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OVERVIEW FINANCIAL STATEMENT ANALYSIS
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Pelaporan keuangan 31032015

Jul 18, 2015

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Page 1: Pelaporan keuangan 31032015

OVERVIEW FINANCIAL STATEMENT ANALYSIS

Page 2: Pelaporan keuangan 31032015

Agenda

2

Kerangka Analisis Laporan Keuangan1

Earning Manajemen2

Analisis Investasi dan Pendanaan

3

4

Analisis Operasi

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Regulasi Akuntansi

o Pernyataan Standar Akuntansi Keuangan termasukAkuntansi Syariah

o IFRS dan standar lain untuk item yang tidak diaturdalam PSAK

o PSAK berbasis IFRS sehingga berkembang dinamismengikuti perkembangan IFRS

o Ketentuan yang dikeluarkan oleh OJK (ketentuanlama Bapepam)

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Environmental Factors

Dewan Standar Akuntansi Keuangan

Generally Accepted Accounting Principles

Provide input to

Help set

Otoritas JasaKeuangan

( OJK )

IAPI

Investors

Accountants

Politicians

Lenders

Others

IAI

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Environmental Factors

International Financial Reporting Standards (IFRS)

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Laporan Keuangan Relevan dan Dapat Diandalkan

Kompeten

Kerangka Konseptual

Independen

Standar Akuntansi

Berkualitas

Laporan Keuangan yang

Relevan dan dapat

Diandalkan

Kualitas Audit

• Pasar Modal yang efisien

• Keputusan yang tepat

Informasi yang berkualitas

Dampak informasi assimetri

1. Adverse selection2. Moral hazard

Standar Audit

Manajemen

Corporate Governance

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7

Laporan Manajemen

• Pernyataan oleh manajemen kepada investor :

– Manajemen bertanggung jawab atas proses penyiapandan isi laporan keuangan

– Penyusunan laporan keuangan sesuai dengan standarakuntansi yang berlaku umum

– Perusahaan mengelola sistem pengendalian internal untuk menjaga pencatatan akuntansi yang akurat danasset yang dimiliki perusahaan.

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8

Manajemen

Penanggung jawab keakuratan dan kewajaran laporankeuangan

Menerapkan akuntansi yang mencerminkan aktivitasbisnisnya.

Dalam akuntansi terdapat diskresi manajemen :

Penentuan estimasi

Pemilihan metode akuntansi

Banyak melakukan lobi dalam penyusunan standar

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9

Audit

Set by International Accounting Standards Board

Not currently accepted in U.S.

SEC under pressure to accept I

Bank, BI, Bapepam, perpajakan dan regulator yang lain meninginkan Laporan Audit.

Auditor : memberikan opini kewajaran laporan keuangan sesuai dengan standar akuntansi yang berlaku umum

Auditor tidak memberikan opini atas hasil kinerja perusahaan

Auditor juga harus dipastikan memiliki kualitas dan independensi yang tinggi. Jika tidak, maka opini yang dihasilkan dapat bias.

Auditors

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10

Opini Audit

Unqualified opinion (fairly presented)

wajar tanpa pengecualian

Qualified (except for) pembatasan opini

atau tidak sesuai standar untuk hal tertentu.

Disclaimer (no opinion) tidak memberikanopini, jika auditor tidak independen atauskope pemeriksaan dibatasi dengan sangatmaterial

Adverse tidak wajar tidak sesuai

dengan standar akuntansi dengan sangatmaterial

Auditors

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o Komisaris Independen

o Komite Audit

o mengawasi proses akuntansi

o mengawasi pengendalian internal

o mengawasi peran auditor internal dan eksternal

o Internal Auditor

Corporate Governance

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Environmental Factors

Internal Users External Users

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Alternative information sources

Voluntary Disclosure

Economic, Industry & Company News

o Impacts current & future financial condition and performance

Information Intermediaries

o Industry devoted to collecting, processing, interpreting & disseminating company information

o Includes analysts, advisers, debt raters, buy- andsell-side analysts, and forecasters

o Major determinant of GAAP

Motivation - Legal liability, Expectations Adjustment, Signaling, Managing expectations

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Desirable Qualities of Accounting Information

o Relevance - the capacity of information to affect a decision

o Reliability - For information to be reliable it must be verifiable, representationally faithful, and neutral. o Verifiability means the information is confirmable. o faithfulness means the information reflects reality, and o neutrality means it is truthful and unbiased.

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o Historical Cost - fair & objective values from arm’s-length bargaining

o Accrual Accounting - recognize revenues when earned, expenses when incurred

o Materiality - threshold when information impacts decision making

o Conservatism - reporting or disclosing the least optimistic information about uncertain events and transactions

Important Accounting Principles

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First level

The "why"—purpose

of accounting

Second level

Bridge between

levels 1 and 3

Third level

The "how"—

implementation

ASSUMPTIONS

1. Economic entity

2. Going concern

3. Monetary unit

4. Periodicity

5. Accrual

PRINCIPLES

1. Measurement

2. Revenue recognition

3. Expense recognition

4. Full disclosure

CONSTRAINTS

1. Cost

OBJECTIVEProvide information about the reportingentity that is useful

to present and potentialequity investors,

lenders, and othercreditors in their

capacity as capitalproviders.

ELEMENTS

1. Assets

2. Liabilities

3. Equity

4. Income

5. Expenses

QUALITATIVE

CHARACTERISTICS

1. Fundamental

qualities

2. Enhancing

qualities

Accounting

Conceptual

Framework

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ILLUSTRATION 2-2

Hierarchy of Accounting

Qualities

QUALITATIF CHARACTERISTIC - FUNDAMENTAL CONCEPTS

LO 4

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Relation between Accounting Numbers and Stock Prices

Relevance of Accounting Information

Relevansi informasi akuntansi ditunjukkan dari seberapa besarinformasi dalam laporan keuangan terefleksi dalam harga saham.

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Limitations of Accounting Information

o Timeliness - periodic disclosure, not real-time basis

o Frequency - quarterly and annually

o Forward Looking - limited prospective information

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Accruals-The Cornerstone

o Establish company and invest $700 equity

o Purchase plain T-shirts for $5 each

o Fixed screen cost of $100

o Variable print cost of $0.75 per T-shirt

o Sold 25 T-shirts at $10 each for cash

o Sold 25 T-shirts at $10 each on credit

Illustration - Case Facts

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Receipts Assets

T-Shirt sales $250 Cash $275

Payments

T-Shirt purchases $500 Equity

Screen purchase 100 Beginning Equity $700

Printing charges 75 Less net cash outflow (425)

Total payments $(675) Total equity $275

Net cash outflow $(425)

Accruals- The CornerstoneCase Illustration – Cash Accounting

Statement of Cash Flows Balance Sheet (Cash basis)

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Revenues Assets

T-Shirt sales $500.00 Cash $275.00

T-Shirt inventory 337.50

Expenses Receivables 250.00

T-Shirts costs $250.00 Total assets $862.50

Screen depreciation 50.00

Printing charges 37.50 Equity

Total expenses (337.50) Beginning equity $700.00

Add net income 162.50

Net income $162.50 Total equity $862.50

Accruals-The Cornerstone

Case Illustration – Accrual Accounting

Balance Sheet (Accrual basis)Income Statement

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Accruals-The Cornerstone

NetIncome

= AccrualsOperatingCash Flow

+

= +

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Revenue Recognition – recognize revenues when

(1) Earned

(2) Realized or Realizable

Expense Matching – match with corresponding revenues

- Product costs

- Period costs

Foundations of Accrual Accounting

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Relation between Cash Flows and Accruals

Operating cash flow (OCF)

-/+ Cash investment & divestment in operating assets

= Free cash flow (FCF)

+/- Financing cash flows (including investment &divestment in financing assets)

= Net cash flow (NCF)

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Short-Term and Long-Term Accruals

Short-Term Accruals : Yield current assets and current liabilities (also called working capital accruals)

Long-Term Accruals : Yield non-current assets and non-current liabilities (arise mainly from capitalization)

Note : Analysis research suggests short-term accruals are more useful in company valuation

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Accruals and Cash Flows - Myths

o Myth: Since company value depends on future cash flows, only current cash flows are relevant for valuation.

o Myth: All cash flows are value relevant.

o Myth: All accrual accounting adjustments are value irrelevant.

o Myth: Cash flows cannot be manipulated.

o Myth: All income is manipulated.

o Myth: It is impossible to consistently manage income upward in the long run.

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Accruals and Cash Flows - Truths

o Truth: Accrual accounting (income) is more relevant than cash flow.

o Truth: Cash flows are more reliable than accruals.

o Truth: Accrual accounting numbers are subject to accounting distortions.

o Truth: Company value can be determined by using accrual accounting numbers.

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Economic concepts of income

Economic income

Permanent income

Operating income

Economic incomeo Measures changes in Shareholders wealth.

o Cash flows + Present value of expected future cash flows.

o Useful when the objective of analysis is determining the exact return to the shareholder for the period.

o Less useful for forecasting future earnings potential.

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Accounting concept of income

o Based on the concept of accrual accounting

o Main purpose is income measurement

o Two main processes –

o Revenue recognition

o Expense matching

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Accounting Vs Economic income

Reasons for difference

o Alternative income concepts

o Historical cost

o Transaction basis

o Conservatism

o Earnings management

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Fair value accounting

Asset and liability values are determined on the basis of their fair values (typically market prices) on the measurement date (i.e., approximately the date of the financial statements).

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Historical cost Vs Fair value

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Advantages & Disadvantages Fair Value

Advantages

o Reflects current information.

o Consistent measurement criteria.

o Comparability

o No conservative bias

o More useful for equity analysis

Disadvantages

o Lower objectivity

o Susceptibility to manipulation. Use of Level 3 inputs.

o Lack of conservatism.

o Excessive income volatility.

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Implications for Analysis

o Focus on the balance sheet.

o Restating income.

o Analyzing use of inputs.

o Analyzing financial liabilities.

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36

Menilai Kualitas Laba

Kinerja operasional dinyatakan terlalu

tinggi?

Potensi melakukan earning

management

Adanya cadangan yang tersembunyi

Pendanaan dengan Off-balance Sheet

Kualitas Laba dan keterbatasan laporan

keuangan

Page 37: Pelaporan keuangan 31032015

Analisis Akuntansi - Accounting Analysis

Analisis akuntansi perlu dilakukan sebelum melakukananalisis rasio karena :

Terdapat distorsi sehingga penyesuaian dilakukanagar laporan keuangan mencerminkan keadaanekonomi yang sebenarnya.

Disesuaikan dengan tujuan khusus analisis laporankeuangan.

Laporan keuangan disusun untuk tujuanumum, sehingga jika ada tujuan khususdalam melakukan analisis maka perludilakukan penyesuaian

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Sumber Distorsi Akuntansi

Accounting Standards

Proses penyusunan standar dipengaruhi oleh unsur polik (tarikmenarik kepentingan)

Asumsi dalam prinsip akuntansi

Konservatism

Estimation Errors – estimasi harus dilakukan dalam akuntansiberbasir akrual, padahal estimasi sangat subyektif

Reliability vs Relevance – penekanan pada satu aspek dapatmengorbankan aspek yang lain.

Earnings Management – window dressing laporan keuangan untuktujuan khusus perusahaan atau manajemen.

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Window Dressing

Window Dressing adalah praktik untuk menggunakan celah-celah akuntansi untuk tujuan tertentu.

Window Dressing sering juga disebut sebagai praktik earning management.

Tujuan Window Dressing dapat dibedakan menjadi dua yaitu:

Efisiensi

Opportunistik

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Analysis Objectives

o Comparatives Analysis – demand for financial comparisons across companies and/or across time

o Income Measurement - demand for : (1) equity wealth changes and (2) measure of earning power. These correspond to two alternative income concepts

(1) Economic Income (or

empirically, economic profit)

(2) Permanent Income (or

empirically, sustainable profit)

Page 41: Pelaporan keuangan 31032015

Economic Information Content

• Many measurements require subjective estimates

• GAAP allows management to choose among accounting policies for many items of financial reporting

• Hence, informative disclosures are most important

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Evaluating Accounting Quality

Have to consider:

Economic faithfulness of measurements

Reliability of measurements

How well GAAP selections “fit” firm’s activities

Reasonableness of estimates

Quality and adequacy of disclosures

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Quality of Earnings

Does an income statement item signal

1. an unexpected change in earnings for current period?

2. a change in expected earnings for future periods?

3. both?

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Quality of EarningsOther Comprehensive Income• Persistent?• Predictive?• Examples include:

– Marketable Equity Securities– Derivatives held as cash flow hedges– Minimum pension obligations– Investments in certain foreign operations

Impairment Losses• Included in income from continuing

operations• Firms not required to test every asset

every reporting period• ARE required to test goodwill and other

intangibles with unlimited lives every year

• May be separate line item, or disclosed in notes

• Usually no cash flow effect

Restatement FS

• Firm must restate all years presented if It decides in current year to discontinue operations of a segment

• Can lead to comparability and ratio computation problems!

Gain/Loss on other activities

• Included in income from continuing operations

• Not sustainable

• So should be removed from earnings

Changes in Estimantes

• Financial statements entail many estimates

• Changes in estimates are not unusual

• Accounted for prospectively (in current and future periods)

• Analyst should examine carefully, though

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Earning Management

• Istilah umum (common label) yang sering digunakan oleh parapraktisi dan kalangan bisnis mengenai earnings managementantara lain creative accounting practices, income smoothing,income manipulation, agresive accounting, financial numbersgame dan masih banyak istilah lainnya yang dapat digunakansecara bergantian.

• Financial shenanigans, yaitu earnings management yangkadarnya mulai dari tingkatan sopan dan tidak berbahaya(benign) sampai dengan tingkatan kotor (penipuan) danmembahayakan publik atau lebih dikenal dengan istilahfraudulent financial statement (Howart Schilit, 2002).

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Definisi

Menurut Scott (2000): Earnings management is the choice by a manager of accounting policies so as to achieve some specific objectives. Karenamanajemen dapat memilih kebijakan akuntansi dari berbagai pilihankebijakan maka wajar jika manajemen akan memilih kebijakan akuntansiuntuk memaksimalkan utility-nya dan/atau untuk memaksimalkan nilaiperusahaan (value of the firm).

Menurut SEC dalam annual report reportnya tahun 1999, mengatakan : During 1999 we focused on financial reporting problem attributable to abusive earnings management by public companies. Abusive earnings mangement involves the use of various forms of gimmickry to distort a company’s true financial performance in order to achieve a desired result (Washington DC, SEC, 1999 dalam C Mulford and E Commiskey, 2002).

Menurut C Mulford and E Commiskey (2002) : Earnings management is the active manipulation of accounting results for the purpose of creating an altered impression of business performance

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Tujuan

• Tujuan dilakukannya earnings management adalah untuk memberikan fleksibilitas kepada manajemen perusahaan untuk melindungi diri dan perusahaannya dalam menghadapi keadaan yang tidak diinginkan seperti kerugian bagi pihak-pihak yang terlibat dalam kontrak dengan perusahaan (Jensen dan Meckling dalam tahun 1976 mengeluarkan agency theory dan contracting theory yang menyebutkan bahwa perusahaan adalah kumpulan kontrak atau nexus of contract, sehingga manajemen cenderung melakukan tindakan yang menguntungkan kepentingannya)

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Motivasi

• Bonus scheme motivations ( bonus hypothesis)

• Debt covenant hypothesis

• Political atau size hypothesis

• Perpajakan (Taxation)

• Pergantian Management (CEO)

• Initial Public Offering (IPO)

• Regulatory motivations

Terbukti bahwa earning management dilakukan karena adanyaMotivasi Opportunistic dibandingkan motivasi efisiensi

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1. Share-price effects

Higher share prices

Reduced share-price volatility

Increased corporate valuation

Lower cost of equity capital

Increase value of stock options

Motivasi

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1. Borrowing cost effects Improved credit rating

Lower borrowing costs

Less stringent financial covenants

2. Bonus plan effects Increased profit-based bonuses

3. Political cost effects Decreased regulations

Avoidance of higher taxes

Motivasi

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Earning Management strategies:

o Increasing Income – managers adjust accruals to increase reported income

o Big Bath – managers record huge write-offs in one period to relieve other periods of expenses

o Income Smoothing – managers decrease or increase reported income to reduce its volatility

Earnings Management – Frequent Source of Distortion

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o Contracting Incentives - managers adjust numbers used in contracts that affect their wealth (e.g., compensation contracts)

o Stock Prices – managers adjust numbers to influence stock prices for personal benefits (e.g., mergers, option or stock offering)

o Other Reasons - managers adjust numbers to impact

1) labor demands,

2) management changes, and

3) societal views

Earnings Management – Motivations

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o Incoming Shifting:

Accelerate or delay recognition of revenues or expenses

to shift income from one period to another

o Classificatory Earnings Management:

Selectively classify revenues Earnings and expenses in

certain parts Management of the income statement to

affect analysis inferences regarding the recurring nature

of these items

Earnings Management – Mechanics

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POLA DAN TEKNIK EARNINGS MANAGEMENT

Pola earnings management Taking a bath atau big bath Income minimization Income smoothing Cookie jar reserve Abuse materiality Revenue recognition

Teknik earnings management Menurut Center for Financial Research & Analysis (CFRA)

terdapat 30 teknik earning managements (shenanigans) yang selanjutnya terbagi tujuh kategori

MOORE STEPHENS

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Shenanigan No. 1 :Recording Revenue Too Soon or of Questionable Quality

Recording revenue when future services remain to be provided

Recording revenue before shipment or before the customer’s unconditional acceptance

Recording revenue even though the customer is not obligated to pay

Selling to an affiliated party Giving the customer something of value as a quid pro

quo Grossing up revenue

Financial Shenanigan

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Shenanigan No. 2 : Recording Bogus Revenue

Recording sales that lack economic substance

Recording cash received in lending transactions as revenue

Recording investment income as revenue

Recording as revenue supplier rebates tied to future re-quired purchases

Releasing revenue that was improperly held back before a merger

Financial Shenanigan

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Shenanigan No. 3 :Boosting Income with One-Time Gains

Boosting profits by selling undervalued assets

Including investment income or gains as part of revenue

Reporting investment income or gains as a reduction in operating expenses

Creating income by reclassification of balance sheet accounts

Financial Shenanigan

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Shenanigan No. 4 : Shifting Current Expenses to a Later or Earlier Period Boosting

profits by selling undervalued assets

Capitalizing normal operating costs, particularly if recently changed from expensing

Changing accounting policies and shifting current expenses to an earlier period

Amortizing costs too slowly

Failing to write down or write off impaired assets

Reducing asset reserves

Financial Shenanigan

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Shenanigan No. 5 : Failing to Record or improperly Reducing Liabilities

• Failing to record expenses and related liabilities when future obligations remain

• Reducing liabilities by changing accounting assumptions• Releasing questionable reserves into income• Creating sham rebates• Recording revenue when cash is received, even though

future obligations remain

Financial Shenanigan

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Shenanigan No. 6 : Shifting Current Revenue to a Later Period

• Creating reserves and releasing them into income in a later period

• Improperly holding back revenue just before an acquisition closes

Shenanigan No. 7 : Shifting Future Expenses to the. Current Period as a Special Charge

• Improperly inflating amount included in a special charge• Improperly writing off in-process R&D costs from an acquisition

Financial Shenanigan

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Fenomena Dasar Earning Management

• Dari ketiga puluh teknik earnings management (shenanigans)tersebut diatas pada dasarnya dapat juga dikategorikan menjadi lima fenomena dasar (C Mulford and E Commiskey, 2002), yaitu

– Recognizing Premature or Fictitious Revenue

– Aggressive Capitalization and Extended Amortization Policies

– Misreported Assets and Liabilities

– Getting Creative with the Income Statement : Classification and Disclosure

– Problem with Cash-flow Reporting

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Penelitian Earning Management

– Penelitian akuntansi juga menunjukan bahwa earnings management biasanya dilakukan pada kuartal 4 (Q 4) dalam periode pelaporan (reporting period) dan biasanyadilakukan bersamaan dengan restrukturisasi perusahaan.

– Para analis harus lebih peka dan hati-hati dengan beberapaistilah dalam bisnis yang terkait dengan huruf “R” sepertiRetructuring, Realign, Redeploy, Reconfigure, Resize, Right Size, Rationalize, Reposition, Reingineer dan Reorganize.

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Techniques for Detecting

• Quantitative Screening

– The steepest decline in cash flow from operation relative to income

– The greatest year to year sales growth followed by declining or negative sequential growth.

– The greatest growth in receivables relative to sales

– The largest bulge in inventory relative to sales and to cost of sales

– The biggest of smallest deterioration in gross margins

– Big increases in soft assets

– Big increases in deferred revenue

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Techniques for Detecting

• Qualitative Screening– Change in accounting estimates or principles– Offering customers financing or extended credit term– Changes accounting policies or classification– Change in auditor– Extended payment terms and More liberal credit term– Percentage of completion– Unbilled receivables– Bill and hold– Insider stock sales– Decline in backlog– Non-monetary and related party transaction

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Accounting analysis involves several inter-related processes

and tasks that can be grouped into two broad areas:

o Evaluating Earning Quality: Steps

1) Identify and assess key accounting policies

2) Evaluate extent of accounting flexibility

3) Determine the reporting strategy

4) Identify and assess red flags

o Adjusting Financial Statements:

Identify, measure, and make necessary adjustments to

financial statements to better serve one’s analysis

objectives.

Process of Accounting Analysis

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Auditing And Financial Statement Analysis

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Review 1

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Review 2

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Review 3

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Review 4

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Review 5

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Review 6

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Review 7

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Review 8

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Review 9

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Review 10

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TERIMA KASIH

Tempat kamiMengabdi untuk

Negeri