ANALISIS LAPORAN KEUANGAN INTERNASIONAL
Internasional Analisa laporan keuangan merupakan
proses yang penuh pertimbangan dalam rangka membantu mengevalusi posisi
keuangan dan hasil operasi perusahaan pada masa sekarang dan masa lalu, dengan
tujuan untuk menentukan estimasi dan prediksi yang paling mungkin mengenai
kondisi dan kinerja perusahaan pada masa mendatang. Analisa laporan keuangan
sebenarnya banyak sekali namun pada penelitian kali ini penulis menggunakan
analisa rasio keuangan karena analisa ini lebih sering digunakan dan lebih
sederhana. Tujuan analisis keuangan adalah untuk mengevaluasi kinerja
perusahaan pada masa kini dan masa lalu dan untuk menilai apakah kinerjanya
dapat dipertahankan. Analisa rasio mencakup mencakup perbandingan rasio antara
suatu perusahaan dengan perusahaan lain dalam industri yang sama, perbandingan
rasio suatu perusahaan antar waktu atau dengan periode fiskal yang lain, dan
perbandingan rasio terhadap beberapa acuan yang baku. Analisis ini memberikan
masukan terhadap derajat perbandingan dan relatif pentingnya pos-pos laporan
keuangan dan dapat membantu dalam mengevaluasi efektifitas kebijakan operasi,
investasi, pendanaan dan retensi laba yang diambil manajemen. Analisis arus kas
berfokus kepada laporan arus kas arus kas, yang memberikan informasi mengenai
arus kas masuk dan arus kas keluar perusahaan, yang diklasifikasikan menjadi
aktifitas operasi, investasi dan pendanaan, serta pengungkapan mengenai
aktivitas investasi dan pendanaan non kas secara periodik. Para analis dapat
menggunakan analis arus kas untuk menjawab banyak pertanyaan mengenai kinerja
dan manajemen perusahaan. Analisis Rasio Sejumlah bukti yang kuat menunjukan
adanya perbedaan besar antar negara. dalam profitabilitas, pengungkit, dan
rasio serta jumlah laporan keuangan lainnya yang berasal dari faktor akuntansi
dan non akuntansi Analisis Arus Kas Laporan arus kas yang sangat mendetail
diwajibkan menurut GAAP AS, GAAP Inggris, IFRS, dan standar akuntansi disejumlah
negara yang jumlahnya semakin bertambah. Ukuran-ukuran yang berkaitan dengan
arus kas sangat bermanfaat khususnya dalam analisis internasional karena tidak
terlalu dipengaruhi oleh perbedaan prinsip akuntansi, bila dibandingkan dengan
ukuran-ukuran berbasis laba. Apabila laporan arus kas tidak disajikan,
seringkali ditemukan kesulitan untuk menghitung arus kas dari operasi dan
ukuran arus kas lainnya dengan menyesuaikan laba berbasis akrual Mekanisme
untuk mengatasinya Sekelompok prinsip yang diakui secara internasional, atau
sesuai dengan dasar lain yang lebih umum. Algoritma penyajian ulang yang
relatif sederhana cukup efektif untuk digunakan. Algoritma penyajian ulang
hanya berfokus pada empat perbedaan prinsip akuntansi yaitu : 1.Asumsi biaya
persediaan 2.Metode depresiasi 3.Bonus terhadap direksi dan auditor wajib
4.Pajak tangguhan dan cadangan pajak khusus Analis Prospektif Internasional
Analis prospektif mencakup tahap peramalan dan penilaian. Ketika melakukan
peramalan para analis membuat ramalan mengenai prospek perusahaan secara
eksplisit berdasarkan strategi usaha, catatan akuntansi, dan analis keuangan.
Ketika melakukan penilaian analis mengubah ramalan kuantitatif menjadi suatu
estimasi nilai perusahaan. Penilaian digunakan secara implisit maupun eksplisit
dalam banyak keputusan usaha. Sebagai contoh, penilaian merupakan dasar
rekomendasi investasi yang diberikan oleh analis equitas. Ketika menganalis
kemungkinan merger, calon pembeli akan mengestimasi nilai perusahaan yang
menjadi target. Terdapat banyak pendekatan penilaian yang berbeda digunakan
dalam praktik, mulai dari analis arus kas terdiskonto hingga teknik yang lebih
sederhana yang berdasarkan perkalian berbasis harga. Isu Lebih Lanjut Keempat
tahap analis usaha (analis usaha, akuntansi, keuangan dan prospektif)
dipengaruhi oleh faktor-faktor berikut ini : 1. Akses informasi, 2. Ketepatan
waktu informasi, 3. Hambatan bahasa dan terminologi, 4. Masalah mata uang
asing, 5.perbedaan dalam jenis dan format laporan keuangan Akses Informasi Sumber
informasi yang berharga yaitu 1. Publikasi pemerintah, 2. Organisasi riset
ekonomi, 3. Organisasi internasional seperti perserikatan bangsa-bangsa, 4.
Organisasi akuntansi, audit dan pasar surat berharga. Ketepatan waktu informasi
Ketepatan waktu laporan keuangan, laporan tahunan, laporan kepada pihak
regulator, dan siaran pers yang menyangkut laporan akuntansi berbeda ditiap
negara. Pelaporan tiap kuartal merupakan praktek yang lazim dilakukan di
Amerika Serikat, sedangkan ditempat lain masih jarang dilakukan. Jangka waktu
pelaporan keuangan juga dapat diestimasi dengan membandingkan akhir tahun
fiskal sebuah perusahaan dengan tanggal laporan audinya. Tanggal terakhir ini
dianggap sebagai tanggal indikasi kapan informasi keuangan perusahaan pertama kali
tersedia untuk masyarakat umum. Perbedaan bentuk dan isi laporan keuangan
Bentuk dan isi laporan keuangan belum ada keseragaman diantara
perusahaan-perusahaan industri maupun perdagangan, sehingga klasifikasi dari
akun-akun suatu perusahaan akan berbeda-beda dengan perusahaan yang lain.
Perbedaan ini mungkin disebabkan karena: a. Laporan tersebut disesuaikan dengan
tekanan atau tujuan manajemen atau maksud penggunaan laporan tersebut. b.
Perbedaan pendapat diantara mereka yang menyusun laporan tersebut. c. Perbedaan
pengetahuan dan pengalaman daripada akuntan yang menyusun laporan. d. Adanya
kegagalan untuk mengetrapkan sebutan-sebutan ataupun klasifikasi yang terbaru
yang diterima umum atau lazim digunakan. Perbedaan antar negara dengan kualitas
pengukuran akuntansi, pengungkapan dan audit sangat dramatis. Karakteristik
nasional yang menyebabkan perbedaan ini mencakup praktik yang diwajibkan dan
diterima secara umum, pengawasan dan penegakan aturan, dan ruang lingkup
diskresi manajemen atas pelaporan keuangan. Beberapa pendekatan digunakan oleh
para pengguna laporan keuangan untuk mengatasi perbedaan prinsip akuntansi
lintas negara. Beberapa analis menyajikan ulang ukuran akuntansi asing menurut
sekelompok prinsip yang diakui secara Internasional, atau sesuai dengan dasar
sekelompok prinsip yang diakui secara internasional, atau sesuai dengan dasar
yang lenih umum. Beberapa yang lain mengembangkan pemahaman yang lengkap atas
praktik akuntansi di sekelompok negara tertentu dan membatasi analisis mereka
terhadap perusahaan-perusahaan yang berlokasai di negara-negara tersebut.
Perencanaan dan kendali manajemen
sangat penting bagi perusahaan, dalam hal ini perusahaan multinasional. Namun,
pengurangan dalam hambatan perdagangan nasional terus menerus, mata uang yang
mengambang, resiko kedaulatan, pembatasan terhadap pengirim dana lintas batas
nasional, perbedaan dalam system pajak nasional, perbedaan tingkat suku bungan
dan pengaruh harga komoditas dan ekuitas yang berubah-ubah terhadap aktiva,
laba, dan biaya modal perusahaan merupakan variable yang memperumit keputusan
manajemen. Persaingn global dan cepatnya penyebarn informasi mendukung semakin
sempitnya perbedaan nasional dalam praktek akuntansi manajemen. Tekanan
tambahan mencakup antara lain perubahan pasar dan teknologi, pertumbuhan
privatisasi, insentif biaya, dan kinerja serta koordinasi operasi global
melalui joint venture dan kaitan strategis lainnya.
Perusahaan dalam melakukan kendali manajemen memerlukan alat perencanaan yang dapat mengidentifikasi factor-faktor yang relevan di masa depan, pemindaian terhadap lingkungan eksternal dan internal. Alat tersebut membantu perusahaan dalam mengenali kesempatan dan tantangan yang ada. Salah satu alat tersebut adalah analisis WOTS-UP yang menyangkut kekuatan dan kelemahan perusahaan yang berkaitan dengan lingkungan operasi perusahaan. Akuntan juga dapat membantu para perencana perusahaan untuk memperoleh data yang bermanfaat dalam keputusan perencanaan strategis.
Kemudian, keputusan untuk melakukan investasi luar negeri merupakan elemen yang sangat penting dalam strategi global sebuah perusahaan multinasional. Resiko investasi diikuti oleh lingkungan yang asing, rumit, dan senantiasa berubah. Perencanaan formal merupakan suatu keharusan dan umumnya dilakukan dalam suatu kerangka penganggaran modal yang membandingkan manfaat dan biaya investasi yng diusulkan. Perbedaan dalam hokum pajak, system akuntansi, laju inflasi, resiko nasionalisasi, kerangka mata uang, segmentasi pasar, pembatasan dalam pengalihan laba ditahan dan perbedaan dalam bahasa dan budaya menambah unsur-unsur kerumitan yang jarang ditemui dalam lingkungan domestic. Adaptasi (penyesuaian) oleh perusahaan multinasional atas model perencanaan investasi tradisional telah dilakukan dalam tiga bidang pengukuran: (1) menentukan pengembalian yang relevan untuk investasi multinasional, (2) mengukur ekspektasi arus kas, dan (3) menghitung biaya modal perusahaan multinasional.
Seorang manajer harus menentukan tingkat pengembalian yang relevan untk mengalisis kesempatan investasi asing. Namun, tingkat pengembalian yang relevan merupakan masalah sudut pandang: proyek luar negeri atau induk perusahaan. Pengembalian dari dua sudut pandang ini dapat berbeda secara signifikan karena beberapa hal: (1) pembatasan oleh pemerintah atas repatriasi laba dan modal, (2) biaya izin, royalt, dan pembayaran lain yang merupakan laba bagi induk perusahaan namun merupakan beban bagi anak perusahaan, (3) perbedaan laju inflasi nasional, dan (4) perubahan kurs valuta asing, dan (5) perbedaan pajak. Manajer keuangan harus memenuhi banyak tujuan dengan memberikan respons kepada kelompok investor dan noninvestor di organisasi dan di lingkungannya. Jika siatu investasi asing tidak menjanjikan pengembalian yang telah disesuaikan resiko yang nilainya lebih dari pengembalian yang diperoleh pesaing local, maka pemegang saham induk perusahaan akan lebih baik untuk berinvestasi langsung di perusahaan local.
Bagi manajer perusahaan multinasional, mengukur ekspektasi arus kas suatu investasi asing merupakan hal yang cukup menantang. Perkiraan penerimaan didasarkan pada proyeksi penjualan dan pengalaman antipasti penagihan. Beban operasi dan pajak local juga sama-sama diramalkan. Namun demikian, terdapat tambahan kerumitan yang harus dipertimbangkan:
- arus kas proyek vs induk perusahaan
- arus kas induk perusahaan yang terkait dengan pendanaan
- pendanaan yang bersubsidi
- resiko politik
Proses ini juga harus mempertimbangkan pengaruh perubahan dan fluktuasi nilai mata uang atas ekspektasi pengembalian mata uang asing.
Sumber utama arus kas induk meliputi pinjaman dari induk perusahaan, dividen, biaya lisensi, beban overhead, royalty, harga transfer untuk pembelian dari atau penjualan kepada induk perusahaan, dan estimasi nilai akhir proyek. Pengukuran arus kas ini memerlukan pemahaman atas perbedaan akuntansi nasional, kebijakan repatriasi pemerintah, laju inflasi, dan kurs potensial masa depan serta perbedaan pajak.
Perbedaan dalam prinsip akuntansi menjadi relevan jika manajer keuangan bergantung pada laporan keuangan pro forma dengan dasar local ketika mengestimasikan arus kas masa depan. Apabila aturan pengukuran yang digunakan untuk menyusun akun-akun ini berbeda dari aturan yang digunakan di Negara asal induk perusahaan, maka dapat terjadi perbedaan dalam estimasi arus kas.
Penyusunan system informasi seluruh dunia milik suatu perusahaan merupakan hal krusial dalam mendukung strategi perusahaan, termasuk proses perencanaan. Keadaan geografi, komunikasi informasi secara formal umumnya menggantikan kontak pribadi antara manajer operasi local dengan manajer kantor pusat. Perkembangan dalam teknologi informasi seharusnya mengurangi, tetapi tidak akan menghilangkan sama sekali kerumitan ini. Rancangan system berpengaruh pada keberhasilan yang dicapai:
1. penyebaran rendah dengan sentralitas yang tinggi, digunakan oleh organisasi yang lebih kecil dengan operasi bisnis internasional yang terbatas, dan system informasi domestic yang mendominasi kebutuhan.
2. penyebaran tinggi dengan sentralisasi yang rendah, digunakan oleh perusahaan multinasional dengan operasi di wilayah geografis yang berbeda-beda.
3. penyebaran yang tinggi dengan sentralitas yang tinggi, dijalankan oleh perusahaan dengan aliansi strategi di seluruh dunia.
Akuntansi manajemen mempersiapkan sejumlah informasi untuk manajemen perusahaan mulai dari pengumpulan data hingga laporan likuiditas dan ramalan operasional berupa berbagai jenis pengeluaran beban. Factor-faktor lingkungan juga mempengaruhi penggunaan informasi yang dihasilkan secara internal. Misalnya pengaruh budaya. Budaya yang tidak nyaman dengan ketidakpastian dan ambiguitas cenderung untuk lebih siap menerima teknologi informasi dibandingkan mereka yang tidak nyaman. Factor translasi juga mempengaruhi penggunaan informasi yang dihasilkan. FAS No 52 mewajibkan penggunaan metode translasi temporal ketika melakukan translasi akun-akun perusahaan afiliasi luar negeri yang berada dalam lingkungan berafiliasi tinggi. Meskipun demikian, ketentuan tersebut tidak memenuhi kebutuhan informasi perusahaan yang beroperasi di Negara-negara dengan inflasi tinggi karena cenderung menimbulkan distorsi realitas melalui:
- menilai lebih atau menilai kurang pendapatan dan beban
- melaporkan keuntungan atau kerugian translasi yang besar yang sulit untuk diinterpretasikan
- mendistorsi perbandingan kinerja antarwaktu.
Mengapa kita perlu memperhatikan distorsi ini?
- Sistem pelaporan tradisional memiliki pengaruh yang buruk terhadap perilaku tenaga penjualan
- System pelaporan trandisional tidak memberikan motivasi bagi tenaga penjualan untuk memfakturkan dan mengirimkan lebih dahulu di bulan itu
- System ini memanipulasi hasil
Agar suatu system pengendalian di perusahaan multinasional berfungsi dengan baik, maka biasanya system yang digunakan banyak perusahaan multinasional untuk mengendalikan operasi luar negerinya dalam banyak hal banyak hal sama dengan yang digunakan secara domestic. Bagian-bagian system yang umumnya dikirim keluar meliputi control keuangan dan anggaran serta kecenderungan untuk menerapkan standar yang sama yang dikembangkan untuk mengevaluasi operasi domestic.
Setelah tujuan strategis dan anggaran modal dibuat, selanjutnya manajemen memfokuskan diri pada perencanaan jangka pendek. Perencanaan jangka pendek mencakup pembuatan anggaran operasional atau rencana laba apabila diperlukan dalam organisasi. Rencana laba ini merupakan dasar bagi peramalan manajemen kas, keputusan operasi, dan skema kompensasi manajemen. Rencana laporan laba rugi perusahaan afiliasi asing pertama-tama dikonversikan menurut prinsip-prinsip akuntansi yang dianut di Negara asal induk perusahaan dan ditranslasikan dari mata uang local ke dalam mata uang induk perusahaan.
Perusahaan dalam melakukan kendali manajemen memerlukan alat perencanaan yang dapat mengidentifikasi factor-faktor yang relevan di masa depan, pemindaian terhadap lingkungan eksternal dan internal. Alat tersebut membantu perusahaan dalam mengenali kesempatan dan tantangan yang ada. Salah satu alat tersebut adalah analisis WOTS-UP yang menyangkut kekuatan dan kelemahan perusahaan yang berkaitan dengan lingkungan operasi perusahaan. Akuntan juga dapat membantu para perencana perusahaan untuk memperoleh data yang bermanfaat dalam keputusan perencanaan strategis.
Kemudian, keputusan untuk melakukan investasi luar negeri merupakan elemen yang sangat penting dalam strategi global sebuah perusahaan multinasional. Resiko investasi diikuti oleh lingkungan yang asing, rumit, dan senantiasa berubah. Perencanaan formal merupakan suatu keharusan dan umumnya dilakukan dalam suatu kerangka penganggaran modal yang membandingkan manfaat dan biaya investasi yng diusulkan. Perbedaan dalam hokum pajak, system akuntansi, laju inflasi, resiko nasionalisasi, kerangka mata uang, segmentasi pasar, pembatasan dalam pengalihan laba ditahan dan perbedaan dalam bahasa dan budaya menambah unsur-unsur kerumitan yang jarang ditemui dalam lingkungan domestic. Adaptasi (penyesuaian) oleh perusahaan multinasional atas model perencanaan investasi tradisional telah dilakukan dalam tiga bidang pengukuran: (1) menentukan pengembalian yang relevan untuk investasi multinasional, (2) mengukur ekspektasi arus kas, dan (3) menghitung biaya modal perusahaan multinasional.
Seorang manajer harus menentukan tingkat pengembalian yang relevan untk mengalisis kesempatan investasi asing. Namun, tingkat pengembalian yang relevan merupakan masalah sudut pandang: proyek luar negeri atau induk perusahaan. Pengembalian dari dua sudut pandang ini dapat berbeda secara signifikan karena beberapa hal: (1) pembatasan oleh pemerintah atas repatriasi laba dan modal, (2) biaya izin, royalt, dan pembayaran lain yang merupakan laba bagi induk perusahaan namun merupakan beban bagi anak perusahaan, (3) perbedaan laju inflasi nasional, dan (4) perubahan kurs valuta asing, dan (5) perbedaan pajak. Manajer keuangan harus memenuhi banyak tujuan dengan memberikan respons kepada kelompok investor dan noninvestor di organisasi dan di lingkungannya. Jika siatu investasi asing tidak menjanjikan pengembalian yang telah disesuaikan resiko yang nilainya lebih dari pengembalian yang diperoleh pesaing local, maka pemegang saham induk perusahaan akan lebih baik untuk berinvestasi langsung di perusahaan local.
Bagi manajer perusahaan multinasional, mengukur ekspektasi arus kas suatu investasi asing merupakan hal yang cukup menantang. Perkiraan penerimaan didasarkan pada proyeksi penjualan dan pengalaman antipasti penagihan. Beban operasi dan pajak local juga sama-sama diramalkan. Namun demikian, terdapat tambahan kerumitan yang harus dipertimbangkan:
- arus kas proyek vs induk perusahaan
- arus kas induk perusahaan yang terkait dengan pendanaan
- pendanaan yang bersubsidi
- resiko politik
Proses ini juga harus mempertimbangkan pengaruh perubahan dan fluktuasi nilai mata uang atas ekspektasi pengembalian mata uang asing.
Sumber utama arus kas induk meliputi pinjaman dari induk perusahaan, dividen, biaya lisensi, beban overhead, royalty, harga transfer untuk pembelian dari atau penjualan kepada induk perusahaan, dan estimasi nilai akhir proyek. Pengukuran arus kas ini memerlukan pemahaman atas perbedaan akuntansi nasional, kebijakan repatriasi pemerintah, laju inflasi, dan kurs potensial masa depan serta perbedaan pajak.
Perbedaan dalam prinsip akuntansi menjadi relevan jika manajer keuangan bergantung pada laporan keuangan pro forma dengan dasar local ketika mengestimasikan arus kas masa depan. Apabila aturan pengukuran yang digunakan untuk menyusun akun-akun ini berbeda dari aturan yang digunakan di Negara asal induk perusahaan, maka dapat terjadi perbedaan dalam estimasi arus kas.
Penyusunan system informasi seluruh dunia milik suatu perusahaan merupakan hal krusial dalam mendukung strategi perusahaan, termasuk proses perencanaan. Keadaan geografi, komunikasi informasi secara formal umumnya menggantikan kontak pribadi antara manajer operasi local dengan manajer kantor pusat. Perkembangan dalam teknologi informasi seharusnya mengurangi, tetapi tidak akan menghilangkan sama sekali kerumitan ini. Rancangan system berpengaruh pada keberhasilan yang dicapai:
1. penyebaran rendah dengan sentralitas yang tinggi, digunakan oleh organisasi yang lebih kecil dengan operasi bisnis internasional yang terbatas, dan system informasi domestic yang mendominasi kebutuhan.
2. penyebaran tinggi dengan sentralisasi yang rendah, digunakan oleh perusahaan multinasional dengan operasi di wilayah geografis yang berbeda-beda.
3. penyebaran yang tinggi dengan sentralitas yang tinggi, dijalankan oleh perusahaan dengan aliansi strategi di seluruh dunia.
Akuntansi manajemen mempersiapkan sejumlah informasi untuk manajemen perusahaan mulai dari pengumpulan data hingga laporan likuiditas dan ramalan operasional berupa berbagai jenis pengeluaran beban. Factor-faktor lingkungan juga mempengaruhi penggunaan informasi yang dihasilkan secara internal. Misalnya pengaruh budaya. Budaya yang tidak nyaman dengan ketidakpastian dan ambiguitas cenderung untuk lebih siap menerima teknologi informasi dibandingkan mereka yang tidak nyaman. Factor translasi juga mempengaruhi penggunaan informasi yang dihasilkan. FAS No 52 mewajibkan penggunaan metode translasi temporal ketika melakukan translasi akun-akun perusahaan afiliasi luar negeri yang berada dalam lingkungan berafiliasi tinggi. Meskipun demikian, ketentuan tersebut tidak memenuhi kebutuhan informasi perusahaan yang beroperasi di Negara-negara dengan inflasi tinggi karena cenderung menimbulkan distorsi realitas melalui:
- menilai lebih atau menilai kurang pendapatan dan beban
- melaporkan keuntungan atau kerugian translasi yang besar yang sulit untuk diinterpretasikan
- mendistorsi perbandingan kinerja antarwaktu.
Mengapa kita perlu memperhatikan distorsi ini?
- Sistem pelaporan tradisional memiliki pengaruh yang buruk terhadap perilaku tenaga penjualan
- System pelaporan trandisional tidak memberikan motivasi bagi tenaga penjualan untuk memfakturkan dan mengirimkan lebih dahulu di bulan itu
- System ini memanipulasi hasil
Agar suatu system pengendalian di perusahaan multinasional berfungsi dengan baik, maka biasanya system yang digunakan banyak perusahaan multinasional untuk mengendalikan operasi luar negerinya dalam banyak hal banyak hal sama dengan yang digunakan secara domestic. Bagian-bagian system yang umumnya dikirim keluar meliputi control keuangan dan anggaran serta kecenderungan untuk menerapkan standar yang sama yang dikembangkan untuk mengevaluasi operasi domestic.
Setelah tujuan strategis dan anggaran modal dibuat, selanjutnya manajemen memfokuskan diri pada perencanaan jangka pendek. Perencanaan jangka pendek mencakup pembuatan anggaran operasional atau rencana laba apabila diperlukan dalam organisasi. Rencana laba ini merupakan dasar bagi peramalan manajemen kas, keputusan operasi, dan skema kompensasi manajemen. Rencana laporan laba rugi perusahaan afiliasi asing pertama-tama dikonversikan menurut prinsip-prinsip akuntansi yang dianut di Negara asal induk perusahaan dan ditranslasikan dari mata uang local ke dalam mata uang induk perusahaan.
NTERNATIONAL FINANCIAL ANALYSIS
Analysis of international financial reporting is a process full consideration in order to help evaluate the financial position and results of operations on the present and past, in order to determine the estimates and predictions are most likely about the condition and performance of companies in the future. Analysis of financial statements, but in fact many in the present study the authors use financial ratio analysis because this analysis is more frequently used and simpler. The purpose of financial analysis is to evaluate the performance of companies on the present and the past and to assess whether the performance can be maintained. Include ratio analysis included comparison of the ratio between a company with other companies in the same industry, the ratio between the time a company or other fiscal period, and the ratio of a reference standard. This analysis provides input to the degrees of comparison and the relative importance of financial statement items and can assist in evaluating the effectiveness of operating, investing, financing and retention of earnings management is taken. Cash flow analysis focuses on cash flow statement of cash flows, which provides information on cash inflows and outflows companies, which are classified into operating activities, investing and financing activities, and disclosures about the activities of non-cash investing and financing activities on a periodic basis. Analysts can use the analysts' cash flow to answer many questions about the performance and management companies. Ratio analysis A number of strong evidence showing the existence of large differences between countries. in profitability, leverage, and financial statement ratios and other amounts derived from accounting and non accounting factor Analysis of Cash Flows The cash flows are very detail required under U.S. GAAP, UK GAAP, IFRS, and accounting standards in several countries the number is increasing. Measures related to cash flow is very useful especially in the international analysis because it is less influenced by differences in accounting principles, compared with earnings-based measures. If the cash flow statement is presented, often found it difficult to calculate cash flow from operations and other measures of cash flow by adjusting the income accrual-based mechanism to address a group of internationally recognized principles, or according to other, more general basis. The algorithm is relatively simple re-presentation is effective enough to be used. Repeated presentation of the algorithm focuses only on four different accounting principles, namely: the cost of inventory 2.Metode 1.Asumsi 3.Bonus depreciation against the directors and auditors shall 4.Pajak special tax liabilities and reserves Analysts International Analysts Prospective Prospective include forecasting and assessment phase. When analysts are forecasting to make predictions about the prospects of the company is explicitly based on business strategy, accounting records, and financial analysts. When performing a quantitative assessment of the analyst to change the forecast into an estimate of the value of the company. Assessment is used implicitly or explicitly in many business decisions. For example, assessments are the basis of investment advice provided by equity analysts. When analyzing the possibility of a merger, the prospective purchaser will estimate the value of the target company. There are many different assessment approaches used in practice, ranging from analysts to the discounted cash flow techniques based on a simple price-based multiplication. Further issue of Fourth phase of the business analyst (analyst business, accounting, finance and prospective) is influenced by following factors: 1. Access to information, 2. Timeliness of information, 3. Barriers of language and terminology, 4. Foreign currency issues, 5.perbedaan the type and format of financial reports Access to Information is a valuable source of information 1. Government publications, 2. Economic research organization, 3. International organizations such as the union of the nations, 4. Organization of accounting, auditing and securities markets. Timeliness of information timeliness of financial reports, annual reports, reports to the regulator, and press releases relating to accounting reports differ in each country. Quarterly reporting is common practice in the United States, while other places are still rare. Financial reporting period can also be estimated by comparing a company's fiscal year-end report date audinya. This last date is considered as an indication of the date when the company first financial information available to the general public. Differences in form and content of financial reporting format and content of financial statements has been no uniformity among industrial companies and trade, so the classification of the accounts of a company will vary with other companies. This difference might be due to: a. The report is tailored to the pressure or the use of management objectives or purpose of the report. b. Differences of opinion among those who compiled the report. c. Differences in knowledge and experience than the accountant who prepared the report. d. The failure to mengetrapkan titles or new classifications commonly accepted or commonly used. Differences between countries with the quality of accounting measurement, disclosure and audit are very dramatic. National characteristics that cause these differences include the required practices and generally accepted, monitoring and enforcement, and the scope of management discretion over financial reporting. Some of the approaches used by the users of financial statements to address the cross-country differences in accounting principles. Some analysts present the foreign accounting resize according to a group of internationally recognized principles, or in accordance with the fundamental group of internationally recognized principles, or in accordance with the basic common lenih. Some others develop a complete understanding of accounting practices in a particular group of countries and limited their analysis to firms that berlokasai in these countries.
http://acuyzz.blogspot.com/2012/04/akuntansi-internasionalanalisis-laporan.html
Planning and management control is critical for the company, in this multinational company. However, the reduction in national trade barriers continuously, a floating currency, sovereign risk, restrictions on sending funds across national borders, differences in national tax systems, differences in the level of interest rates and commodity prices and the effect of changing equity to assets, earnings , and the cost of capital is a variable that complicates management decisions. And rapid global Persaingn penyebarn the limited information supports national differences in management accounting practices. Additional pressures include, among others, changes in markets and technologies, the growth of privatization, incentive costs, and performance as well as coordination of global operations through joint ventures and other strategic links.
Company in the conduct of management control requires a planning tool that can identify the relevant factors in the future, scanning the external and internal environment. The tool helps companies identify opportunities and challenges. One such tool is the WOTS-UP analysis regarding the strengths and weaknesses of the company relating to the company's operating environment. Accountants can also help corporate planners to obtain useful data in strategic planning decisions.
Then, the decision to invest abroad is a very important element in the global strategy of a multinational company. Investment risk, followed by the foreign environment, complex and constantly changing. Formal planning is a must and is generally performed in a capital budgeting framework that compares the benefits and costs of the proposed investment yng. Differences in tax law, accounting system, the rate of inflation, the risk of nationalization, currency framework, market segmentation, restrictions on the transfer of retained earnings, and differences in language and culture adds to the complexity of elements that are rarely found in domestic environments. Adaptation (adjustment) by multinational companies for investment planning models have traditionally been carried out in three areas of measurement: (1) determine the relevant returns for multinational investments, (2) measure of cash flow expectations, and (3) calculate the cost of multinational capital.
A manager must determine the relevant rate of return on foreign investment opportunities mengalisis remedy. However, the relevant rate of return is a matter of perspective: a project or parent companies abroad. Returns from these two viewpoints may differ significantly because of several reasons: (1) restrictions on repatriation of profits by the government and capital, (2) license fee, royalt, and other payments which is the profit for the parent company but is a burden for the subsidiary, (3) differences in national inflation rate, and (4) changes in foreign exchange rates, and (5) differences in taxes. Financial managers need to meet multiple objectives by providing a response to investor groups and noninvestor in the organization and the environment. If siatu not promise the return of foreign investment that has risk-adjusted returns that value is obtained from local competitors, the parent company's shareholders would be better to invest directly in local companies.
For managers of multinational companies, measuring the expected cash flows of a foreign investment is quite a challenge. Revenue estimates are based on projected sales and billing experience antipasti. Operations and local tax burden equally predictable. However, there are additional complexities that must be considered:
- Project cash flow versus the parent company
- The parent company's cash flows related to financing
- Funding for subsidized
- Political risks
This process should also consider the impact of changes and fluctuations of the currency on expectations of return on foreign currency.
The main source of cash flow covers loans from the parent holding company, dividends, license fees, overhead expenses, royalties, transfer pricing for purchases from or sales to the parent company, and the estimated final value of the project. Measurement of cash flows requires an understanding of the differences in national accounting, repatriation policy of the government, inflation, and potential future exchange rate and tax differences.
Differences in accounting principle be relevant if the fund managers rely on the pro forma financial statements with a local basis when estimating the future cash flows. If the rules of measurement used to compile these accounts differ from the rules used in the parent company's country of origin, they can lead to differences in the estimated cash flows.
Preparation of the world's information system of a company is crucial in supporting the corporate strategy, including the planning process. Circumstances of geography, formal information communication generally replace the personal contact between the local operations manager with the central office manager. Developments in information technology should reduce, but will not completely eliminate this hassle. The design of the system affect the success achieved:
A. low deployment with high centrality, used by smaller organizations with limited international business operations and information systems that dominate the domestic needs.
2. deployment with centralized low height, is used by multinational companies with operations in different geographical areas vary.
3. high with a spread of high centrality, run by the company with strategic alliances throughout the world.
Management accounting information for management to prepare a number of companies ranging from data collection to reporting of liquidity and operational forecasts of the various types of expenditure weights. Environmental factors also affect the use of internally generated information. For example, the influence of culture. Cultural, uncomfortable with uncertainty and ambiguity tend to be more ready to accept information technology than those who are not comfortable. Translational factors also affect the use of information generated. FAS No. 52 requires the use of temporal translation method when doing a translation of the accounts of foreign affiliates located in high-affiliated environment. However, the provision does not meet the information needs of companies operating in countries with high inflation because it tends to cause distortion of reality through:
- Assess the rate is more or less revenue and expenses
- Report translation gains or losses that are difficult to interpret large
- Distorts the intertemporal comparison of performance.
Why do we need to pay attention to this distortion?
- The traditional reporting system has a bad influence on the behavior of salespeople
- System reporting trandisional not provide motivation for salespeople to memfakturkan and send the first of the month
- System is manipulating the results
For a control system for a multinational company to function properly, the system typically used by many multinational companies to control its foreign operations in many respects much the same as those used domestically. Parts of the system are generally shipped out include financial control and budget as well as the tendency to apply the same standard that was developed to evaluate the domestic operations.
Once the strategic goals and capital budgets are created, the management focus on short-term planning. Short-term planning includes making the operating budget or profit plan when needed in the organization. Plan earnings are the basis for forecasting cash management, operating decisions, and management compensation schemes. Plan of the company income statements of foreign affiliates is first converted according to accounting principles adopted in the parent company's country of origin and translated from local currencies into the currency of the parent.
Analysis of international financial reporting is a process full consideration in order to help evaluate the financial position and results of operations on the present and past, in order to determine the estimates and predictions are most likely about the condition and performance of companies in the future. Analysis of financial statements, but in fact many in the present study the authors use financial ratio analysis because this analysis is more frequently used and simpler. The purpose of financial analysis is to evaluate the performance of companies on the present and the past and to assess whether the performance can be maintained. Include ratio analysis included comparison of the ratio between a company with other companies in the same industry, the ratio between the time a company or other fiscal period, and the ratio of a reference standard. This analysis provides input to the degrees of comparison and the relative importance of financial statement items and can assist in evaluating the effectiveness of operating, investing, financing and retention of earnings management is taken. Cash flow analysis focuses on cash flow statement of cash flows, which provides information on cash inflows and outflows companies, which are classified into operating activities, investing and financing activities, and disclosures about the activities of non-cash investing and financing activities on a periodic basis. Analysts can use the analysts' cash flow to answer many questions about the performance and management companies. Ratio analysis A number of strong evidence showing the existence of large differences between countries. in profitability, leverage, and financial statement ratios and other amounts derived from accounting and non accounting factor Analysis of Cash Flows The cash flows are very detail required under U.S. GAAP, UK GAAP, IFRS, and accounting standards in several countries the number is increasing. Measures related to cash flow is very useful especially in the international analysis because it is less influenced by differences in accounting principles, compared with earnings-based measures. If the cash flow statement is presented, often found it difficult to calculate cash flow from operations and other measures of cash flow by adjusting the income accrual-based mechanism to address a group of internationally recognized principles, or according to other, more general basis. The algorithm is relatively simple re-presentation is effective enough to be used. Repeated presentation of the algorithm focuses only on four different accounting principles, namely: the cost of inventory 2.Metode 1.Asumsi 3.Bonus depreciation against the directors and auditors shall 4.Pajak special tax liabilities and reserves Analysts International Analysts Prospective Prospective include forecasting and assessment phase. When analysts are forecasting to make predictions about the prospects of the company is explicitly based on business strategy, accounting records, and financial analysts. When performing a quantitative assessment of the analyst to change the forecast into an estimate of the value of the company. Assessment is used implicitly or explicitly in many business decisions. For example, assessments are the basis of investment advice provided by equity analysts. When analyzing the possibility of a merger, the prospective purchaser will estimate the value of the target company. There are many different assessment approaches used in practice, ranging from analysts to the discounted cash flow techniques based on a simple price-based multiplication. Further issue of Fourth phase of the business analyst (analyst business, accounting, finance and prospective) is influenced by following factors: 1. Access to information, 2. Timeliness of information, 3. Barriers of language and terminology, 4. Foreign currency issues, 5.perbedaan the type and format of financial reports Access to Information is a valuable source of information 1. Government publications, 2. Economic research organization, 3. International organizations such as the union of the nations, 4. Organization of accounting, auditing and securities markets. Timeliness of information timeliness of financial reports, annual reports, reports to the regulator, and press releases relating to accounting reports differ in each country. Quarterly reporting is common practice in the United States, while other places are still rare. Financial reporting period can also be estimated by comparing a company's fiscal year-end report date audinya. This last date is considered as an indication of the date when the company first financial information available to the general public. Differences in form and content of financial reporting format and content of financial statements has been no uniformity among industrial companies and trade, so the classification of the accounts of a company will vary with other companies. This difference might be due to: a. The report is tailored to the pressure or the use of management objectives or purpose of the report. b. Differences of opinion among those who compiled the report. c. Differences in knowledge and experience than the accountant who prepared the report. d. The failure to mengetrapkan titles or new classifications commonly accepted or commonly used. Differences between countries with the quality of accounting measurement, disclosure and audit are very dramatic. National characteristics that cause these differences include the required practices and generally accepted, monitoring and enforcement, and the scope of management discretion over financial reporting. Some of the approaches used by the users of financial statements to address the cross-country differences in accounting principles. Some analysts present the foreign accounting resize according to a group of internationally recognized principles, or in accordance with the fundamental group of internationally recognized principles, or in accordance with the basic common lenih. Some others develop a complete understanding of accounting practices in a particular group of countries and limited their analysis to firms that berlokasai in these countries.
http://acuyzz.blogspot.com/2012/04/akuntansi-internasionalanalisis-laporan.html
Planning and management control is critical for the company, in this multinational company. However, the reduction in national trade barriers continuously, a floating currency, sovereign risk, restrictions on sending funds across national borders, differences in national tax systems, differences in the level of interest rates and commodity prices and the effect of changing equity to assets, earnings , and the cost of capital is a variable that complicates management decisions. And rapid global Persaingn penyebarn the limited information supports national differences in management accounting practices. Additional pressures include, among others, changes in markets and technologies, the growth of privatization, incentive costs, and performance as well as coordination of global operations through joint ventures and other strategic links.
Company in the conduct of management control requires a planning tool that can identify the relevant factors in the future, scanning the external and internal environment. The tool helps companies identify opportunities and challenges. One such tool is the WOTS-UP analysis regarding the strengths and weaknesses of the company relating to the company's operating environment. Accountants can also help corporate planners to obtain useful data in strategic planning decisions.
Then, the decision to invest abroad is a very important element in the global strategy of a multinational company. Investment risk, followed by the foreign environment, complex and constantly changing. Formal planning is a must and is generally performed in a capital budgeting framework that compares the benefits and costs of the proposed investment yng. Differences in tax law, accounting system, the rate of inflation, the risk of nationalization, currency framework, market segmentation, restrictions on the transfer of retained earnings, and differences in language and culture adds to the complexity of elements that are rarely found in domestic environments. Adaptation (adjustment) by multinational companies for investment planning models have traditionally been carried out in three areas of measurement: (1) determine the relevant returns for multinational investments, (2) measure of cash flow expectations, and (3) calculate the cost of multinational capital.
A manager must determine the relevant rate of return on foreign investment opportunities mengalisis remedy. However, the relevant rate of return is a matter of perspective: a project or parent companies abroad. Returns from these two viewpoints may differ significantly because of several reasons: (1) restrictions on repatriation of profits by the government and capital, (2) license fee, royalt, and other payments which is the profit for the parent company but is a burden for the subsidiary, (3) differences in national inflation rate, and (4) changes in foreign exchange rates, and (5) differences in taxes. Financial managers need to meet multiple objectives by providing a response to investor groups and noninvestor in the organization and the environment. If siatu not promise the return of foreign investment that has risk-adjusted returns that value is obtained from local competitors, the parent company's shareholders would be better to invest directly in local companies.
For managers of multinational companies, measuring the expected cash flows of a foreign investment is quite a challenge. Revenue estimates are based on projected sales and billing experience antipasti. Operations and local tax burden equally predictable. However, there are additional complexities that must be considered:
- Project cash flow versus the parent company
- The parent company's cash flows related to financing
- Funding for subsidized
- Political risks
This process should also consider the impact of changes and fluctuations of the currency on expectations of return on foreign currency.
The main source of cash flow covers loans from the parent holding company, dividends, license fees, overhead expenses, royalties, transfer pricing for purchases from or sales to the parent company, and the estimated final value of the project. Measurement of cash flows requires an understanding of the differences in national accounting, repatriation policy of the government, inflation, and potential future exchange rate and tax differences.
Differences in accounting principle be relevant if the fund managers rely on the pro forma financial statements with a local basis when estimating the future cash flows. If the rules of measurement used to compile these accounts differ from the rules used in the parent company's country of origin, they can lead to differences in the estimated cash flows.
Preparation of the world's information system of a company is crucial in supporting the corporate strategy, including the planning process. Circumstances of geography, formal information communication generally replace the personal contact between the local operations manager with the central office manager. Developments in information technology should reduce, but will not completely eliminate this hassle. The design of the system affect the success achieved:
A. low deployment with high centrality, used by smaller organizations with limited international business operations and information systems that dominate the domestic needs.
2. deployment with centralized low height, is used by multinational companies with operations in different geographical areas vary.
3. high with a spread of high centrality, run by the company with strategic alliances throughout the world.
Management accounting information for management to prepare a number of companies ranging from data collection to reporting of liquidity and operational forecasts of the various types of expenditure weights. Environmental factors also affect the use of internally generated information. For example, the influence of culture. Cultural, uncomfortable with uncertainty and ambiguity tend to be more ready to accept information technology than those who are not comfortable. Translational factors also affect the use of information generated. FAS No. 52 requires the use of temporal translation method when doing a translation of the accounts of foreign affiliates located in high-affiliated environment. However, the provision does not meet the information needs of companies operating in countries with high inflation because it tends to cause distortion of reality through:
- Assess the rate is more or less revenue and expenses
- Report translation gains or losses that are difficult to interpret large
- Distorts the intertemporal comparison of performance.
Why do we need to pay attention to this distortion?
- The traditional reporting system has a bad influence on the behavior of salespeople
- System reporting trandisional not provide motivation for salespeople to memfakturkan and send the first of the month
- System is manipulating the results
For a control system for a multinational company to function properly, the system typically used by many multinational companies to control its foreign operations in many respects much the same as those used domestically. Parts of the system are generally shipped out include financial control and budget as well as the tendency to apply the same standard that was developed to evaluate the domestic operations.
Once the strategic goals and capital budgets are created, the management focus on short-term planning. Short-term planning includes making the operating budget or profit plan when needed in the organization. Plan earnings are the basis for forecasting cash management, operating decisions, and management compensation schemes. Plan of the company income statements of foreign affiliates is first converted according to accounting principles adopted in the parent company's country of origin and translated from local currencies into the currency of the parent.
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