Pelaporan keuangan 31032015

Transfer Pricing Course

OVERVIEW FINANCIAL STATEMENT ANALYSIS1Agenda2

Kerangka Analisis Laporan Keuangan1Earning Manajemen2Analisis Investasi dan Pendanaan34Analisis OperasiRegulasi AkuntansiPernyataan Standar Akuntansi Keuangan termasuk Akuntansi SyariahIFRS dan standar lain untuk item yang tidak diatur dalam PSAKPSAK berbasis IFRS sehingga berkembang dinamis mengikuti perkembangan IFRSKetentuan yang dikeluarkan oleh OJK (ketentuan lama Bapepam) 3Environmental FactorsDewan Standar Akuntansi KeuanganGenerally Accepted Accounting PrinciplesProvide input to Help set Otoritas Jasa Keuangan( OJK )IAPI InvestorsAccountantsPoliticians Lenders OthersIAI

Environmental FactorsInternational Financial Reporting Standards (IFRS)5Laporan Keuangan Relevan dan Dapat DiandalkanKompetenKerangka KonseptualIndependenStandar Akuntansi BerkualitasLaporan Keuangan yang Relevan dan dapat DiandalkanKualitas AuditPasar Modal yang efisienKeputusan yang tepatInformasi yang berkualitasDampak informasi assimetriAdverse selectionMoral hazardStandar AuditManajemenCorporate Governance67Laporan ManajemenPernyataan oleh manajemen kepada investor :Manajemen bertanggung jawab atas proses penyiapan dan isi laporan keuanganPenyusunan laporan keuangan sesuai dengan standar akuntansi yang berlaku umumPerusahaan mengelola sistem pengendalian internal untuk menjaga pencatatan akuntansi yang akurat dan asset yang dimiliki perusahaan.8ManajemenPenanggung jawab keakuratan dan kewajaran laporan keuangan Menerapkan akuntansi yang mencerminkan aktivitas bisnisnya.Dalam akuntansi terdapat diskresi manajemen :Penentuan estimasiPemilihan metode akuntansiBanyak melakukan lobi dalam penyusunan standar

9Audit Set by International Accounting Standards Board Not currently accepted in U.S. SEC under pressure to accept IBank, BI, Bapepam, perpajakan dan regulator yang lain meninginkan Laporan Audit.Auditor : memberikan opini kewajaran laporan keuangan sesuai dengan standar akuntansi yang berlaku umumAuditor tidak memberikan opini atas hasil kinerja perusahaanAuditor juga harus dipastikan memiliki kualitas dan independensi yang tinggi. Jika tidak, maka opini yang dihasilkan dapat bias.

Auditors10Opini AuditUnqualified opinion (fairly presented) wajar tanpa pengecualianQualified (except for) pembatasan opini atau tidak sesuai standar untuk hal tertentu.Disclaimer (no opinion) tidak memberikan opini, jika auditor tidak independen atau skope pemeriksaan dibatasi dengan sangat materialAdverse tidak wajar tidak sesuai dengan standar akuntansi dengan sangat material

AuditorsKomisaris IndependenKomite Auditmengawasi proses akuntansimengawasi pengendalian internalmengawasi peran auditor internal dan eksternalInternal Auditor

Corporate Governance11Environmental Factors

Internal UsersExternal Users12Alternative information sourcesVoluntary DisclosureEconomic, Industry & Company NewsImpacts current & future financial condition and performanceInformation IntermediariesIndustry devoted to collecting, processing, interpreting & disseminating company informationIncludes analysts, advisers, debt raters, buy- and sell-side analysts, and forecastersMajor determinant of GAAP Motivation - Legal liability, Expectations Adjustment, Signaling, Managing expectations

13Desirable Qualities of Accounting InformationRelevance - the capacity of information to affect a decision

Reliability - For information to be reliable it must be verifiable, representationally faithful, and neutral. Verifiability means the information is confirmable. faithfulness means the information reflects reality, and neutrality means it is truthful and unbiased.14Historical Cost - fair & objective values from arms-length bargainingAccrual Accounting - recognize revenues when earned, expenses when incurredMateriality - threshold when information impacts decision makingConservatism - reporting or disclosing the least optimistic information about uncertain events and transactionsImportant Accounting Principles15First levelThe "why"purposeof accountingSecond levelBridge betweenlevels 1 and 3Third levelThe "how"implementationASSUMPTIONSEconomic entityGoing concernMonetary unitPeriodicityAccrualPRINCIPLESMeasurementRevenue recognitionExpense recognitionFull disclosureCONSTRAINTSCostOBJECTIVEProvide information about the reportingentity that is usefulto present and potentialequity investors,lenders, and othercreditors in theircapacity as capitalproviders.ELEMENTSAssetsLiabilitiesEquityIncomeExpensesQUALITATIVE CHARACTERISTICSFundamental qualitiesEnhancing qualitiesAccounting Conceptual Framework

ILLUSTRATION 2-2 Hierarchy of Accounting Qualities QUALITATIF CHARACTERISTIC - FUNDAMENTAL CONCEPTSLO 4Relation between Accounting Numbers and Stock Prices

Relevance of Accounting InformationRelevansi informasi akuntansi ditunjukkan dari seberapa besar informasi dalam laporan keuangan terefleksi dalam harga saham.18Limitations of Accounting InformationTimeliness - periodic disclosure, not real-time basis

Frequency - quarterly and annually

Forward Looking - limited prospective information

19Accruals-The CornerstoneEstablish company and invest $700 equityPurchase plain T-shirts for $5 eachFixed screen cost of $100Variable print cost of $0.75 per T-shirtSold 25 T-shirts at $10 each for cashSold 25 T-shirts at $10 each on creditIllustration - Case Facts

20 ReceiptsAssetsT-Shirt sales $250Cash$275

PaymentsT-Shirt purchases $500EquityScreen purchase 100Beginning Equity$700Printing charges 75Less net cash outflow (425)Total payments $(675)Total equity$275Net cash outflow $(425)Accruals- The CornerstoneCase Illustration Cash Accounting Statement of Cash Flows Balance Sheet (Cash basis)21 RevenuesAssetsT-Shirt sales$500.00Cash $275.00T-Shirt inventory 337.50ExpensesReceivables 250.00T-Shirts costs$250.00Total assets$862.50Screen depreciation50.00Printing charges 37.50EquityTotal expenses(337.50)Beginning equity$700.00Add net income 162.50Net income$162.50Total equity$862.50

Accruals-The CornerstoneCase Illustration Accrual AccountingBalance Sheet (Accrual basis) Income Statement22Accruals-The CornerstoneNetIncome=AccrualsOperatingCash Flow += +

23Revenue Recognition recognize revenues when(1) Earned(2) Realized or RealizableExpense Matching match with corresponding revenues - Product costs - Period costs

Foundations of Accrual Accounting24Relation between Cash Flows and AccrualsOperating 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)

25Short-Term and Long-Term AccrualsShort-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

26Accruals and Cash Flows - MythsMyth: Since company value depends on future cash flows, only current cash flows are relevant for valuation.Myth: All cash flows are value relevant. Myth: All accrual accounting adjustments are value irrelevant.Myth: Cash flows cannot be manipulated. Myth: All income is manipulated. Myth: It is impossible to consistently manage income upward in the long run. 27Accruals and Cash Flows - TruthsTruth: Accrual accounting (income) is more relevant than cash flow.Truth: Cash flows are more reliable than accruals.Truth: Accrual accounting numbers are subject to accounting distortions.Truth: Company value can be determined by using accrual accounting numbers. 28Economic concepts of incomeEconomic incomeMeasures changes in Shareholders wealth.Cash flows + Present value of expected future cash flows.Useful when the objective of analysis is determining the exact return to the shareholder for the period.Less useful for forecasting future earnings potential.29Accounting concept of incomeBased on the concept of accrual accountingMain purpose is income measurementTwo main processes Revenue recognition Expense matching

30Accounting Vs Economic incomeReasons for differenceAlternative income conceptsHistorical costTransaction basisConservatismEarnings management

31Fair value accountingAsset 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).

32Historical cost Vs Fair value

33Advantages & Disadvantages Fair ValueAdvantagesReflects current information.Consistent measurement criteria.ComparabilityNo conservative biasMore useful for equity analysisDisadvantagesLower objectivitySusceptibility to manipulation. Use of Level 3 inputs.Lack of conservatism.Excessive income volatility.

34Implications for AnalysisFocus on the balance sheet.Restating income.Analyzing use of inputs.Analyzing financial liabilities.

3536Menilai Kualitas LabaKinerja operasional dinyatakan terlalu tinggi?Potensi melakukan earning managementAdanya cadangan yang tersembunyiPendanaan dengan Off-balance SheetKualitas Laba dan keterbatasan laporan keuangan

Analisis Akuntansi - Accounting AnalysisAnalisis akuntansi perlu dilakukan sebelum melakukan analisis rasio karena :Terdapat distorsi sehingga penyesuaian dilakukan agar laporan keuangan mencerminkan keadaan ekonomi yang sebenarnya.Disesuaikan dengan tujuan khusus analisis laporan keuangan.Laporan keuangan disusun untuk tujuan umum, sehingga jika ada tujuan khusus dalam melakukan analisis maka perlu dilakukan penyesuaian37Sumber Distorsi AkuntansiAccounting Standards Proses penyusunan standar dipengaruhi oleh unsur polik (tarik menarik kepentingan)Asumsi dalam prinsip akuntansiKonservatismEstimation Errors estimasi harus dilakukan dalam akuntansi berbasir akrual, padahal estimasi sangat subyektifReliability vs Relevance penekanan pada satu aspek dapat mengorbankan aspek yang lain.Earnings Management window dressing laporan keuangan untuk tujuan khusus perusahaan atau manajemen.

38Window DressingWindow 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:EfisiensiOpportunistik

39Analysis ObjectivesComparatives Analysis demand for financial comparisons across companies and/or across timeIncome 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)

40Economic Information ContentMany measurements require subjective estimatesGAAP allows management to choose among accounting policies for many items of financial reportingHence, informative disclosures are most important

Evaluating Accounting QualityHave to consider:Economic faithfulness of measurementsReliability of measurementsHow well GAAP selections fit firms activitiesReasonableness of estimatesQuality and adequacy of disclosuresQuality of EarningsDoes an income statement item signalan unexpected change in earnings for current period?a change in expected earnings for future periods?both?Quality of EarningsOther Comprehensive IncomePersistent?Predictive?Examples include:Marketable Equity SecuritiesDerivatives held as cash flow hedgesMinimum pension obligationsInvestments in certain foreign operationsImpairment LossesIncluded in income from continuing operationsFirms not required to test every asset every reporting periodARE required to test goodwill and other intangibles with unlimited lives every yearMay be separate line item, or disclosed in notesUsually no cash flow effectRestatement FSFirm must restate all years presented if It decides in current year to discontinue operations of a segmentCan lead to comparability and ratio computation problems!Gain/Loss on other activitiesIncluded in income from continuing operationsNot sustainableSo should be removed from earningsChanges in EstimantesFinancial statements entail many estimatesChanges in estimates are not unusualAccounted for prospectively (in current and future periods)Analyst should examine carefully, thoughEarning ManagementIstilah umum (common label) yang sering digunakan oleh para praktisi dan kalangan bisnis mengenai earnings management antara lain creative accounting practices, income smoothing, income manipulation, agresive accounting, financial numbers game dan masih banyak istilah lainnya yang dapat digunakan secara bergantian.

Financial shenanigans, yaitu earnings management yang kadarnya mulai dari tingkatan sopan dan tidak berbahaya (benign) sampai dengan tingkatan kotor (penipuan) dan membahayakan publik atau lebih dikenal dengan istilah fraudulent financial statement (Howart Schilit, 2002).DefinisiMenurut Scott (2000): Earnings management is the choice by a manager of accounting policies so as to achieve some specific objectives. Karena manajemen dapat memilih kebijakan akuntansi dari berbagai pilihan kebijakan maka wajar jika manajemen akan memilih kebijakan akuntansi untuk memaksimalkan utility-nya dan/atau untuk memaksimalkan nilai perusahaan (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 companys 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

TujuanTujuan 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)

MotivasiBonus 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 adanya Motivasi Opportunistic dibandingkan motivasi efisiensiShare-price effectsHigher share pricesReduced share-price volatilityIncreased corporate valuationLower cost of equity capitalIncrease value of stock optionsMotivasiBorrowing cost effectsImproved credit ratingLower borrowing costsLess stringent financial covenantsBonus plan effectsIncreased profit-based bonusesPolitical cost effectsDecreased regulationsAvoidance of higher taxesMotivasiEarning Management strategies:Increasing Income managers adjust accruals to increase reported incomeBig Bath managers record huge write-offs in one period to relieve other periods of expensesIncome Smoothing managers decrease or increase reported income to reduce its volatilityEarnings Management Frequent Source of Distortion51Contracting Incentives - managers adjust numbers used in contracts that affect their wealth (e.g., compensation contracts)Stock Prices managers adjust numbers to influence stock prices for personal benefits (e.g., mergers, option or stock offering)Other Reasons - managers adjust numbers to impact labor demands, management changes, and societal viewsEarnings Management Motivations52Incoming Shifting: Accelerate or delay recognition of revenues or expenses to shift income from one period to another

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 itemsEarnings Management Mechanics53POLA DAN TEKNIK EARNINGS MANAGEMENTPola earnings managementTaking a bath atau big bathIncome minimizationIncome smoothingCookie jar reserveAbuse materialityRevenue recognition

Teknik earnings management

Menurut Center for Financial Research & Analysis (CFRA) terdapat 30 teknik earning managements (shenanigans) yang selanjutnya terbagi tujuh kategoriMOORE STEPHENSShenanigan No. 1 : Recording Revenue Too Soon or of Questionable Quality

Recording revenue when future services remain to be providedRecording revenue before shipment or before the customers unconditional acceptanceRecording revenue even though the customer is not obligated to paySelling to an affiliated partyGiving the customer something of value as a quid pro quo Grossing up revenue

Financial ShenaniganShenanigan No. 2 : Recording Bogus Revenue

Recording sales that lack economic substanceRecording cash received in lending transactions as revenueRecording investment income as revenueRecording as revenue supplier rebates tied to future required purchasesReleasing revenue that was improperly held back before a merger

Financial ShenaniganShenanigan No. 3 : Boosting Income with One-Time Gains

Boosting profits by selling undervalued assetsIncluding investment income or gains as part of revenueReporting investment income or gains as a reduction in operating expensesCreating income by reclassification of balance sheet accounts

Financial ShenaniganShenanigan 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 expensingChanging accounting policies and shifting current expenses to an earlier periodAmortizing costs too slowly Failing to write down or write off impaired assetsReducing asset reserves

Financial ShenaniganShenanigan 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 assumptionsReleasing questionable reserves into incomeCreating sham rebatesRecording revenue when cash is received, even though future obligations remain

Financial ShenaniganShenanigan No. 6 : Shifting Current Revenue to a Later Period

Creating reserves and releasing them into income in a later periodImproperly 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 chargeImproperly writing off in-process R&D costs from an acquisition

Financial ShenaniganFenomena Dasar Earning ManagementDari 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 RevenueAggressive Capitalization and Extended Amortization PoliciesMisreported Assets and Liabilities Getting Creative with the Income Statement : Classification and DisclosureProblem with Cash-flow Reporting

Penelitian Earning ManagementPenelitian akuntansi juga menunjukan bahwa earnings management biasanya dilakukan pada kuartal 4 (Q 4) dalam periode pelaporan (reporting period) dan biasanya dilakukan bersamaan dengan restrukturisasi perusahaan. Para analis harus lebih peka dan hati-hati dengan beberapa istilah dalam bisnis yang terkait dengan huruf R seperti Retructuring, Realign, Redeploy, Reconfigure, Resize, Right Size, Rationalize, Reposition, Reingineer dan Reorganize.

Techniques for DetectingQuantitative ScreeningThe steepest decline in cash flow from operation relative to incomeThe greatest year to year sales growth followed by declining or negative sequential growth.The greatest growth in receivables relative to salesThe largest bulge in inventory relative to sales and to cost of salesThe biggest of smallest deterioration in gross marginsBig increases in soft assetsBig increases in deferred revenue Techniques for DetectingQualitative ScreeningChange in accounting estimates or principlesOffering customers financing or extended credit termChanges accounting policies or classificationChange in auditorExtended payment terms and More liberal credit termPercentage of completionUnbilled receivablesBill and holdInsider stock salesDecline in backlogNon-monetary and related party transactionAccounting analysis involves several inter-related processes and tasks that can be grouped into two broad areas: Evaluating Earning Quality: StepsIdentify and assess key accounting policiesEvaluate extent of accounting flexibility Determine the reporting strategy Identify and assess red flags Adjusting Financial Statements:Identify, measure, and make necessary adjustments to financial statements to better serve ones analysis objectives. Process of Accounting Analysis65Auditing And Financial Statement AnalysisAuditing identifies errors and irregularities, which if undetected would materially affect these statements fairness of presentation or their conformity with GAAP. Types of Audit qualificationExcept for QualificationAdverse opinionDisclaimer of opinion66Review 1Which would be issued by auditors where there is a history of significant losses coupled with uncertain prospects? A)A going concern qualification. B)An adverse opinion C)A disclaimer of opinion D)An audit warning 67Review 2Which of the following statements about accruals and cash flows is true? A)All cash flows are value relevant B)Cash flows cannot be manipulated C)Cash flows are more reliable then accruals.D)All accrual accounting adjustments are value irrelevant 68Review 3The two primary qualities of accounting information to make it useful for decision making are: A)Reliability and Comparability B)Relevance and Reliability. C)Materiality and Comparability D)Full disclosure and Relevance 69Review 4Which of the following would affect the comparison of financial statements across two different firms?I.different accounting principlesII.different accounting estimatesIII.different reporting periodsIV.different industries A)I, III and IV B)I and IV C)I and II D)I, II, III and IV.70Review 5Byfort Company reports the following in its financial statements:20042005Accounts Receivable, net$ 34,289K$ 29,678KNet sales$360,007K$450,000KHow much did the company collect in cash from sales during 2005? A)$445,389 B)$454,611. C)$484,289 D)$488,900 71Review 6Financial accounting data has some inherent limitations. Which of the following are limitations?I.not all economic events are easily quantifiableII.many accounting entries rely heavily on estimatesIII.historical cost can distort statementsIV.inflation can distort accounting data A)I, II and III B)I, III and IV C)II, III and IV D)I, II, III and IV .72Review 7Which of the following are examples of judgments made in the accounting reporting process?I.Useful life of machineryII.Allowance for doubtful accountsIII.Obsolescence of assetsIV.Interest payment on bonds A)I, II, III and IV B)I, II and III. C)II and III D)I and III 73Review 8When analyzing financial statements it is important to recognize that accounting distortions can arise. Accounting distortions are those things that cause deviations in accounting information from the underlying economics. Which of the following statements is not correct? Accounting distortions: A)can arise as management may deliberately manipulate financial statements B)arise often through application of (correct) accounting principles C)can affect the quality of earnings D)arise because the stock market is not efficient. 74Review 9Which one of the following is not an example of a red flag, used to evaluate earnings quality? A)Qualified audit report B)Net income this year is higher then net income last year. C)Poor financial performance D)Frequent or unexplained changes in accounting policies 75Review 10Accounting Standards are best described as: A)the result of a political process among groups with diverse interests. B)presentation standards mandated by the Capital Market AuthorityC)the state-of-the-art presentation of the science of accounting D)measuring the quality of safeguarding assets 76TERIMA KASIHTempat kamiMengabdi untuk Negeri

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