Analysis of International Financial Statement

Financial statement is a summary of accounting record was composed of balance sheet and income statement in a period that financial statement will be an information for users who making decision. Analysis financial statement is process for evaluating the financial position and operation company result with its purpose to determine condition of the company’s performance for the future. Technical development of analysis financial statement are ratio analysis and cash flow analysis. Financial Ratio analysis is analysis of comparison amounts in financial statement that useful for condition in financial company analysis. Types of financial ratio analysis:

1.      Liquidity Ratio

This ratio is used for the ability of measure to fulfill short term liabilities. There are :

a.       Current Ratio

b.      Acid Test Ratio

c.       Cash Position Ratio

2.      Solvabilty Ratio

This ratio is used for the ability of measure to fulfill short term liabilities and long term liabilities. There are:

a.       Total Debt To Equity Ratio

b.      Total Debt To Total Assets Ratio

c.       Long Term Debt To Equity

d.      Long Term Debt To Total Assets

3.      Profitability Ratio

This ratio is used for the ability to produce profit in a period. There are:

a.       Return On Equity (ROE)

b.      Return On Assets (ROA)

c.       Net Profit Margin

d.      Gross Profit Margin

            Obstacles of financial ratio analysis: First, the differences in accounting principle from many countries. Second, the differences in culture, competition condition and local economy influence interpretation of accounting measurement and financial ratio, although accounting measurement from different countries presented that achievement of accounting comparability.     Cash flow statement analysis  is an analysis that financial statement shows how change in balance sheet accounts and income affect cash and cash equivalents, and also breaks analysis down to operating, investing and financing activities. If cash flow statement isn’t presented, often we find difficulty in counting cash flow from measure of another cash flow with adjust accrual basis profit.

            Pelapu, Bernard and Healy make the basic structure that useful for analysis and business valuation with financial statement such as:

1.      Analysis of  International Business Strategy

This analysis the most important because it give qualitative comprehension of company and competitors associated with economy environment.  This analysis involve audit annual report and publication other company, talk with staff company, analys and other financial professional. Additional information resources such as world wide web (WWW), group of trade, competitors, consumen, reporter, regulator, business company, and lobbyist.

2.      Accounting Analysis

This analysis to analyze result of reported the company has or hasn’t reflect economy reality.

3.      International Financial Analysis

This analysis to evaluate company performance for the past and now and also to appraise what its performance can retained. Information sources to analysis international financial statement :

a.       Financial statement, support schedule, and note of financial statement.

b.      Background of treasure company and disclosure.

Techinques that use in analysis of international financial are:

a.       Analysis of Trend

This analysis to compare items periodically for 2 years or more than 2 years such as profit trend, geometric growth, etc.

b.      Analysis of Ratio

This analysis to compare amounts of financial statement.

4.      Analysis of International Prospective

This analysis consists of forecasting phase and valuation phase. Forecasting phase explicitly by business strategy, accounting record, and financial analysis. Valuation phase is an analys change quantitative forecasting become estimation of value company.

The difficulty and weakness in International Financial Analysis consists of:

1.      Information Access

2.      Timeliness of Information

3.      Obstacle of Language and Terminology

4.      Consideration of Foreign Currency

Bibliography:

Choi, Frederick D.S., and Gary K. Meek.2010. Akuntansi Internasional.Buku 2, Edisi 5.Jakarta: Salemba Empat.

Video Softskill "International Accounting" about Financial Reporting and Changing Prices

https://www.youtube.com/watch?v=gxaun_ibFRk&feature=youtu.be


Anggota kelompok 6:
1. Lisma Pianti
2. Lydia Elvina
3. Netty Joanna Vedora
4. Nerissa Arviana
5. Nindy Pratiwi

ANALYSIS COMPARATIVE OF IFRS and FRANCE ACCOUNTING STANDARD

           International Accounting Standard (IAC) or International Financial Reporting Standard (IFRS) is a standard financial accounting report oriented on revaluation of transparancy for disclosures on economic transaction. IFRS was arranged by :

1.         International Accounting Standard Board (IASB)

2.         Commision of the European communities (EC)

3.         International of Securities Commissions (IOSOC)

4.         International Federation of Accountants (IFAC)

IFRS is a single set of accounting standards, developed and maintained by IASB. IFRS is International Standard for the preparation of public company. There are IFRS set mandatory rules:

1.         Balance Sheet

2.         Statement of Comprehensive Income

3.         Statement of Retained Income

4.         Statement of Cash Flow

France is the main proponent of the world for similiarity national accounting. Ministery of national economy approved Plan Comptable General for the first formal on September 1947. The main basis of French Accounting regulation is Undang-Undang Akuntansi in 1983 and Dekrit Akuntansi in 1983 that makes Plan Comptable General is an obligation for all company. Both of them input in Code de Commerce. Code de Commerce has accounting rules and comprehensive report.  Accounting report legally give the evidence and verification which is considered as resources for making decision. IFRS apply in France adopted by EU and has required application for consolidation financial statement. Originality accounting in France, there is dichotomy between financial statement company individually and group report that has been consolidation. Every company must have manual accounting. Legal systems in France is code law. Legal system in France allow company in France to follow International Financial Reporting Standards. Because France have many multinational company that record their stock in many other country. There are five big companies that involved for preparation standard in France:

1.     Counseil National de la Comptabilite or CNC (Badan Akuntansi Nasional); have a big responsible to follow the rules, consult accounting problem that need regulation.

2.    Comite de la Reglementation Comptable or CRC (Komite Regulasi Akuntansi); change the rules and give recommendation. CNC recommendation into binding regulations

3.  Autorite des Marches Financiers or AMF (Otoritas Pasar Keuangan); supervise new market problems and capital market operations regional and national.    

4.      Ordre des Experts-Comptables or OEC (Institut Akuntan Publik)

5.  Compagnie Nationale des Commissaires aux Comptes or CNCC (Institut Nasional Undang-undang Auditor); as an accountant and auditor. CNCC is  participating in development accounting standards.

France Financial Statements consists of:

1.      Balance Sheet

2.      Income Statement

3.      Notes of Financial Statements

4.      Director Statement

5.      Auditor Statement

There are some company category application IFRS in France. First, registered company in practically already follow IFRS. Second, Not registered company have a choice can follow it or not. But basically all of company must be follow permanent regulation from provisions on each company, to share dividend and count income taxpayer.

In France use equity method, inventory valuation LIFO isn’t allowed, and possibility of loss compatible with IFRS. Goodwill in France use Capitalization and amortization, in IFRS use capitalization and impairment test. Valuation asset in France use historical cost, in IFRS use historical cost and market cost. Depreciation expense in France use tax base, in IFRS use economic base. In IFRS, loan fund capitalized but France isn’t capitalized. Deffered tax in IFRS recognized but in France wasn’t recognized. In IFRS use deposit for profit manipulation but in France doesn’t use it. 

Bibliography: 

Choi, Frrederick,D.,S.,Meek.,Gary.2010. International Accounting.Edisi Keenam.Jakarta: Salemba Empat

www.ifrs.org/about-us/pages/what-are-ifrs.aspx

LYDIA ELVINA, SS-UG, 4EB17 (Kasus Petral)

1. Auditor : Auditor asal Australia, KordaMentha di bawah supervisi satuan pengawas internal Pertamina.

2. Audit yang dilakukan :  Audit yang digunakan pada petral adalah audit forensik. Audit Forensik  pada petral dilaksanakan pada 1 Juli hingga 30 Oktober 2015. Tujuannya untuk mendeteksi risiko fraud atau kecurangan didalam maupun diluar sistem secara komprehensif. Terjadinya kecurangan-suatu tindakan yang disengaja yang tidak dapat terdeteksi oleh suatu pengauditan dapat memberikan efek yang merugikan dan cacat bagi proses pelaporan keuangan. Adanya kecurangan berakibat serius dan membawa dampak kerugian.

3. Prosedur audit:

Prosedur Audit Forensik diantaranya sebagai berikut:

1. Identifikasi masalah

Auditor melakukan pemahaman awal terhadap kasus yang hendak diungkap untuk mempertajam analisa dan spesifikasi ruang lingkup.

2. Pembicaraan dengan klien

Auditor melakukan pembahasan bersama klien terkait lingkup, kriteria, metodologi audit, limitasi, jangka waktu, dan sebagainya untuk membangun kesepahaman antara auditor dan klien terhadap penugasan audit.

3. Pemeriksaan pendahuluan

Auditor menentukan apakah investigasi lebih lanjut diperlukan atau tidak.

4.Pengembangan rencana pemeriksaan

Auditor menyusun dokumentasi kasus yang dihadapi, tujuan audit, prosedur pelaksanaan audit, dan tugas setiap individu dalam tim.

5. Pemeriksaan lanjutan

Auditor menjalankan teknik-teknik auditnya untuk mengidentifikasi secara meyakinkan adanya fraud dan pelaku fraud tersebut.

6. Penyusunan Laporan

Pada tahap akhir ini, auditor melakukan penyusunan laporan hasil audit forensik, ada 3 poin yang harus diungkapkan, diantaranya Kondisi yang benar-benar terjadi di lapangan, Kriteria (standar yang menjadi patokan dalam pelaksanaan kegiatan, jika tidak sesuai dengan kriteria maka hal tersebut disebut sebagai temuan), dan Simpulan.

4. Kesimpulan :

Bahwa KAP Kordamentha telah melakukan audit sesuai kode etik nomor 100 mengenai indepedensi, integritas dan obyektivitas.

5. Temuan Audit :

Adanya inefisiensi rantai suplai meningkatkan risiko mahalnya harga crude dan produk, yang dipengaruhi oleh beberapa faktor meliputi:

1.Kebijakan Petral dalam proses pengadaan mulai dari penentuan harga, volume dan pemilihan NOC yang tidak kompetitif,

2.Kebocoran informasi rahasia

3.Pengaturan tender MOGAS

4.Kelemahan pengendalian HPS dan pengaruh pihak eksternal seperti pemilihan mitra tak langsung dan proses negosiasi term and condition.

5.Petral melakukan penunjukan pada satu penyedia jasa Marine Service dan Inspektor.

dibuat oleh: Lydia Elvina, SS-UG, 4EB17

Sumber :

http://www.pertamina.com/news-room/siaran-pers/audit-forensik-petral-group-telah-tuntas/ (diakses pada hari Sabtu, 26 Desember 2015 pukul 10.00 WIB)

http://mediainformasi.org/audit-forensik-untuk-mendeteksi-risiko-fraud-atau-kecurangan/ (diakses pada hari Sabtu, 26 Desember 2015 pukul 10.00 WIB)

http://katadata.co.id/telaah/2015/11/18/audit-petral-tak-temukan-bukti-korupsi-dan-keterlibatan-mafia-migas (diakses pada hari Sabtu, 26 Desember 2015 pukul 10.00 WIB)

http://ekonomi.rimanews.com/bisnis/read/20151109/244047/Ini-Temuan-Tim-Audit-Forensik-Terhadap-Grup-Petral (diakses pada hari Sabtu, 26 Desember 2015 pukul 10.00 WIB)

http://bisnis.liputan6.com/read/2361312/tim-audit-forensik-petral-temukan-penyebab-harga-bbm-mahal (diakses pada hari Sabtu, 26 Desember 2015 pukul 10.00 WIB)

http://nasional.sindonews.com/read/1062348/13/kpk-kaji-hasil-audit-kasus-petral-1447762243 (diakses pada hari Sabtu, 26 Desember 2015 pukul 10.00 WIB)

http://ekbis.sindonews.com/read/1060091/34/audit-forensik-temukan-kebocoran-rahasia-kasus-petral-1447059672 (diakses pada hari Sabtu, 26 Desember 2015 pukul 10.00 WIB)

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Candi Borobudur

Have you heard about Candi Borobudur? Ok I’ll ask you about Candi Borobudur. Candi Borobudur is a Buddhist stupa and temple complex, and also famous Buddhist temple that located in Magelang, Central Java, Indonesia since the 8^thcentury, and a UNESCO World Heritage Site. CandiBrobudur is the one of world's truly great ancient monuments. It was built in three tiers: a pyramidal base with five concentric square terraces, the trunk of a cone with three circular platforms and, at the top, a monumental stupa. The walls and balustrades are decorated with fine low reliefs, covering a total surface area of 2,500 m². Around the circular platforms are 72 openwork stupas, each containing a statue of the Buddha.

Borobudur was built around 800 BC or 9th century. Borobudur was built by the followers of Mahayana Buddhism during the reign of the Sailendra dynasty. This temple was built in the Sailendra dynasty. Borobudur founder, King Samaratungga from dynastic or Sailendra dynasty. The possibility of this temple was built around 824 AD and was completed around the year 900 AD during the reign of Queen Pramudawardhani who is the daughter of Samaratungga. While the architects who contributed to build this temple according to the story of hereditary named Gunadharma.

The word Borobudur itself by first written evidence written by Sir Thomas Stamford Raffles, the Governor General of Great Britain in Java, which gave the name of this temple. There is no written evidence that older who gave it the name Borobudur temple. The only documents that indicate the existence oldest temple is Nagarakretagama book, which was written by MPU Prapanca in 1365. In the book written that the temple was used as a place of Buddhist meditation.

The meaning of the name Borobudur "monastery in the hills", which is derived from the word "bara" (temple or monastery) and "beduhur" (hills or high place) in Sanskrit. Therefore, in accordance with the meaning of the name Borobudur, then this place since it was used as a place of Buddhist worship.

This temple for centuries no longer used. Then because of volcanic eruptions, most of the buildings covered Borobudur volcanic soil. In addition, the building is covered with trees and shrubs for centuries. Then the building of this temple began to be forgotten in the days of Islam arrived in Indonesia around the 15th century.

In 1814 when the British occupied Indonesia, Sir Thomas Stamford Raffles heard of the discovery of giant archaeological object in the village BumisegoroMagelang. Due to the great interest the history of Java, then immediately ordered Raffles HC Cornelius, a Dutch engineer, to investigate the discovery of the location it is a hill covered with shrubs.

Cornelius assisted by about 200 men cut down trees and remove shrubs that covered the giant building. Because the building is already fragile and could collapse, then report to the Raffles Cornelius invention includes several images. Because of the discovery, Raffles was honored as the person who started the restoration of Borobudur and got the attention of the world. In 1835, the entire area of ​​the temple has been excavated. The temple continues restored the Dutch colonial period.

After Indonesian independence, in 1956, the Indonesian government requested the assistance of UNESCO to examine the damage to Borobudur. Then in 1963, out of the official Indonesian government's decision to conduct the restoration of Borobudur temple with the help of UNESCO. But this restoration was only really started on August 10, 1973. The process of restoration was completed in 1984.

Borobudur has 10 levels consisting of 6 levels of a square, circular level 3 circular and a main stupa as a peak. At every level there are several stupas. Altogether there are 72 stupas in addition to the main stupa. In each there is a statue of Buddha stupa. Ten levels of Buddhist philosophy which ten Bodhisattva levels which must pass to reach the perfection of the Buddha in nirvana. This perfection symbolized by the main stupa at the top level. Borobudur structure when viewed from the top to form a mandala structure depicting Buddhist cosmology and human thinking.

On the four sides of the temple there is a gate and stairs to the level above it like a pyramid. This illustrates the Buddhist philosophy that all life came from rocks. Stone then into the sand, and then into plants, then into the insect, then into wild animals and pets, and the last to be human. This process is referred to as reincarnation. The last process is the soul and eventually get into nirvana. Each stage of enlightenment in this life process is based on the philosophy of Buddha depicted in the reliefs and sculptures in the entire Borobudur.

This huge building just a giant pile of stone blocks which have a total height of 42 meters. Each stone spliced without using cement or adhesive. These stones are only connected by patterns and stacked. The base of Borobudur temple is about 118 m on each side. The stones used approximately 55,000 cubic meters. All stones are taken from the river around Borobudur. These stones are cut and transported and connected with a pattern like the lego games. All without the use of glue or cement.

While relief began to be made after the completion of rocks stacked and connected. Reliefs found on the walls of the temple. Borobudur has 2670 different relief. Relief is read clockwise. This relief depicts a story that I read it begins and ends at the gate to the east. This suggests that the main gate facing east Borobudur like most other Buddhist temples.

Borobudur temple-shaped building punden consisting of six levels. Three levels of rectangular while the three next level with stupa-shaped roundabout in the middle. Levels are built is a reflection of the Bodhisattva journey to reach the level of perfection as a Buddhist. On the walls of the temple are decorated with reliefs containing stories. Total figurawhich contains reliefs amount 1460. Uniquely, the carved story read clockwise. Starting from the left gate and ends at the right of the gate at every level.

Borobudur became one proof of the greatness and the human intellect has ever made in Indonesia. Borobudur become the main cultural attractions in Indonesia. After visiting Borobudur, you can also visit the surrounding villages like Karanganyar which has some interesting sights.

Borobudur be a special place because of different from other sites, until today still used by Buddhists to celebrate the days of magnitude. Privileges and grandeur of Borobudur is what makes us proud to have it.

If you go there, you will be satisfied with it. So many people want to go there especially in holiday from many countries.If you want to go there, you can departure by car , by bus, by plane, or by train.  I ever go to Borobudur temple in holiday for many times. At last time when I go there, I went by car with my big family. I was very surprised because of many visitors to see it. I was got difficult in walking around Borobudur. But I was not disappointed with the view of Borobudur and it’s unforgettable moment. When I was there during the afternoon, I saw a beautiful sunset and also I  took a photo with tourists, bought some souvenirs like a t-shirt with a Borobudur temple printing, many kind of mini architechture of Borobudur and etc. After that you can also stay in hotel around Borobudur. The famous hotel in Borobudur is Manohara Hotel. Charm of sunrise and sunset at the location of archaeological monument of Borobudur and the surrounding natural environment, is a memorable experience for those who live in Manohara. Guests can start the day with a walk at dawn through the dewy grass in a lush tropical garden and solemnly rose to the top of Borobudur temple to enjoy a beautiful sunrise with stunning scenery that will not be forgotten.Come on, you must be go there especially for Indonesia people. We have to proud that Indonesia have a Candi Borobudur consist of seven wonders of the world.