ECONOMIC CONSEQUENCES Sumber Utama (Scott, Bab 8). Outline Kuliah: 1. Pendahuluan 2. Mengapa EC Muncul? 3. EC: SFAS 8 dan SFAS 52 4. Hubungan EC dan Pasar Modal Efisien 5. Rekonsiliasi EC dan Pasar Modal Efisien
PENDAHULUAN
Zeff (1978) mendefinisikan economic consequences sebagai impak laporan akuntansi terhadap perilaku pengambilan keputusan bisnis, pemerintah, dan kreditor.
Esensi definisi tersebut adalah bahwa laporan akuntansi dapat mempengaruhi (affect) keputusan nyata oleh manajer dan pihak lain, tidak hanya sekedar menggambarkan (reflecting) hasil keputusan yang dibuat.
PENDAHULUAN
Economic consequences adalah konsep yang menyatakan bahwa, walaupun bertentangan dengan implikasi teori pasar modal efisien, pilihan kebijakan akuntansi dapat mempengaruhi nilai perusahaan. Walaupun dengan implikasi kebijakan teori pasar modal efisien, tampak bahwa pilihan kebijakan akuntansi memiliki konsekuensi ekonomi bagi pamakai laporan keuangan, walaupun tidak secara langsung mempengaruhi aliran kas perusahaan.
Dr. Baldric Siregar, MBA., Ak.
PENDAHULUAN
Esensi dari economic consequences adalah bahwa kebijakan akuntansi dan perubahan kebijakan akuntansi tersebut merupakan suatu permasalahan (matter), terutama permasalahan bagi manajemen.
Akan tetapi, apabila hal tersebut merupakan permasalahan bagi manajemen, kebijakan akuntansi juga permasalahan bagi investor yang memiliki perusahaan karena manajer dapat mengubah hasil operasi operasi perusahaan sesungguhnya dengan melakukan perubahan kebijakan akuntansi.
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MENGAPA EC MUNCUL?
Economic consequences muncul karena perusahaan melakukan kontrak seperti kompensasi eksekutif (executive compensation) dan kontrak utang (debt contract). Kebijakan akuntansi yang digunakan dapat merupakan sumber informasi yang penting bagi investor. Manajer dapat menggunakan sumber informasi berupa pilihan kebijakan akuntansi yang dipilih sebagai signal tentang informasi dalam dari perusahaan.
Dr. Baldric Siregar, MBA., Ak.
MENGAPA EC MUNCUL?
Teori pasar modal efisien gagal menjelaskan perilaku pasar. Berdasarkan teori pasar modal efisien, suatu perubahan akuntansi direaksi oleh pasar hanya apabila perubahan akuntansi tersebut berpengaruh terhadap arus kas perusahaan. Economic consequences diperlukan untuk mengetahui respon pasar atas perubahan kebijakan akuntansi walaupun perubahan kebijakan akuntansi tersebut tidak berpengaruh secara langsung terhadap arus kas. Karena itu, economic consequences merupakan salah satu anomali pasar modal efisien. Teori akuntansi positif (PAT) adalah penjelasan terhadap adanya economic consequences.
Dr. Baldric Siregar, MBA., Ak.
Bonus Plan Hypothesis Manajer yang memiliki program bonus akan memilih kebijakan akuntansi yang menggeser laba dari periode yang akan datang ke periode sekarang.
Metode Translasi
Balance Sheet Local Current/ Monetary/ Temporal Current Currency Noncurrent Nonmonetary Rate 2,100 DM $1,050 $1,050 $1,050 $1,050 1,500 DM $750 $500 $900 $750 3,000 DM $1,000 $1,000 $1,000 $1,500 6,600 DM $2,800 $2,550 $2,950 $3,300 1,200 DM $600 $600 $600 $600 $600 $900 $700 -------$2,800 $900 $900 $150 -------$2,550 $900 $900 $550 -------$2,950 $900 $900 $360 $540 $3,300
Cash Inventory Net fixed assets Total Assets Current liabilities Long-Term 1,800 DM debt Common stock 2,700 DM Retained earnings 900 DM earnings CTA -------Total 6,600 DM Liabilities and Equity
Metode Translasi
Local Current/ Monetary/ Temporal Current Currency Noncurrent Nonmonetary Rate Cash 2,100 DM $1,050 $1,050 $1,050 $1,050 Inventory 1,500 DM $750 $500 $900 $750 Net fixed assets 3,000 DM $1,000 $1,000 $1,000 $1,500 Total Assets 6,600 DM $2,800 $2,550 $2,950 $3,300 Book Current 1,200 DM $600 $600 $600 $600 value of liabilities inventor Long-Term 1,800 DM $600 $900 $900 $900 y debt historic Common stock 2,700 DM $900 rate $900 $900 $900 Retained earnings 900 DM $700 $150 $550 $360 earnings CTA ----------------------------$540 Total 6,600 DM $2,800 $2,550 $2,950 $3,300 Liabilities and Book value of Current value of inventory at spot inventory at spot Equity exchange rate exchange rate. Balance Sheet
Metode Translasi
Balance Sheet Local Current/ Monetary/ Temporal Current Currency Noncurrent Nonmonetary Rate 2,100 DM $1,050 $1,050 $1,050 $1,050 1,500 DM $750 $500 $900 $750 3,000 DM $1,000 $1,000 $1,000 $1,500 6,600 DM $2,800 $2,550 $2,950 $3,300 1,200 DM $600 $600 $600 $600 $600 $900 $700 -------$2,800 histori c rate $900 $900 $900
Cash Inventory Net fixed assets Total Assets Current liabilities Long-Term 1,800 DM debt Common stock 2,700 DM Retained earnings 900 DM earnings CTA -------Total 6,600 DM Liabilities and Equity
$900 $900 $900 $150 $550 $360 --------------$540 $2,550 $2,950 $3,300 spot exchange rate.
Metode Translasi
Balance Sheet Local Current/ Monetary/ Temporal Current Currency Noncurrent Nonmonetary Rate 2,100 DM $1,050 $1,050 $1,050 $1,050 1,500 DM $750 $500 $900 $750 3,000 DM $1,000 $1,000 $1,000 $1,500 6,600 DM $2,800 $2,550 $2,950 $3,300 1,200 DM $600 $600 $600 $600 $600 $900 $700 -------$2,800 spot rate $900 $900 $150 -------$2,550 $900 $900 $550 -------$2,950 $900 $900 $360 $540 $3,300
Cash Inventory Net fixed assets Total Assets Current liabilities Long-Term 1,800 DM debt Common stock 2,700 DM Retained earnings 900 DM earnings CTA -------Total 6,600 DM Liabilities and Equity
Metode Translasi
Balance Sheet Local Current/ Monetary/ Temporal Current Currency Noncurrent Nonmonetary Rate 2,100 DM $1,050 $1,050 $1,050 $1,050 1,500 DM $750 $500 $900 $750 3,000 DM $1,000 $1,000 $1,000 $1,500 6,600 DM $2,800 $2,550 $2,950 $3,300 1,200 DM $600 $600 $600 $600 $900 $900 $550 -------$2,950 $900 $900 $360 $540 $3,300
Cash Inventory Net fixed assets Total Assets Current liabilities Long-Term 1,800 DM $600 $900 debt Common stock 2,700 DM $900 $900 Retained earnings 900 DM $700 $150 earnings CTA ---------------------Total 6,600 DM $2,800 $2,550 Liabilities and historical spot rate Equity rate
Metode Translasi
Balance Sheet Local Current/ Monetary/ Temporal Current Currency Noncurrent Nonmonetary Rate 2,100 DM $1,050 $1,050 $1,050 $1,050 1,500 DM $750 $500 $900 $750 3,000 DM $1,000 $1,000 $1,000 $1,500 6,600 DM $2,800 $2,550 $2,950 $3,300 1,200 DM $600 $600 $600 $600 $900 $900 $150 -------$2,550 $900 $900 $550 -------$2,950 $900 $900 $360 $540 $3,300
Cash Inventory Net fixed assets Total Assets Current liabilities Long-Term 1,800 DM $600 debt Common stock 2,700 DM $900 Retained earnings 900 DM $700 earnings CTA --------------Total 6,600 DM $2,800 Liabilities and historical Equity rate
Metode Translasi
Balance Sheet Cash Inventory Net fixed assets Total Assets Current liabilities Long-Term 1,800 DM $600 $900 debt Common stock 2,700 DM $900 $900 Retained earnings 900 DM $700 $150 earnings CTA ---------------------Total 6,600 DM $2,800 $2,550 Liabilities and From income statement Equity Local Current/ Monetary/ Temporal Current Currency Noncurrent Nonmonetary Rate 2,100 DM $1,050 $1,050 $1,050 $1,050 1,500 DM $750 $500 $900 $750 3,000 DM $1,000 $1,000 $1,000 $1,500 6,600 DM $2,800 $2,550 $2,950 $3,300 1,200 DM $600 $600 $600 $600 $900 $900 $550 -------$2,950 $900 $900 $360 $540 $3,300
Metode Translasi
Balance Sheet Local Current/ Monetary/ Temporal Current Currency Noncurrent Nonmonetary Rate 2,100 DM $1,050 $1,050 $1,050 $1,050 1,500 DM $750 $500 $900 $750 3,000 DM $1,000 $1,000 $1,000 $1,500 6,600 DM $2,800 $2,550 $2,950 $3,300 1,200 DM $600 $600 $600 $600
Cash Inventory Net fixed assets Total Assets Current liabilities Long-Term 1,800 DM $600 $900 $900 $900 debt Common stock 2,700 DM $900 $900 $900 $900 Retained earnings 900 DM $700 $150 $550 $360 earnings CTA ----------------------------$540 Total 6,600 DM $2,800 $2,550 $2,950 $3,300 Liabilities and Under the current rate method, a plug equity account named Equity cumulative translation adjustment makes the balance sheet balance.
Metode Translasi
Local Current/ Monetary/ Temporal Current Income Statement Currency Noncurrent Nonmonetary Rate Sales 10,000 DM $4,000 $4,000 $4,000 $4,000 COGS 7,500 DM $3,000 $2,500 $3,000 $3,000 Depreciation 1,000 DM $333 $333 $333 $400 Net operating income 1,500 DM $667 $1,167 $667 $600 Income tax (40%) 600 DM $267 $467 $267 $240 Profit after tax 900 DM $400 $700 $400 $360 Foreign exchange gain (loss) $300 -$550 $150 Net income 900 DM $700 $150 $550 $360 Dividends 0 DM $0 $0 $0 $0 Addition to Retained Earnings 900 DM $700 $150 $550 $360
Sales translate at average exchange rate over the period, DM2.50 = $1
Metode Translasi
Local Current/ Monetary/ Temporal Current Income Statement Currency Noncurrent Nonmonetary Rate Sales 10,000 DM $4,000 $4,000 $4,000 $4,000 COGS 7,500 DM $3,000 $2,500 $3,000 $3,000 Depreciation 1,000 DM $333 $333 $333 $400 Net operating income 1,500 DM $667 $1,167 $667 $600 Income tax (40%) 600 DM $267 $467 $267 $240 Profit after tax 900 DM $400 $700 $400 $360 Foreign exchange gain (loss) $300 -$550 $150 Net income 900 DM $700 $150 $550 $360 Dividends 0 DM $0 $0 $0 $0 Addition to Retained Earnings 900 DM $700 $150 $550 $360
Translate at DM2.50 = $1 Translate at new exchange rate, DM2.00 = $1
Metode Translasi
Local Current/ Monetary/ Temporal Current Income Statement Currency Noncurrent Nonmonetary Rate Sales 10,000 DM $4,000 $4,000 $4,000 $4,000 COGS 7,500 DM $3,000 $2,500 $3,000 $3,000 Depreciation 1,000 DM $333 $333 $333 $400 Net operating income 1,500 DM $667 $1,167 $667 $600 Income tax (40%) 600 DM $267 $467 $267 $240 Profit after tax 900 DM $400 $700 $400 $360 Foreign exchange gain (loss) $300 -$550 $150 Net income 900 DM $700 $150 $550 $360 Dividends 0 DM $0 $0 $0 $0 Addition to Retained Earnings 900 DM $700 $150 $550 $360
Translate at DM3 = $1 Translate at average exchange rate, DM2.5 = $1
Metode Translasi
Local Current/ Monetary/ Temporal Current Income Statement Currency Noncurrent Nonmonetary Rate Sales 10,000 DM $4,000 $4,000 $4,000 $4,000 COGS 7,500 DM $3,000 $2,500 $3,000 $3,000 Depreciation 1,000 DM $333 $333 $333 $400 Net operating income 1,500 DM $667 $1,167 $667 $600 Income tax (40%) 600 DM $267 $467 $267 $240 Profit after tax 900 DM $400 $700 $400 $360 Foreign exchange gain (loss) $300 -$550 $150 Net income 900 DM $700 $150 $550 $360 Dividends 0 DM $0 $0 $0 $0 Addition to Retained Earnings 900 DM $700 $150 $550 $360
Note the effect on after-tax profit.
Metode Translasi
Local Current/ Monetary/ Temporal Current Income Statement Currency Noncurrent Nonmonetary Rate Sales 10,000 DM $4,000 $4,000 $4,000 $4,000 COGS 7,500 DM $3,000 $2,500 $3,000 $3,000 Depreciation 1,000 DM $333 $333 $333 $400 Net operating income 1,500 DM $667 $1,167 $667 $600 Income tax (40%) 600 DM $267 $467 $267 $240 Profit after tax 900 DM $400 $700 $400 $360 Foreign exchange gain (loss) $300 -$550 $150 Net income 900 DM $700 $150 $550 $360 Dividends 0 DM $0 $0 $0 $0 Addition to Retained Earnings 900 DM $700 $150 $550 $360
Note the effect that foreign exchange gains (losses) has on net income.
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Terlihat bahwa tiga kontituen laporan keuangan, manajemen, pemerintah, dan investor bereaksi terhadap artikel tentang kebijakan akuntansi. Namun reaksi manajemen mengejutkan sampai pada intervensi badan penyusun standar. Perbedaan reaksi ini merupakan bagian dari konsekuensi ekonomi, yaitu bahwa pilihan kebijakan akuntansi dapat menjadi masalah walaupun tidak ada pengaruhnya terhadap arus kas.
Dr. Baldric Siregar, MBA., Ak.
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