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.
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.
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.
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
debt
Common stock
2,700 DM
Retained earnings
900 DM
earnings
CTA
-------Total
6,600 DM
Liabilities and
Equity
$600
$900
$900
$900
$900
$700
-------$2,800
$900
$150
-------$2,550
$900
$550
-------$2,950
$900
$360
$540
$3,300
Metode Translasi
Balance Sheet
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.
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
debt
Common stock
2,700 DM
Retained earnings
900 DM
earnings
CTA
-------Total
6,600 DM
Liabilities and
Equity
$600
$900
$700
-------$2,800
histori
c rate
$900
$900
$900
$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
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
$600
$900
$700
-------$2,800
spot rate
$900
$900
$900
$900
$150
-------$2,550
$900
$550
-------$2,950
$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
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
$900
$900
$900
$550
-------$2,950
$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
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
$900
$900
$900
$900
$150
-------$2,550
$900
$550
-------$2,950
$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
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
$900
$900
$900
$550
-------$2,950
$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
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
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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