Financial

Statement
Analysis

K R Subramanyam
John J Wild

McGraw-Hill/Irwin Copyright 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
 6-2

Analyzing Operating Activities

6
CHAPTER
 6-3

Pengertian Operasi
Kegiatan Utama perusahaan secara
reguler atau normal
Menghasilkan arus kas masuk Utama
disebu dengan pendapatan
Mengakibatkan arus kas keluar utama
disebut dengan beban
Arus kas masuk dan arus kas keluar
menghasikan laba (rugi).
 6-4

Income Measurement
Concepts

Illustration Facts:

Company with $100,000 in cash

Buys Building for $100,000

Rents Building for $12,000 per year

End of the first year: Building valued at $125,000

 6-5

Income Measurement
Concepts

Illustration Facts:

Net (free) cash flow = $(88,000)

Operating cash flow = $12,000
Economic income = $37,000
($12,000 rental income + $25,000 holding gain)
Accounting income = $11,500 ($12,000 rental
income - $500 depreciation*)

*Building useful life is 50 years and its salvage

value is $75,000yearly straight-line depreciation
is $500
 6-6

PENGUKURAN LABA
KONSEP LABA
Laba Ekonomi
Laba ekonomi bisanya merupakan arus kas + perubahan nilai wajar
aktiva
Laba mencakup baik komponen yg sudah direalisir (arus kas)
maupun yg belum (laba atau rugi kepemilikan).
Laba ekonomi mengukur perubahan nilai pemegang saham
Laba ekonomi merupakan indikator dasar kinerja perusahaan -
mengukur dampak keuangan seluruh kejadian pada suatu periode
secara komprehensif
Laba ekonomi mencakup baik komponen berulang maupun tak
berulang
Tidak terlalu bermanfaat untuk meramalkan potensi laba masa
depan
 6-7

PENGUKURAN LABA
KONSEP LABA
Laba permanen
Sering disebut laba berkelanjutan atau laba yg dinormalkan
merupakan rata-rata laba stabil yg ditaksir dapat diperoleh
sepanjang umur perusahaan
Secara sederhana laba permanen diasumsikan tetap sepanjang
periode.
Laba permanen mencerminkan laba jangka panjang
Merupakan proporsi langsung dengan nilai perusahaan
Umumnya , untuk perusahaan yg masih berlangsung, nilai
perusahaan dapat dicerminkan dengan membagi laba permanen
dengan biaya modal
 6-8

Konsep Laba- Laba Akuntansi

Laba akuntansi diukur berdasarkan konsep akuntansi
akrual.
Laba akuntansi mencakup laba ekonomi dan laba
permanen.
Laba akuntansi bukan merupakan pengukuran laba
secara langsung
Laba akuntansi mempunyai masalah pengukuran yang
mengurangi kemampuannya mencerminkan realitas
ekonomi
Konsekuensinya adalah tugas analis laporan keuangan
adalah menyesuaikan laba akuntansi untuk
mencerminkan konsep laba alternatif yang lebih baik.
 6-9

Konsep Laba- Laba Akuntansi

Pengakuan pendapatan dan Pengaitan (macting)
Tujuan utama akuntansi akrual adalah pengukuran laba
Dua proses utama dalam pengukuran laba adalah
pengakuan pendapatan dan pengaitan beban
Pengakuan pendapatan adalah titik awal pengukuran
laba
Dua kondisi wajib untuk dapat diakui adalah bahwa
pendapatan harus :
Telah atau dapat direalisasi
Telah dihasilkan
Ketika pendapatan telah diakui, biaya yg berhubungan
dikaitkan dengan pendapatan atau pengakuan bebab
(expense matching) untuk menghitung laba
 6-10

Laba akuntansi dan laba

ekonomi
Sacara konseptual, akuntansi akrual mengkonversi arus
kas menjadi suatu pengkuran yang secara prinsip
mendekati konsep laba ekonomi
Laba ekonomi :
Merupakan arus kas ditambah perubahan nilai wajar aktiva
mencakup tidak hanya arus kas kini tetapi juga perubahan nilai
sekarang arus kas masa depan
Laba akuntansi merupakan produk lingkup pelaporan
keuangan yg melibatkan standar akuntansi, mekanisme
pengaturan dan insentif manajer. Laba diatur oleh aturan
akuntansi yg beberapa dianatarnya memiliki arti
ekonomis dan lainnya tidak
 6-11

Penyebab Perbedaan Laba

Ekonomi dan Akuntansi
Konsep laba alternatif
Laba pensiun menggunakan laba permanen, sementara laba efek
menggunakan laba ekonomis
Biaya historis
Mempengaruhi laporan laba rugi:
Biaya penjualan terkini tidak tercermin pada laporan laba rugi
Keuntungan dan kerugian aktiva tetap belum direalisasi tidak diakui
Basis transaksi
Kontrak pembelian tidak diakui pada laporan keuangan sebelum
transkasi terjadi
Konservatisme
Manajemen laba
 6-12

Konsep Laba akuntansi

Laba akuntansi terdiri dari:

Laba permanen komponen laba yg diharapkan terjadi sepanjang
waktu
Komponen sementara Komponen laba akuntansi sementara
tidaka diharapkan untuk terjadi berulang biasanya merupakan
peristiwa yg terjadi satu kali
Komponen yg tidak relevan dengan nilai-komponen yg tidak
relevan dengan nilai tidak memiliki konten ekonomi
komponen ini adalah distorsi akuntansi. Tidak berdampak pada nilai
perusahaan.
 6-13

PENGUKURAN LABA
Measurement
Dua komponen utama dalam Akuntansi laba:
Revenues (gains)
Expenses (losses)
 6-14

PENGUKURAN LABA
Pengukuran
Pendapatan dan Keuntungan

Pendapatan adalah arus kas masuk dari pendapatan

atau arus masuk prospektif dari operasi*
Keuntungan adalah arus kas masuk atau arus kas
masuk prospektif dari non operasi**

* Revenues are expected to recur

**Gains are non-recurring
 6-15

Income Measurement
Measurement
Beban dan Kerugian

Beban adalah arus kas keluar yang terjadi , arus

kas keluar prospektif atau alokasi peristiwa lampau
dari operasi perusahaan
Kerugian adalah penurunan aset bersih
perusahaan dari non operasi perusahaan
Expenses and losses are resources consumed, spent,
or lost in pursuing revenues and gains
 6-16

Income Measurement
Alternatives
Dua dimensi Laba:

1. operating versus non-operating

2. recurring versus non-recurring*

*Motivated by need to separate permanent and

transitory components
 6-17

Income Measurement
Alternatives
Pengukuran laba alternatif dalam laporan laba rugi
menampilkan:
Net incomemengacu pada ukuran bottom line atas
pendapatan
Comprehensive incomemencerminkan hampir seluruh
perubahan pada ekuitas yg tidak berasal dari aktivitas pemilik.
Merupakan pengukuran laba pada baris terbawah dan
merupakan perkiraan akuntan atas laba ekonomi.
Continuing incomemerupakan suatu pengukur yg tidak
mencakup pos luar biasa, dampak kumulatif perubahan
akuntansi dan damapak penghentian operasi.*
Core incomemerupakan pengukuran yg mengeluarkan
semua pos yg tidak berulang yg dilaporkan dalam baris terpisah
pada laporan keuangan

*Often erroneously referred to as operating income

 6-18

Income Measurement
Analysis
Laba operasi vs non operasi

Laba operasi-mengukur laba perusahaan yg berasal dari aktivitas

operasi yg masih berlangsung
Tiga aspek yg penting dalam laba operasi:
laba operasi terkait hanya dengan laba yg berasal dariaktivitas operasi
(karenanya setiap pendapatan yg tidak terkait dengan operasi usaha
bukan merupakan bagian laba operasi)
Laba operasi terpusat pada laba perusahaan secara keseluruhan dan
bukan hanya untuk pemgang ekuitas (pendapatan dan beban keuangan
(bunga) dikeluarkan)
Laba operasi hanya terkaiat dengan aktivitas usaha yg masih
berlangsung (laba operasi yg dihentikan dikeluarkan dari laba operasi)

Non-operating income--includes all components of net income

excluded from operating income
Useful to separate non-operating components pertaining to financing and
investing
 6-19

Income Measurement
Analysis
Determination of Comprehensive Incomesample company

Laba Bersih 1205

Pendapatan Komprehensif lainnya:
+/- Keuntungan(kerugian) lepemilikan efek dapat dijual yg
belum direalisir 305
+/- Penyesuaian translasi valas (12)
+/- Penyesuaian tambahan kewajiban pensiun minimum (17)
+/- Keuntungan (kerugian) kepemilikan instrumen derivatif
yg belum direalisiasi 945 1221
Laba Komprehensif 2426
 6-20

Non-Recurring Items

Extraordinary items

Discontinued segments

Accounting changes

Restructuring charges

Special items
 6-21

Non-Recurring Items
Pos Yang Tidak Berulang
(Pos Luar Biasa )
Criteria
Sifat yang tidak lazim
Jarang terjadi

Examples
Kerugian tak diasuransikan dari suatu kecelakaan utama ( gempa bumi,
angin topan), kerugian dari pengambil alihan, dan keuntungan dan
kerugian dari awal penghapusan hutang

Disclosure & Accounting

Diklasifikasikan secara terpisah dalam laporan laba rugi
Dikeluarkan ketika menghitung laba permanen
Dimasukkan dalam perhitungan laba ekonomi
 6-22

Non-Recurring Items
Operasi Yang Dihentikan
Akuntansi, dua tahap

Lapoaran laba rugi tahun berjalan dan dua tahun sebelumnya

akan disajikan kembali stelah mengeluarkan dampak operasi yg
dihentikan dari pos yg menentukan laba dari oeprasi yg masih
berlangusung
Keuntungan atau kerugian yg berkaitan dgn operasi yg
dihentikan dilaporkan secara terpisah setelah dikurangi pajak
dan dikeluarkan dari laba usaha yg masih berlangsung.*

*Reported in two categories:

(i) operating income or loss from discontinued operations until
the measurement date, and
(ii) (ii) gains and losses on disposal
 6-23

Non-Recurring Items

Discontinued Operations

Analisis untuk operasi yg dihentikan:

Sesuaikan thd laba berjalan dan masa lalu untuk menghilangkan
dampak atas penghentian operasi
Perusahaan mengungkapan informasi ini untuk tahun
berjalan dan dua tahun lalu
Untuk awal tahun:
Dinyatakan dalam ringkasan informasi atau
pengungkapan sukarela lainnya
Berhati-hati ketika melaksanakan analisis temporal
Sesuaikan aset dan kewajiban untuk menghilangkan operasi
yang dihentikan
Pertahankan kerugian atau keuntungan kumulatif dari operasi
dihentikan di (dalam) hak kekayaan
 6-24

Non-Recurring Items
Accounting Changes
First Type of Accounting Change is
Accounting Principle ChangeMelibatkan
perubahan dari satu prinsip ke prinsip
lainnya

Disclosure includes:
Perubahan prinsip akuntansi
Peruabahan estimasi akuntansi
Perubahan entitas pelapor
Koreksi kesalahan
 6-25

Non-Recurring Items
Accounting Changes
Second Type of Accounting Change is
Accounting Estimate Change membutuhkan
beberapa estimasi terhadap masa manfaat
aset, biaya garansi, keuangan persediaan,
asumsi pensiun dan piutang tdk tertagih

Penerapan prospektif,
Pengungkapan pada catatan
(mengungkapakan dampak perubahan
terhadap laba bersih dan laba sebelum pos
luar biasa-termasuk laba per lembar saham)
 6-26

Non-Recurring Items
Accounting Changes
Analyzing Accounting Changes
Perubahan akuntansi bersifat kosmetik dan
tidak memiliki konsekuensi arus kas.
Dapat mencemrinkan realitas ekonomisecara
lebih baik
Wasapada terhadap manajemen laba
Impact comparative analysis (apples-to-apples)
Affect both economic and permanent income
For permanent income, use the new
method and ignore the cumulative effect
For economic income, evaluate the
change to assess whether it reflects
reality
 6-27

Non-Recurring Items
Pos Khusus
Special Items--transactions and events that are unusual or
infrequent (tidak lazim)

Challenges for analysis

Often little GAAP guidance

Economic implications are complex
Discretionary nature serves earnings management aims

Two major types

Asset impairments (write-offs)

Restructuring charges
 6-28

Non-Recurring Items

Special Items
Asset Impairmentketika nilai wajar aset lebih rendah dibandingkan nilai
tercatat

Some reasons for impairments

Decline in demand for asset output
Technological obsolescence
Changes in company strategy

Accounting for impairments

Report at the lower of market or cost
No disclosure about determination of amount
No disclosure about probable impairments
Flexibility in determining when and how much to write-off
No plan required for asset disposal
Conservative presentation of assets
 6-29

Non-Recurring Items
Special Items
Restructuring Chargescosts usually related to major changes in company
business

Examples of these major changes include

Extensive reorganization
Divesting business units
Terminating contracts and joint ventures
Discontinuing product lines
Worker retrenchment
Management turnover
Write-offs combined with investments in assets, technology or manpower

Accounting for estimated costs of restructuring program

Establish a provision (liability) for estimated costs
Charge estimated costs to current income
Actual costs involve adjustments against the provision when incurred
 6-30

Non-Recurring Items
Analyzing Special Items

Earnings Management with Special Charges

(1) Special charges often garner less investor

attention under an assumption they are non-recurring
and do not persist

(2) Managers motivated to re-classify operating

charges as special one-time charges

(3) When analysts ignore such re-classified charges

it leads to low operating expense estimates and
overestimates of company value
 6-31

Non-Recurring Items
Analyzing Special Items
Income Statement Adjustments

(1) Permanent income reflect profitability of a company

under normal circumstances
Most special charges constitute operating expenses
that need to be reflected in permanent income
Special charges often reflect either understatements
of past expenses or investments for future profitability

(2) Economic income reflects the effects on equity of all

events that occur in the period
Entire amount of special charges is included
 6-32

Non-Recurring Items
Analyzing Special Items
Balance Sheet Adjustments
Balance sheets after special charges often better reflect
business reality by reporting assets closer to net realizable
values

Two points of attention

(1) Retain provision or net against equity?
If a going-concern analysis, then retain
If a liquidating value analysis, then offset against equity

(2) Asset write-offs conservatively distort asset and liability

values
 6-33

Revenue Recognition
Guidelines
Revenue Recognition Criteria
Earning activities are substantially complete and no significant
added effort is necessary
Risk of ownership is effectively passed to the buyer
Revenue, and related expense, are measured or estimated with
accuracy
Revenue recognized normally
yields an increase in cash,
receivables or securities
Revenue transactions are at arms
length with independent parties
Transaction is not subject to revocation
 6-34

Revenue Recognition

Guidelines
Some special revenue recognition situations are

Revenue When Right of Return Exists

Franchise Revenues
Product Financing Arrangements
Revenue under Contracts
Percentage-of-completion method
Completed-contract method
Unearned Revenue (amount of revenues that are still
unrecognized appear in the balance sheet as a liability)
 6-35

Revenue Recognition
Analysis
Revenue is important for
Company valuation
Accounting-based contractual agreements
Management pressure to achieve income expectations
Management compensation linked to income
Valuation of stock options

Analysis must assess whether revenue reflects business reality

Assess risk of transactions
Assess risk of collectibility

Circumstances fueling questions about revenue recognition include

Sale of assets or operations not producing cash flows to fund interest
or dividends
Lack of equity capital
Existence of contingent liabilities
 6-36

Deferred Charges

Costs incurred but deferred because they are

expected to benefit future periods

Consider four categories of deferred costs

Research and development

Computer software costs
Costs in extractive industries
Miscellaneous (Other)
 6-37

Deferred Charges
Research and Development
Accounting for R&D is problematic due to:*

High uncertainty of any potential benefits

Time period between R&D activities and determination of success
Intangible nature of most R&D activities
Difficulty in estimating future benefit periods

Hence:
U.S. accounting requires expensing R&D when incurred
Only costs of materials, equipment, and facilities with alternative
future uses are capitalized as tangible assets
Intangibles purchased from others for R&D activities with alternative
future uses are capitalized

*These accounting problems are similar to those encountered with

employee training programs, product promotions, and advertising
 6-38

Deferred Charges
Computer Software Costs
[Note: Accounting for costs of computer software to be
sold, leased, or otherwise marketed identifies a point
referred to as technological feasibility]

Prior to technological
feasibility, costs
are expensed when
incurred

After technological feasibility, costs are capitalized as

an intangible asset
 6-39

Deferred Charges
Costs in Extractive Industries
Search and development costs for natural resources is important to
extractive industries including oil, gas, metals, coal, and nonmetallic
minerals

Two basic accounting viewpoints:

Full-cost viewall costs,
productive and nonproductive,
incurred in the search for resources
are capitalized and amortized to
income as resources are produced
and sold

Successful efforts viewall costs that do not result directly in

discovery of resources have no future benefit and should be
expensed as incurred. Prescribed for oil and gas producing
companies
 6-40

Employee Benefits

Overview

Increase in employee benefits supplementary to salaries and

wages
Some supplementary benefits are not accorded full or timely
recognition:
Deferred compensation contracts
Stock appreciation rights (SARs)
Junior stock plans
Employee Stock Options (ESOs)
 6-41

Employee Benefits
Employee Stock Options
ESOs are a popular form of
incentive compensation
reasons include:

Enhanced employee performance

Align employee and company incentives
Viewed as means to riches
Tool to attract talented and enterprising workers
Do not have direct cash flow effects
Do not require the recording of costs
 6-42

Employee Benefits
Employee Stock Options
Option Facts
Option to purchase shares at a specific price on or after a future
date
Exercise price is the price a holder has the right to purchase
shares at
Exercise price often set equal to
stock price on grant date
Vesting date is the earliest date
the employee can exercise
option
In-the-Money: When stock
price is higher than exercise
price
Out-of-the-Money: When stock price
is less than exercise price
 6-43

Employee Benefits
Employee Stock Options

Two main accounting issues

Determining Dilution of earnings per share (EPS)
ESOs in-the-money are dilutive securities and affect diluted
EPS
ESOs out-of-the-money are antidilutive securities and do not
affect diluted EPS
Determining Compensation expense
Determine cost of ESOs granted
Amortize cost over vesting period
 6-44

Interest Costs
Interest Defined

Interest
Compensation for use of money
Excess cash paid beyond the money (principal)
borrowed

Interest rate
Determined by risk characteristics of borrower

Interest expense
Determined by interest rate, principal, and time
 6-45

Interest Costs

Interest Analysis

Interest on convertible debt is controversial by

ignoring the cost of conversion privilege
Diluted earnings per share uses number of shares
issuable in event of conversion of convertible debt
Analysts view interest as a period costnot
capitalizable
Changes in a company borrowing rate, not explained
by market trends, reveal changes in risk
 6-46

Income Taxes

Temporary Income Tax Differences

Financial
Taxable Income
Statement Income
Differences that are temporary in nature
expected to reverse in the future
mainly in the nature of timing differences between tax
and GAAP accounting
accounted for using deferred tax adjustments
 6-47

Income Taxes
Income Tax Accounting

Identify types and amounts of temporary differences and the

nature and amount of each type of operating loss and tax credit
carryforward
Measure total deferred tax liability for taxable temporary
differences
Compute total deferred tax asset for deductible temporary
differences and operating loss carryforwards
Measure deferred tax assets for each type of tax credit
carryforward
Reduce deferred tax assets by a valuation allowance
 6-48

Income Taxes
Income Tax Analysis

Financial Statement Adjustments

Present Valuing Deferred Tax Assets and
Liabilities
Forecasting Future Income and Cash Flows
Analyzing Permanent and Temporary
Differences
Earnings Management and Earnings Quality