International accounting - Essay Example

In the outcome of the economic and financial crisis that started in “1997” 2the government took detention of an important part of private sector resources through achievement of corporate assets and nonperforming bank loans during the debt reform process. Since “1999” 3 the financial system has improved to over 4 to 6 percentage in recent years. The main products of FajarPaper include Fajar Duplex, Fajar Medium and Fajar Liner. Fajar Duplex is covered Duplex Board with Grey bottom and white top layers.

It is mainly used for light-weight covering material which needs high class printing. Fajar Liner is brown packaging paper for the surface layer of ridged sheet; it gives useful safety for content and a soft surface for high class printing. Fajar Medium is high class fluting paper it used in the building of carton boxes. “Its superb characteristics provide good protection during transportation and for use in display stack.” 4 The products of the companies are used in various industries for example household goods and personal care, beverages and foods, toys, electronics, automotive, footwear and others, serving big worldwide firms.

The main competitors are Indah Kiat Pulp & Paper, West Java Pakerin and East Java. The suppliers of the products locally and also transferred to other Asian countries, Middle East and Australia. According to the opinion of Deloitte, the associated financial statements current fairly, in every material respects, the financial position of the firm and of the Group as at 31 December 2012, and their cash flows and economic performance for the year then ended in reference to the International Financial Reporting Standards.

Financial statement (FS) is an official record of the economic activities of a person, business etc. it gives the information of economic position and performance. FS mainly includes balance sheet,