In this time, let us to pay attention how accountants to provide annual finance statement on the track to avoid misunderstanding by the who use the report, as investor, bank, government, employee and also society, because the finance statement is one tool on the how to decide.
Accordingly, accountant should concern in connection with the purpose of expressing an opinion as to whether such financial statements present fairly, in all material respect, the financial position, result of operations, changes in stockholders’ equity and cash flows in accordance with generally accepted accounting principles.
Following to the above, finance statement must be represented as follows:
• full responsibility for the fair presentation of the financial statements regarding the financial position, result of operations, change in stockholders’ equity and cash flows, including the appropriate disclosure of all information required by statute
• have been prepared in accordance with generally accepted accounting principles
• supported of related data, including all minutes of meetings of stockholders and board of directors
• disclose unasserted claims or assessments in connection with litigation have been or are expected to be received that are probable of assertion if any
• free of material errors and omissions. There are no material transactions that have not been properly recorded in the accounting records underlying the financial statements
• there have been no :
1. Fraud or irregularities involving management or employees who have significant role in the internal control structure
2. Fraud or irregularities involving those other employees and other parties that could have a material effect
• no plans or intentions that may materially affect the carrying value or classification of assets and liabilities
• The following have been properly recorded and when appropriate, adequately disclosed if any,
1. Related party transaction and related amounts receivable or payable, including sales, purchases, loans, transfers, leasing arrangements and guarantees.
2. Written or oral pledge which causes the Company’s to have future commitment.
3. Assets pledge as collateral.
• To comply with PSAK No. 48. “Impairment of Assets”, based on our review and estimates of the status of individual property, plant and equipment at the end of the year, no impairment write down should be applied to the amount recorded in the balance sheet
• There are no :
1. Violations or possible violations of laws or regulations whose effect should be considered for disclosed in the financial statements or as a basis for recording a loss contingency.
2. Other material liabilities or gain or loss contingencies that are required to be accrued or disclosed by PSAK (Indonesia GAAP) No.8 “Contingencies and Subsequent Events”, Expect as already disclosed in the financial statements.
• The Company has satisfactory title to all assets and there are no liens or encumbrances on such assets nor has any asset been pledged. All Company’s assets have been properly recorded and reported in the financial statements.
• The Company has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance. There have been no communications concerning non-compliance with requirements or regulatory authorities with respect to financial matters.
• All transaction with regard to taxation matters have been properly recorded and reported in the financial statements. All tax liabilities and taxable income have been properly computed, complied with and recorded in accordance with the existing tax laws and regulations.
• All accounting records underlie the financial statement preparation accurately and fairly reflect transactions inside the Company.
• We have identified all excess or obsolete inventories and provision, when material, has been made to reduce excess or obsolete inventories to their estimated net realizable value.
• Provision has been made for any material loss to be sustained in the fulfillment of, or from inability to fulfill, any sales commitment.
• Provision has been made for any possible losses arising from the Company’s commitment to purpose stock in excess of normal requirement or any stock with price higher then the market price.
• There is no arrangement with financial institutions involving compensating balances or other arrangement involving restrictions on cash balances and line or credit or similar arrangements.
• There have been no evens subsequent to the balance sheet date which require adjustment to or disclosure in the financial statements and related notes, except as already disclosed in the financial statements.
• The effect of economic conditions to the Company’s existence and going concern status have been disclosed in the financial statements to the extent they can be determined and estimated.
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