Chapter 31

Goals
Accounting
and and
Governance
Finance of the 9e
Book Cover
Corporation

3- 1
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 Topik Yang Dibahas

3.1 Neraca
3.2 Laporan Laba Rugi
3.3 Laporan Arus Kas
3.4 Praktik Akonting dan Malpraktik
3.5 Perpajakan

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 Neraca (1 of 5)

 Definisi
– Laporan keuangan yang menunjukkan nilai
asset dan kewajiban perusahaan pada suatu
waktu tertentu (dari perspektif akonting)

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 Neraca (2 of 5)
Unsur2 utama dalam Neraca

Aset Lancar Utang Lancar

• Kas dan Surat Berharga • Utang Dagang
• Piutang • Utang Jangka Pendek
• Persediaan
+
+ = Utang Jangka Panjang
Aset Tetap
• Aset Berwujud +
• Aset Tak Berwujud
Ekuitas (Modal Sendiri)

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 Neraca (3 of 5)
Neraca Home Depot per tanggal 31 Desember , 2014 ($ Juta )

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 Neraca (4 of 5)

 Neraca Common-Size
– Semua unsur dalam neraca diekspresikan dalam
persentase dari total aset

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 Neraca(5 of 5)
Neraca Common Size Home Depot (per 31 Desember, 2014)

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 Nilai Buku dan Nilai Pasar (1 of 3)

 Nilai Buku
– Nilai asset dan kewajiban (utang dan modal)) berdasarkan
neraca
 Nilai Pasar
– Nilai asset atau kewajiban (utang dan modal) apabila dijual
 Generally Accepted Accounting Principles (GAAP)
– Prosedur Penyusunan Laporan Keuangan (Standar
Pelaporan Laporan Keuangan)
 “Nilai pasar” Ekuitas dan Aset biasanya lebih tinggi
dari pada “nilai buku”nya

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 Nilai Buku dan Nilai Pasar(2 of 3)
Contoh
Menurut standar GAAP, nilai ekuitas perusahaan $6
milyar, utang $4 milyar, asset $10 milyar. Nilai pasar
perusahaan dengan 100 juta lembar saham terjual
pada harga $75 per lembar dan utang $4 milyar.

T: Berapa nilai pasar asset perusahaan tersebut?

J: Karena (Aset = utang + ekuitas), maka nilai pasar
asset perusahaan tersebut sama dengan $11.5 milyar

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 Nilai Buku dan Nilai Pasar(3 of 3)
Contoh (lanjutan)

Nilai Buku Neraca

Aset = $10 Milyar Utang = $4 Milyar
Ekuitas = $6 Milyar

Nilai Pasar Neraca

Aset = $11.5 Milyar Utang = $4 Milyar
Ekuitas = $7.5 Milyar

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 Laporan Laba Rugi (1 of 3)

 Definisi
– Laporan keuangan yang menunjukkan hasil
pendapatan (penjualan), biaya dan laba bersih
suatu perusahaan dalam suatu periode atau
kurun waktu (dari perspektif akonting)

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 Laporan Laba Rugi(2 of 3)
Laporan Laba Rugi Home Depot (sd 31 December, 2014)

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 Laporan Laba Rugi(3 of 3)

 Laba Sebelum Bunga dan Pajak (EBIT)

EBIT = total penjualan + pendapatan lainnya - biaya –
depresiasi (peyusutan)
= 83,176 + 337 - (54,222 + 16,699) - 1,786
= $ 10,806 million

Laporan Laba Rugi Home Depot (31 December, 2014)

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 Laba vs Arus Kas

 Perbedaan
– “Laba” memperlakukan depresiasi (biaya non
tunai) sebagai pengurang pendapatan
• “Laba” tidak mengurangkan pengeluaran kas
atas modal baru pada tahun ybs (the
expense is capitalized)
– “Laba” melaporkan penghasilan dan biaya pada
saat penjualan terjadi, bukan saat transaksi
tunai
– “Laba” tidak mempertimbangkan perubahan di
dalam modal kerja
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 Laporan Arus Kas (1 of 4)

 Definisi
– Laporan keuangan yang menunjukkan
penerimaan dan pengeluaran kas (transaksi
tunai) selama suatu periode (kurun waktu)

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 Laporan Arus Kas(2 of 4)
Laporan Arus Kas Home Depot (31 Desember, 2014)

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 Laporan Arus Kas(3 of 4)
Laporan Arus Kas Home Depot (31 Desember, 2014)
(lanjutan)

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 Laporan Arus Kas(4 of 4)

Laporan Arus Kas Home Depot (31 Desember, 2014)

(lanjutan)

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 Arus Kas Bebas
 Arus Kas Bebas (Free Cash Flow)
– Uang tunai yang tersedia untuk didistribusikan kepada
investor (pemegang saham) setelah perusahaan
menggunakan dananya pada investasi baru atau
tambahan modal kerja
FCF = Net Income
+ interest
+ depreciation
- additions to net working capital
- capital expenditures

Arus kas bebas Home Depot =

$6,345 + $830 + $1,786 - $4 - $1,258 = $7,699
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 Praktik Akonting

 Revenue recognition
 Cookie-jar reserves
 Off-balance sheet assets and liabilities

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 Revenue Recognition

 Metode yang digunakan perusahaan

yang ingin mengakui laba lebih besar
dengan cara mengakui pendapatan di
masa mendatang sebagai pendapatan
periode berjalan atau memindahkan
biaya periode berjalan ke periode di
masa mendatang. Jika menginginkan
laba lebih kecil dilakukan sebaliknya

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 Cookie Jar Reserves

 Metode klasik dimana managemen

memperbesar cadangan di masa
"booming" kemudian digunakan
untuk meratakan laba pada saat
perusahaan mengalami kerugian di
masa-masa sulit.

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 Off balance sheet assets and liabilities
 Off balance sheet financing adalah kewajiban
keuangan yang tidak dicatatkan ke dalam
laporan keuangan.
 Transaksi-transaksi yang seringkali dilakukan
off balance sheet financing misalnya adalah
leases.
 Tujuan dari off balance sheet ini adalah untuk
membuat laporan keuangan perusahaan
menjadi sangat perform

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Corporate Tax Rates (2016)

Taxable Income, $ Tax Rate, %

0-50,000 15
50,001-75,000 25
75,001-100,000 34
100,001-18,333,333 Varies between 39 and 34
Over 18,333,333 35

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 Taxes (1 of 5)
Example
Taxes and cash flows can be changed by the use of
debt. Firm A pays part of its profits as debt interest.
Firm B does not.

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 Taxes (2 of 5)
FOOD FOR THOUGHT
If you were both the debt and equity holders of the
firm, which would generate more cash flow to you?
(assume net income = cash flow)

Firm A Firm B
EBIT 100 100
Interest 40
Pretax income 60
Taxes (35%) 21
0
100
35
?
Net income 39 65
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 Taxes (3 of 5)
FOOD FOR THOUGHT
If you were both the debt and equity holders of the
firm, which would generate more cash flow to you?
(assume net income = cash flow)

Firm A Firm B
Net income
+ Interest
39
40
65
0
?
Net cash flow 79 65

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 Pajak Penghasilan Badan
di Indonesia
DASAR HUKUM
• UU No. 7 Tahun 1983 tentang Pajak
Penghasilan
• UU. No. 36 Tahun 2008 tentang Perubahan
Keempat Atas Undang-Undang No. 7 Tahun
1983 Tentang Pajak Penghasilan
• Peraturan Pemerintah No. 46 Tahun 2013
Tentang Pajak Penghasilan Atas Penghasilan
dari Usaha Yang Diterima atau Diperoleh Wajib
Pajak Yang Memiliki Peredaran Bruto Tertentu
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 Pajak Penghasilan Badan
di Indonesia
Tarif Pajak Penghasilan untuk Badan Usaha
Penghasilan Kotor (Peredaran
Tarif Pajak
Bruto) (Rp)
1% x Penghasilan Kotor
Kurang dari Rp4.8 Miliar
(Peredaran Bruto)

Lebih dari Rp4.8 Miliar s/d Rp50 {0.25 - (0.6 Miliar/

Miliar Penghasilan Kotor)} x PKP

Lebih dari Rp50 Miliar 25% x PKP

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Pajak Penghasilan Pribadi (2016) di
Amerika Serikat

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Pajak Penghasilan Pribadi (2016) di
Amerika Serikat

Bagaimana di Indonesia???

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 Pajak

 Pajak berpengaruh besar pada keputusan

investasi
Marginal Tax Rate
 pajak yang dibayarkan oleh individu atau
badan usaha atas penghasilan yang
diterimanya
Average Tax Rate
 Adalah total pajak dibagi total penghasilan

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 Taxes (5 of 5)
Example
  - Taxes paid by single person making $50,000

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 IRS Web Site
IRS Web Site (www.irs.gov)

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