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K R Subramanyam
John J Wild

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

Analyzing Financing Activities


Current (short-term) Noncurrent (Long-Term)
Liabilities Liabilities

Obligations whose Obligations not

settlement requires use of payable within one
current assets or the year or the operating
incurrence of another cycle, whichever is
current liability within one longer.
year or the operating
cycle, whichever is

Alternative Classification
Obligations that arise from operating
activities--examples are accounts
Operating payable, unearned revenue, advance
Liabilities payments, taxes payable,
postretirement liabilities, and other
accruals of operating expenses

Obligations that arise from financing

activities--examples are short- and
Financing long-term debt, bonds, notes, leases,
Liabilities and the current portion of long-term

Important Features in Analyzing Liabilities
• Terms of indebtedness (such as maturity, interest
rate, payment pattern, and amount).
• Restrictions on deploying resources and pursuing
business activities.
• Ability and flexibility in pursuing further financing.
• Obligations for working capital, debt to equity, and other
financial figures.
• Dilutive conversion features that liabilities are
subject to.
• Prohibitions on disbursements such as dividends.


Leasing Facts
Lease – contractual agreement between a
lessor (owner) and a lessee (user or renter)
that gives the lessee the right to use an asset
owned by the lessor for the lease term.

MLP – minimum lease payments

(MLP) of the lessee to the lessor
according to the lease contract

Lease Accounting and Reporting
(1) Capital Lease Accounting For leases that transfer substantially all benefits
and risks of ownership—accounted for as an asset acquisition and a liability
incurrence by the lessee, and as a sale and financing transaction by the lessor
A lessee classifies and accounts for a lease as a capital lease if,
at its inception, the lease meets any of four criteria:
(i) lease transfers ownership of property to lessee by end of the lease
(ii) lease contains an option to purchase the property at a bargain price
(iii) lease term is 75% or more of estimated economic life of the
(iv) present value of rentals and other minimum lease payments at
beginning of lease term is 90% or more of the fair value of leased

(2) Operating Lease Accounting For leases other than capital leases—the lessee
(lessor) accounts for the minimum lease payment as a rental expense (income)

Lease Disclosure and Off-Balance-Sheet
Lease Disclosure
Lessee must disclose: (1) future MLPs separately for capital leases
and operating leases — for each of five succeeding years and the
total amount thereafter, and (2) rental expense for each period on
income statement is reported

Off-Balance-Sheet Financing
Off-Balance-Sheet financing is when a lessee structures a lease so it
is accounted for as an operating lease when the economic
characteristics of the lease are more in line with a capital lease—
neither the leased asset nor its corresponding liability are recorded
on the balance sheet

Effects of Lease Accounting
Impact of Operating Lease versus Capital Lease:
• Operating lease understates liabilities—improves solvency ratios
such as debt to equity
• Operating lease understates assets—can improve return on
investment ratios
• Operating lease delays expense recognition—overstates income
in early term of the lease and understates income later in lease
• Operating lease understates current liabilities by ignoring current
portion of lease principal payment—inflates current ratio & other
liquidity measures
• Operating lease includes interest with lease rental (an operating
expense)—understates both operating income and interest
expense, inflates interest coverage ratios,
understates operating cash flow, & overstates
financing cash flow

Converting Operating Leases to Capital Leases
Determining the Present Value of Projected Operating Lease

Restated Financial Statements after Converting
Operating Leases to Capital Leases—Best Buy 2004

Recasting Best Buy’s Income Statement

Operating expenses decrease by $177 million
(elimination of $454 million rent expense reported in 2004
and addition of $277 million of depreciation expense).
Interest expense increases by $193 million (to $201 million)
Net income decreases by $10 million [$16 million pretax
x (1 - .35), the assumed marginal corporate tax rate] in 2004.

Recasting Best Buy’s Balance Sheet

The balance sheet impact is more substantial
Total assets and total liabilities both increase markedly—by
$3.321billion at the end of 2004, which is the present value of
the operating lease liability.
The increase in liabilities consists of increases in both current
liabilities ($261 million) and noncurrent liabilities ($3.06 billion).

Postretirement Benefits
Two kinds of Postretirement

Pension benefits -- Employer-promises monetary

benefits to employees after retirement, e.g., monthly
stipend until death

Other Postretirement Employee Benefits (OPEB)

-- Employer-provided non-pension (usually
nonmonetary) benefits after retirement, e.g., health care
and life insurance

Postretirement Benefits
Pension Basics
Pension Plan – agreement by the employer to provide pension benefits involving
3entities: employer-who contributes to the plan; employee-who derives benefits; and
pension fund
Pension Fund – account administered by a trustee, independent of employer,
entrusted with responsibility of receiving contributions, investing them in a proper
manner, & disbursing pension benefits to employees
Vesting – specifies employee’s right to pension benefits regardless of whether
employee remains with the company or not; usually conferred after employee has
served some minimum period with the employer

Pension Plan Categories

Defined benefit – a plan specifying amount of pension benefits that employer promises
to provide retirees; employer bears risk of pension fund performance

Defined contribution – a plan specifying amount of pension contributions that

employers make to the pension plan; employee bears risk of pension fund performance

Focus of Pension Analysis

Defined benefit plans constitutes the major share of pension plans and are
the focus of analysis given their implications to future company
performance and financial position

Postretirement Benefits
Elements of the Pension Process

Employer Pension Employee


Investment and returns


Postretirement Benefits
Illustration of Pension Accumulation and Disbursement for a Defined
Benefits Plan

Annual payments into the

Fund required to accumulate
Funds required at employees’ Annual benefits of
to $134,200 in 15
retirement: $20,000 paid to
years with a discount
Present value of 10 payments of employee for 10 years
rate of 8%per
$20,000 per annum with a
discount rate of 8% per annum

Contributions = Benefits =
$4,942 per annum $134,200 $20,000 per annum

15 years 10 years

Preretirement Retirement Postretirement


Postretirement Benefits
Alternative Definitions of Pension Obligation
Accumulated benefit obligation (ABO) – actuarial present value of future pension
benefits payable to employees at retirement based on their current compensation and
service to-date

Project benefit obligation (PBO) – actuarial estimate of future pension benefits payable to
employees on retirement based on expected future compensation and service to-date

Relation between Plan Assets and Funded Status

Plan Assets – The funds contributed to the plan are called plan assets because these are
invested in capital markets

Funded Status of the Plan – Difference between the value of the plan assets and the PBO
which represents the net economic position of the plan

Note: Plan is overfunded (underfunded) when value of plan assets exceeds (is less
than) PBO

Postretirement Benefits
Economic Pension Cost
Economic pension cost -- net cost arising from changes in net economic position
(or funded status) for a period; includes both recurring and nonrecurring
components along with return on plan assets.

Recurring pension costs consist of two components:

Service cost – actuarial present value of pension benefit earned by employees
Interest Cost – increase in projected benefit obligation arising when pension
payments are one period closer to being made; computed by multiplying
beginning-period PBO by the discount rate
Nonrecurring pension costs consist of two components:
Actuarial Gain or Loss – change in PBO that occurs when one or more
actuarial assumptions are revised in estimating PBO
Prior Service Cost – effect of changes in pension plan rules on PBO
Return on plan assets:
Actual return on plan assets – pension plan’s earnings, consisting
of investment income—capital appreciation and dividend and interest
received, less management fees; plus realized and unrealized
appreciation (or minus depreciation) of other plan assets; Used to offset cost
to arrive at a net economic pension cost.

Postretirement Benefits
Pension Accounting Requirements
Basic framework was first specified under SFAS 87. But, due to
its certain flaws, FASB recently issued SFAS 158.

Recognized Status on the Balance Sheet

 Recognizes the funded status of the pension plans on the
balance sheet.
 Pension assets and obligations are netted against each other
(as funded status) rather than separately reported both as an
asset and a corresponding liability.
 Companies do not report the funded status of pension plans
as a separate line item on the balance sheet, instead, it is
embedded in various assets and liabilities.

Postretirement Benefits
Pension Accounting Requirements
Recognized Pension Cost
 The recognized pension cost included in net income (i.e., the net periodic
pension cost) is a smoothed version (smoothing process, defers volatile,
one-time items) of the actual economic pension cost for the period.
 Expected return on plan assets is recognized in reported pension
 Difference between the actual and expected return is deferred. These
deferred amounts are gradually recognized through a process of
Thus, net periodic pension cost includes service cost, interest cost,
expected return on plan assets and amortization of deferred items.

Articulation of Balance Sheet and Income Statement Effects

 The net deferral for the period is included in other comprehensive income
for the period
 The cumulative net deferral is included in accumulated other
comprehensive income, a component of shareholders’ equity.

Postretirement Benefits
Pension Accounting Requirements

Postretirement Benefits
Features of OPEB Accounting
(similar to pension accounting)
OPEB accounting is currently governed by SFAS 158
(1) OPEB costs are recognized when incurred rather than when actually paid out.
(2) Assets of the OPEB plan are offset against the OPEB obligation, and returns from
these assets are offset against OPEB costs.
(3) Actuarial gains and losses, prior service costs, and the excess of actual return
over expected return on plan assets are deferred and subsequently amortized.

OPEB Accounting Terminology

Accumulated Postretirement Benefit Obligation (APBO) – employer’s OPEB

Expected Postretirement Benefit Obligation (EPBO) – the present value of future

OPEB payments associated with the employees.

Postretirement Benefits
Overview of OPEB Accounting
Recognized Status on the Balance Sheet
The total EPBO is allocated over the employees’ expected
service with the company. The proportionate obligation,
termed the accumulated postretirement benefit obligation
(APBO), is recognized on the balance sheet. APBO is that
portion of the EPBO “earned” by employee services as of a
given date.
The funded status of OPEB is the difference between the
APBO and the fair value of assets designated to meet this
obligation (if any).

Postretirement Benefits
Overview of OPEB Accounting
Recognized OPEB Cost
OPEB cost recognized in net income includes the following components:
Service cost — actuarial present value of OPEB “earned” by employees during the
period; portion of EPBO attributable to the current year.
Interest cost — imputed growth in APBO during the period using an assumed
discount rate.
Expected return on plan assets — equal to the opening fair market value
of OPEB plan assets multiplied by the long-term expected rate of return on those
Amortization of net gain or loss — The actuarial gains/losses are added to the
difference between actual and expected return on plan assets, and the net amount
(termed net gain or loss) is deferred. The cumulative net gain or loss is amortized on
a straight-line basis over the employee’s service.
Amortization of prior service cost — Retroactive benefits’ changes from plan
amendments, or prior service costs, are deferred and amortized on a straight-line
basis over the employee’s expected remaining service period.

Postretirement Benefits
Overview of OPEB Accounting
Articulation of Balance Sheet and Net Income
As with pensions, the smoothed net postretirement
benefit cost will not articulate with changes to the
funded status in the balance sheet.

The net deferrals during a year are included in other

comprehensive income for that year and the
cumulative net deferrals are included in accumulated
other comprehensive income.

Postretirement Benefits
Analyzing Postretirement Benefits
Five-step procedure for analyzing postretirement benefits:
(1) Determine and reconcile the reported and economic benefit cost
and liability (or asset).
(2) Make necessary adjustments to financial statements.
(3) Evaluate actuarial assumptions (discount rate, expected return,
growth rate) and their effects on financial statements.
(4) Examine pension risk exposure (arises to the extent to which
plan assets have a different risk profile than the pension
(5) Consider the cash flow implications of postretirement
benefit plans.

Kontinjensi dan Komitmen

Dasar-dasar Kontinjensi
Kontinjensi - potensi kerugian dan keuntungan yang resolusinya bergantung pada
satu atau lebih kejadian di masa depan.

Kewajiban kontinjensi - kontinjensi dengan klaim potensial atas sumber daya

- untuk mencatat kewajiban kontinjensi (dan kerugian) dua syarat harus dipenuhi:
(i) probabilitas bahwa aset akan mengalami gangguan atau kewajiban yang terjadi,
(ii) jumlah kerugian cukup dapat diperkirakan;
- untuk mengungkapkan pertanggungjawaban kontinjen (dan kerugian) harus ada
kemungkinan terjadinya kemungkinan yang tidak wajar

Aset kontinjensi - kontinjensi dengan potensi penambahan sumber daya

- aset kontinjensi (dan keuntungan) tidak dicatat sampai kontinjensi terpecahkan
- Aset kontinjensi (dan keuntungan) dapat diungkapkan jika probabilitas realisasi
sangat tinggi
should be . . .

Kontinjensi dan Komitmen

Menganalisis Kontinjensi
Sumber informasi bermanfaat:
Catatan, MD & A, dan Pengungkapan Pajak Tangguhan

Analisis yang berguna:

• Meneliti perkiraan manajemen
• Menganalisis catatan tentang kontinjensi, termasuk
Deskripsi kontingensi dan tingkat risikonya
Jumlah risiko dan cara penanganannya dalam menilai eksposur risiko
Biaya, jika ada, terhadap pendapatan
• Mengakui bias untuk tidak mencatat atau meremehkan kewajiban
• Waspadai bak mandi besar - cadangan kerugian adalah kontinjensi
• Meninjau ulang pengarsipan SEC untuk rincian cadangan kerugian
• Menganalisis catatan pajak tangguhan atas ketentuan yang tidak
diungkapkan untuk kerugian di masa depan

Catatan: Rugi cadangan tidak mengubah eksposur risiko, tidak memiliki


Kontinjensi dan Komitmen

Dasar-dasar Komitmen :
Komitmen - klaim potensial terhadap sumber daya perusahaan
karena kinerja masa depan berdasarkan kontrak

Menganalisis Komitmen
Sumber informasi bermanfaat:
Catatan dan Pencatatan MD & A dan SEC

Analisis yang berguna:

• Meneliti komunikasi manajemen dan siaran pers
• Menganalisis catatan mengenai komitmen, termasuk
Deskripsi komitmen dan tingkat risikonya
Jumlah risiko dan cara penanganannya dalam menilai eksposur risiko
Kondisi dan waktu kontrak
• Mengakui bias untuk tidak mengungkapkan komitmen
• Meninjau ulang pengarsipan SEC untuk rincian komitmen

Pembiayaan di luar neraca

Dasar-dasar Pembiayaan di luar Neraca
Pembiayaan di luar neraca adalah non-rekaman kewajiban pembiayaan

Untuk menjaga keseimbangan dari neraca - bagian dari lanskap yang selalu berubah,
di mana sebagai salah satu persyaratan akuntansi dibawa untuk mencerminkan
kewajiban dari transaksi pembiayaan di luar neraca, sarana inovatif dan baru
dirancang untuk menggantikan tempatnya.

Transaksi terkadang digunakan sebagai pembiayaan di luar neraca :

• Sewa operasi yang tidak dapat dibedakan dari sewa modal
• Melalui kesepakatan, di mana perusahaan setuju untuk mencalonkan diri
barang melalui fasilitas pengolahan
• Pengaturan take-or-pay, di mana perusahaan menjamin untuk membayar GAAP
untuk barang apakah dibutuhkan atau tidak
• Usaha patungan tertentu dan kemitraan terbatas
• Pengaturan pembiayaan produk, di mana perusahaan menjual dan menyetujui
untuk membeli kembali persediaan atau menjamin harga jual
• Menjual piutang dengan recourse dan mencatatnya sebagai penjualan dan bukan
• Menjual piutang sebagai dukungan atas hutang yang dijual ke publik
• komitmen pinjaman yang terutang

Pembiayaan di luar neraca

Analisis Pembiayaan di Luar Neraca
Sumber informasi bermanfaat:
Catatan dan Pencatatan MD & A dan SEC

Perusahaan mengungkapkan informasi berikut tentang instrumen keuangan

dengan risiko kerugian di luar neraca:
• Wajah, kontrak, atau jumlah pokok
• Ketentuan instrumen dan info tentang risiko kredit dan pasar, persyaratan kas,
dan akuntansi Kerugian yang terjadi jika pihak yang mengajukan kontrak gagal
• Jaminan atau jaminan lainnya, jika ada, untuk jumlah yang berisiko
• Info tentang konsentrasi risiko kredit dari counterparty atau kelompok

Analisis yang berguna:

• Meneliti komunikasi manajemen dan siaran pers
• Menganalisis catatan tentang pengaturan pembiayaan
• Mengakui bias untuk tidak mengungkapkan kewajiban pembiayaan
• Meninjau ulang pengarsipan SEC untuk rincian pengaturan pembiayaan

Pembiayaan di luar neraca

Manfaat SPEs:

1. SPEs dapat memberikan alternatif pembiayaan

berbiaya lebih rendah daripada meminjam dari pasar
kredit secara langsung.
2. Berdasarkan GAAP saat ini, selama SPE terstruktur
dengan benar, SPE dicatat sebagai entitas terpisah,
tidak dikonsolidasikan dengan perusahaan sponsor.

Ekuitas pemegang saham

Dasar Pembiayaan Ekuitas
Ekuitas - mengacu pada pembiayaan pemilik (pemegang
saham); Karakteristiknya yang biasa termasuk:
• Mencerminkan klaim pemilik (pemegang saham) atas
aset bersih
• Pemegang saham biasanya berada di bawah kreditor
• Variasi seluruh pemegang ekuitas pada senioritas
• Terkena risiko dan pengembalian maksimum

Analisis Ekuitas - melibatkan analisis karakteristik ekuitas, termasuk:

• Mengklasifikasikan dan membedakan sumber ekuitas yang berbeda
• Memeriksa hak untuk kelas ekuitas dan prioritas dalam likuidasi
• Mengevaluasi pembatasan legal untuk penyertaan modal
• Mengkaji ulang pembatasan distribusi pendapatan yang ditahan
• Menilai syarat dan ketentuan penerbitan ekuitas potensial

Equity Classes - dua komponen dasar:

• Modal
• Pendapatan yang disimpan

Ekuitas pemegang saham

Pelaporan Modal Saham
Sumber kenaikan modal saham beredar:
• Penerbitan saham
• Konversi debenture dan saham preferen
• penerbitan sesuai dengan deviden saham dan pemecahan nilai
nominal saham
• Penerbitan saham dalam akuisisi dan merger
• Penerbitan sesuai dengan opsi saham dan waran yang

Sumber penurunan modal saham yang beredar :

• Pembelian dan penghentian saham
• Pembelian kembali saham
• Pemecahan saham terbaik

Ekuitas pemegang saham

Komponen Modal Saham
Kontribusi (atau Modal Disetor) - total pembiayaan yang diterima dari pemegang
saham untuk modal saham; Biasanya dibagi menjadi dua bagian:

• Common (atau Preferred) Pembiayaan saham setara dengan nilai nominal atau
nominal; jika saham tidak nominal, maka sama dengan jumlah pembiayaan

• Modal yang Disumbang (atau Dibayar) dalam Kelebihan Nilai Par atau Stated -
lebih tinggi dari jumlah nominal atau nilai yang disebutkan

Treasury Stock (atau buyback) - saham perusahaan

diterima kembali setelah sebelumnya telah ditempatkan dan disetor
• Mengurangi aset dan ekuitas pemegang saham
• akun kontra-ekuitas (ekuitas negatif).
• biasanya dicatat pada biaya

Ekuitas pemegang saham

Klasifikasi Modal Saham

Saham preferen dengan fitur yang tidak dimiliki oleh saham
biasa; Fitur saham pilihan yang khas meliputi:
• Dividen distribusi preferensi
• Prioritas pencairan
• Konversi (redemption) menjadi saham biasa
• Ketentuan panggilan
• Hak non-voting

Saham Biasa - saham dengan pemilikan dan menanggung risiko

dan manfaat tertinggi (sisa kepentingan)
kinerja perusahaan

Ekuitas pemegang saham

Dasar-dasar Saldo Laba
Saldo Laba - modal yang diperoleh dari suatu perusahaan; mencerminkan
akumulasi laba atau rugi yang tidak terdistribusikan sejak awal; laba
ditahan merupakan sumber utama pembagian dividen

Kas dan Dividen Saham

• Dividen kas - pembagian kas (atau aset) kepada pemegang saham
• Dividen saham - pembagian saham ke pemegang saham

Penyesuaian Periode Sebelumnya - terutama koreksi kesalahan pada

periode sebelumnya '

Alokasi Laba Ditahan - reklasifikasi laba ditahan untuk tujuan tertentu

Pembatasan (atau Kovenan) atas Laba Ditahan - batasan atau persyaratan

untuk mempertahankan laba ditahan

Ekuitas pemegang saham

Spin-Offs and Split-Offs
• Spin-off, pembagian saham anak perusahaan kepada
pemegang saham sebagai dividen; aset (investasi
pada anak perusahaan) dikurangi seperti saldo laba.

• Split-off, pertukaran saham anak perusahaan yang

dimiliki oleh perusahaan untuk saham di perusahaan
yang dimiliki oleh pemegang saham; aset (investasi
pada anak perusahaan) berkurang dan saham yang
diterima dari pemegang saham diperlakukan sebagai
saham treasury.