, banking, insurance, and SOEs. The purpose of this SFAS is to provide relevant information to users of financial statements.
Then why Indonesian adopted IFRS?
Indonesia Indonesia is adopting IFRS as part of the IFAC which certainly must comply with SMO (Statement Membership Obligation) which makes the accounting standard IFRS. In addition IFRS convergence is agreement between the government of Indonesia as a member of the G20 Forum. At a meeting of G20 leaders in the Washington DC, on 15 November 2008 found the results: "Strengthening Transparency and Accountability" which later on 2 April 2009 in London the meeting resulted in an agreement for: Strengthening Financial Supervision and Regulation "to call on the accounting standard setters to work urgently with supervisors and regulators to improve standards on valuation and provisioning and Achieve a single set of high-quality global accounting standards. "
BENEFITS IFRS
Benefit from the application of IFRS as follows:

    Improve the comparability of financial statements
    Providing quality information on the International Capital Market
    International capital flows eliminate barriers to reducing differences in financial reporting provisions
    Reduce the cost of financial reporting costs for multinational corporations and financial analysis for analysts
    Improve the quality of financial reporting towards best practice
So although Indonesia had to adjust financial standards with IFRS, but it will make it easier for financial reporting although aka tone changes in the preparation of the financial statements themselves that are menyuluruh.
Character IFRS
IFRS uses "Base Principles" are:

    More emphasis on the interpretation and application of standards that must be focused on the application of the principle of the spirit
    The Standard requires an assessment of whether the substance of the transaction and evaluation of accounting presentation reflects the economic reality
    Requires professional judgment in the application of accounting standards.
IFRS also used in the assessment of fair value, if there is no active market value should make an assessment yourself or use the services of appraisers. In addition IFRS requires disclosure (disclosure) is a much better quantitative and qualitative.
2. SAK-ETAP
SAK ETAP is a financial accounting Standard for Entities Without Public Accountability. ETAP is the entity does not have significant public accountability and publish general purpose financial statements for external users.
ETAP using the reference IFRS for Small Medium Enterprises. SAK-ETAP published in 2009 and became effective January 1, 2011 and can be implemented on January 1, 2010. SAK is applied retrospectively, but if not practically be applied prospectively, which means recognize all assets and liabilities in accordance with SAK ETAP also does not recognize assets and liabilities if unauthorized by SAK-ETAP, but it reclassifies items that previously required under SFAS long been a post appropriate post-SAK-ETAP also apply measurement assets and liabilities are recognized SAK ETAP.
Benefits SAK ETAP
With the expected SAK ETAP small companies and menangah can to prepare its own financial statements can also be audited and obtain an audit opinion, so that the company can use its financial statements to obtain funding for their business development.
Another benefit of SAK ETAP, among others:

    Easier than GAAP-IFRS implementation for simpler
    Although simple while still providing reliable information in the financial statement presentation
    Compiled by adopting IFRS for SMEs with modifications to suit the conditions in Indonesia and made more compact
    SAK ETAP still require professional judgment, but not as much for the GAAP-IFRS
    No significant changes compared with the old GAAP, but there are some things that adopted / modification of IFRS / IAS
SAK ETAP consists of 30 chapters and a glossary of terms that make it easier to understand the SAK.
3. SFAS Sharia
SFAS Sharia be used by entities that conduct transactions both entities sharia Islamic institutions and non-Islamic institutions. SFAS Sharia in this development was done with the general model of SFAS SFAS sharia but with reference MUI fatwa.
Sharia is in SFAS SFAS 100-106 comprising:

    Conceptual Framework
    Islamic Financial Statements
    Accounting for Murabahah
    Musharaka
    Mudaraba
    Regards
    Istishna
4. SAP
SAP is the Government Accounting Standards issued by the Government Accounting Standards Committee. SAP is defined as PP (Government Regulation) which is applied to the government in preparing entetitas Central Government Financial Statements (Audited) and the Local Government Finance Report (LKPD).
SAP implemented by Government Regulation No. 24 of 2005 dated June 13, 2005 of the Government Accounting Standards (SAP PP). SAP preparation through stages like:

    Identify Topics for Standards Being Developed
    Establishment of the Working Group (WG) in the KSAP
    Limited by the Research Working Group
    SAP draft writing by the Working Group
     Draft discussion by the Working Committee
    Draft Decision for Published
    Launch of SAP Publikasian Draft (Exposure Draft)
    Limited Hearing (Hearing Limited) and Public Hearing (Public Hearings)
    Discussion and Feedback Responses Against Draft Publikasian
    Finalize Standards
So SAP are prepared only for the installation of both central and local government to prepare financial statements in the government. And expected by the SAP then there will be transparency, accountability and financial management parisipaso State so as to achieve good governance.