In Between Lectures, Participants In The Programme Are Required To Go Through A Given Amount Of Work On Their Own, I.E. Self Study.

1341 words - 5 pages

INTERNATIONAL ISLAMIC UNIVERSITY MALAYSIAKULLIYAH OF ECONOMICS AND MANAGEMENT SCIENCESSemester 1, 2012/2013ACC 4001ACCOUNTING THEORY & POLICYSECTION 2POSITION PAPER"DEBATE 4: BASING FINANCIAL STATEMENTS ON FAIR VALUE PROVIDES USERS WITH MORE [LESS] RELEVANT INFORMATION"NAME:HASAN FARID 0720683LECTURER'S NAME:PROFESSOR Dr. NIK NAZLI BINTI NIK AHMADIntroductionsBasically, the purpose of the financial statements reporting is to offer as relevant as possible information of an economy body which needed by general users. What kind of method ought to use has become a big issue on financial reporting to provide a true and fair view of a matter of businesses. The historical cost principle is being categorized as traditional reporting method, which does not have the ability to contain the changes in prices. The selling price use to mention at current price despite the fact that cost of acquisitioning assets are base on historical cost and its actually have huge impact towards overstating profit leading to over-payment of tax and dividend. Moreover, with the fact that depreciation is charged based on the acquisition cost of the assets, it resulting the overstated profit and understated value of assets which will make substitution difficult.However, on the other hand, the fair value method does not simply have the comparability problem and also has a significant impact upon consistency. Additionally, in situation where the financial markets of assets declined sharply and the valuation inputs change overnight, it is impossible for the information to be consistent. However, fair value accounting seems able to overcome in a situation where comparability and consistency are more compromised than in the traditional accounting model. Nevertheless, since the major objective of any business organization is making profit and run business, what they face in way of doing their business and the matter of which method of accounting they use in reporting, may make this realistic objective to be improbable specifically during difficult economy situation.The importance of accounting information for specific companies has increased greatly if it can be compared with similar information about other companies and with similar information about the same companies for some period or some other point in time as mention in FASB 1980.Analysis of financial statement reporting on Historical Cost methodHistorical Cost is one of the accounting methods that used in current accounting practice. It is the traditional method of recording assets at the original cost. The historical cost accounting is on the assumption that money is a stable unit of measurement. The historical cost formally defined by the IASB conceptual framework (1989) as:"Assets are recorded at the amount of cash or cash equivalents paid for or the fair value of consideration given to acquire them at the time of acquisition. Liabilities are recorded at the amount or proceeds received in exchange for the obligation, or...

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