PENGUNGKAPAN DAN

TRANSPARANSI
 OECD Principles
• Disclosure and Transparency
– The corporate governance framework
should ensure that timely and accurate
disclosure is made on all material matters
regarding the corporation, including the
financial situation, performance,
ownership, and governance of the
company.
 Information Asymmetry
• Information asymmetry: some parties to
business transactions may have an
information advantage over others
• Two major types of information asymmetry
– Adverse selection
– Moral hazard
Information Asymmetry (Cont’d)
• Adverse selection
– One or more parties (managers and other
insiders) to a business transaction, or potential
transaction, have an information advantage over
other parties (investors)
– This may affect the ability of investors to make
good investment decisions
– Financial accounting and reporting as a
mechanism to control the adverse selection
problem by converting inside information into
outside information
Information Asymmetry (Cont’d)
• Moral Hazard
– One or more parties to a business
transaction, or potential transaction, can
observe their actions in fulfillment of the
transaction but other parties cannot.
– Occurs because of the separation of
ownership and control
– Accounting net income as a measure of
managerial performance
 Important Role
• Independent audit
• Accounting and disclosure standards
• Corporate governance – board and audit
committee
 Regulasi BAPEPAM-LK
• Kewajiban bagi Emiten dan Perusahaan Publik
untuk menyampaikan Laporan Tahunan:
– Ikhtisar data keuangan penting
– Laporan dewan komisaris
– Laporan direksi
– Profil perusahaan
– Analisis dan pembahasan manajemen
– Tata kelola perusahaan
– Tanggung jawab direksi atas laporan keuangan
– Laporan keuangan yang telah diaudit
Regulasi BAPEPAM-LK (Cont’d)
• Peraturan Nomor VIII.G.7 Tentang
Pedoman Penyajian Laporan Keuangan
– Peraturan ini menetapkan bentuk, isi, dan
persyaratan dalam penyajian laporan
keuangan yang harus disampaikan oleh
Emiten atau Perusahaan Publik
 Regulasi BAPEPAM-LK (Cont’d)
• Pedoman Penyajian dan Pengungkapan
Laporan Keuangan Emiten atau Perusahaan
Publik (P3LKEPP):
– Untuk memberikan suatu panduan penyajian dan
pengungkapan yang terstandarisasi dengan
mendasarkan pada prinsip-prinsip pengungkapan
penuh (full disclosure), sehingga dapat memberikan
kualitas penyajian dan pengungkapan yang memadai
bagi pengguna informasi yang disajikan dalam
pelaporan keuangan Emiten atau Perusahaan Publik.
– Aturan yang lebih detil sebagai acuan untuk
pelaksanaan guna melaksanakan Peraturan Nomor
VIII.G.7 tentang Pedoman Penyajian Laporan
Keuangan
 Regulasi BAPEPAM-LK (Cont’d)
P3LKEPP (Cont’d)
• Industri Manufaktur • Industri Konstruksi
• Industri Investasi • Industri
Perdagangan
• Industri Rumah Sakit • Industri Transportasi
• Industri Jalan Tol • Industri Real Estate
• Industri Perhotelan • Industri Peternakan
• Industri Restoran • Industri Perkebunan
• Industri
Telekomunikasi
Regulasi BAPEPAM-LK (Cont’d)
P3LKEPP (Cont’d)
• Industri Pertambangan Umum
• Industri Minyak dan Gas Bumi
• Industri Perbankan
Regulasi BAPEPAM-LK (Cont’d)
• Peraturan Nomor X.K.1 : Keterbukaan
Informasi yang Harus Segera
Diumumkan kepada Publik
 Empirical Evidence
• Botosan (1997)
– For a sample of firms with relatively low
analyst following, greater disclosure is
associated with a lower cost of equity capital
• Sengupta (1998)
– Documents a statistically significant negative
association between a measure of a firm’s
overall quality disclosure and two alternative
measures of a firm’s incremental borrowing
cost