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Accounting Theory “ Session 3”

1- Mohon dituliskan apa yang Anda pelajari pada sesi ini. Diminta untuk meringkas dengan
menggunakan kata Anda SENDIRI (jangan copy paste).

Session 3
 Teori Efisiensi Market
Menjelaskan ttg mekanisme pasar dijelaskan oleh informasi yang harg dipasar itu adalah
dibentuk oleh informasi. informasi sangat penting untuk jalannya pasar. seperti harga
cabai naik, kaitan dg akuntansi melalui laporan keuangan. perusahaan labanya positif
berati itu informasi bagus dapat menarik investasi.
efisien informasi yg tersedia mempengaruhi harga di pasar. kaitanya dgn akuntasi karena
memberikan laporan keuangan sehingga dapat menarik investor.
ada 3 jenis pasar.
1. Weak Form (Pasar Lemah)
Harga yang mencerminkan informasi dari data historis
2. Semi Strong
Harga mencerminkan informasi untuk public
3. Strong Form (Pasar Kuat)
Harga mencermikan informasi untuk public dan private

 Teori Agensi
Teori yg menggambarkan kontrak soasial antara prinsipal (owner) dan agen
(manager) dimana manager seharusnya tugasnya adalah memaksimumkan
kekayaan perusahaan (firm value atau share holders).
Agency problem dalam teori agensi adalah Manager memaksimumkan nilai
pribadi. Manfaat untuk diri sendiri.
 Teori Regulasi
Ada tiga teori regulasi:
o teori kepentingan umum
Teori Kepentingan Umum adalah bagian dari ekonomi
kesejahteraan dan menekankan bahwa regulasi harus
memaksimalkan kesejahteraan sosial dan regulasi tersebut adalah
hasil dari analisis biaya / manfaat yang dilakukan untuk
 menentukan apakah biaya untuk meningkatkan operasi pasar
melebihi jumlah peningkatan kesejahteraan sosial.
Biaya berikut dapat dibedakan dalam hal ini:
1. Biaya perumusan dan pelaksanaan regulasi;
2. Biaya pemeliharaan regulasi;
3. Biaya kepatuhan terhadap aturan industri;
4. Biaya bobot mati akibat perubahan yang mengganggu
sehubungan dengan 1-3.

o teori penangkapan regulasi

Kepentingan umum tidak dilindungi karena
mereka yang diatur datang untuk mengontrol atau
mendominasi regulator. Diasumsikan regulator tidak independen
peran untuk dimainkan tetapi hanya menjadi penengah antara
memerangi kelompok kepentingan

o teori kepentingan pribadi

Pemerintah bukan penengah independen,
tetapi secara rasional mementingkan diri sendiri. Mereka akan
'menjual' kekuatan mereka untuk memaksa atau mentransfer
kekayaan kepada mereka yang paling mungkin untuk mencapai
pemilihan ulang mereka (jika mereka menjadi pejabat terpilih) atau
meningkatkan kekayaan mereka (jika mereka ditunjuk pejabat)
atau keduanya
Theory in Action 3.1 Companies Should come clean on the value of leases on their books
1. Describe current accounting practices for leases as outlined in this article.
Answer :
Accountants distinguish between capital and operating leases. Capital leases go on the
balance sheet while operating leases do not. Australian standards require that lease
classification is based on the ‘substance’ of a transaction. However, the guidance
criteria for what constitutes a capital lease (e.g. the requirements relating to the lease
term covering a major part of an asset’s economic life) leave openings for companies
to exercise discretion in classifying leases. US GAAP includes criteria such as the
present value of minimum lease payments exceeding 90% of asset’s value.
2. Why does the author call leasing standards ‘silly accounting rules’?
Answer :
The author says the rules mean that companies exclude real assets and liabilities from
their balance sheets. The effect of ‘off-balance’ sheet items is that a company’s assets
and liabilities are understated and performance ratios such as return on investment are
overstated. In addition, financial risk measures are not accurate and useful (‘bear no
relation to reality’).Off-balance sheet items attracted attention at the time of the collapse
of Enron in theUSA in 2001. A report by the SEC in 2005 estimated that US
companies were committed to US$1.25 trillion in lease payments relating to leases
which did notappear on balance sheet. The author estimates that 90% of Australian
leases are off-balance sheet.
3. Standard setters propose revising leasing standards to requirecapitalisation of
all leases. Explain the financial impact for Coles andWoolworths in 2007-08 of
having ‘off-balance sheet’ leases.
Answer :
In the 2006-07 year, Woolworths had AUD $11.8 billion and Coles AUD
$10.8billion of off-balance sheet leases. Woolworths reports that net debt fell $1.3
billion,but when analysts adjust for off-balance sheet leases, it actually remains
unchanged at$14.1 billion. Coles reported $900 million net debt, but the actual figure is
$11.8billion. Invested capital (debt plus equity) is understated for both companies.
Woolworthsadjusted debt/capital ratio is more that double that reported (71.9%
compared to30.7%); Coles is 75.1% compared to 19.4%.
4. What are the advantages of capitalising leases? Given that mostcompanies
usually reporting operating leases, will they oppose newleasing rules?
 Answer :

The following points can be found in the article in relation to advantages of lease
capitalisation:
a. More accurate performance measures (avoid overstatedROI);
b. Avoid misleading basis for assessing performancetrends;
c. Allow better assessment of financial risk (determiningrisk/reward trade-off);
d. Allow more accurate comparisons between companiesand operating units
The author suggests that companies will resist changes to leasing standards. He notes
there is a ‘huge industry’ which is involved in creating leases that can be classified as
operating. Members of this industry can be expected to oppose changes to current
rules

3.1 Case study US's snow urges balance in sarbanes-orlex rules

1. Give reasons for the introduction of the Sarbanes-Oxley act in the United Statesin 2002
Answer :
Sarbanes - Oxley was launched in response to a number of major corporate accounting
scandals which included Enron, Tyco International, Adelphia, Peregrine Systems and
WorldCom among them. These scandals that cost investors billions of dollars due to the
collapse of the share prices of these influential companies have shaken public confidence
in the national stock market. With the issuance of this law, it is hoped that it will improve
corporate accountability standards, transparency in financial reporting, reduce the
possibility for companies or organizations to commit and hide fraud, and create a very
high level of attention to corporate governance.
2. Why are some parties now opposed to the act ? Why has their view changed from when
the law was first introduced?
Answer :
Because there were many scandals in the past and with pressure from the public,
Congress was quick to act to increase public confidence in the capital market. At first the
company supported it because it was under pressure, but it turned out that after being
implemented, they complained about the too expensive Sarbanes - Oxley compliance
costs, especially in implementing article 404.They thought that the costs incurred were
too expensive for a regulation other than that Sarbanes oxley had a negative impact on
the company who want to compete globally, so they don't agree with these regulations.
3. According to John Snow, what criteria should be considered in determining financial
reporting rules?
Answer :
Based on the article, John Snow wanted regulations that were not burdensome without
sacrificing accountability and transparency in financial reporting. John Snow also wants a
 balance in the implementation of laws so that the economy can remain stable. Many
complained about the high cost of compliance for article 404 because it is expensive so
that many companies choose not to take risks so that they become companies that go
private. According to Snow, the rules in financial reporting must be emphasized on
substance, not form. The rules in financial reporting must also be able to bind financial
reporting to be accurate and accountable so that the public at large can trust again after
the case experienced by Enron.

4. Would you recommend a repeal of the act? Why or why not?

Answer :
No, because if we remove the Sarbanes-Oxley regulation, the company is not transparent
in its financial reporting and company performance and reduces the level of public
confidence in the company so that the economy becomes unstable. SEC Chairman
Christoper Cox stated in 2007, "Sarbanes - Oxley helps restore confidence in the US
market by increasing accountability, accelerating reporting and auditing so that it is more
independent." Based on studies and research by IIA, it shows SOX has increased investor
confidence in financial reporting which is the main objective of the law. SOA has had a
positive impact on various professions, especially those in the financial sector. Besides
that, Sarbanes Oxford also puts forward the implementation of good corporate
governance which is expected to have a good impact on financial report makers.