of Riaad INTERNATIONAL ACCOUNTING (AKUNTANSI INTERNASIONAL) Iaagsrnettnnnp@24€0-Sivben 5 4i! Silabus Akuntansi Internasional a Referensi : 4.Timothy Doupnik, Hector Perera,” International Accounting”. Edisi 3, 2012 2.Choi, Frederick D.S and Gary K.M “International Accounting”, Edisi 7, 2011 3.Radebaugh, Lee H & Sidney J,G “International Accounting and Multinational Enterprises”, Edisi 6 ota tag 87440 Siabs 3/12/2019oot Materi Ref 01 | International Accounting and Doupnik Ch 1 International Business 02 | Worldwide Diversity Accountin :| Doupnik ch2 03 | Harmonization/Convergence of | 03, 08, L6 International Accounting 04 | IFRS parti 05 | IFRS part 2 06 | International Financial Analysis 07 Mid Test_(UTS) ees nang 7440 Shen ? 08 Doupnik 7, Foreign Currency Translations | Choi 6, Lee 10 09 | Foreign Currency Transaction Doupnik 7, Foreign currency Derivatives Choi 6, Lee 10 10 | Accounting for Price Changing (IAS | Doupnik 7, 10) Lee 41 11 | International Taxation Doupni Cha Choi 12 Lee, Ch 15, 12 | International Transfer Pricing | Doupnik 12, Choi 12, Lee 14 13 | Derivative & Review 14 Final Test. (U AS) baa ead tang 87-440 Sie ln 3412/2019international accounting INTERNATIONAL ACCOUNTING AKUNTANSI INTERNASIONAL iNTRODUCTION TO INTERNATIONAL ACCOUNTING udesanyedintnge7 40s Atointernational accounting. 4i)__ Introduction to International Accounting Whatis International Accounting * Defined broadly, the accounting in international accounting encompasses the functional areas of financial accounting, managerial accounting, auditing, taxation, and accounting information systems. * The word international in international accounting can be defined at three different levels. t 1. First level is supranational accounting, which denotes standards, guidelines, and-rules of accounting, auditing, and taxation issued by supranational organizations (United Nations, OECD and IFAC). | ai! Introduction to International Accounting 2 Second level is the company level, intemational accounting can be viewed in terms of the standards, guidelines, and practices that a company follows related to its intemational business activities and foreign investments. This would include standards for accounting for transactions denominated in a foreign currency and techniques for evaluating the performance of foreign operations. 3. Third and broadest level. intemational accounting can be viewed as the study of the standards, guidelines, and rules of accounting, auditing, and taxation that exist within each country as well as comparison of those items across countries. ‘eatonatacoig balsa amy Ht 440-Stabus Akininternational accounting _- 4\ Evolution of a Multinational Corporation | > Evolution of Magnum Corporation, a fictional auto parts manufacturer headquartered in Detroit, Michigan. > Magnum was founded in the early 1950s to produce and sell rearview mirror to automaker in the U.S. | » For the several decades, all Magnum’s transaction occurred in the US, thus transactions denominated in US $. > Raw material, Machinery and equipment were purchased from suppliers located across the U.S Loan were obtained from banks in Michingan and Illinois Common stock was sold on the NYSE > Financial Reporting was done in compliance with U.S GAAP and tax were paid to the U.S federal government and state of Michigan. > > til (1 Sales to Foreign Customer > In the1980s, one of Magnum's major customers, Normal Motor Inc., acquired & production facility in the United Kingdom (UK), and Magnum was asked to supply this ‘operation with rearview mirror. > Magnum ship mirror to the UK ( NMUK), thus making export sales 10 foreign customer. > NMUK required Magnum to bill the sles to NMUK in British pounds, thus creating foreign currency sales. | > The first shipment invoiced at 100.000 pound with credit terms of 2/10, net $0 > At the time transaction exchange rate £1 = $1.60, by the time NMUK paid £1 = $1.50 ‘A question arises: How should the difference of $10,000 reflected in the accounting record ? Through the, Britsh-pound A/R (AR-£) Magnum become exposed to Foreign Exchange Risk irons Tenaya ag 0 ahes ‘international accounting Hl (2) Hedges of Foreign Exchange Risk >» The difference of $10,000 > Companies can use a variety of techniques to manage, or hedge, their exposure to Foreign Exchange Rate > Foreign Currency Option > Forward Contract 4i_(3)_ Foreign Direct Investment (FDI) | > Overtime, Magnum become known throughout Europe for its quality of products. > Because of the combination of increase shipping costs and its European custumer: desire to move toward Just-in-fime inventory systems, Magnum began thinking about investing in @ production facility somewhere in Europe. > The ownership and control of foreign assets, such as a manufacturing plant, is known as Foreign Direct Investment (FDI). > Acquisition ; purchase an existing mirror manfacture or > Greenfield investment ; construct a brand-new plant Gat > Magnum need to caculate NPV (net present value) of RO! | |> In early 1990s Magnum identified a company in Portugal (Espehio Ltda.) as 2 potential | | | | acquisition candidate, > Financial statement prepared in accordance with Portuguese accounting rules, which | were much difference with Us GAAP. | enacting chagiasstimangsraco-sibusaisn 8international accounting —— ial Reporting ‘for Foreign Operation [4 (4) Finan: |, The consolidated Financial statements must be presented in US$ and prepared using US GAAP. - > Espelho Ltda being Portuguese corporation, keep its accounting records in euros in accordance with Portuguese GAAP, that must be consolidated. | > Financial statement Espelho converted to US GAAP > Financial statement that have been converted to US GAAP, they then must be translated from € to USS. | os eanga740- asa “~~ (5) International Income Taxation - > The existence of a foreign subsidiary raises two questions with respect to taxation: 1. What are the income taxes that Espelho Lida, has to pay in Portugal, and how can those taxes legally minimized ?. 2. What are the taxes, if any, that Magnum Corporation has to pay in the US related to the income earned by Espelho in Portugal, and how can those taxes legally minimized ?. twinge ning 70-bit vernaceaeccnmnnginternational accounting > Some companies with foreign operations attempt to minimized the amount of worldwide. taxes they pay through the use of discretionary transfrer pricing. >» Auto mirror consist of three major components: mirror glass, a plastic housing, and a stee! bracket. > The plastic part are produced by Magnum in the US and then shipped to Espelho as an intercompany sales. > The price must be established for these intercompany transfers (Transfer Price) raat ‘ena ang 7440S Aa >» To ensure that operations in both the US and Portugal are achieving their objective, Magnum's top management requests that the managers of the various operating units submit periodic reports to headquarter detailing their unit's performance. > Several issues unique to foreign operations must be considered in designing the evaluating system; ( Effect of Transfer price, transiation, etc) leeonl acon, ‘iin eng 7400S Abinternational accounting ae (8) Intemational Auditing &% The primary objective of Magnum’s performance evaluation system is to) maintain control over its decentralized operations > Another important component of the management control process in internal auditing. |> Internal auditor must : 1) Make sure that the company’s policies and procedures are being followed, and 2) Uncover errors, inefficiencies, and unfortunately at times, fraud. | > External audit : Multinational company usually audited by International accounting firm ~ Big four > By the beginning of the 21* century, Magnum had become a truly gobal enterprise with more than 10.000 employees spread across 16 different countries. > Magnum decided that in addition to its stock being listed on the NYSE, there would be advantages to having the stock listed and traded on several foreign stock exchanges ncaa acoutng ‘ted tang 740 Sininternational accounting [Eero 4i_(10) Gobal Accounting Standards > Through their experiences in analyzing the financial statementcompany’s s| of potential acquisitions and cross-listing the stock, Magnum’s managers began to wonder whether the differences that exist in GAAP across countries were really necessary. > A single set of accounting rules used worldwide also would significantly reduce the problems the company had experienced over the years in ‘evaluating foreign investment opportunities based on financial statements prepared in compliance with a variety of local GAAP. > So, Magnum corporation became a strong proponent of gobal accounting standards. —_— | > Although Magnum is a fictitious company, its evolution into a multinational | corporation is not unrealistic. j > Most companies begin by selling their products in the domestic market. > As foreign demand for the company’s product arises, this demand is met initially through making export sales. > Exporting is the entry point for most companies in to the world of international business. lnarinaacouing ‘siangestnaengt7840-Sabe Aninternational accounting 4il_ The Gobal Economy 4. International Trade > International trade (imports and exports) constitutes a significant portion of| world economy: > In2008 > Companies worldwide exported more than $16,0 trillion worth of merchandise. > The three largest exporters : Germany, China, and The United States. > The three largest importers : The United States, Germany, and China. ail_ The Gobal Economy 2. Foreign Direct Investment (FDI) |> The product cycle theory suggests that, as time passes, exporters may feel the only way to retain their advantage over competition in foreign markets is to produce locally, thereby reducing transportation costs. > In2008, > there were 73 cross-border acquisitions of existing companies in which the purchases price exceeded $3 billion. » The largest: Anheuser-Bush Cos. Inc (US firm) by InBev NV (Belgium) $52.2 billion. >More than 6.000 FDI Greenfield and expansion projects were announced in 2008 at an estimated cost of $716 billion. iertorlaconing ‘egy inang 7440S Aeinternational accounting SSE eEe eet [al _The Gobal Economy {3 Multinational Corporation > Multinational corporation is company that is headquartered in one country but has operations in others countries. |» The United Nations estimates that there are more than 82.000 MNCs in the | world, with more than approximately 4% of the world ‘s GNP. > Triad - are the United States, Japan, and members of the European Union; | they conduct a large proportion of international trade and investment, |> In 2008 the United Nations measured the multinationality of companies by |” averaging three factors: the ratio of foreign sales fo total sales, the ratio of, | foreign assets to total assets, and the ratio foreign employees fo total employees. ‘maton ung ‘atasonadtnnng?7 H0-Sints Alia 19 cE tect Ir i) The World's Top 10. Nonfinancial Companies in Terms of Multinationality, 2008. [~ Corporation Country industry MNI | Exrata Pie United Kingdom Mining and querting 932 jetta | Luxembourg Metal and meta product 14 AkzoNobel Netherlands Pharmaceuticals 903 WPP Group Ple Untes Kingdom ‘other business services 239 Vodafone Group Pic | Unted Kingdom Telecommunications 036 Nokia Finland Telecommuniations 035 Linde AG Germany Chemicals 98.3 Anglo American United kingdom Mining and queting 875 InBev SA Natherlands Food beverages, and tabacco | 67.0 AstraZeneca Plc United Kingdom Pharmaceuticals 268 tnematnsaccourng wigan ang a74s0-sbs Ain 72 10international accounting Magnum’s evolution Phase Problem issucs Phase 1 Domestic operation | A, cael ee Phase2 Selesto Foran] > [Foreign Exchange Riks coounes | ree SE cane Crten { = Forward Contrect | bf crear cence cease cra feet z S, [Remo + peuiton + cma tomas ‘ira eae slam Phase 4 CD [F cresetising on Forage SE roycnosenense| > [GROSS foe a aaaaaaasat tt atinternational accounting WORLDWIDE ACCOUNTING DIVERSITY BAIHAQIARSYAD LINTANG 67490 - INTERNATIONAL. ACCOUNTING INTRODUCTION |-—/~Diffferences exist across countries in the accounting treatment of many items | 1. Property, Plant, and Equipment. | ) US : Historical cost re 2. Researci + Japan ; Expenses: > Canada , France : Capitalized 3.Cash Flow > Chinese : Direct method | > Us, Europe : Indirect | » Differences in accounting can result in significantly different amounts being reported on the balance sheet and income statement. | > 2009 annual report SK Telecom Company Ltd (South Korean telecommunications firm), Under South Korean GAAP net income 1,056 billion KRW. If used US GAAP KRW 1,357 billion. Approximately 28% larger. ‘IATHAQIABSYAD LINTANG e740 BSTERNATIONAL ACCOUNTINGinternational accounting __— "REASONS FOR ACCOUNTING DIVERSITY » Assurvey of the relevant literature has identified the following five items as being commonly accepted as factors influencing al country's financial reporting practices : 1. Legal System 2. Taxation 3. Providers of financing 4. Inflation 8. Political and Economic Ties 6. Correlation of factors PAIGE AREYADUNTANG 740 -EERAGATIONAL ACCOUNT 2 eH REASONS FOR ACCOUNTING DIVERSITY 4. Legal System 1} Common law © English speaking » Regulator: nongovernment > detailed 2) Code law © NonEnglish speaking © Regulator: government © not detailed 2. Taxation 1) Deferred income tax: USA 2) Congcruency principle : Germany 3, Providers of Financing 1) BankiFamily/State @Solvency and liquidity © Balance sheet © litle disclosures 2) Stockholders «Profit « Income statement * detailed disclosures 4. Inflation Hyperinflation counties © Inflation accounting 5. Political and economicties 1) Colonies 2) Economic: USA > Canada, Mexico, Isreal TARATARSTADUNTANG QO TERNATONACACEOENEinternational accounting PROBLEMS CAUSED BY ACCOUNTING DIVERSITY . Preparation of Consolidated Financial Statements Access to Foreign Capital Market Comparability of Financial Statements BON Lack of High-Quality Accounting Information ACCOUNTING CLUSTERS Three major accounting model 1. The Fair Presentation / Full Disclosure Model (also known as the Anglo-Saxon or Anglo-American) —¥ Common 2. The Legal Compliance Model (also known as the Continental European model) —* Code 3. The Inflation-Adjusted Model, is found primarily is South America edtinternational accounting |. ACCOUNTING CLUSTERS ee 1. The Fair Presentation/Full Disclosure Model is used to describe the approach used in the United Kingdom and United States, where accounting is oriented foward the decision needs of large numbers of creditors. This model is used in most English-speaking countries and other countries heavily influenced by U.K and U.S. Most of these countries follow @ common law legal system, 2. The Legal Compliance Model originated in the in the code law countries of continental Europe. itis used by most of Europe, Japan, and other code law countries. Companies in this group usualy are fied quite closely fo the banks that setve as the primary suppliers of financing. Accounting is legalistic and is designed to provide information for taxation or government-planning purposes. 3. The Inflation-Adjusted Model, is found primary in South America. This model resembles the Continental Europen model in its legalistic, tax, and government planning orientation. This model AJUDGMENTAL CLASIFICATION OF FINANCIAL REPORTING SYSTEMS, Concentrating on the Anglo-Saxon and Continental European Model countries, Nobes developed a more refined clasification scheme that attempts to show how the financial reporting systems in 14 developed countries related to one another. The Pe Danel Macro- uniform describe the Anglo-American and Continental European Models, respectively. [ERIIAGIAISYAD LINTANG #7440 DETERNATIONAL ACCOUNTINGinternational accounting Nobes’s Judgemental Clasification of Financial Reporting Seb fy Moco Ualorm | fiom} (Continent) | Content L —— or Uieelege (retest —} | aes co et i ae Influence Ed ‘Micto-based Pragmatic. | BSE} ——| (zien = 7 Category of ac of differences Differences in the financial statements included in an annual report. Differences in the format used to present individual financial statements Differences in the Jevel of detail provide in the financial statements Terminology defferences 1 Disclosures differences | 2A ALN Recognation and measerument differences |international accounting __] A SIMPLIFIED MODEL OF THE REASONS FOR INTERNATIONAL DIFFERENCES IN THE FINANCIAL REPORTING Most countries in the developed world have a self-sufficient culture. For these countries Nobes applies his model as follows: Nature of Culture ‘Type of Financial System Classof Accounting. See eee casa Staaten Seong Eau eee tjpeteate | Ouran | aa shareholders [Satt-safficient Weak Equity ClassB ‘type? culture Outsider finaneing Accounting for tax and Creditors PAIAQLARSEAD UNTANG&740- RETERNRTIONAL ACCOUNTINGintemational accounting INTERNATIONAL CONVERGENCE OF FINANCIAL REPORTING International accounting INTRODUCTION | Imagine the case of an international business, with operations in many different countries. >» Prepare accouni > Convert to GAAP Holding company > If the company has listings on stock exchange outside its home country — to be filed under some others basis. y (local GAAP) & So, extra cost could be enormous. The accounting profession and standard setters have been under pressure from MNCs, Stock Exchanges, Securities regulators and International leading institutions, such as World Bank, G20 to reduce diversity and harmonize accounting standards and practices internationally. baihagi arsyad intang 87.440- international accountinginternational accounting Harmonization What is harmonization? Harmonization -- the process of increasing the level of agreement in accounting standards and practices between countries. [ Convergence as the Buzz word in International Financial Reporting Harmonization vs Standardization @ Harmonization refer to the reduction of alternatives while retaining a high degree of flexibility in accounting practices. Harmonization allows different countries to have different standards as long as do not conflict. Example : If appropriate disclosures were made, companies were permitted to use different measurement methods: German companies could use historical costs for valuing assets, while Dutch companies could use replacement costs without violating the harmonization requirements. ane araydintang 47.40 -mationaleccounting >international accounting Accounting harmonization can be considered in two ways: § Harmonization of accounting regulations or standards (Formal harmonization or de jure harmonization) | 3 Harmonization of accounting practices ( Material harmonization or de | facto harmonization) | Standardization implies the elimination of alternatives in accounting for] ‘economic transactions and other events. | Convergence, implies the adoption of one set of standards internationally. beinaoiersyad fntang 87.449 - ntemations! accounting Major Harmonization Efforts Several international organizations were involved in hormanization efforts: 1. International Organization of Securities Commissions (\OSCO) 1) Today, 1OSCO is the leading organization for securities regulator around the world, with about 177 ordinary, associate, and affiliate member from about 100 countries. 2) As one of its objective, IOSCO works to facilitate cross-border securities offerings and listings by multinatioanal issuers 3) IOSCO suported ISAC in developing IAS | ‘bahagi arsyad intang 67.440 temational accountinginterational accounting Major Harmonization Efforts © IFAC was established in October 1977 at the 11 World Congress of| Accountants in Munich, with 63 founding members representing 51 countries, © It is now a gobal organization of 158 member bodies and associates in 123 countries, representing over 2.5 million accountants employed in} public practice, industry and commerce, government, and academia | [ 2. International federation of Accountants (IFAC) | | | ¢ Its mission is to serve the public interest and to strengthen the worldwide| | accountaney profession and contribute to the development of strong} | international economies by establishing and promoting adherence to) | high-quality professional standards on auditing, ethiscs, education, and |___training, | ‘belhad) arsyad intang 87.440 - international accounting _ Major Harmonization Efforts | 3. European Union (EU) | © Two directive aimed at harmonization accounting ® The Fourth Directive (issued. in 1978) deal with rules, disclosure requirements, and the format of financial | statements * The Seventh Directive (issued in 1983) deal with consolidated financial statement. aihaglaraya lang 87.440 - remains] accountnginternational accounting Major Harmonization Efforts 4. The International Accounting Standards Committee (IASC) * IASC was established in 1973 by an agreement of the leading professional accounting bodies in 10 countries (Australia, Canada, France, Germany, ireland, Japan, Mexico, the Netherlands, the U.K, and the U.S.A) with the broad objective of formulating “International Accounting Standards"- IAS. 5. Creation of The International Accounting Standards Board (IASB) © On April 1, 2001, the newly created International Accounting Standards Board (IASB) took over from the IASC as the creator of IAS, which were called International Financial Reporting Standards (IFRS) | Daihog! arayadlntang 87 440 -intemational accountng Major Harmonization Efforts The Structure of IASB © The 1ASB is organized under ar IFRS Foundation. e Components of the structure are as follows: 1. Intemational Accounting Standards Boards (IASB) 2. IFRS Foundation (IFRSF) 3. Monitoring Board 4. IFRS Interpretations Committee (IFRSIC) 5. 6. dependent foundatio . IFRS Advisory Council (IFRSAC) . Working Groups (expert task forces for individual agenda projects) beihagi ersyad tintang 87.440 infemational accountinginternational accounting inag)arsyad trtang 87.440 - international accountng Monitoring Board Approve and oversee trustees t t IFRS Foundation Board 16 (maximut IFRS Advisory council Approx. 40 members Working groups For major agenda projects 22 trustees appoint, oversee, raise funds Set technical agenda, Approve standards, expose drafts and 3 part-time) interpretations. t ii [IFRS interpretations committee 44 members IASB (Intemational Accounting Standards Board) > IASB has sole responsibility for establishing IFRS .| > Principal responsibilities of the IASB are to: RS and ED « Develop and issue Dratsy | « Approve interpretations developed by the IFRIC 4. member from Europe. 4 member from North America. 1 member from Africa. 41 member from South America 2 members appointed from any area, subject to maintaining overall > 16 member of IASB are expected to represent a geographical mix (effective February 2009) and to ensure a broad intemational diversity, by July 2012 there will normally be + 4 member from the Asia/Oceania region. ‘geographical balance. ain ara lgmatonal accointernational accounting The IASB FRAMEWORK The Need for a Framework > With no conceptual framework, accounting standards would be develop unsystematically, As a result, accounting standards may be inconsistent and, according to Gresham's law *) " bad accounting practice will triumph over good practices’ > The Conceptual framework can use as a point of reference to resolve an accounting issue in the absence of a standard that specifically deals with that issue. *Y' Bad money drives out good". j ‘aia raya nang 87.440 niamatoal accounting The IASB FRAMEWORK > The Framework for the Preparation and_ Presentation of Financial Statements was first approved by the ISAC board in 1989 and was reaffirmed by newly formed IASB in 2001 > The objective the Framework is {0 establish the concepts underiying the preparation and presentation of IFRS-based financial statements, If leals with the following: 1. Objective of financial statements and underlying assumptions. 2 Qualitative characteristics that effect the usefulness of financial statements. 3. Definition, recognation, and measurement of the financial statements elements. 4, Concepts of capital and capital maintenance. ‘bah! arsyac fang 87.440 -intematonel accountingintemational accounting (ee UERS, IAS dan IFRIC IASB telah mengeluarkan sejumlah pedoman berupa’ | @ IAS sejumlah 41 standar (berasal dari IASC ; 1973-2001-sebelum IASB); 12 dari IAS telah diganti/ditarik. Sisa 29 IAS telah direvisi sekali atau beberapa kali | | @ Sejak 2001 sid 2010 IASB telah menerbitkan : © QIFRS (IFRS 1 s/d IFRS 9) @ Lebih dari 20 Interpretation yang dikeluarkan oleh Standing Interpretations Committee (SIC) atau IFRIC (International Financial Reporting Interpretations Committee) | bbainagi ersyed tnlang 67.440- international accounting Arguments : International Convergence of IFRS Arguments for Convergence: +) The Comparability of FS worldwide is necessary for the globalization of capital markets 2) Itwould simplify the evaluation by MNCs of possible takeover targets. 3) Convergence would reduce FR costs for companies that seek to list their shares on foreign stock exchanges 4) National differences in corporate reporting cause loss of investor confidence, which affects the availibility and cost of capital 5) One set of universally GAAP would reduce the cost of preparing wordwide| | consolidated FS and auditing also would be simplified 6) MNCs wauld easier to transfer accounting staff to other countries. 7) Convergence would help raise the quaility level of accounting practices intemationally. balhagi arsyad lintang 87.440 - international accountinginternational accounting Arguments : International Convergence of IFRS Arguments against Convergence: 1) The greatest obstacle to convergence is the magnitude of the differences that exist between countries and the fact that political cost of eliminating differences would be enormous, one of the main obstacles is nasionalism 2) Arriving at principles that satisfy all of the parties involved throughout the world seems an almost impossible task bathagi arsyed lintang 87.440 - Intemational accounting INTERNATIONAL CONVERGENCE TOWARD IFRS | In 2002 survey identified 3 different convergence strategies among 54 countries. | 4. Replacing national GAAP with IFRS 2. Adopting IFRS a national GAAP on standard-by-standard basis 3 Eliminating differences between national GAAP and IFRS when. possible and practicable atl rey tang 67.440 - error accountnginternational accounting INTERNATIONAL CONVERGENCE TOWARD IFRS {The major concems as expressed by respondent; >» The complicated nature of particular standards, especially those related to financial instruments and fair value accounting (51% of countries) > The tax-driven nature of the national accounting regime; using IFRS as the basis for taxation is seen a probem (47% of countries) > Insuffient guidance on the first-time application of IFRS (30% % of countries) = IFRS 1 revised 2007 (Fisrt-time Adoption of IFRS effective January 1, 2009) > Limited capital markets, and therefore little benefit to be derived from using IFRS 30% of countries). > IFRS language translation difficulties (18% of countries). bahagi arsyadiintang 87 440 international accounting —_____-—___ CATCH 22 (udang dibalik batu) |Zeff,S “Political Lobbying on Proposed Standards: A Challenge to the iASB" Accounting Horizons,16,no1 (2002),pp.43-54, warn that, in addition to the obstacles to convergence due to the problems of interpretation, language, and terminology, the impact of politics can create a ‘Catch 22" situation > If the auditor is strict and the regulator is strict, political lobbying of the standard setter, IASB, may be become more intense. if powerful company or group of companies do not like a draft standard, they will have an incentive to engage in politicking of the standard setting body. Hence it becomes a Catch 22. bathagi arsyad intang 7.440 international accounting 10international accounting INTERNASIONAL FINANCIAL REPORTING STANDARD (IFRS) PART 4 (e International accounting Hee WHAT 1S IFRS —S a IFRS are set of accounting standards develoved by the International Accounting Standard Board (IASB) that is becoming the global standard for preparation of the Public Company Financial Statement. IFRS are set of accounting standardsinternational accounting IFRS, IAS dan IFRIC IASB telat mengeluarkan sejumlah pedoman berupa: | @ IAS sejumlah. 41. standar (berasal dari IASC ; 1973-2001-sebeium| IASB); 12 dari IAS telah ‘diganti/diterik, Sisa 29 IAS telah direvisi sekali atau beberapa Kali @ Sejak 2001 s/d 2010 IASB telah menerbitkan : » QIFRS (IFRS 1 s/d IFRS 9) * Lebih dari 20° Interpretation yang dikeluarkan oleh Standing Interpretations Committee (SIC) atau IFRIC (International Financial Reporting Interpretations Committee) ——_—_—__— Differences : 1FRS and U.S.GAAP ©. IFRS — Principles-based accounting system (broad principles with limited detailed rules). Therefore, more judgment is required in applying IFRS. © U.S. GAAP - Rules-based accounting system (detailed rules) |international accounting | The IASB uses a principles-based approach in developing accounting standards, rather than a rules based approach. Principle-based standards focus on establishing general principles derived. from the IASB Framework, providing recognation, measurement, and reporting requirements for the the transactions covered by the standard. By following this approach, IFRS tend to limit guidance for applying the general principles to typical transactions and encourage professional judgment in applying the general principles to transactions specific to an entity or industry EERE Eee Ee rE He Eee reer eee Peete Ste eee Pee See | + Principle-based approach IFRS 1. Fokus pada menyusun Standar Umum yang mengatur persyaratan tentang: 1}, Recognation (pengakuan ) 2) Measurement (pengukuran) 3) Reporting (pelaporan) untuk transaksis yang diatur dalam standar 2. Cendrung membatasi pedoman (limit guidance) dalam menerapkan prinsips umum dalam transaksi tertentu 3. Mendorong professional judgment dalam aplikasi standar umuminternational accounting Differences : IFRS and U.S.GAAP © Definition differences; definition. differences. can: lead to recognation or mesurement differences |e Recognation differences; apakah, suatu item. diakui atau tidak; bagaimana harus diakui, apakah . sebagai: hutang atau ekuiti; kapan diakui j © Measurement differences; perbedaan dalam jumlah yang a diakui sebagai akibat dari perbedaan mefode yang diwajibkan ; atau perbedaan pedoman dalam aplikasi metode yang sama. i | © Alternatives; pilinan altenatif mefode ? i | © Lack of requirements or guidance. ls Presentation differences. ( 7 © Disclosure differences. | (Inventories J _ SSS | 6 IFRS | © LIFO tidak diperkenankan © Lower of Cost or Net Realizable Value (LCNRV): IFRS : NRV = Est. Selling price — Est Cost of Completion to make the sales. ¢ Jika Sales price meningkat maka penurunan nilai di-reverse: US GAAP. ¢ Dalam metode LCM ; market adalah Replacement cost dengan NRV sebagai ceiling dan Floor (NRV-normal profit margin) LL © Jika Sales price meningkat tidak boleh direverse. (Jinternational accounting Inventories cH Se See Contoh aplikasi LCNRV. | Data inventory PT X 31 Desember 2015 Historical Cost 0... $1,000.00 Replacement Cost -......-- ; 800.00 Estimated Selling Price 880,00 Estimated cost to complete and sell 50.90 ie Net Realizable Value ‘ _830,.0 >| Ceiling | Normal Profit Margin : 15% 124.50 | NRV—NPM @ 705.50) Floor | FSS PT (= Inventories Berdasarkandeiatersebut!| ===SOSOS*~*~CS«~S JERS : | Karena NI dari inventory her diturunkan § 170 agar sama dengan NRV. dengan jurnal i Inventory loss ...... $170 3 Inventory . $170 i US GAAP | a Market adalah RC $800, karena berada diantara NRV (ceiling price) $830 dan NRV-NPM (floor price) $705,50. sehingga penurunan inventory $200 (HC-RC), dengan jumal Inventory loss .. seve $200 inventory $200international accounting inventories Dengan asumsi data per 31 Maret 2016, sbi Data inventory PT X 31 Maret 2016: t Carrying amount “IFRS... $ 830,00 | : Carrying amount = US: GAAP... $__800.00 : Replacement Cost’ oases 900,00 i Estimated Selling Price ........ 980,00 ? Estimated cost fo complete and sell 50,00 Net Realizable Value .......... —930,0> | i Normal Profit Margin : 15% 139,50 NRV- NPM 730, Berdasarkan data tersebut (31 Maret 2016): IFRS: Karena NRV lebih tinggi dari Carrying Amount, maka nilai inventory harus dinaikkan $100, agar sama dengan NRV ($930) dengan jurnal Inventory : $100 US.GAAP Market adalah RC $900, karena Carrying amount $800 lebih kecil dari RC maka | Recovery of Inventory loss (increase in income)... $100 Carrying amount tetap $800, dan tidak periu dilakukan adjustment. [IFRS memperiakukan HC $1,000 digunakan untuk aplikasi LO or NRV selama | periods inventory dimitiki (belum cijual), sedangkan US GAAP nilai inventory yang | telah difurunkan (carrying amount) menjadi cost baru bagi periode berikutnya. (2international accounting Property, Plant, and Equipment (PPE) “SIAS 16, Property, Plant, and Equipment, provides guidence for the following aspects of accounting for fixed assets 1. Recognation of initial costs of property, plant, and equipment. 2. Recognation of subsequent costs 3, Meassurement of initial recognation. 4, Measurement after initial recognation, 5, Depreciation | 6. Derecognation (retirements and disposals) | Property, Plant, and Equipment (PPE) | 4. Measurement at Initial Recognation = Initial cost maupun subsequent costs PPE harus diakui sebagai asset jika: 1) Mempunyai future economic benefit yang akan mengalir ke dalam, perusahaan 2) Cost dapat diukur secara wajar (measurable) = Replacement of part dari asset harus dikapitaliasi jika persyaratan (1) dan (2) diatas dipenuhi dan Canying amount dari part yang direpiacod harus derecognized (remove from the accounts) + PPE cost terdiri dari (1) purchase price, including import duties and taxes; (2) all costs directly attributable in bringging the asset to the location and condition necessary foritto perform as intended; and (8) an estimate of the cost of ie dismantling and removing the asset and restoring the site in which itis located, Ainternational accornting _ Property, Plant, and Equipment (PPE) _ 2. Recognation of initial and Subsequent Cost PT X membeli Truck $150,000; useful life 20 tahun: Pada akhir tahun: ke 6, power train harus diganti dengan cost $35.000;'Sisa-umus 14 tahun tetap layak’ dengan penggantian power train- yang. baru: Power train harus. dikapitalisas! Karena memenuhi syarat untuk dikapitalisas! (mempunyai.futtire economic benefitdan measurable). Cost original power train harus diestimasi, diasumsikan Kenaikan harga power train 5% pertahun, Estimasi cost original adalat: $26.117 ( $35.000/1.05 .) Jurnal Replacement power train Truck ee . even $36,000 Cash . : eens $95.00 | Expense .. $26.117 Truck $26.117 (s] |_ Property, Plant, and Equipment (PPE) Disimanting anc val Costs PT X mambangun Gedung fasiltes produksi $3,000,000; yang teri dari Gedung $100,000 ddan Mosin dan peralaian $2000.000. Perda setompat mewalkan perusahaan melaksanakan dismantling and removing, pada akhir manfsat fasitas tersebut. Estinasi PT X alas biaya diemantling gedung (setelah dicrangi nilal jual recidu);$400.000. removal peralatan $100,000 Useful life fasts 20 lehun. PT X merigapmeken discount rale 10% untuk monghitung present vale. Present value factor 0.14884 (1/1024) Perhitungen adalah sebagai berkut Construction cost ... a '$4000.000 PV of dismantling and removal costs (6400,000 x 614864) 59.457 ‘otal cast of building 5 iachinery-and equipment } i Sere ee cect PRADO | Pre onating and vena cos (100000 8.16868), ea “il conto achay ae ease sidiates sana Bina sent PENSE Noche adele 2oiaae (1s asm $000,000 Provision for dismantling and removal (long-teir Labi) .international accounting Property, Plant, and Equiprent(PPE) | Measurement Subsequent (6 initial Recognation IAS 16 allows two treatments for reporting fixed assets on balance sheet subsequent to thelr acquisition (AyThe Cost Model items PPE s cartied on the balance sheet af costless accumulated depreciaion and any ‘accumulated impairment loss (model yang dianut US GAAP) (2) The Revaluation Modo! ‘tems PPE ic carried at 2 revalued amount, measured as fair value at date of ‘evaluation, less any subsequent accumulsted depreciaion and any accumulated impairment loss * Jika perusahaan memilih Model Revaluasi, maka revalvasi harus cibuat cukup sering ‘agar Carrying amount tidak begitu berbeda dengan rilai Fair value dari asset ybs. * Kenaikan akibat revaluasi dicatat pada akun” Revaluation surplus * Komponen equity (Other Comprehensive Income). * Penurunan akibat revakiasl, pertama dkurangkan pada ‘Revaluation suplus” fke| |( yy penurunan lebih besar dari surplus maka selsihnya di akui sebagai expense. | = Akun Revaluation Surplus, diransfer ke Retained Gaming pada saat penjualan asset | ate aeneme S40 tenting yang merupakan Property, Plant, and Equipment (PPE) ‘Accumulated Depreciation IAS 16 allows two treatments for Accumulated depreciation when a class of PPE is (1) Restated The Accumulated Depreciation proportionately with the change in the {gross carrying amount of the assets so that the carrying amount of asset after | revaluation equals its revalued amount. (@) Eliminate the Accumulated Depreciation against the gross carrying amount of the asset, and restate the net ammount to the revalued amount of the asset. = Example: 31 Desember 2016, PT X mempunyai Gedung dengan cost $1,000,000; Accumulated Depreciation $600.00, dan Carrying amount $400,000. Market value Gedung per 31 Desember 2016 : $750,000. PT X ( ‘melakukan revaiuasi gedung dengan nilai $750,000. 8international accounting { Property, Ptant, and Equipment(PPE) | (1) Restaied The Accumulated Depreciation, PT X harus me restated akun Gedung dan akun Accumulated depreciation dengan ratio Net Carrying amount to gross Carrying amount adalah 40% ($400,000/81,000,000) dan Net carrying amount $750.000 Orininal Cost. Revaluation __Total__% Gross carrying amount. $1,000,000 + $875,000 = $1.875,000 100% Accumulated depreciation 600,000 + 525.000 = 1,125,000 80% Net carrying amount $400,000 + $350,000 = $ 750,000 40% | sornal BUIIDEAg een ne : $875,000 | Accumulated Depreciation — Building 525,000 | Revaluation surplus 350,000 (eetu merevaiuasi Bultng dan Accumulated Depreciation) ; Pant, and Equipment (PPE) Ji) Eliminated The accumulated Depreciation, Selo Accurate depen $600,009 kein dl snes! dengan san Bung den Kemer skin Buldng dalton $380 C00 setingga Netcanyng amount mene 750,00 | Original Cost Revaluation _Total_% | Gross carrying amount $1,000,000 + $875,000 = $1.875,000 100% ‘Accumulated depreciation 600.000 + 525,000 = 1125000 60% Net carrying amount... umal $400,009 + $360,000 = $ 750,009 40% | Acoumiated Depreciation - Bulging : $600,000 | euiaings ‘ a $600,000 (ut engines Aosumvsted Depecton Bure) BUN oe oe $350,000 Reveluston BuPMB csvset $280,000 (untuk meroveluasi Buikings) 10international accounting INTERNASIONAL FINANCIAL REPORTING STANDARDs (IFRS) PART2 International accounting. Investment Property * IAS 40, Investment Property, prescribes the accounting treatment for investment property, which is defined as land and/or building held to earn rentals, capital appreciation, or both + Enfitas boleh menggunakan model cost atau mode! revaluasi | seperti pada PPE, tetapi perubahan akibet fair value diakui | ‘sebagai gains or loss in current income, bukan dicatat sebagai Revaluation surplus seperti pada PPE. * US GAAP generally requires use of cost model for investment property.international accounting rment of Assets IAS 36, Impairment of Assets, reduires impairment testing and recognation of impairment losses for PPE; intangible assets; Goodwill, and investmentin Subsidiaries, associates, and joint ventures. It does not apply to Inventory; Construction in progress; Deferred tax assets, Employee benefit assets, or financial assets Such as accounts and notes receivable. > US GAAP also requires impairment festing of assets, but not annually, Events that might indicate an asset is impaired are: «External events, such as a decline in. market value, increase’ in market interest rate, or economic, legal, or technological changes that adversely affect the value of an asset. = Intemat events, such as physical damage,. obsolescence, idleness of an. assets, the restructuring of patt of asset, oF the worse-than-expected economic performance of asset, “if indicators of impairment are present, an entity must estimate the recoverable amount of the asset and compare that amount with the asset's) \( carrying amount (book value) Intangible Assets and Goodwill = IAS 36, Intangible of Assets, defines intangible asset as an identifiable, nonmonetary | asset without physical substance held for use in the production of goods or services, for rental to others, or foradministrative purposes. | I a potential intangible asset does not meet definition of asset (future benefit, controiied | and past event) or can not be measured reliably, it should be expensed immediately, unless is obtained in a business combination, such #s goodwil IFRS 3, Business Combination, requires goodwill is recognized only in business combination and is measured as difference between (a) and (b): (@) The consideration transferred by acquiring firm plus any ammount recognized as noncontroliing interest (©) The fair value of net assets acquired (assets ~ liabilities) | When (a) exceeds (0), Goodwill.recognized as an asset, When (a) is less than (b), @ “bargain purchase" or’negative goodwill” iS recognized as a gain in net income by the ( 4 acquiring firm, ainternational accounting Current Liabilities + IAS 1, Presentation of Financial Statements, cequires liabilities to be classified as current or noncurrent. Current labiliies are those liabilities that company: 1) Expects to settle in its normal operating cycle. 2). Holds primarily for the purpose of trading, 3). Expects lo seltle within 12 months of the balance sheet date, 4) Does not have the right to defer until 12 months after the balance sheet date. g i i a > Bank overdrafts: are netted against cash ifthe overdarts from an integral part of the entity's cash management, otherwise bank overdrafts are classified as current liabilities, > Under US GAAP bank overdrafts are always classified as current liabilities. _ Provision [= 188 37, defines Provision as a “Tability’ of uncertain timing or amount. Prov | recognized when 1) The entity has @ present obligation as a result of a past overt. 2) tis possible (more likely than not) that an outfiow of resources embodying economic events wil be recuited fo settle the obigatio. 3) Areliable estimate of obligation can be made. Example : Provision for Ligition Loss PT X dituntut oleh ex karyawannya, ditudun melakukan distsiminasi terhadap keryawan. 3¢ Desember 2015 konsultan hukurn menyatakan bahwa 60% kemungkinan PT X akan wai mmembayar. Total Kemungkinan pembayaran antara $1,000,000 dan $1,500,000. Karena fiagkat Kemunakinannya “possible” (lat 2) maka PT X harus mengakul provisi tersebut, ‘lumlah yang diakui adalah antara $1,000,000 dan $1,500,000 yaitu : $1250.00 ($1,000,000 + $1:500.000) [2 dengan Juial Tahun 2054, Ligition LOSS oo. aesesseeserne a {$1,250,000 (« Provision for Ligition Loss $1,250,000international accounting Provision Pada tahun 2016 PT X menyelesaikan tuntutan ex karyawan dengan jumiah final $1,000,000 berdasarkan ketetapan hukum. Alas pembayaran tersebut PT X $ ‘mencatat dengan jumal sb: i pce eee aac Ee ee tee eee eee z Provision for Ligition Loss . snes $1,250,000 i cash : $1,000,000 : Reversal of Ligition Loss .. ___8 250,000 i = Under US GAAP, a provision probably would not be recognized because the likelihood of incurring a loss in only 60%. if a provision were recognized under US GAAP, it ‘would be for $1,000,000, the low end of range. Provision Example: Onerous Contract | PT Zoro metakukan kontrak sewa bangunan — ‘noncancelable lease" di kota Kingstone, masa sewa 2 tahun (Januari 2016 dan berakhir 31 Desember 2017). Sewa $120,000 per tahun dan secara akuntansi ciklasifikasikan sebagai ‘operating lease’. Tahun 2014 PT Zoro menghentikan operasi di Kingstone dan pindah ke Queenstone. Bangunan tidak dapat di'sublease’kan, yang berarti tidak ada fulure economic-benefit yang dinarapkan dari bangunan tsb. Oleh karona itu sowa 2015 harus dicatat sebagai ‘expenses dan provisi pada 31 Desember 2016, dengan jumal £ i i $120,000 $120,000 Noncancelable Lease Expense Provision for Future Lease Payments,international accounting Revenue Recognation + IAS 18, Revenue, reqiuires revenue to be measured at the fair value of consideration received or receivable. | + IAS 18 provides general principles for recognation and measurement of revenue generate from the sale of goods; rendering service; and interest, royalties, and dividends. “= 5 Kondis! yang harus dipenuhi revenue dari sale of goods: 1) The significant risks and rewards of owmership of goods have been transferred to the buyer | 2) Neither continuing managerial involvement normally associated with ownership nor effective control of the goods sold is retained. 2) The amount of revenue can be measured reliably. 4) Itis probable that the economic benefits associated with the sale will flow to the seller. 5) The costs incurred or to be incurred with respect {o the sale of goods can be measured reliably. Revenues Interest, Royalties, and Dividends = Interest income is recognizes on an effective yield basis. = Royalties are recognized on accrual basis in accordance with the ters of the relevant agreement. = Dividends are recognized when the shareholders’ right to receive payment is established Exchanges of Goods or Services = IFexchange items are similar in nature and value, no revenue (L., no gain oF loss) is | recognized.. = If dissimilar, revenue is recognized al the fair vatue of the goods or services received, adjusted for the amount of any cash paid or received... | = When the fair value of the goods or services received cannot be measured reliably, revenue should be measured as the fair value of the goods or services given up, adjusted for the amount of any cash paid or received z 7 10international accounting Derivatives * Derivatives are financial instruments such as option, forwards futures, and swap whose value change in response to the change ina specified interest rate, financial instrument price, commodity price, foreign exchange rate, index, credit rating, of others variable + IFRS 89 requires derivativesto be rheasured at fairvalue. Receivables (Loans and Receivables) : + IAS 99, requires recivables are measured initially at fair value. Subsequently, they are measured at amortized cost using an effective interest I there are objective evidence that receivable are Impaired, a loss should be recognized. Individually significant receivables are assessed for impairment as portofolio group. = Abad debt loss and provision (atlowarice) for uncollectible receivable is estimated. IAS 39 states that the loss should be measured as difference between the carrying amount of portofolio of receivables and present’ value of future cash flows expected to be received, + Implementation guidence in IAS 39 suggests that tho aging method of estimating the} _|( provision for uncollectible receivables is not appropriate,international accounting International Financial Statement Analysis (ANALIS LAPORAN KEUANGAN INTERNASIONAL) bathaglarsyad tintang 87.440 ~ akuntanslintemasional Analisis Laporan Keuangan Internasional “@ Perbandingan Laporan Keuangan lintas batas menjadi penting ketika melakukan analisis potensi dan kekuatan kéuangan investasi asing langsung (Foreign Direct Investment). » Kebutuhan akan analisis ‘Laporan.Keuangan, Asing meningkat karena kegiatan merjer dan akuisisi internasional semakin banyak > Dengan semakin globalnya bisnis maka.Laporan Keuangan menjadi lebih penting deri masa sebelumnya, karena Laporan Keuangan menjadi dasar untuk analisis persaingan, keputusan kredit, negosiasi usaha dan kontrol perusahaan boihaalarsyad tintang 87.440 ~ akuntans!internasional 2international accounting Peluang dan Tantangan dalam Analisis Lintas batas [ > Dalam membandingkan perusahaans yang berasal dari dua negara aiau lebih, banyak hal yang akan menjadi tantangan bagi analis > Sejumiah negara mempunyai perbedaan yang sangat besar dalam prakstikc akuntansi, Kualitas Pengungkepan, Sistem hukum dan UU, Sifat dan Ruang lingkup Resiko usaha dan Cara menjalankan usaha > Para analis sering mendapatkan. kesulitan: dalam mengumpulkan informasi yang diperlukan untuk negaras tertentu. > Dengan mengglobainya Pasar Modal, Kemajuan TI dan Kompetisi artar | Pemerintah Nasional, Bursa Efek ‘dan Perusahaan untuk .menarik Investor, telah memberikan INSENTIF bagi perusahaan K memperbaiki Pelaporan Keuengan Eksternal mereka. > Globalisasi menyebabkan analisis yang terlalu domistik kurang relevan. Ketergantungan satu sama lain makin meningkat dan. tidak ada perusahaan yang dapat menghindar dari peristiwa yang terjadi di seluruh dunia ‘aihataryd nang @7A40 ~ antl trea : 4 Kerangka Dasar Analisis Usaha *Menurut Palepu, Berard dan Healy, dalam menganalisis Usaha MNEs harus memperhatikan 4 kerangka dasar yaitu 1. Analisis strategi usaha internasional 2. Analisis akuntansi 3. Analisis kevangan internasional 4, Analisis prospek internasional atta sradtinane, 2740 ~ akin bfaicalinternational accounting © Analisis Strategi Usaha Intemasional © Analisis ini memberikan informasi yang terkait dengan lingkungan ekonomi MNE ‘e Dalam ahalisis ini analis berupaya mengidentifikasi faktors pendorong Laba dian Resiko Usaha yang Utama, tujuannya adalah untuk membuat peramalan yang realists # Prosedur standar untuk mengumpulkan informasi dalam analisis strategi usaha. meliputi pemeriksaan Laporan Tahunan dan Penerbitans perusahaan lainnya, Berdiskusi dengan staf perusahaan, Analis dan Profesional tainnya “e Sutnber, informasi’ tambahan yang dapat digunakan_meliputi internet, Kelompok dagang, Pesaing, Konsumen, Reporter, Pelobi, Regulator ‘dan Pers bisnis bagi asad tang 87.440 ~ abuntansetenasonal Keterbatasan Informasi Untuk beberapa negara, analisis strategi usaha sulit dilakukan karena Kurang andalnya informasi mengenai perkembangan makro ekonomi, Sebagai contoh; Meksiko 1994/1995 karena krisis mata uang pemerintah menyembunyiken informas! mengenai cadangan divisanya yang bert dan meledaknya jumiah uang beredar. Rekomendasi untuk melakukan analisis > Informasi tentang negara juga dapat ditemukan dalam “Penerbitan Internasional" yang disebarkan oleh KAP besar, Bank, Broker, Federasi Intemasional Bursa Efek, ete > Resiko yang sangat besar dapat terjadi karena analisis strategi usaha yang tidak memadai (sebagai contoh kastis Parmalat, terjadi kecurangan({raud) dari group perisahaan susu ini yang menyebabkan $13 milyar menguap | dari aktiva perusahaan yang tidak dapat dipertanggung jawabkan, ‘hal ini merupakan kecurangan terbesar dalam sejarah keuangan eropa) ‘etajamndinternational accounting > Tujuan analisis akuntansi adalah untuk menganalisis sejauh mana . ,hasil,yang dilaporkan.perusahaan.mencerminkan realitas ekonomi ‘Arialis‘perlu Miéngevaluasi Kebijakan dan Estiiasi Akuntansi, serta Sifat dan Fleksibilitas akuntansi suatu perusahaan || -Arialis.narus,. menyesuaikan “angka yang’ dilaporkan untuk’ ighghilangkan distorsi. yang. disebabkan pengaungen metode ‘akuntansi yang menurut analis tidak layak > _ Karena Laba sering digunakan untuk menila | Kineria manaler, maka ada’ "kecendrung: ‘untuk memilin’ metode akuntansi yang _| menghasilkan laba tinggi a intang. 87.440" -akuntahntenasional Healy dkk menyarankan proses berikut’ dalam melakukan evaluasi Kualitas akuntansi suatu'perusahaan : . Identifikasikantah Kebijakan Akuntansi Utama 2. Analisislah Fleksibilitas Akuntansi 3. Evaluasi Strategi Akuntansi 4,, Evaluasi Kualitas Pengungkapan 5. . Indentifikasi. _ potensi-. terjadinya..masalah ,... (seperti penghapusan Aktiva’ dalam jumlah. besar..yang_ tidak ‘otha’ oreyod tntang 87.€40: akuntaalinterrasionatinternational accounting Dua issu utama yang menjadi tantangan dalam analisis akuntansi dalam lingkungan internasional : 1. Perbedaan antar negara dalam kualitas’ Pengukuran, Pengungkapan dan Audit © 2. Kesulitan dalam memperoleh informasi yang diperlukan untuk melakukan analisis akuntansi Saran untuk para Analis. j © Dalam melakukan analisis’ terhadap perusahaan’ di. negara Pasar Berkenibang, analis harus.seseting muhgkin ‘bertemu dan berdiskusi dengan “manajemen untuk ' mengevaluasi insentif pelaporan keuangan dan kebijakan akuntansi mereka. boihogiersyad intang, 87.480 ~ akuntantinterasonat © Analisis Keuangan Intemasional Tujuan analisis ini adalah untuk mengevaluasi kinerja perusahaah pada masa Kini dan alu dan untuk menilai epakah kineja dapat dipertahankan is Rasio dan an: dalam analisis keuangan Analisis Rasio Y Dua masalah yang harus dibahas ketika metakukan: analisis rasio dalam lingkungan internasionat z © Apakah perbedaan. lintas. negara dalam... Prinsip_ Akuntansi menyebabkan perbedaan yang signifikan dalam angka Laporan Keuangan 7 * et © Seberapa jauh perbedaan dalam budaya serta koncisi persaingan dan ekonomi lokal mempengaruhi interpretasi ukuran’ akuntansi dan rasio keuangan, meskipun pengukuran. akuntansi dari negara: yang berbeda disajikan ulang agar tercapai'daya banding akuntansi” Arus Kas akan alat yang penting taihagiansyadiintang 87.480 ~ suntan intenasionai ainternational accounting > Bukti menunjukkan adanya perbedaan’ bésar antar negara dalam Profitbilitas, Pengungkit (laverage), dan Rasio serta jumlah Laporan Keuangan lainnya yang berasal .dari.faktor akuntansi dan non-akuntansi... Nilai. median..Laba..Bersih di Inggris dan Amerika lebih besar dari Jerman dan Jepiang Ukurans yang berkaitan dengan Arus Kas ‘sangat bermanfaat |, khususnya dalam analisis intemasional, karena Ars, Kas tidak’ jalu dipengaruhi oleh perbedaan prinsipakuntansi,..bila dibandirigkan dengan ukurans bé isis aba nator ean 97K - aint nterso @analisis Prospeltif Internasional Analisis Prospektif mencakup tahap : Peramatan dan Penilaian : Analis membuat peramalan tentang propek perusahaan berdasarkan Strategi usaha, Gatatan akuntansi dan Analisis keuangan: Ramalan menjawab pertanyaans: “ : © Bagaimana perubahan ’strategi_usaha dapat “metnpengaruhi volume penjualan dan laba dimasa datang 2° 3" : Apakah perusahaan barus ini menerapkan kebi baru yang. membuat, laba__kelihatan ., lebil ~ konsekuensi laba tahun depan menjadi lebih ¢e/Apakah: hubungan keuangan’ yang iterlihat akan terus'berlanjut™'s« e ‘akuntansi ik, ,.dengan Sika ea wg 0" ei rainternational accounting Penilaian © Pada saat melakukan_ penilaian, analis mengubah Ramalan| kuantitatif menjadi suatu Estimasi Nilai Perusahaan © Penilaian digunakan dalam banyak keputusan usaha, seperti Rekomendasi Investasi, Merjer, Mengestimasi nilai perusahaan yang menjadi target © Para pakar penilaian internasional memperingatkan para analis yang) melakukan analisis prospektif internasional sebagai berikut “sefiap aturan yang telah anda pelajari di negara asal anda menjadi tidak berlaku di luar negeri” 9 Fluktuasi kurs, perbédaan akuntansi, perbedaan praktik dan kebiasaan bisnis, perbedaan Pasar Modal, etc, memiliki pengaruh yang sangat besar terhadap Peramalan dan Penilaian Internasional, ‘aig eryadintang 67440 ~ akuntarsinterasional ISSU LEBIH LANJUT Keempat tahap analisis usaha diatas (Analisis Strategi Usaha, —Akuntansi, Keuangan den Prospektif) dipengaruhi oleh faktors berikut: 1) Akses informasi 2) Ketepatan waktu informasi 3) Pertimbangan mata uang asing | 4) Perbedaan dalam format laporan | 5) Hambatan bahasa dan terminologi boiagiarsyedtintang, 87.440 - suntan interasionalinternational accounting | Perbedaan Utama Prinsips Akuntansi Selurun dunia > Perbedaan prinsips akuntansi menyébabkan perbedaan pada Eaming dan| Assets yang dilaporkan i > Perbedaans tersebut dapat dilinat pada Exhibit 4.5. International} Differences in Accounting Principes: Some Key Measurement Issues,; Lee, Fifth Edition Beberapa Measurement basis yang berbeda antar negara antara iain, 2 Historical cost digunckan secara_ konservalif dinegara Germanic (Germany, Switzerland), Latin (France, ttaly, Brazil) dan Asia (China, Japen). ® Depreciation Accounting dinegara Anglo-American dan Nordic cenderung menggunakan, Useful Economic Life, sedangkan Germanic, Latin dan | ‘Asia, peraturan perpajakan mendorong Accelerated method. R & D cost’di negara Anglo-American dan Germanic umumnya langsung diakui sebagai expenses, sedangkan di Negara Nordic, Latin dan Asia lebih fleksibet “The Impact of U.S - U.K Accounting Differences: | A Quantitative Analysis > Pertanyaannya adalah; Adakeh pengaruh kuantitatif| secara keseluruhan atas Earning yang timbul dari perbedaan Accounting Principles antara U.S dan U.K > U.S GAAP sebagai yardstick untuk mengukur Earning yang dilaporkan berdasarkan U.K GAAP bathogaryedinksng 87.440 ~ akurtarsi internationalinternational accounting Pengukuran Index Konservatism dengan rumus Gray : RA - RD Index = 1- RA RA = Adjusted Earnings (or Retum) ~ patokan ukuran RD = Disclosed Eamings — yang diukur Dalam kasus US versus UK maka US GAAP Eamings — UK GAAP Earnings US GAAP Eamings blag) asredintang, 87440 ~ skuntaslinternasionat MI Jika Index value > 1 berarti UK GAAP Earning Kurang Konservative dari AS GAAP @ Jika Index value < 1 berarti UK Earning lebih konservative dari US. @ Jika Index value = 1 berarti tidak ada pengaruh atas perbedaan Prinsip Akuntansi dari kedua negara tersebut ™@ Deminator yang diambil adalah US GAAP Eaming untuk menentukan benchmark dalam komparasi dengan UK GAAP. bathaglarsyadlintang 87.440 akuntanslinternasionalInternational accounting ‘ Contoh Perhitungan > 1.U.K GAAP earnings - Pound: 110 million U.S GAAP earnings Pound : 100 million | | Index: 1- (100 = 140) =H >t | 100 | ‘Thus UK GAAP kurang a dengan US GAAP > 2.U.K GAAP earnings: 90'illion U.S GAAP &&*-ing’ 100 million index: 1-(100 = 90).= <1 400 Thus UK GAAP lebih Konservative dari US GAAP. Partial index of “ Conservatism’ Partial adjustment fH eee C U.S GAAP Earnings » For Example U.K GAAP earings 120 Adjustments for US GAAP; Deferred taxation Goodwillamontization 10