jurnal akuntansi dan bisnis - unud

VOL.2 , NO. 1, J A N U A R l 2007 ISSN 1907 - 3771

JURNAL AKUNTANSI DAN BISNIS P e n g a r u h K o m i t e A u d i t t e r h a d a p K u a l i t a s L a b a

A g u n g SuaPy'eina

T h e E f f e c t o f F r e e C a s h F l o w s to T h e R e l a t i o n s h i p B e t w e e n I n v e s t m e n R e t u r n s , D e v i d e n d P o l i c y , A n d S t o c k R e t u r n s

P. D y a n Y a n i a r t h a S d a n A . A . C P . W i d a n a p u t r a

P r e v e n t i n g B i a s i n T h e B a l a n c e d S c o r e c a r d I m p l e m e n t a t i o n F o r P e r f o r m a n c e A s s e s s m e n t

E k a A r d h a n i S i sda j - an i

P e n g a r u h F u n g s i P e l a t i h a n , P e m o d e l a n P e r a n d a n D u k u n g a n S o s i a l T e r h a d a p K e p u a s a n K e r j a Proteges d a l a m P e m e n t o r a n

E n d a n g R a i n o W i r j o n o

P e r b e d a a n R e a k s i P a s a r S e b e l u m d a n S e l a m a K r i s i s M o n e t e r a t a s P e r b e d a a n P e n g u m u m a n L a b a p a d a P e r u s a h a a n y a n g

T e r d a f t a r d i B u r s a E f e k J a k a r t a M a r i a M . R a t n a S a r i

P e n i n g k a t a n K e e f e k t i f a n K o m i t e A u d i t d a l a m P e l a k s a n a a n T a t a P e n g e l o l a a n P e r u s a h a a n

I P u t u S u g i a r t h a S a n j a y a

M e n i n g k a t k a n M a n f a a t I n f o r m a s i A k u n t a n s i A k i b a t K e t e r b a t a s a n L a p o r a n K e u a n g a n u n t u k P e m b u a t a n K e p u t u s a n I n v e s t a s i

I M a d e S u k a r t h a '

P e n g a r u h Fee A u d i t , U k u r a n K a n t o r A k u n t a n P u b l i k , d a n L a m a n y a P e n u g a s a n A u d i t t e r h a d a p I n d e p e n d e n s i P e n a m p i l a n A u d i t o r

( S t u d i K a s u s p a d a A u d i t o r y a n g B e k e r j a d i K a n t o r A k u n t a n P u b l i k W i l a y a h Bal i )

I d a A y u S u r y a A n t a r i d a n I D e w a N y o m a n B a d e r a

A n a l i s i s P e n g a r u h R a s i o L i k u i d i t a s , Leverage, A k t i v i t a s , d a n P r o f i t a b i l i t a s t e r h a d a p Return S a h a m

( S t u d i p a d a P e r u s a h a a n M a k a n a n d a n M i n u m a n d e n g a n K a t e g o r i I n d u s t r i B a r a n g K o n s u m s i d i B u r s a E f ek J a k a r t a )

1 G. K. A. Ulupin

P e n g a r u h K e m a j u a n T e k n o l o g i I n f o r m a s i t e r h a d a p P e r k e m b a n g a n A k u n t a n s i

N a n i e k N o v i a r i

JURUSAN AKUNTANSI FAKULTAS EKONOMI UNIVERSITAS UDAYANA

DENPASAR BALI

MENINGKATKAN MANFAAT INFORv^ASI AKUNTANSI AKIBAT K E T E R B A T A S A N LAPORAN KEUANGAN

UNTUK PEMBUATAN KEPUTUSAN INVESTASI

I MADE SUKARTHA Jurusan Akuntansi

Fakultas Ekonomi, Unu'ersitas Udayana

ABSTRACT " -

Financial report is still one of the most important information for investors in making financial decisions. To be useful for it's user, the accountancy information must have decision usefulnes quality. But still it must be awared thai dccoi'u-tancy report have some limitations that can decrease the benefits being hoped by it's u sers, such as the information are historical contains financial report only, in aggregative value, is served periodically, and can contain biased because of alternative application of accountancy method.

In order that accountancy infonnation can be optimally used by the investor in decision making, process the limitations can be decresed by adding mandatory supplements from the authority, that include supplement of (1) prediction reporting, (2j non-financial information disclosure, (3) financial segment reporting, (4) interim report, and (5) cash flow report.

Keywords: a c c o u n t a n c y i n f o r m a t i o n , financial r e p o r t , f i n a n c i a l r e p o r t l i m i t s , i n v e s t m e n t d e c i s i o n m a k i n g , financial r e p o r t s u p p l e m e n t

I . P E N D A H U L U A N Peran s w a s t a d a l a m p e m b a n g u n a n

e k o n o m i d i I n d o n e s i a d e w a s a i n i s e m a k i n m e n d a p a t t e m p a t . A g a r s e k t o r s w a s t a m a k i n b e r p e r a n d a l a m p e n y e d i a a n d a n a p e m b a n g u n a n u n t u k m e n c a p a i t i n g k a t p e r t u m b u h a n e k o n o m i y a n g d i h a r a p k a n , m a k a d u k u n g a n p e n i n g k a t a n s e k t o r k e u a n g a n seperti p e r b a n k a n , l e m b a g a k e u a n g a n b u k a n b a n k , a s u r a n s i , m o d a l Ventura, d a n p a s a r m o d a l p e r l u d i u p a y a k a n .

P e m e n u h a n k e b u t u h a n d a n a u n t u k m e m b i a y a i a k t i v i t a s u s a h a p e r u s a h a a n d a p a t d i t e m p u h d e n g a n b e r b a g a i u p a y a . S a l a h s a t u u p a y a y a n g d a p a t d i l a k u k a n a d a l a h m e n a r i k d a n a m e l a l u i e m i s i s a h a m d i p a s a r m o d a l . D i p i h a k l a m p a r a p e m i l i k

VOL.2, NO. 1, JANUARl 2007

m o d a l a k a n m e n g a m b i l k e p u t u s a n i n v e s t a s i m e l a l u i a n a l i s i s m e n d a s a r m e n g e n a i k o n d i s i k e u a n g a n p e r u s a h a a n d a n p e r k e m b a n g a n n i l a i s a h a m p e r u s a h a a n - p e r u s a h a a n y a n g d i a n a l i s i s . A n a l i s i s m e n d a s a r b i a s a n y a d i m u l a i d e n g a n a n a l i s i s h i s t o r i s a t a s l a p o r a n k e u a n g a n d e n g a n t u j u a n u n t u k m e n g e t a h u i k e k u a t a n d a n k e l e m a h a n p e r u s a h a a n , m e n g i d e n t i f i k a s i k a n p e r k e m b a n g a n , m e n g e v a l u a s i e f i s i ens i o p e r a s i o n a l , s e r t a m e m a h a m i s i f a t d a n o p e r a s i p e r u s a h a a n .

I n f o r m a s i p e n t i n g y a n g d i p e r l u k a n d a l a m m e l a k u k a n a n a l i s i s m e n d a s a r a d a l a h i n f o r m a s i a k u n t a n s i d a l a m l a p o r a n k e u a n g a n p e r u s a h a a n v a n g b e r s a n g k u t a n . H a l i n i s e s u a i d i - n t j a n t u j u a n p e l a p o r a n d a n l a p o r a n

~ ~ AUDI m

k e u a n g a n p e r u s a h a a n m e n u r u t A m e r i c a n A c c o u n t i n g A s s o c i a t i o n ( 1 9 6 6 ) , A c c o u n t i n g P r i n c i p l e B o a r d ( 1970 ) , F i n a n c i a l A c c o u n t i n g S t a n d a r d B o a r d ( 1978 ) , d a n K o m i t e PAI ( 1999 ) . A g a r i n f o r m a s i a k u n t a n s i d a p a t b e r m a n f a a t b a g i p e m a k a i n y a , m a k a i n f o r m a s i a k u n t a n s i h a r u s m e m i l i k i m u t u " b e r m a n f a a t u n t u k p e n g a m b i l a n k e p u t u s a n " (decision usefidness).

A k a n t e t a p i , t e t a p h a r u s d i s a d a r i b a h w a l a p o r a n k e u a n g a n y a n g d i s u s u n o l eh p e r u s a h a a n m e n g a n d u n g b e b e r a p a k e t e r b a t a s a n y a n g d a p a t m e n g u r a n g i m a n f a a t y a n g d i h a r a p k a n o l e h p e m a k a i n y a . K e t e r b a t a s a n -k e t e r b a t a s a n t e r s e b u t s e p e r t i i n f o r m a s i y a n g d i s a j i k a n l a p o r a n k e u a n g a n a d a l a h i n f o r m a s i m a s a l a l u , i n f o r m a s i y a n g d i s a j i k a n h a n y a i n f o r m a s i finansial, b e n t u k i n f o r m a s i a d a l a h a g r e g a t i f , l a p o r a n d i s a j i k a n s e c a r a p e r i o d i k , d a n i n f o r m a s i y a n g t e r s a j i d a p a t m e n g a n d u n g b i a s k a r e n a p e n e r a p a n a l t e r n a t i f m e t o d e a k u n t a n s i .

I I . T I N J A U A N T E O R I

2 .1 L a p o r a n K e u a n g a n

L a p o r a n k e u a n g a n a d a l a h b a g i a n d a r i p r o s e s p e l a p o r a n k e u a n g a n y a n g m e r u p a k a n s a r a n a u t a m a u n t u k m e n g k o m u n i k a s i k a n i n f o r m a s i k e u a n g a n k e p a d a p i h a k - p i h a k p e m a k a i . L a p o r a n k e u a n g a n m e n y a j i k a n k o n d i s i d a n k i n e r j a k e u a n g a n p e r u s a h a a n , y a n g s e c a r a u t u h d i s a j i k a n o l e h m a n a j e m e n p e r u s a h a a n . L a p o r a n k e u a n g a n y a n g l e n g k a p b i a s a n y a m e l i p u t i :

1) n e r a c a

2) l a p o r a n l a b a - r u g i

3) l a p o r a n p e r u b a h a n e k u i t a s .

4) l a p o r a n a l i r a n k a s ; d a n

5) c a t a t a n a tas l a p o r a n k e u a n g a n

( K o m i t e SAK , 1 9 9 9 : p a r a g r a f

07 ) .

T u j u a n l a p o r ^ ^ k e u a n g a n p a d a m u l t m y a a d a l a h m e n y e d i a k a n i n f o r m a s i t e n t a n g p e l a k s a n a a n k e p e n g u r u s a n m a n a j e m e n k e p a d a p a r a p e n y e d i a d a n a . U n t u k p r a k t i k d i I n d o n e s i a t u j u a n i n i p a d a a w a l n y a t e r u t a m a u n t u k k o p e r a s i , B U M N , d a n p e r s e r o a n t e r b a t a s k a r e n a d a l a m R a p a t U m u m P e m e g a n g S a h a m d a n R a p a t A n g g o t a T a h u n a n p e n g e l o l a r n e m p e r t a n g g u n g j a w a b k a n p e n g e l o l a a n n y a d e n g a n m e n y a m p a i k a n l a p o r a n k e u a n g a n t a h u n a n . N a m u n , d a l a m p e r k e m b a n g a n n y a b a n y a k p e r u s a h a a n b a i k s w a s t a m a u p u n B U M N y a n g m c n j u a l s a h a m n y a k e p a d a p u b l i k . D e n g a n d e m i k i a n , m a k a t u j u a n l a p o r a n k e u a n g a n u n t u k m e n y e d i a k a n i n f o r m a s i e k o n o m i k t e n t a n g s u a t u b a d a n u s a h a y a n g b e r m a n f a a t u n t u k p e m b u j i t a n k e p u t u s a n e k o n o m i k t e r u t a m a i n v e s t o r d a n k r e d i t o r j u g a m a k i n m e n j a d i p e n t i n g .

2 . 2 M a n f a a t I n f o r m a s i A k u n t a n s i u n t u k I n v e s t o r

I n v e s t o r h a r u s m e m u t u s k a n b a g a i m a n a m e n g a l o k a ^ i f k a n d a n a a n t a r a k o n s u m s i w a k t u s e k a r a n g d a n i n v e s t a s i . U n t u k k e p e n t i n g a n i t u i n v e s t o r m e m b u t u h k a n i n f o r m a s i y a n g a k a n m e m b a n t u d a l a m m e n i l a i a l i r a n k a s w a k t u m e n d a t a n g p e r u s a h a a n -p e r u s a h a a n t e r t e n t u (Beaver , 1 9 8 9 ) . P a r a i n v e s t o r m e m p u n y a i p e r b e d a a n d a l a m s c l e r a , k e s e j a h t e r a a n , k e y a k i n a n , j a n g k a u a n p a d a i n f o r m a s i k e u a n g a n , d a n k e t e r a m p i l a n d a l a m m e n g i n t e r p r e t a s i k a n i n f o r m a s i k e u a n g a n .

K e b a n y a k a n a h l i d i b i d a n g a k u n t a n s i k e u a n g a n , b a i k s e c a r a e k s p l i s i t m a u p u n i m p l i s i t m e n g a n g g a p b a h w a t u j u a n u t a m a p e l a p o r a n k e u a n g a n a d a l a h m e n y e d i a k a n i n f o r m a s i k e p a d a p e m e g a n g s a h a m u n t u k m e m b a n t u m e r e k a d a l a m m e n g a m b i l k e p u t u s a n m e n y a n g k u t m e m b e l i - m e n j u a l - m e n a h a n s a h a m

64 MENINGKATKAN MANFAAT INFORMASI AKUNTANSI AKIBAT KETERBATASAN LAPORAN KEUANGAN UNTUK PEMBUATAN KEPUTUSAN INVESTASI

y a n g d i p e r d a g a n g k a n d i b u r s a s a h a m . U n t u k k e p e n t i n g a n t e r s e b u t b e b e r a p a t e o r i p e r l u d i k e m u k a k a n s e p e r t i t e o r i n i l a i i n t r i n s i k , h i p o t e s i s p a s a r y a n g e f i s i en , d a n t e o r i m a n a j e m e n p o r t o f o l i o ( H e n d r i k s e n , 1 9 9 0 ) .

2 . 2 . 1 T e o r i N i l a i I n t r i n s i k

K a r e n a a d a n y a k e t i d a k p a s t i a n k o n d i s i e k o n o m i d a n k e b e r h a s i l a n a t a u k e g a g a l a n p e r u s a h a a n t e r t e n t u , p a r a i n v e s t o r m e m p u n y a i h a r a p a n y a n g b e r b e d a m e n g e n a i a k i b a t k e u a n g a n a t a s i n v e s t a s i m e r e k a p a d a s a h a m s u a t u p e r u s a h a a n . N i l a i i n t r i n s i k s a h a m i a l a h n i l a i y a n g d i p a n d a n g i n v e s t o r m e r u p a k a n n i l a i s a h a m d a n n i l a i t e r s e b u t a k a n d i c e r m i n k a n d a l a m h a r g a p a s a r n y a b i l a p a r a i n v e s t o r l a i n n y a m e n c a p a i s i m p u l a n y a n g s a m a .

U n t u k m e n e n t u H a n n i l a i i n t r i n s i k d a p a t d i l a k u k a n d e n g a n p e n d e k a t a n d i v i d e n y a n g d i d i s k o n t o k a n d a n l a b a y a n g d i d i s k o n t o k a n ( M i l l e r d a n M o d i g l i a n i , 1 9 6 1 ; R a d c l i f f e , 1 9 8 7 ) . U n t u k k e p e r l u a n i n i , i n f o r m a s i a k u n t a n s i m e r u p a k a n s a l a h s a t u i n f o r m a s i y a n g d i g u n a k a n . S e o r a n g i n v e s t o r a k a n m e m b e l i s a h a m b i l a i a y a k i n b a h w a n i l a i i n t r i n s i k s a h a m t e r s e b u t l e b i h b e s a r d a r i p a d a h a r g a p a s a r n y a .

2 . 2 . 2 H i p o t e s i s Pa sa r E f i s i e n

H i p o t e s i s p a s a r y a n g e f i s i e n m e n y a t a k a n b a h w a p a s a r s e k u r i t a s a d a l a h ef is ien b i l a h a r g a - h a r g a s e k u r i t a s m e n c e r m i n k a n s e m u a i n f o r m a s i y a n g t e r s e d i a s e c a r a p e n u h d a n s e g e r a . J a d i , e f i s i e n s i p a s a r m e n c e r m i n k a n h u b u n g a n a n t a r a h a r g a - h a r g a s e k u r i t a s d a n b e r b a g a i j e n i s i n f o r m a s i t e r m a s u k i n f o r m a s i a k u n t a n s i .

T e r d a p a t t i g a b e n t u k p a s a r y a n g e f i s i e n , y a i t u s e b a g a i b e r i k u t . (1) B e n t u k l e m a h , h a r g a - h a r g a s e k u r i t a s m e n c e r m i n k a n s e m u a i n f o r m a s i

y a n g ad/5ppada c a t a t a n h a r g a p a d a w a k t u y a n g l a l u . (2) B e n t u k s e m i k u a t , h a r g a - h a r g a s e k u r i t a s t i d a k h a n y a m e n c e r m i n k a n i n f o r m a s i p a d a w a k t u y a n g l a l u , t e t a p i j u g a s e m u a i n f o r m a s i y a n g d i p u b l i k a s i k a n . P a r a p e n e l i t i t e l a h m e n g u j i k e a d a a n i n i d e n g a n m e l i h a t p e r i s t i w a - p e r i s t i w a t e r t e n t u s e p e r t i p e n g u m u m a n l a b a d a n d i v i d e n , p e r k i r a a n t e n t a n g l a b a p e r u s a h a a n , p e r u b a h a n p r a k t i k - p r a k t i k a k u n t a n s i , merger, p e m e c a h a n s a h a m . K e b a n y a k a n i n f o r m a s i i n i d e n g a n cepat d i c e r m i n k a n d a l a m h a r g a s a h a m . (3) b e n t u k k u a t , h a r g a - h a r g a s e k u r i t a s t i d a k h a n y a m e n c e r m i n k a n s e m u a i n f o r m a s i y a n g d i p u b l i k a s i k a n , t e t a p i j u g a i n f o r m a s i y a n g d a p a t d i p e r o l e h d a r i a n a l i s i s f u n d a m e n t a l t e n t a n g p e r u s a h a a n d a n p e r e k o n o m i a n . D a l a m k e a d a a n s e m a c a m i n i p a s a r m o d a l a k a n s e p e r t i r u m a h l e l a n g y a n g i d e a l d i m a n a h a r g a s e l a l u w a j a r d a n t i d a k a d a i n v e s t o r y a n g m a m p u m e m p e r o l e h p e r k i r a a n h a r g a s a h a m y a n g l e b i h b a i k ( H u s n a n , 1990 ) .

2 . 2 . 3 T e o r i P o r t o f o l i o

T e o r i p o r t o f o l i o m e n y a t a k a n b a h w a p a r a i n v e s t o r y a n g r a s i o n a l a k a n l e b i h s u k a m e n y i m p a n s e k u r i t a s y a n g m e m a k s i m u m k a n t i n g k a t l a b a y a n g d i h a r a p k a n d e n g a n t i n g k a t r i s i k o t e r t e n t u a t a u m e m i n i m u m k a n t i n g k a t r i s i k o u n t u k m e n c a p a i t i n g k a t l a b a t e r t e n t u y a n g d i h a r a p k a n .

Porto fo l io d e m i k i a n d i s e b u t e f is ien. O l e h k a r e n a i t u , p u s a t p e r h a t i a n y a n g r e l e v a n b a g i p e n g a m b i l k e p u t u s a n a d a l a h d a m p a k y a n g d i h a r a p k a n d a r i p o r t o f o l i o , b u k a n p r e s t a s i y a n g d i h a r a p k a n d a r i s e k u r i t a s t e r t e n t u . J a d i , p e n g u k u r a n r i s i k o y a n g r e l e v a n b u k a n l a h v a r i a b i l i t a s t o t a l t i a p - t i a p s e k u r i t a s , m e l a i n k a n k o v a r i a b i l i t a s n y a d e n g a n s e k u r i t a s l a i n d i d a l a m p o r t o f o l i o i t u .

VOL.2, NO. 1, JANUARl 2007 AUDI

2 .2 .4 H a r g a S e k u r i t a s d a n I n f o r m a s i A k u n t a n s i

M o t i V a s i u n t u k m e l a k u k a n p e n e l i t i a n h a r g a s e k u r i t a s m e n g a c u p a d a a s u m s i b a h w a i n f o r m a s i t e n t a n g l a b a d a p a t m e n g u b a h k e y a k i n a n i n v e s t o r t e n t a n g n i l a i s e k u r i t a s (Beaver, 1989 ) . O l e h k a r e n a i t u a k a n t e r d a p a t h u b u n g a n a n t a r a h a r g a s e k u r i t a s d e n g a n l a b a b i l a i n v e s t o r b e r u b a h k e y a k i n a n n y a k a r e n a m e m a n d a n g l a b a d a p a t m e m p e n g a r u h i n i l a i s e k u r i t a s .

L a b a m e r u p a k a n s u a t u s u m b e r i n f o r m a s i y a n g d i g u n a k a n i n v e s t o r d a l a m proses p e n i l a i a n s e k u r i t a s , t e t a p i l a b a t i d a k b e r h u b u n g a n l a n g s u n g d e n g a n p r o s e s p e n i l a i a n h a r g a s e k u r i t a s . H a r g a s e k u r i t a s d i p a n d a n g t e r g a n t u n g p a d a h a r a p a n m e n g e n a i k e m a m p u a n p e r u s a h a a n m e m b a y a r d i v i d e n w a k t u y a n g a k a n d a t a n g . D e n g a n d e m i k i a n , t e r d a p a t k e r a n g k a t i g a e l e m e n y a n g m e n g g a r n b a r k a n p r o s e s h u b u n g a n a n t a r a h a r g a s e k u r i t a s d a n l a b a t e r s e b u t , y a i t u (1) h u b u n g a n a n t a r a h a r g a s e k u r i t a s s e k a r a n g d e n g a n d i v i d e n y a n g a k a n d a t a n g , (2) h u b u n g a n a n t a r a d i v i d e n y a n g a k a n d a t a n g d e n g a n l a b a y a n g a k a n d a t a n g d a n (3) h u b u n g a n a n t a r a l a b a y a n g a k a n d a t a n g d e n g a n l a b a s e k a r a n g . K e r a n g k a i n i m e r u p a k a n d a s a r u n t u k m e n j e l a s k a n h u b u n g a n a n t a r a h a r g a s e k u r i t a s d e n g a n l a b a .

B e b e r a p a p e n e l i t i a n e m p i r i s t e l a h d i l a k u k a n u n t u k m e n g k a j i h u b u n g a n a n t a r a h a r g a s e k u r i t a s d a n l a b a . B a l l d a n B r o w n ( 1 9 6 8 ) m e n e m u k a n h u b u n g a n y a n g b e r m a k n a a n t a r a p e r u b a h a n h a r g a s e k u r i t a s d a n p e r u b a h a n l a b a . B e a v e r et al. ( 1979 ) m e n e m u k a n b a h w a t e r d a p a t s u a t u k o r e l a s i p o s i t i f a n t a r a p e r s e n t a s e p e r u b a h a n l a b a d e n g a n p e r s e n t a s e p e r u b a h a n h a r g a s e k u r i t a s .

I m p l i k a s i t e m u a n i n i m i n i m a l m e n j e l a s k a n s e c a r a t i d a k l a n g s u n g b a h w a t e r d a p a t k o r e l a s i a n t a r a k e j a d i a n - k e j a d i a n y a n g m e m p e n g a r u h i p e r u b a h a n l a b a a k u n t a n s i d e n g a n

p e r u b a h a n h a r g a ^ k u r i t a s . B u k t i m i j u g a k o n s i s t e n d e n g a n p e n d a p a t b a i i w a p e r u b a h a n l a b a £ ikuntansi m e n g a n t a r k a n i n f o r m a s i y a n g m e y a k i n k a n i n v e s t o r u n t u k m e n g u b a h n i l a i s e k u r i t a s .

P e r u b a h a n l a b a a k u n t a n s i d a p a t t e r j a d i k a r e n a adan_\ p e r u b a h a n p e n e r a p a n me t ode a k u n t a n s i w a l a u p u n s e b e n a r n y a p e r u b a h a n l a b a s e p e r t i i n i t i d a k m e n g u b a h k e m a m p u a n p e r u s a h a a n m e m b a j a r d i v i d e n . S t u d i y a n g d i l a k u k a n o l eh Beaver d a n D u k e s ( 1 9 7 3 ) m e n u n j u k k a n b a h w a h a r g a s e k u r i t a s t i d a k t e r g a n t u n g p a d a me tode a l c u n t a n s i y a n g d i g u n a k a n w a l a u p u n l a b a a k u n t a n s i d i p e n g a m h i o l eh me tode y a n g d i p i l i h . S t u d i y a n g d i l a k u k a n ok h A r c h i b a l d ( 1972 ) t e n t a n g p e r u b a h a n h a r g a s e k u r i t a s p a d a saa t p e r u s a h a a n m e n g u b a h m e t o d e p e n y u s u t a n u n t u k t u j u a n l a p o r a n t a h u n a n m e n e m u k a n b a h w a h a r g a s e k u r i t a s t i d a k b e r u b a h a k i b a t p e r u b a h a n m e t o d e p e n y u s u t a n t e r s e b u t w a l u p u n t e r j a d i p e r u b a h a n y a n g l e b i h b e s a r p a d a l a b a .

B e b e r a p a b u k t i e m p i r i s i n i k o n s i s t e n d e n g a n a n g g a p a n b a h w a p e m b a h a n h a r g a s ekur i t a s ter jad i k a r e n a p a r a i n v e s t o r m e m p e ' r t i m b a n g k a n i n f o r m a s i d i l u a r l a b a a k u n t a n s i y a n g d i l a p o r k a n d a n b e r u s a h a m e l a k u k a n p e n y e s u a i a n a k i b a t k e j a d i a n p c i d a .

l a b a y a n g t i d a k m e n j e l a s k a n s e c a r a l a n g s u n g k e m a m p u a n m e m b a y a r d i v i d e n . Proses p e n y e s u a i a n t e r s e b u t t a m p a k m e m a s u k k a n p e n y e s u a i a n u n t u k p e r b e d a a n - p e r b e d a a n l a b a a n t a r p e r u s a h a a n y a n g d i p e n g a r u h i o l e h m e t o d e a k u n t a n s i y a n g b e r b e d a .

H a s i l i n i m e n u n j u k k a n b a h w a ha rga s ekur i t a s b u k a n fungs i da r i metode a k u n t a n s i y a n g d i g u n a k a n . Has i l i n i j u g a m e n u n j u k k a n b a h w a k o r e l a s i h a r g a s e k u r i t a s d a n l aba t i d a k s e m p u m a .

2 . 2 . 5 L a b a d a n A l i r a n Kas

B e b e r a p a s t u d i t e l a h d i l a k u k a n u n t u k m e n g k a j i h u b u n g a n a n t a r a p e r u b a h a n l a b a d a n p e r u b a h a n


a i i r a n k a s d e n g a n p e r u b a h a n h a r g a s c k L i r i t a s , D a l a m p e n g e r t i a n i n i \ a n g d i m . ' i k s i i d d e n g a n a l i r a n k a s l a l a h d a n a u t a m a y a n g d i s e d i a k a n o l e h o p e r a s i y a n g d i u k u r s e b a g a i l a b a d i i a m b a h d e n g a n b i a y a - b i a y a y a n g t i d a k m e n g u r a n g i m o d a l k e r j a s e p e r t i p e n \ u s u t a n , d e p l e s i , d a n a m o r t i s a s i .

B e a v e r d a n D u k e s ( 1 9 7 2 ) m e n e m u k a n b a h w a p e r u b a h a n h a r g a s e k u r i t a s u m u m n y a m e m p u n y a i h u b u n g a n y a n g l e b i h t i n g g i d e n g a n p e r u b a h a n l a b a d a r i p a d a d e n g a n p e r u b a h a n a l i r a n k a s . B a l l d a n B r o w n (1968 ) j u g a m e n g a n a l i s i s p e r u b a h a n a i i i a n k a s d a n m e n e m u k a n b a h w a p e r u b a h a n a l i r a n k a s t i d a k b e r h a s i l s e p e r t i p e r u b a h a n l a b a d a l a m m e m p r e d i k s i k a n p e r u b a h a n h a r g a s e k u r i t a s . S a l a h s a t u k e s u l i t a n d a l a m m e n g i n t e r p r e s t a s i k a n h a s i l s t u d i i n i i a l a h b a h w a v a r i a b e l l a b a d a n a l i r a n k a s c e n d e r u n g b e r k p r e l a s i s a n g a t t i n g g i k a r e n a k e d u a n y a d i e d a r k a n s e c a r a s i m u l t a n . O l e h k a r e n a i t u , h a s i l n y a s u l i t m e m b e d a k a n k a n d u n g a n i n f o r m a s i n y a .

W i l s o n ( 1 9 8 6 ) m e n g k a j i h a l t e r s e b u t p a d a p e r u s a h a a n - p e r u s a h a a n y a n g a l i r a n k a s d a n a l i r a n d a n a n y a d i u m u m k a n s e s u d a h p e n g u m u m a n l a b a . W i l s o n m e n e m u k a n b a h w a i n f o r m a s i t e n t a n g a l i r a n k a s d a n a l i r a n d a n a m e m p u n y a i d a m p a k p a d a p e r u b a h a n h a r g a s e k u r i t a s l e b i h t i n g g i d a r i p a d a p e n g a r u h i n f o r m a s i t e n t a n g l a b a .

2 . 2 . 6 S u m b e r I n f o r m a s i L a i n

S t u d i y a n g d i l a k u k a n B e n s t o n ( 1 9 6 6 ) , B a l l d a n B r o w n ( 1 9 6 8 ) m e n e m u k a n b a h w a b a n y a k p e r u b a h a n h a r g a s e k u r i t a s y a n g b e r h u b u n g a n d e n g a n l a b a t e r j a d i s e b e l u m s a a t p e n g u m u m a n l a b a t a h u n a n . D a m p a k a n t i s i p a s i i n i k o n s i s t e n d e n g a n gagasan b a h w a h a r g a s e k u r i t a s m e n c e r m i n k a n h a r a p a n l a b a . D a l a m k e n \ ' a t a a n n y a h a n y a s e b a g i a n k e c i l t o t a l g e r a k a n

VOL 2, NO. 1, JANUARl 2007

h a r g a sef fCir i tas t e r j a d i d a l a m b u l a n p e n g u m u m a n l aba . Secara k e s e l u r u h a n h a n y a s e k i t a r 10 p e r s e n d a r i g e r a k a n h a r g a s e k u r i t a s t e r j a d i d a l a m bu!r - : - i

p e n g u m u m a n l a b a . K o r e l a s i s e p e r t i d i d e p a n t i d a k

m e n g h e r a n k a n k a r e n a a d a i n f o r m a s i l a i n y a n g d i p u b l i k a s i k a n s e l a m a s a t u t a h u n y a n g m e m u n g k i n k a n p a r a i n v e s t o r m e n g u b a h r a m a l a n m e r e k a a t a s l a b a t a h u n a n b e r d a s a r k a n l a b a t r i w u l a n , d i v i d e n t r i w u l a n s e r t a d a n r a m a l a n l a b a o l e h p a r a a n a l i s d a n m a n a j e m e n . S e p e r t i s t u d i y a n g d i l a k u k a n B r o w n d a n K e n n e l y ( 1972 ) m e n e m u k a n b a h w a p e r u b a h a n h a r g a s e k u r i t a s d a l a m b u l a n s e b e l u m p e n g u m u m a n l a b a t a h u n a n b e r h u b u n g a n d e n g a n p e r u b a h a n l a b a t r i w u l a n . B u k t i i n i m e n j e l a s k a n t e m u a n B e n s t o n ( 1976 ) b a h w a l a b a t a h u n a n t i d a k m e r u p a k a n i n f o r m a s i y a n g t e p a t w a k t u d a n d i d a h u l u i o l e h a l t e r n a t i f s u m b e r i n f o r m a s i y a n g l e b i h t e p a t w a k t u .

S t u d i b e r i k u t n y a t e l a h m e n e l i t i h u b u n g a n i n i d e n g a n m e n g g u n a k a n d a t a h a r i a n . F o s t e r ( 1 9 7 7 ) , B e a v e r d a n M o r s e (19*78) m e n e m u k a n ad-.;:. s e d i k i t p e r u b a h a n h a r g a s e k u r u a s . t e t a p i b e r m a k n a s e c a r a s l a t i s t i l : . y a i t u s e h a r i s e b e l u m d a n p a d a h a n p e n g u m u m a n l a b a .

B e b e r a p a p e n e l i t i a n e m p i r i s s e p e r t i u r a i a n d i d e p a n m e n u n j u k k a n b a h w a l a b a h a n y a m e r u p a k a n s a l a h s a t u i n f o r m a s i y a n g m e m p e n g a r u h i p e r u b a h a n h a r g a s e k u r i t a s . J a d i , pent ing u n t u k d i t e k a n k a n b a h w a b u k t i e m p i r i s t i d a k m e n u n j u k k a n b a h w a h a r g a s e k u r i t a s d i p e n g a r u h i s e c a r a l a n g s u n g o l e h l a b a . D a t a y a n g l a i n s e r i n g m e n y e r t a i p e n g u m u m a n l a b a o l e h p e r u s a h a a n . S e l a m a s a t u t a h u n p e r u b a h a n l a b a m u n g k i n b e r k o r e l a s i t i n g g i d e n g a n i n f o r m a s i l a i n y a n g d i u m u m k a n d a l a m t a h u n t e r s e b u t .

P e r u b a h a n l a b a m u n g k i n m e n u n j u k k a n h u b u n g a n y a n g b e r m a k n a b e r s a m a a n d e n g a n

AUDI \m

p e r u b a h a n h a r g a s e k u r i t a s s e b a b b e r k o r e l a s i d e n g a n d a t a l a i n y a n g m e n y e b a b k a n r e a k s i h a r g a s e k u r i t a s . S a m p a i s e k a r a n g p e n e l i t i a n b e l u m m e n y e l e s a i k a n m a s a l a h i n i s e h i n g g a p e n t i n g n y a i n f o r m a s i t e n t a n g l a b a m a s i h m e r u p a k a n m a s a l a h y a n g t e r b u k a .

I I I . P E M B A H A S A N

3 .1 K e t e r b a t a s a n L a p o r a n K e u a n g a n

P e m a k a i l a p o r a n k e u a n g a n s e h a r u s n y a m e m a h a m i a d a n y a k e t e r b a t a s a n l a p ( j r a n k e u a n g a n , a g a r w a s p a d a d a l a m m e n g g u n a k a n l a p o r a n k e u a n g a n . P e m a h a m a n p e m a k a i a t a s k e t e r b a t a s a n l a p o r a n k e u a n g a n a k a n m e n d o r o n g u n t u k b e r u s a h a m e m p e r o l e h i n f o r m a s i a k u n t a n s i y a n g m e n g a t a s i d a m p a k n e g a t i f d a r i k e t e r b a t a s a n l a p o r a n k e u a n g a n t e r s e b u t u n t u k t u j u a n p e m b u a t a n k e p u t u s a n .

A d a p u n k e t e r b a t a s a n l a p o r a n k e u a n g a n d a p a t d i a m b i l d a r i b e b e r a p a p u s t a k a , y a i t u s ebaga i b e r i k u t .

M e n u r u t A P B ( 1 9 7 0 ) k e t e r b a t a s a n

l a p o r a n k e u a n g a n m e l i p u t i h a l - h a l

d i b a w a h i n i . 1) M e n y a j i k a n i n f o r m a s i h i s t o r i s 2) U n t u k m e m e n u h i t u j u a n u m u m 3) I n f o r m a s i d i s a j i k a n d a l a m b e n t u k

r i n g k a s a n (agregat i f ) . 4) I n f o r m a s i d i u k u r d a l a m s a t u a n

u a n g 5) P e m b e b a n a n s a t u a n u a n g d a l a m

i n f o r m a s i m e n g a n d u n g t a k s i r a n d a n p e r t i m b a n g a n .

6) D a l a m m e n g h a d a p i k e t i d a k p a s t i a n d i g u n a k a n k o n s e p k o n s e r v a t i s m e .

7) M e n g g u n a k a n m a k n a e k o n o m i s d a r i p a d a b e n t u k h u k u m .

8) L a p o r a n d i s a j i k a n d e n g a n i s t i l a h -i s t i l a h t e k n i s a k u n t a n s i .

9) P e m a k a i l a p o r a n k e u a n g a n d i a n g g a p m e m a h a m i i s t i l a h - i s t i l a h t e k n i s a k u n t a n s i t e r s e b u t .

M e n u r u t F.ASB {19}^^) k e t e r b a t a s a n lapo fcan k e u a n g a n m e l i p u t i h a b h a l b e r i k u t . 1) I n f o r m a s i y a n g d i s a j i k a n

b e r d a s a r k a n u k u r a n \ ' a n g m e n g a n d u n g e s t i m a s i a t a s t r a n s a k s i d a n p e r i s t i w a y a n g t e l a h t e r j a d i .

2) I n f o r m a s i t e r u t a m a d i s a j i k a n d e n g a n u k u r a n u a n g .

3) I n f o r m a s i y a n g d i s a j i k a n m e n g e n a i u s a h a p e r u s a h a a n i n d i v i d u a l .

4) I n f o r m a s i y a n g d i s a j i k a n s e r i n g m e r u p a k a n h a s i l e s t i m a s i t e r m a s u k k l a s i f i k a s i , r i n g k a s a n , p e r k i r a a n , d a n a l o k a s i b e r d a s a r k a n a t u r a n a t a u k o n v e n s i .

5) I n f o r m a s i y a n g d i s a j i k a n s e b a g i a n b e s a r m e n c e r m i n k a n t r a n s a k s i d a n p e r i s t i w a 3'ang t e l a h t e r j a d i .

6) U n t u k m e n y e d i a k a n i n f o r m a s i d i p e r l u k a n b i a y a d a n d i h a r a p k a n m a n f a a t i n f o r m a s i y a n g d i p e r o l e h m i n i m a l s a m a d e n g a n b i a y a u n t u k m e m p e r o l e h i n f o r m a s i .

M e n u r u t K e n n e d y & M c M u l l e n ( 1973 ) , k e t e r b a t a s a n l a p o r a n k e u a n g a n m e l i p u t i h a l - h a l d i b a w a h i n i l 1) L a p o r a n k e u a n g a n m e r u p a k a n

l a p o r a n p e r i o d i k b i a s a n y a t a h u n a n sebaga i s t a n d a r pe r i ode a k u n t a n s i , b u k a n l a p o r a n final u n t u k l i k u i d a s i , a l okas i p e n d a p a t a n d a n b i aya u n t u k p e r i o d e m e l i b a t k a n p e r t i m b a n g a n p r i b a d i s e h i n g g a l a p o r a n k e u a n g a n b u k a n m e r u p a k a n d a t a y a n g p a s t i .

2) N e r a c a d i s a j i k a n b e r d a s a r k a n k o n s e p k o n t i n u i t a s , a k t i v a t e t a p d i n y a t a k a n b e r d a s a r k a n n i l a i h i s t o r i s s e h i n g g a t i d a k m e n u n j u k k a n n i l a i e k o n o m i s t e r a k h i r .

3) Neraca d a n l a b a - r u g i m e n c e r m i n k a n t r a n s a k s i y a n g m e l i b a t k a n n i l a i u a n g d a r i b e r b a g a i t a n g g a l y a n g b e r b e d a d a y a b e l i n y a .

4) L a p o r a n k e u a n g a n t i d a k


m e n c e r m i n k a n f a k t o r - f a k t o r y a n g t i d a k d a p a t d i n y a t a k a n d e n g a n u a n g y a n g m e m p e n g a r u i i i p o s i s i d a n h a s i l o p e r a s i k e u a n g a n .

D a r i b e r b a g a i k e t e r b a t a s a n l a p o r a n k e u a n g a n y a n g d i s a j i k a n d i d e p a n m e n u r u t Pa rwo t o W i g n y o h a r t o j o (1995) , t e r d a p a t l i m a k e t e r b a t a s a n y a n g d i p a n d a n g p e n t i n g b e r p e n g a r u h p a d a r e l e v a n s i i n f o r m a s i a k u n t a n s i u n t u k p e n g a m b i l a n k e p u t u s a n i n v e s t a s i p a d a s a h a m , y a i t u s ebaga i b e r i k u t . 1) L a p o r a n k e u a n g a n d i s u s u n

b e r d a s a r k a n s t a n d a r a k u n t a n s i y a n g b e r l a k u d e n g a n k a n d u n g a n i n f o r m a s i h i s t o r i s ( m a s a l a l u ) . K e a d a a n i n i m e r u p a k a n k e t e r b a t a s a n l a p o r a n k e u a n g a n b i l a p a r a p e m a k a i n y a a k a n m e n g g u n a k a n n y a u n t u k m e n g a m b i l k e p u t u s a n y a n g m e n y a n g k u t m a s a y a n g a k a n d a t a n g .

2) L a p o r a n k e u a n g a n p o k o k y a n g t e r d i r i a t a s n e r a c a , l a b a - r u g i , d a n l a p o r a n a l i r a n k a s m e n y a j i k a n i n f o r m a s i y a n g d a p a t d i u k u r d e n g a n u a n g . H a l i n i m e r u p a k a n k e t e r b a t a s a n l a p o r a n k e u a n g a n k a r e n a a d a i n f o r m a s i n o n f i n a n s i a l y a n g p e n t i n g t i d a k d i s a j i k a n d a l a m l a p o r a n k e u a n g a n p o k o k t e r s e b u t . I n f o r m a s i n o n f i n a n s i a l t e r t e n t u b e r m a n f a a t d a n r e l e v a n b a g i p e m a k a i l a p o r a n k e u a n g a n u n t u k p e n g a m b i l a n k e p u t u s a n i n v e s t a s i p a d a s a h a m .

3) L a p o r a n k e u a n g a n m e n y a j i k a n i n f o r m a s i y a n g a g r e g a t i f . H a l i n i m e r u p a k a n k e t e r b a t a s a n l a p o r a n k e u a n g a n t e r u t a m a u n t u k p e r u s a h a a n m u l t i u s a h a b i l a p a r a p e m a k a i l a p o r a n k e u a n g a n i n g i n m e n g a n a l i s i s p r o s p e k u s a h a d a n m e n i l a i a k t i v i t a s u s a h a p e r u s a h a a n . D i k a t a k a n d e m i k i a n k a r e n a t i a p - t i a p s e g m e n u s a h a d a p a t m e m p u n y a i p r o f i t a b i l i t a s .

r i s i k f ^ , d a n p e r t u m b u h a n y a n g b e r b e d a .

4) L a p o r a n k e u a n g a n p e r i o d i k t a h u n a n b i a s a n y a d i p u b l i k a s i k a n p a l i n g c e p a t t i g a b u l a n s e t e l a h t a n g g a l n e r a c a . K e a d a a n i n i m e r u p a k a n k e t e r b a t a s a n l a p o r a n k e u a n g a n d a r i a s p e k k e t e p a t a n w a k t u t e r s e d i a n y a i n f o r m a s i s e sua i d e n g a n saa t d i p e r l u k a n n y a u n t u k p e m b u a t a n k e p u t u s a n i n v e s t a s i p a d a s a h a m .

5) L a p o r a n k e u a n g a n m e n y a j i k a n i n f o r m a s i y a n g b i a s a k i b a t p i l i h a n a l t e r n a t i f m e t o d e a k u n t a n s i y a n g d i t e r a p k a n d a n m . e n g a n d u n g e s t i m a s i s e r t a d i s t o r s i o l e h a l o k a s i y a n g a r b i t r e r . H a l i n i m e r u p a k a n k e t e r b a t a s a n l a p o r a n k e u a n g a n u n t u k m e m b e r i k a n i n t e r p r e t a s i a t a s a n g k a - a n g k a y a n g d i s a j i k a n d a l a m l a p o r a n k e u a n g a n , b a i k a n t a r p e r i o d e m a u p u n a n t a r p e r u s a h a a n .

3 . 2 M e n i n g k a t k a n M a n f a a t I n f o r m a s i A k u n t a n s i

B e r t o l a k d a r i p a p a r a n d i d e p a n b a h w a u n t u k p e n g a m b i l a n k e p u t u s a n i n v e s t a s i t e r d a p a t l i m a k e t e r b a t a s a n i n f o r m a s i y a n g d i s a j i k a n l a p o r a n k e u a n g a n . O l e h k a r e n a i t u a g a r m a n f a a t i n f o r m a s i a k u n t a n s i d a p a t d i o p t i m a l k a n p e r l u d i u p a y a k a n a g a r p e n y a j i a n l a p o r a n k e u a n g a n d i I n d o n e s i a d i s e r t a i d e n g a n s u p l e m e n y a n g b e r s i f a t m a n d a t o r i y a n g m e l i p u t i h a l - h a l b e r i k u t .

3 . 2 . 1 S u p l e m e n P e l a p o r a n R a m a l a n

L a p o r a n k e u a n g a n m e n e k a n k a n p a d a k i n e r j a d a n pos i s i k e u a n g a n m a s a l a l u s e h i n g g a m e n c e r m i n k a n c a t a t a n h i s t o r i s a k t i v i t a s p e r u s a h a a n y a n g t e l a h t e r j a d i . D i p i h a k l a i n k e p u t u s a n i n v e s t o r b e r o r i e n t a s i ke m a s a y a n g a k a n d a t a n g . O l e h k a r e n a i t u d i p e r l u k a n a d a n y a s u p l e m e n t e r h a d a p l a p o r a n


k e u a n g a n b e r u p a p e l a p o r a n r a m a l a n d a l a m u p a y a m e n i n g k a t k a n m a n f a a t i n f o r m a s i a k u n t a n s i b a g i p e m b u a t k e p u t u s a n i n f o r m a s i .

S e p e r t i d i A m e r i k a , T r u e b l o o d R e p o r t (AICPA, 1973) s e c a r a e k s p l i s i t m e n j ' a t a k a n k r i t i k y a n g t a j a m b a h w a l a p o r a n k e u a n g a n m e l a p o r k a n h a s i l y a n g l a l u , t e t a p i t i d a k m e l a p o r k a n s e c a r a e k s p l i s i t p r o s p e k m a s a y a n g a k a n d a t a n g . D e n g a n b a n g g a T r u e b l o o d R e p o r t m e m b e r i t e m p a t u n t u k p roses p r e d i k t i f p a r a p e m a k a i d e n g a n a r g u m e n t a s i b a h w a t u j u a n l a p o r a n k e u a n g a n h a r u s m e n y e d i a k a n i n f o r m a s i y a n g b e r m a n f a a t u n t u k p r o s e s p r e d i k t i f . P e r a m a l a n k e u a n g a n h a r u s d i s e d i a k a n b i l a d i k e h e n d a k i b a h w a l a p o r a n k e u a n g a n m e n y a j i k a n i n f o r m t i s i y a n g a k a n m e n i n g k a t k a n p r e d i k s i p a r a p e m a k a i .

3 . 2 . 2 S u p l e m e n P e n g u n g k a p a n I n f o r m a s i N o n f i n a n s i a l

L a p o r a n k e u a n g a n h a n y a m e n y a j i k a n i n f o r m a s i y a n g d a p a t d i u k u r d e n g a n u a n g s e h i n g g a i n f o r m a s i n o n f i n a n s i a l t i d a k t e r s a j i k a n d i d a l a m l a p o r a n k e u a n g a n . K o n d i s i i n i m e r u p a k a n s a l a h s a t u k e t e r b a t a s a n k a r e n a b a n y a k i n f o r m a s i n o n f i n a n s i a l y a n g p e n t i n g d a n r e l e v a n u n t u k m e m e n u h i k e b u t u h a n p a r a p e m a k a i n j ' a u n t u k m e m b u a t k e p u t u s a n i n v e s t a s i t i d a k t e r s e d i a . U n t u k m e n g a t a s i i n i , m a k a l a p o r a n k e u a n g a n p e r l u d i l e n g k a p i s e c a r a m e m a d a i d e n g a n p e n g u n g k a p a n i n f o r m a s i n o n f i n a n s i a l y a n g p e n t i n g d a n r e l e v a n u n t u k k e p e n t i n g a n p e m b u a t a n k e p u t u s a n p e m a k a i l a p o r a n k e u a n g a n .

D a l a m p e n g e r t i a n y a n g l u a s p e n g u n g k a p a n m e m p e r h a t i k a n i n f o r m a s i , b a i k y a n g t e r d a p a t d a l a m l a p o r a n k e u a n g a n m a u p u n i n f o r m a s i t a m b a h a n , t e r m a s u k c a t a t a n k a k i , k e j a d i a n s e t e l a h t a n g g a l n e r a c a . a n a l i s i s m a n a j e m e n u n t u k o p e r a s i s a t u t a h u n y a n g a k a n d a t a n g . r a m a l a n

k e u a n g a n d a n o p e j ^ i , t a m b a h a n l a p o r a n k e u a n g a n ) ' a n g m e l i p u t i p e n g u n g k a p a n m e n u r u t s e g m e n d a n s u p l e m e n l a p o r a n d i l u a r l a p o r a n k e u a n g a n .

L a p o r a n k e u a n g a n d e n g a n i n f o r m a s i d a n l a p o r a n t a m b a h a n s e p e r t i d i u r a i k a n i n i d i s e b u t d e n g a n i s t i l a h p e l a p o r a n k e u a n g a n ( W o l k et al, 1 9 9 2 ; F A S B , 1984 ) . P e n g u n g k a p a n s e m a c a m i n i m e m p u n y a i f u n g s i u n t u k m e l i n d u n g i k e p e n t i n g a n p e m a k a i a t a s i n f o r m a s i \ a n g t i d a k l a y a k d a n m e m b e r i k a n i n f o r m a s i y a n g b e r m a n f a a t u n t u k p e m b u a t a n k e p u t u s a n .

3 .2 .3 S u p l e m e n P e l a p o r a n K e u a n g a n M e n u r u t S e g m e n

B i l a p e m a k a i l a p o r a n k e u a n g a n a k a n m e n g a n a l i s i s p r o s p e k d a n m e n i l a i u s a h a p e r u s a h a a n p a d a p e r u s a h a a n m u l t i u s a h a p a d a t i a p - t i a p s e g m e n , m a k a p e m a k a i a k a n m e n d a p a t k e s u l i t a n k a r e n a l a p o r a n k e u a n g a n m e n y a j i k a n i n f o r m a s i y a n g a g r e g a t i f i U n t u k m e n g a t a s i k e t e r b a t a s a n i n i m a k a l a p o r a n k e u a n g a n p e r l u d i l e n g k a p i d e n g a n i n f o r n i a s i y a n g r e l e v a n b a r u p a l a p o r a n k e u a n g a n m e n u m t s e gmen . H a l i t u d i m a k s u d k . a n aga r s e m u a p r o s p e k p e r u s a h a a n d a p a t d i e v a l u a s i d e n g a n l e b i h b a i k d a n d a p a t d i c a p a i p e r t a n g g u n g j a w a b a n y a n g l e b i h k o m p r e h e n s i f .

K e t e n t u a n y a n g m e n g a t u r k e w a j i b a n p e l a p o r k e u a n g a n m e n u r u t s e g m e n d i I n d o n e s i a t e l a h d i m u l a i s e j ak t a h u n 1 9 9 4 , y a i t u d a l a m PSAK N o . 5 ( K P A I , 1 9 9 4 ; K P A I , 1 9 9 9 ) . D i b e b e r a p a n e g a r a l a i n t e l a h t e r j a d i p e r k e m b a n g a n k e t e n t u a n t e n t a n g h a l t e r s e b u t y a n g d i p e r s y a r a t k a n o l e h r e g u l a t o r y a n g b e r w e n a n g ( G r a y i n Lee, E d . , 1 9 8 6 : 2 8 ) . P e n g u n g k a p a n i n f o r m a s i o l eh s e g m e n y a n g d i w a j i b k a n p a l i n g i n t e n s i f t e r d a p a t d i A m e r i k a y a n g d i a t u r o l e h F A S B d a n S E C . K e m u d i a n d i i k u t i o l e h p e r s y a r a t a n y a n g d i t e n t u k a n o l e h C a n a d i a n


I n s t i t u t e o f C h a r t e r e d Account£ints ( C I C A ) d a n n e g a r a - n e g a r a l a i n n y a s e p e r t i A r g e n t i n a , A f r i k a S e l a t a n , d a n U n i t e d K i n g d o m .

S u a t u a r g u m e n u t a m a y a n g m e n d u k u n g p e l a p o r a n m e n u r u t s e g m e n a d a l a h b a h w a b i l a p a r a i n v e s t o r d i s e d i a k a n i n f o r m a s i t e n t a n g p r o f i t a b i l i t a s , r i s i k o , d a n p e r t u m b u h a n s e g m e n - s e g m e n u s a h a y a n g b e r b e d a t e n t a n g o p e r a s i s u a t u p e r u s a h a a n , m e r e k a a k a n l e b i h b a i k m e n i l a i l a b a p o t e n s i a l d a n r i s i k o p e r u s a h a a n s e b a g a i k e s e l u r u h a n . M e r e k a a k a n d a p a t m e m p r e d i k s i l e b i h a k u r a t l a b a d a n a l i r a n k a s p e r u s a h a a n y a n g a k a n d a t a n g d a r i p a d a y a n g d i k e r j a k a n d e n g a n m e n g g u n a k a n d a t a l a p o r a n k o n s o l i d a s i s a j a . K e t i d a k p a s t i a n i n v e s t o r m e n g e n a i p r o s p e k p e r u s a h a a n a k a n b e r k u r a n g , h a r g a - h a r g a s a h a m a k a n d i t e t a p k a n l e b i h t e l i t i , d a n a l o k a s i s u m b e r d a y a y a n g l e b i h e f i s i en a k a n d i t i n g k a t k a n (G ray i n Lee, E d . , 1 9 8 6 ) .

3 . 2 . 4 S u p l e m e n L a p o r a n K e u a n g a n I n t e r i m

L a p o r a n k e u a n g a n p e r u s a h a a n b i a s a n y a d i t e r b i t k a n t i g a b u l a n s e t e l ah t a n g g a l n e r a c a . K e t e r l a m b a t a n i n i m e r u p a k a n k e t e r b a t a s a n l a p o r a n k e u a n g a n d i t i n j a u d a r i w a k t u t e r s e d i a n y a i n f o r m a s i b a g i i n v e s t o r u n t u k p e n g a m b i l a n k e p u t u s a n . K e t e r b a t a s a n i n i d a p a t d i a t a s i b i l a p enya j i m e n y e d i a k a n l a p o r a n k e u a n g a n i n t e r i m d a l a m c a k u p a n w a k t u y a n g l e b i h p e n d e k m i s a l n y a b u l a n a n .

D i A m e r i k a t e r d a p a t p e r s y a r a t a n m e n y a m p a i k a n l a p o r a n k e u a n g a n t r i w u l a n , s e d a n g k a n d i U n i t e d K i n g d o m p e r u s a h a a n y a n g t e r d a f t a r d i b u r s a e fek d i w a j i b k a n m e n y e r a h k a n l a p o r a n s e m e s t e r a n m e n g e n a i p r o f i t a b i l i t a s d a n p o s i s i k e u a n g a n k e p a d a p e m e g a n g s a h a m . S e b a l i k n y a d i I n d o n e s i a l a p o r a j i k e u a n g a n i n t e r i m m u l a i d i w a j i b k a n s e j ak t a h u n 1 9 9 4 y a n g d i a t u r d a l a m

PSAK . ^ . 3 (KPAI , 1 9 9 4 ; KPA I , 1999 ) . M e n u r u t P S A K N o . 3 l a p o r a n

i n t e r i m d i p a n d a n g s e b a g a i b a g i a n \ 'ang i n t e g r a l d a r i l a p o r a n k e u a n g a n t a h u n a n , y a n g d a p a t d i s u s u n s e ca ra b u l a n a n , t r i w u l a n , a t a u pe r i ode l a m y a n g k u r a n g d a r i s a t u t a h u n d a n m e n c a k u p s e l u r u h k o m p o n e n l a p o r a n k e u a n g a n s e s u a i d e n g a n s t a n d a r a k u n t a n s i k e u a n g a n .

3 .2 .5 S u p l e m e n L a p o r a n A l i r a n Kas

N e r a c a d a n l a p o r a n l a b a - r u g i s ebaga i b a g i a n d a r i l a p o r a n k e u a n g a n m e n y a j i k a n i n f o r m a s i y a n g b ias a k i b a t p i l i h a n a l t e r n a t i f m e t o d e a k u n t a n s i y a n g d i t e r a p k a n d a n m e n g a n d u n g d i s t o r s i o l e h a l o k a s i y a n g a r b i t r e r . K a r e n a a d a n y a k e t e r b a t a s a n i n i m a k a d i p e r l u k a n a d a n y a s u p l e m e n l a p o r a n a l i r a n k a s u n t u k m e n g a t a s i n y a .

A l i r a n k a s s u a t u p e r u s a h a a n m e r u p a k a n s u a t u p e r i s t i w a y a n g p a l i n g f u n d a m e n t a l k a r e n a p e n g u k u r a n a k u n t a n s i d i d a s a r k a n p a d a a l i r a n k a s , b e g i t u p u l a k e p u t u s a n - k e p u t u s a n p a r a i n v e s t o r . Kas m e n j a d i b e r m a k n a k a r e n a m e n y a t a k a n d a y a be l i u m u m y a n g s i a p d a p a t d i t r a n s f e r d a l a m e k o n o m i p e r t u k a r a n , b a i k bag i s e t i a p i n d i v i d u m a u p u n o r g a n i s a s i y a n g m e l a k u k a n p e r t u k a r a n b a r a n g d a n j a s a .

S a l a h s a t u t u j u a n p o k o k m e n y e d i a k a n d a t a a l i r a n k a s a d a l a h m e n y e d i a k a n i n f o r m a s i y a n g d a p a t (1) m e m b a n t u i n v e s t o r d a n k r e d i t o r m e m p r e d i k s i j u m l a h k a s y a n g d i d i s t r i b u s i k a n s ebaga i d i v i d e n p a d a w a k t u y a n g a k a n d a t a n g d a n m e m b a y a r b u n g a s e r t a p i n j a m a n p o k o k , (2) m e m b a n t u m e n i l a i risiko. O l e h k a r e n a i t u , a l i r a n k a s d a p a t m e n y e d i a k a n i n f o r m a s i d a s a r d a l a m m e n i l a i h a r g a - h a r g a p a s a r s e k u r i t a s . D i I n d o n e s i a l a p o r a n a l i r a n k a s m u l a i d i w a j i b k a n s e j a k t a h u n 1 9 9 4 y a n g d i a t u r d a l a m PSAK No.2 (KPAI , 1 9 9 4 ; KPA I , 1999 ) .


r v . S I M P U L A N L a p o r a n k e u a n g a n m a s i h

m e r u p a k a n s a l a h s a t u i n f o r m a s i p e n t i n g b a g i p a r a i n v e s t o r d a l a m m e n g a m b i l k e p u t u s a n i n v e s t a s i . H a l i n i s e a r a h d e n g a n t u j u a n u t a m a l a p o r a n a k u n t a n s i k e u a n g a n , j ' a i t u m e n y e d i a k a n i n f o r m a s i k e p a d a p a r a p e m e g a n g s a h a m m a u p u n c a l o n p e m e g a n g s a h a m u n t u k m e m b a n t u m e m b u a t k e p u t u s a n y a n g m e n y a n g k u t m e m b e l i , m e n j u a l , a t a u m e n a h a n s a h a m y a n g d i p e r d a g a n g k a n d i b u r s a s a h a m .

W a l a u d e m i k i a n , p e r l u d i s a d a r i b a h v . - a l a p o r a n k e u a n g a n y a n g a k a n d i g u n a k a n s e b a g a i i n f o r m a s i d a s a r d a l a m p e m b u a t a n k e p u t u s a n i n v e s t a s i m a s i h m e n g a n d u n g b e b e r a p a k e l e m a h t m , seper t i (1) l a p o r a n k e u a n g a n d i s u s u n a t a s d a s a r s t a n d a r a k u n t a n s i y a n g b e r l a k u d e n g a n k a n d u n g a n i n f o r m a s i h i s t o r i e s , ( 2 ) l a p o r a n k e u a n g a n p o k o k h a n y a m e n y a j i k a n i n f o r m a s i y a n g d i u k u r d e n g a n u a n g , (3) l a p o r a n k e u a n g a n m e n y a j i k a n i n f o r m a s i y a n g ag r ega t i f , (4) l a p o r a n k e u a n g a n b i a s a n y a d i p u b l i k a s i k a n p a l i n g c epa t t i g a b u l a n s e t e l a h t a n g g a l n e r a c a , d a n (5) l a p o r a n k e u a n g a n m e n y a j i k a n i n f o r m a s i y a n g b i a s a k i b a t a d a n y a a l t e r n a t i f m e t o d e a k u n t a n s i s e r t a t e r d i s t o r s i o l e h a l o k a s i y a n g b e r s i f a t a r b i t r e r .

A g a r i n f o r m a s i a k u n t a n s i y a n g d i s a j i k a n d a p a t d i g u n a k a n s e c a r a o p t i m a l o l e h i n v e s t o r d a l a m p e m b u a t a n k e p u t u s a n i n v e s t a s i , m a k a k e t e r b a t a s a n - k e t e r b a t a s a n t e r s e b u t h a r u s d i e l i m i n a s i d e n g a n c a r a m e n a m b a h s u p l e m e n y a n g b e r s i f a t m a n d a t o r i d a r i p i h a k b e r w e n a n g a t a s l a p o r a n k e u a n g a n y a n g m e l i p u t i (1) s u p l e m e n p e l a p o r a n r a m a l a n , (2) s u p l e m e n p e n g u n g k a p a n i n f o r m a s i n o n f i n a n s i a l , (3) s u p l e m e n p e l a p o r a n k e u a n g a n m e n u r u t s e g m e n , (4 ) s u p l e m e n k i p o r a n k e u a n g a n i n t e r i m , d a n (5) s u p l e m e n l a p o r a n a l i r a n k a s .

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