Calpersloan.

com

FINANCIAL REPORTING & ANALYSIS

LAPORAN KEUANGAN
 Laporan keuangan perusahaan/komersial (WAJIB menurut Standar
Akuntansi Keuangan (SAK))
1. Laporan Posisi Keuangan / Neraca (Balance Sheet / Statement
of Financial Position)
2. Laporan Laba Rugi (Income Statement)
3. Laporan Perubahan Ekuitas (Statement of Changes in Equity)
4. Laporan Arus Kas (Statement of Cash Flows)
5. Catatan Atas Laporan Keuangan (Notes to Financial
Statement)

 Laporan keuangan perusahaan/komersial (TIDAK WAJIB), seperti

F/S interim, laporan perkembangan ekonomi / industri /
perusahaan, laporan proforma, dll)
*) Untuk F/S interim harus memperhatikan efek musiman
(seasonality) dan penyesuaian pada akhir periode (year-end
adjustment) karena F/S umumnya disusun untuk 1 periode
akuntansi (1 tahun)
Faktor-faktor yang mempengaruhi penyusunan F/S
 Standar Akuntansi Keuangan (SAK) dan Internasional Financial
Reporting Standards (IFRS)
 Aturan pemerintah/regulator (peraturan menteri, Otoritas Jasa
Keuangan (OJK), & Pasar Modal/Bursa Efek)
 Kebijakan manajemen perusahaan (karena manajemen adalah pihak
yang bertanggung jawab untuk menyusun F/S secara fair, akurat,
menerapkan akuntansi untuk menggambarkan aktivitas bisnis)
 Mekanisme monitoring & penegakan ketentuan
o Peran auditor eksternal (pemberi opini atas F/S perusahaan)
o Corporate governance (persetujuan F/S oleh dewan direksi,
peranan internal auditor, serta peranan komite audit untuk
mengawasi proses akuntansi, internal control, & internal auditor)
o Ancaman tuntutan hukum (litigation) dari pihak internal maupun
eksternal perusahaan selaku pengguna F/S (kreditor / lender,
shareholder, serikat pekerja, karyawan, dan konsumen)
 Conceptual Framework For Financial Reporting

Third Level:
First Level: Second Level: Recognition,
Conceptual
Basic Fundamental Measurement, &
Framework
Objective Concepts Disclosure
Concepts

Need Qualitative Basic

characteristics assumptions
Development
Basic principles
Overview Basic elements
Constraints
Summary of the
structure

slideplayer.com
Conceptual Framework

slideplayer.com
Conceptual Framework
 First Level

OBJECTIVE : Provide information about the reporting entity

that is useful to present and potential equity
investors, lenders, and other creditors in their
capacity as capital providers.

 Second Level

ELEMENTS
 Assets
 Liabilities
 Equity
 Income
 Expenses

QUALITATIVE CHARACTERISTICS
 Fundamental qualities
 Enhancing qualities
Conceptual Framework
 QUALITATIVE CHARACTERISTICS

 Fundamental qualities
 Relevance
 Predictive value
 Confirmatory value
 Faithful representation / reliability
 Completeness
 Neutrality
 Free from error

 Enhancing qualities
 Comparability
 Verifiability
 Timeliness
 Understandability
Second Level: Fundamental Concepts

opf.slu.cz
Conceptual Framework
 Third Level

ASSUMPTIONS
 Economic entity
 Going concern
 Monetary unit
 Periodicity
 Accrual Basis

PRINCIPLES
 Measurement
 Revenue recognition
 Expense recognition
 Full disclosure

CONSTRAINTS
 Cost (historical cost)
 Materiality
Problem informasi akuntansi
1. Relevance >< reliability (dalam rangka pengambilan kepu-tusan
ekonomis)
2. Principles of accounting
 Accrual basis (income) >< cash basis (cash flow)  terkait
pengakuan revenue & expense
 Historical cost >< fair value
 Materiality
 Conservatism (terkait waktu pengakuan gain & loss)
3. Limitations of financial statement information
 Timeliness (periodic disclosure, not real-time basis)
 Frequency (quarterly & annually)
 Forward looking (limited prospective information)
Accruals & Cash Flows
• Foundations of accrual accounting are revenue recognition & expense
matching

• Relation between accruals & cash flows (C/F):

 Free C/F = Operating C/F (-)/(+) cash investment & divestment in
operating assets
 Net C/F = Free C/F (+)/(-) financing C/F (including investment &
divestment in financing assets

• Short term accruals are yield current assets and current liabilities (also
called working capital accruals)
• Long term accruals are 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
Accruals & Cash Flows
• The conceptual superiority of accrual accounting over C/F arises
because the accrual-based income statement (and balance sheet) is
more relevant for measuring a company’s present and future cash-
generating capacity.
 Revenue recognition & expense matching yields an income number
superior to C/F for evaluating “financial performance”
 Accrual accounting produces a balance sheet that more accurately
reflects the “financial condition” or level of resources available to
the company to generate future C/F
 Accrual income is a superior predictor of future C/F than are
current C/F because
(1) through revenue recognition, accrual income reflects future
C/F consequences
(2) Accrual accounting better aligns inflows & outflows over time
through the matching process (this means income is more
stable and dependable predictor of C/F)
Accrual & cash flow (myths)

 Since company value depends on future cash flows, only

current cash flows are relevant for valuation
 All cash flows are value relevant
 All accrual accounting adjustments are value irrelevant
 Cash flows cannot be manipulated
 All income is manipulated
 It is impossible to consistently manage income upward in
the long run
Accrual & cash flow (truths)

 Accrual accounting (income) is more relevant than cash

flow
 Cash flows are more reliable than accruals
 Accrual accounting numbers are subject to accounting
distortions
 Company value can be determined by using accrual
accounting numbers
THE CONCEPTS OF INCOME (Economic)
ECONOMIC INCOME :
• Measures changes in shareholders wealth
• Is cash flow during the period (realized cash flow) plus change in
present value of expected cash flow, typically represented by the
change in the market value of the business’s net assets (unrealized
holding gain / loss)
• Useful when the objective of analysis is determining the exact return
to the shareholder for the period
• Less useful for forecasting future earnings potential

PERMANENT / SUSTAINABLE / RECURRING INCOME :

• stable average income that a business is expected to earn over its
life, given the current state of its business conditions)

OPERATING INCOME :
• income that arises from a company’s operating activities
THE CONCEPTS OF INCOME (Accounting)

 ACCOUNTING / REPORTED INCOME is income based on the

concept of accrual accounting
 Main purpose is income measurement (revenue & expense
recognition)
 Reasons for difference with economic income:
 Alternative income concept
 Historical cost
 Transaction basis
 Conservatism
 Earnings management
 The implications are adjustment for permanent income, economic
income, and operating income
FAIR VALUE ACCOUNTING
 Asset & liabilities value are determined on the basis of the fair values
(typically market prices) on the measurement date (i.e., approximately
the date of F/S)

 Differences with historical cost

 Transaction (actual/past/historical) valuation >< current valuation
 Historical cost valuation (costs incurred) >< market based
valuation (assumptions)
 Income is determined by matching cost against revenues (historical
cost model) >< income is determined merely by the net change in
fair value of assets & liabilities (fair value model)

 Aspects
1) On the measurement date 4) Market-based measurement
2) Hypothetical transaction 5) Exit prices
3) Orderly transaction 6) Hierarchy of inputs
FAIR VALUE ACCOUNTING
Hierarchy of inputs
a) Level 1 : quoted prices in active markets that the reporting entity
has the ability to access at the reporting date, for identical assets &
liabilities. Prices are not adjusted for the effects, if any, of the
reporting entity holding a large block relative to the overall trading
volume (referred to as “blockage factor”)
b) Level 2 : directly or indirectly prices in active markets for similar
assets & liabilities, quoted price for identical or similar items in
markets that are not active, inputs other than quoted , process (e.g.
interest rates, yield curves, credit risks, volatilities) or “market
corroborated inputs”
c) Level 3 : unobservable inputs that reflect management own
assumptions about the assumptions market participants would
make
FAIR VALUE ACCOUNTING
Valuation techniques
a) Market approach (fair value is measured by directly or indirectly
using prices from prices from actual market transactions)
b) Income approach (fair value is measured by discounting future C/F
(or earnings) expectations to the current period
c) Cost approach (fair value is determined as the current cost to a
market participant (buyer) to acquire or construct a substitute
asset that generate comparable utility after adjusting for
technological improvements, natural wear and tear, and economic
obsolescence, or current replacement cost, or cost of replacing an
asset’s remaining service capacity)
FAIR VALUE ACCOUNTING
 Advantages:
 Reflects current information
 Consistent measurement criteria
 Comparability
 No conservative bias
 More useful for equity analysis
 Disadvantages
 Lower objectivity
 Susceptibility to manipulation (use of level 3 inputs)
 Lack of conservatism
 Excessive income volatility
 Implication for analysis
 Focus on balance sheet
 Restating income
 Analyzing use of input
 Analyzing financial liabilities
Accounting Analysis
Demand for accounting analysis:
• Adjust for accounting distortions so financial reports better reflect
economic reality
• Adjust general-purpose F/S to meet specific analysis objectives of a
particular user
Sources of accounting distortions:
• Accounting standards, attributed to (1) political process of
standard-setting, (2) accounting principles and assumptions, (3)
conservatism
• Estimation errors, attributed to estimation errors inherent in
accrual accounting
• Reliability >< relevance, attributed to over-emphasis on reliability
at the loss of relevance
• Earnings management, attributed to window-dressing of F/S by
managers to achieve personal benefits
Accounting Analysis
Analysis objectives:
• Comparative analysis, demand for financial comparisons across
companies and/or across time
• Income measurement, demand for
a) equity wealth changes
b) measure of earnings power
because these corresponds to two alternative income concepts
a) Economic income (or empirically economic profit)
b) Permanent income (or empirically sustainable profit)
Accounting Analysis
EARNINGS MANAGEMENT (frequent source of distortions)
 Strategies
1. increasing reported income with adjust accruals
2. big bath (record huge write-offs in one period to relieve
other periods of expenses)
3. income smoothing (decrease or increase reported income
to reduce its volatility)
 Motivations
1. contracting incentives, adjust numbers used in contract that
affect their wealth (e.g., compensation contract)
2. stock price effects, adjust numbers to influence stock prices
for personal benefits (e.g., mergers, option or stock offering)
3. other reasons, adjust numbers to impact labor demands
(com-bat labor union demands), management changes (big bath
effect), societal views (reduce political cost, scrutiny from
government agencies  antitrust regulators & tax institution,
gain favors from government subsidies & protection from
foreign competitions)
Accounting Analysis
EARNINGS MANAGEMENT (frequent source of distortions)
 Mechanism
1) income shifting (accelerate or delay recognition of revenues
or expenses to shift income from one period to another)
2) classificatory earnings management (selectively classify
revenues and expenses in certain parts of the income
statement to affect analysis inferences regarding the recurring
nature of these items)
 Analysis implications
 Checking incentives for earnings management
 Checking management reputation & history
 Checking consistent pattern
 Checking earnings management opportunities
Process of Accounting Analysis
Accounting analysis involves several inter-related processes and tasks
that can be grouped into two broad areas
 Evaluating earnings quality
1) Identify and assess key accounting policies
2) Evaluate extent of accounting flexibility (changes of accounting
policies & estimates)
3) Determine the reporting strategy
4) Identify and assess “red flags” (items that alert analyst to
potentially more serious problems)
 Adjusting F/S
Identify, measure, and make necessary adjustments to F/S to better
serve one’s analysis objectives
Process of Accounting Analysis
RED FLAGS are …….
1. Poor financial performance-desperate companies are prone to
desperate means
2. Reported earnings consistently higher than operating cash flows
3. Reported pretax earnings consistently higher than taxable income
4. Qualified audit report
5. Auditor resignation or a non-routine auditor change
6. Unexplained or frequent changes in accounting policies
7. Sudden increase in inventories in comparison to sales
8. Use of mechanisms to circumvent accounting rules, such as
operating lease and receivables securitization
9. Frequent one time charges & big baths
Auditing & F/S Analysis
 Auditing identifies errors and irregularities, which if undetected
would materially affect these statements‘ fairness of presentation or
their conformity with accounting standards

 Analysis implication related to audit process (audit risk), auditing

standards, auditor opinions, and regulator

 Types of audit qualifications

1) ‘except for’ qualification / qualified
2) Adverse opinion
3) Disclaimer / no opinion
Auditing & F/S Analysis
Potential areas of vulnerability ……
 Growth industry/company with pressure to maintain a high market
price or pursue acquisitions
 Company in financial distress requiring financing
 Company with high market visibility issuing frequent progress
reports & earnings estimates
 Management dominated by one or more strong-willed individuals
 Signs of personal financial difficulties by members of management
 Deterioration in operating performance or profitability
 Management compensation or stock options dependent on
reported earnings
 Deterioration in liquidity or solvency
 Capital structure too complex for the company’s operation or size
Earnings quality
Determinant of EARNINGS QUALITY are accounting principles, account-
ing applications (management discretion & motivations), & business risk)
 Income statement items (R & D cost, advertising expense)
 Balance sheet items (conservatism in reported asset, provision, and
liabilities)
 External factors:
a) Quality of foreign earnings (difficulties & uncertainties in repatria-
tion of funds, currency fluctuations, political & social conditions,
local customs & regulations, flexibility in dismissing personnel /
outsourcing)
b) Regulations (regulatory environment confronting public utility,
stability & reliability of earnings sources, international tensions &
political events)
c) Changing price levels
d) Uncertainties due to complexities of operations
Notes (disclosures) to F/S (CALK)
 Bertujuan untuk memberikan tambahan penjelasan (info yang
relevan, bersifat material, menghasilkan komunikasi yang lebih
baik dengan bahasa yang umum/mudah dimengerti, tapi tidak
berlebihan (overload)) atas F/S kepada pengguna F/S
 Terkait dengan prinsip FULL DISCLOSURE
 Alasan:
1. Kompleksitas lingkungan bisnis
2. Perlunya informasi yang tepat waktu (timely)
3. Akuntansi merupakan sarana kontrol dan monitoring aktivitas
(umumnya terkait dengan fenomena atas adanya kompensasi
bagi manajemen, pembiayaan yang bersifat off-balance sheet, &
transaksi dengan pihak tertentu (related parties))
Notes (disclosures) to F/S (CALK)
 Mencakup (terutama):
1. Kebijakan akuntansi & perubahannya
2. Kontinjensi & komitmen
3. Metode pencatatan/penilaian persediaan
4. Property, plant, equipment
5. Klaim kreditor
6. Klaim pemegang saham
7. Jumlah saham beredar
8. Ukuran alternatif (fair value)
9. Deferred taxes, pensions, & leases

 Informasi suplemen (disyaratkan oleh IASB)

1. Pengungkapan atas perubahan harga
2. Info tentang cadangan migas
Notes (disclosures) to F/S (CALK)
 Media lain dalam pelaporan keuangan
1. Pernyataan manajemen
2. Surat pemberitahuan pada pemegang saham

 Informasi lainnya (yang berguna untuk pengambilan keputusan tentang

investasi, kredit, dan keputusan lain yang sejenis)
1. Diskusi tentang kompetisi
2. Laporan analis
3. Statistik ekonomi
4. Artikel/berita tentang perusahaan
Disclosure Issues
 Related party transactions
1. The nature of related-party relationship
2. The amount of transactions and the amount of outstanding
balances, including commitments, the nature of consideration, &
details of any guarantees given or received
3. Provisions for doubtful debts related to the amount of outstand-
ing balances
4. The expense recognized during the period in respect of bad or
doubtful debts due from related parties
 Accounting error (unintentional mistakes)
 Fraud / irregularities (misappropriation of assets & fraudulent financial
reporting)
Disclosure Issues
 Subsequent events (events after the reporting period or post balance
sheet events)

1. Events that provide additional evidence about conditions THAT

EXISTED at the statement of financial position date, including the
estimates inherent in the process of preparing F/S  ADJUSTED
SUBSEQUENT EVENTS
a) Loss on A/R results from a customer’s bankruptcy
subsequent to the B/S date
b) Settlements of litigation

2. Events that provide additional evidence about conditions THAT

DID NOT EXISTED at the statement of financial position date,
but arise subsequent to that date  NON - ADJUSTED
SUBSEQUENT EVENTS
a) A major business combination after the reporting period
or disposing of a major subsidiary
b) …..
Disclosure Issues
 Subsequent events (events after the reporting period) ……
a) …….
b) Announcing a plan to discontinue an operation or commencing
the implementation of a major restructuring
c) Major purchases of assets, other disposals of assets, or
expropriation of major assets by government
d) The destruction of a major production plant or inventories by a
fire or natural disaster after the reporting period
e) Major ordinary share transactions and potential ordinary share
transactions after the reporting period
f) Abnormally large changes after the reporting period in asset
prices, foreign exchange rates, & taxes
g) Entering into significant commitments or contingent liabilities, for
example by issuing significant guarantees after the statement date
Disclosure Issues
 Diversified (conglomerate) company (consolidated information &
individual segments information)
 This reporting will help users of F/S to
a) Better understand the enterprise’s performance
b) Better assess its prospects for future cash flows
c) Make more informed judgments about the enterprise as a
whole
 The IASB requires that an enterprise report the following:
a) General information about its operating segments
b) Segment profit & loss and related information
c) Segment assets & liabilities
d) Reconciliations
e) Information about products, services, & geographic areas
f) Major customers
Disclosure Issues
 Interim reports
 IRFS requires companies to follow DISCRETE APPROACH, so …..
 the companies should treat each interim period as a separate
accounting period
 companies would follow the principles for deferrals & accruals used
for annual reports
 companies should report accounting transactions as they occur, &
expense recognition should not change with the period of time
covered
 companies should use the same accounting policies for interim
reports and for annual reports
 not INTEGRAL APPROACH, that says …..
 interim report is an integral part of the annual report & that
deferrals & accruals should take into consideration what will happen
for the entire year
 companies should assign estimated expenses to parts of the year on
the basis of sales volume or some other activity base
Disclosure Issues
 Interim disclosures
 Statement that the same accounting policies & methods of
computation are followed in the interim F/S as compared with the
most recent annual F/S or, if those policies or methods have been
changed, a description of the nature and effect of the change
 Explanatory comments about the seasonality or cyclicality of
interim operations
 The nature and amount of items affecting assets, liabilities, equity,
net income, or cash flows that are unusual because of their
nature, size, or incidence
 The nature and amount of changes in accounting policies and
estimates of amounts previously reported
 Issuances, repurchases, & repayments of debt and equity
securities
 Dividends paid (aggregate or per share) separately for ordinary
shares and other shares
 Segment information
Disclosure Issues
 Interim disclosures ………
 Changes in contingent liabilities or contingent assets since the
end of the last annual reporting period
 Effect of changes in the composition of the company during the
interim period, such as business combinations, obtaining or losing
control of subsidiaries and long term investments, restructurings,
and discontinued operations
 Other material events subsequent to the end of the interim
period that have not been reflected in F/S for the interim period

 Unique problems of interim reporting

 Income taxes
 Seasonality
Disclosure Issues
 Current reporting issues
1. Financial projections & financial forecasts
2. Questions of liabilities
3. Internet financial reporting
4. Fraudulent financial reporting (intentional or reckless conduct,
whether act or omission, that results in materially misleading F/S)
 The fraudulent financial reporting relates to internal
environments
a. Poor internal control systems
b. Management’s poor attitude toward ethics
c. Perhaps a company’s liquidity or profitability
 The fraudulent financial reporting relates to external
environments
a. Industry conditions
b. Overall business environment
c. Legal & regulatory considerations
Disclosure Issues
 The incentives for fraudulent financial reporting
a. Obtain a higher share price
b. Avoid default on a lone covenant
c. Make a personal gain of some type (additional
compensation, promotion)
 Because of the situational pressures on the company or
individual manager
a. Sudden decreases in revenue or market share
b. Unrealistic budget pressures
c. Financial pressure resulting from bonus plans
 Because of the opportunities
a. The absence of a board of directors or audit committee
b. Weak or non-existent internal accounting controls
c. Unusual or complex transactions
d. Accounting estimates requiring significant subjective
judgment by company management
e. Ineffective internal audit staffs
Disclosure Issues
 Criteria for making accounting & reporting choices
 Ratio analysis
 Comparative analysis (presents same information for 2 or more
different dates or periods)
 Percentage or common size analysis (horizontal analysis or vertical
analysis)
 Management’s reports (management commentary & management’s
responsibilities for F/S)
 Auditor’s report (opinion)
1. Unqualified opinion
2. Qualified, adverse, or disclaimer opinion (because of the factors
such as going concern, lack of consistency, and emphasis of a
matter)
Disclosure Issues
 First time adoption of accounting standard (IFRS)  adjustments are
generally recorded in Retained Earnings (R/E)
 Required exemptions (pengecualian wajib) from retrospective treat-
ment in first time adoption of IFRS
a) estimates
b) hedge accounting,
c) non-controlling interests
 Elective exemptions (pengecualian yang bisa dipilih) from retrospect-
ive treatment in first time adoption of IFRS
a) Share-based payment transactions
b) Fair value or revaluation as deemed cost
c) Leases
d) Employee benefits
e) Compound financial instruments
f) Fair value measurement of financial assets or financial liabilities at
initial recognition
g) Decommissioning (penonaktifan) liabilities included in the cost of
property, plant, & equipment
h) Borrowing cost
PELAPORAN KEUANGAN PEMERINTAH
(PP 71/2010 tentang Standar Akuntansi Pemerintahan (SAP)

 Berperan dalam rangka (1) akuntabilitas, (2) manajemen, (3) transpa-

ransi, (4) keseimbangan antar generasi, (5) evaluasi kinerja
 Tujuannya untuk penyajian informasi mengenai:
1. Sumber, alokasi, & penggunaan SD keuangan
2. Kecukupan penerimaan periode berjalan untuk membiayai
seluruh pengeluaran
3. Jumlah SD ekonomi yang digunakan dalam kegiatan entitas
pelaporan serta hasil yang telah dicapai
4. Bagaimana entitas pelaporan mendanai seluruh kegiatannya dan
mencukupi kebutuhan kasnya
5. Posisi keuangan & kondisi entitas pelaporan terkait dengan
sumber penerimaannya, baik jangka pendek maupun panjang,
termasuk yang berasal dari pungutan pajak & pinjaman
6. Perubahan posisi keuangan entitas pelaporan (naik atau turun)
akibat kegiatannya selama periode pelaporan
PELAPORAN KEUANGAN PEMERINTAH
(PP 71/2010 tentang Standar Akuntansi Pemerintahan (SAP)

• Laporan keuangan (WAJIB)

1. Laporan Realisasi Anggaran (LRA)
2. Laporan Perubahan Saldo Anggaran Lebih (SAL)
3. Neraca
4. Laporan Operasional (LO)
5. Laporan Arus Kas (LAK)
6. Laporan Perubahan Ekuitas (LPE)
7. Catatan Atas Laporan Keuangan (CALK)

• Disusun berdasarkan Kerangka Konseptual Akuntansi Pemerintahan.

*) Perhatikan pula “Buletin Teknis” dan “Panduan Teknis” Penyusunan
Laporan Keuangan (KSAP/Ditjen Perbendaharaan Kem. Keuangan)
PELAPORAN KEUANGAN PEMERINTAH
(PP 71/2010 tentang Standar Akuntansi Pemerintahan (SAP)

• Asumsi dasar
1. Kemandirian entitas
2. Kesinambungan entitas
3. Keterukuran dalam satuan uang (monetary measurement)

• Karakteristik kualitatif
1. Relevan
2. Andal
3. Dapat dibandingkan
4. Dapat dipahami
PELAPORAN KEUANGAN PEMERINTAH
(PP 71/2010 tentang Standar Akuntansi Pemerintahan (SAP)

• Prinsip akuntansi & pelaporan keuangan

1. Basis akuntansi (akrual)
2. Prinsip nilai historis
3. Prinsip realisasi
4. Prinsip substansi mengungguli bentuk formal
5. Prinsip periodisitas
6. Prinsip konsistensi
7. Prinsip pengungkapan lengkap
8. Prinsip penyajian wajar

• Kendala informasi yang relevan & andal

1. Materialitas
2. Pertimbangan biaya & manfaat
3. Keseimbangan antar karakteristik kualitatif
Referensi :
Kieso, Donald E., Jerry J. Weygandt, and Terry D. Garfield, Intermediate
Accounting: IFRS edition, edisi 2, Wiley, 2014

Subramaniam, K R and John J. Wild, Financial Statement Analysis, edisi 10,

McGraw Hill – Irwin, 2009

Republik Indonesia, PP 71 tahun 2010 tentang Standar Akuntansi Pemerin-

tahan (SAP), cetakan pertama, Visimedia, Jakarta, 2011