1
Investment Pada
Efek Hutang dan
Ekuitas
Mengapa perusahaan berinvestasi
pada perusahan lain
Pelindung Keamanan
Kebutuhan kas yg
musiman
Investasi untuk suatu imbal
hasil
Lanjuttt
2
3
Invetasi untuk mendapatkan
pengaruh
Pembelian untuk
mendapatkan
pengendalian
4
Definisi EFEK
Menurut Undang-undang pasar modal psl
1 point 5
Efek adalah surat berharga, yaitu surat
pengakuan hutang, surat berharga
komersial, saham, obligasi, tanda bukti
hutang, unit penyertaan, kontrak
investasi kolektif, kontrak berjangka
atas efek, dan setiap derifatif dari efek
Klasifikasi efek Investasi
Efek Hutang Umumnya memiliki karakteristik
sebagai berkut:
1. Nilai jatuh temponya mewakili nilai yang
harus dibayarkan pada pemegang efek
hutang pd saat jatuh tempo.
2. Suatu tingkat bunga yg menetapkan
pembayaran bunga secara periodik.
3. Tanggal jatuh tempo yg mengindikasikan
kapan kewajiban akan diselesaikan
5
Klasifikasi efek investasi
Efek ekuitas Mewakili kepemilikan dalam
suatu perusahaan.
 Lembar-lembar saham ini biasanya
mengandung hak untuk memperoleh
deviden dan untuk memberikan suara
dalam kegiatan perusahaan.
 Dan memiliki potensi untuk kenaikan
secara signifikan atas harga efek tsb.
6
Klasifikasi efek investasi
Efek Hutang/
Ekuitas
Hingga
jatuh
tempo
Efek dibeli untuk tujuan ditahan
hingga jatuh temponya
Diperdagangkan
Efek dibeli dengan tujuan untuk
dijual dalam waktu dekat
Tersedia
u/ dijual
Efek yg tidak dikategorikan
diperdagangkan atau ditahan
hingga jatuh tempo.
7
8
Efek-efek dipasar Modal
• Saham
• Obligasi
• Derivatif (warans, rights, option,
futures contract)
• Efek lain (unit penyertaan reksa
dana dan efek beragun aset
9
Saham
• Surat berharga sebagai bukti
penyertaan atau pemilikan individu
maupun institusi dalam suatu
perusahaan
10
Beberapa istilah penting saham
• Laba per saham, laba bersih setelah
pajak dibagi dengan jumlah lembar
saham yg telah disetor
• Kapitalisasi, perkalian harga saham di
bursa (market price) dg jumlah lembar
saham yg disetor
• Capital gain/loss, keuntungan/kerugian
yg diperoleh investor dari selisih harga
beli dan harga jual suatu saham
11
• Nilai nominal, nilai yg tertera pd lembar
saham yg besarnya ditentukan dalam
anggaran dasar perusahaan
• Nilai buku per saham, total nilai ekuitas
dibagi total jumlah saham yg beredar
• Nilai pasar, harga jual saham
• Deviden, bagian keuntungan
perusahaan yang dibagikan kepada
pemegang saham
• Price earning rasio, rasio harga pasar
saham dengan laba per saham
Klasifikasi efek investasi
Hutang
Ditahan
hingga
jth
tempo
Tersedia
u/dijual
Metode biaya
ekuitas
diperdag
angkan
Metode
ekuitas
12
13
Investasi dalam saham biasa
• Metode yg digunakan tergantung dari
pengaruh atau kontrol yg dilakukan oleh
investor terhadap perusahaan yg ingin
dikuasainya (investee)
• Besarnya pengaruh ini merupakan faktor
utama untuk menjelaskan apa yg investor
dan investe tampilkan dalam laporan
keuangan yg merupakan investasi dalam
saham biasa, berdasarkan metode Cost
(biaya) atau metode Equity (Ekuitas).
14
Investasi dalam saham biasa
• Konsolidasi melibatkan
penggabungan untuk pelaporan
keuangan aktiva, kewajiban,
pendapatan dan beban individual
untuk dua atau lebih perusahaan
yang berhubungan istimewa
seakan-akan mereka adalah satu
perusahaan.
15
• Konsolidasi umumnya merupakan
pengendalian oleh suatu
perusahaan (induk
perusahaan/parent) terhadap
perusahaan lainnya (anak
perusahaan/subsidiary)
16
• Metode ekuitas digunakan untuk pelaporan
eksternal jika investor mempunyai pengaruh
signifikan dalam kebijakan operasi dan
keuangan investee dan konsolidasi tidak
sesuai.
• Metode ekuitas tidak dapat digunakan
sebagai pengganti konsolidasi jika
konsolidasi sesuai.
• Metode ekuitas digunakan utamanya untuk
pelaporan investasi selain pada anak
perusahaan, metode ini paling sering
digunakan jika suatu perusahaan mempunyai
kepemilikan 20 – 50 % pada saham
perusahaan lain.
17
• Metode biaya digunakan dalam
pelaporan investasi dalam efek ekuitas
yang tidak diperdagangkan jika
konsolidasi dan metode ekuitas tidak
sesuai untuk digunakan.
• Untuk efek ekuitas yang
diperdagangkan, jika konsolidasi dan
metode tidak sesuai untuk digunakan,
investasi biasanya dicatat
menggunakan metode biaya dan
disesuaikan dengan nilai pasar.
Kriteria untuk menentukan besarnya
pengaruh suatu perusahaan
Representation on the investee’s Board of
Directors
Participation in the investee’s policymaking process
Material intercompany transactions.
Interchange of managerial personnel.
Technological dependency.
Extent of ownership in relationship to
other ownership percentages.
18
Ukuran signifikansi suatu
investasi
19
Kepemilikan Investor atas
saham beredar Investee
0%
{
Nilai
wajar
(cost
Method)
Equity
Method
20%
Consolidated Financial
Statements
50%
100%
Dalam bbrp kasus
pengaruh/pengendalian dapat terjadi dg
kepemilikan kurang dari 20%.
20
Ukuran siknifikan suatu investasi
Kepemilikan Investor atas
saham beredar Investee
Nilai
wajar
(cost
Method)
20%
{
0%
Equity
Method
Consolidated Financial
Statements
50%
Pengaruh siknifikan umumya
diasumsikan berkisar antara 20% 50% kepemilikan.
100%
21
Ukuran siknifikan suatu investasi
Hak pemilikan Investor atas
saham yg beredar Investee
0%
Equity
Method
20%
Consolidated Financial
Statements
50%
{
Nilai
wajar
(cost
Method)
Laporan keuangan thd suatu
perusahaan yg berhubungan harus
di konsolidasi.
100%
22
Cost Method/Metode biaya
• ABC Company membeli 20 %
saham biasa XYZ seharga
$100,000 pd awal tahun tapi tidak
berpengaruh signifikan atas XYZ.
Investasi pd XYZ
saham biasa
$100,000
Kas
$100,000
23
Cost Method
• Selama periode berjalan, laba XYZ
$50,000 digunakan untuk bayar
deviden $20,000.
Kas ($20,000 X .20)
Pendapatan deviden
$4,000
$4,000
The Equity Method—
Pengaruh signifikan (20 - 50 %)
• Dilaporkan oleh
Investee:
– Laba/rugi bersih
– Pengumuman
deviden
• Pengaruh pada Investor:
– Mencatat
pendapatan/kerugian
dari investasi,
meningkatkan/menur
unkan akun investasi.
– Mencatat
aktiva(kas/piutang),
menurunkan akun
investasi
24
The Equity Method—Equity
Accrual
• ABC Company menguasai signifikan XYZ
Company dg membeli 20 % saham biasa XYZ
Company laba pada tahun berjalan XYZ $60,000.
Jurnal laba atas Investasi ABC di XYZ
Investasi pd saham biasa ($60,000 X .2) $12,000
pendapatan dari Investee
$12,000
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Equity pengakuan Dividends
• Jika XYZ mengumumkan pembayaran
deviden $20,000 jurnal yg dibuat ABC
Kas ($20,000 X .20)
$4,000
Investasi pd
saham Biasa XYZ
$4,000
Efek metode ekuitas
Efek ekuitas Tujuannya agar
dapat mengendalikan atau
mempengaruhi secara
signifikan operasi dari
perusahaan target .
27
Different Accounting
Treatments
Classification
of Securities
Held to maturity
Available for sale
Trading
Equity method
Types of
Securities
Disclosure
on the
Balance
Sheet
28
Treatment of
Temporary
Changes in
Value
Debt
Amortized cost
Not recognized
Debt/equity Fair market value Reported in
stockholders’
equity
Debt/equity Fair market value Reported on the
income statement
Equity
Historical cost
Not recognized
adjusted for
changes in the
assets of the investee
Purchases of Debt Securities
On May 1, Douglas Company purchases
$100,000 in U.S. Treasury notes at 104¼,
including brokerage fees. Interest is 9%
payable semiannually on January 1 and July
1. The debt securities are classified by the
purchaser as trading securities.
Accrued interest on May 1 is $3,000, calculated
as follows:
$100,000 x .09 x 4/12 = $3,000
29
Purchases of Debt Securities
Asset Approach
Purchase date:
May 1 Investment in
Trading Securities 104,250
Interest Receivable
3,000
Cash
107,250
Continued
30
Purchases of Debt Securities
Revenue Approach
Purchase date:
May 1 Investment in
Trading Securities 104,250
Interest Revenue
3,000
Cash
107,250
Continued
31
Purchases of Debt Securities
Receipt of semiannual payment:
Asset Approach
July 1 Cash
4,500
Interest Receivable
Interest Revenue
3,000
1,500
Revenue Approach
July 1 Cash
Interest Revenue
4,500
4,500
32
Purchase of Equity Securities
Purchased 10,000 shares of Dave’s Deli
common shares at $2 per share.
Treated as available-for-sale because
management has no intention of holding
these securities for a a long period of time
and will sell them as soon as it is
economically advantageous
33
Purchase of Equity Securities
Citty Co. purchased 1,000 shares of AB
Company common shares at $2 per share.
Available-for-Sale
Investment in Available-forSale Securities—AB Company 2,000
Cash
2,000
34
Purchase of Equity Securities
Citty Co. purchased 100,000 shares of AB
Company common shares at $2 per share.
Assume that the 100,000 shares
purchased represents 20 percent of the
outstanding voting stock of AB Company.
This investment gives the investor
significant influence over AB Company.
35
Purchase of Equity Securities
Purchased 100,000 shares of Dave’s Deli
common shares at $2 per share.
Trading Securities
Investment in Trading Securities—
AB Company Common Stock
2,000
Cash
2,000
36
PV of Debt Securities
On January 1, 2004, Silmaril Technologies
purchased 5-year, 10% bonds with a face
value of $100,000 and interest payable
semiannually on January 1 and July 1. The
market rate on bonds of similar quality and
maturity is 8%.
37
PV of Debt Securities
Present value of principal:
FV = $100,000; N = 10; I = 4%
Present value of interest payments:
$ 67,556
PMT = $5,000; N = 10; I = 4%
Total present value of the bonds
40,554
$108,110
Investment in Trading Securities
Cash
108,100
108,100
38
Interest Revenue for Debt
Securities (Trading)
When the first interest payment is
received from Silmaril, the following
entry would be made:
July 1 Cash
Interest Revenue
5,000
5,000
39
Interest Revenue for Debt
Securities (Held-to-Maturity)
When the first interest payment is
received from Silmaril, the following
entry would be made:
July 1 Cash
5,000
Interest Revenue
4,324
Investment in Held-toMaturity Securities
676
$108,110 x .04
40
Interest Revenue for Debt
Securities (Held-to-Maturity)
When the second interest payment is received,
the interest revenue is determined by the yield
times the bond carrying value.
Jan 1 Cash
5,000
Interest Revenue
4,297
Investment in Held-toMaturity Securities
703
$107,434 x .04
41
Determining the Appropriate
Accounting Method
Account for as
trading or
available-for-sale
Equity method
Ownership
No
significant
influence
0%
20%
Equity method
and consolidation
procedures
Percentage
Significant
influence
Control
50%
100%
42
Determining the Appropriate
Accounting Method
In the absence of persuasive
evidence to the contrary, equity
securities are classified as
trading or available for sale
when ownership is less than 20
percent.
Summary
43
Determining the Appropriate
Accounting Method
The equity method is used when
ownership is such that the
investor has the ability to
significantly influence or control
the investee’s operations.
Summary
44
Determining the Appropriate
Accounting Method
Ownership
Interest
More than 50%
20% to 50%
Less than 20%
Control or
Degree of
Influence
Control
Accounting
Method
Equity method
and consolidation
procedures
Significant Equity method
influence
No
Account for as
significant trading or
influence
available for sale
45
Applicable
Standard
APB Opinion #18
FASB Exposure
Draft
APB Opinion #18
FASB Statement
No. 115
Revenue for Equity Securities
Classified as Trading and AFS
AB Company announces dividends of
$0.25 per share. Assume that Citty Co.
owns 1,000 shares
Cash
Dividend Revenue
250
250
46
Revenue for Equity Securities
Classified as Trading and AFS
AB Company announces dividends of
$0.25 per share. Assume that Citty Co.
owns 100,000 which represents 50
percent of the outstanding voting stock.
Cash
25,000
Investment in AB Company
Stock
25,000
47
Revenue for Equity Securities
Classified as Trading and AFS
AB Company reports an income of
$250,000 for the year. Again, assume
that Citty Co. owns 50 percent of the
outstanding voting stock.
Investment in AB Company
Stock
125,000
Income from Investment
in AB Company Stock
125,000
48
Equity Method: Purchase For
More than Book Value
The net assets of Stewart Inc. was $500,000
at the time Phillips Manufacturing Co.
purchased 40% of the common shares for
$250,000 on January 1, 2005. The market
value of the net assets of Stewart Inc. would
be $625,000, which is $125,000 more than
the book value. Only $50,000 of this is
attributed to depreciable assets.
$250,000 ÷ .40
49
Equity Method: Purchase For
More than Book Value
The average remaining life of the
depreciable assets is 10 years and the
special operating license is to be
amortized over 20 years.
Additional depreciation ($50,000 x 0.40)/10
License amortization ($75,000 x 0.40)/20
$2,000
1,500
$3,500
50
Equity Method: Purchase For
More than Book Value
Stewart Inc. declared and paid
dividends of $70,000 to common
stockholders during 2005, and it
reported net income of $150,000 for the
year ended December 31, 2005.
51
Equity Method: Purchase For
More than Book Value
Investment in Stewart Inc. Common Stock
Acquisition cost 250,000 Dividends
Share of earnings 60,000 Additional
depreciation
Additional
amortization
310,000
Balance
278,500
28,000
2,000
1,500
31,500
52
Accounting for Temporary
Changes in Value of Securities
Classification
of Security
Disclosed
at
Report FMV
Change On
Trading
Fair market
value
Income
statement
Availablefor-sale
Fair market
value
Stockholder’s
equity
Held-tomaturity
Amortized
cost
Not
recognized
53
Accounting for Temporary
Changes in Value of Securities
Eastwood Inc. purchased the following securities on
March 23, 2005.
• Trading securities:
– Purchase price (Security #1)
$ 8,000
– Value end of year (#1)
$ 7,000
– Purchase price (#2)
$ 3,000
– Value end of year (#2)
$ 3,500
• Available-for-sale securities:
– Purchase price (#3)
$ 5,000
– Value end of year (#3)
$ 6,100
Continued
54
Accounting for Temporary
Changes in Value of Securities
• Available-for-sale securities:
– Purchase price (#4)
– Value end of year (#4)
• Held-to-maturity securities:
– Purchase price (#5)
– Value end of year (#5)
Continued
$12,000
$11,500
$20,000
$19,000
55
Accounting for Temporary
Changes in Value of Securities
Initial Purchase Entry
Investment in Trading Securities
Investment in Available-for-Sale
Securities
Investment in Held-to-Maturity
Securities
Cash
Continued
11,000
17,000
20,000
48,000
56
Accounting for Temporary
Changes in Value of Securities
57
By the end of the year, the value of
the trading securities decreased from
$11,000 to $10,500.
December 31, 2005:
Unrealized Loss on Trading Securities
Market Adjustment—Trading Securities
Continued
500
500
Accounting for Temporary
Changes in Value of Securities
58
By the end of the year, the value of
the available-for-sale securities
increased from $17,000 to $17,600.
December 31, 2005:
Market Adjustment—Available-for-Sale
Securities
Unrealized Increase/Decrease in Value
of Available-for-Sale Securities
600
600
Accounting for Temporary
Changes in Value of Securities
FASB No. 115 puts an end
to “cherry-picking.” This
is the practice of
selectively selling
securities whose prices
have increased, while
keeping those that have
experienced losses or
have maintained their
historical cost.
59
Accounting for Temporary
Changes in Value of Securities
Partial Balance Sheet for Eastwood Inc.
Assets
Invest. in trading securities
$11,000
Market adjustment—trading sec.
(500) $10,500
Invest. in available-for-sale sec. $17,000
Market adjustment
600 17,600
Invest. in held-to-maturity sec.
20,000
$48,100
Stockholders’ Equity
Add unrealized increase in
available-for-sale securities
$ 600
60
Accounting for Temporary
Changes in Value of Securities
Partial Income Statement for Eastwood Inc.
Other expenses and losses:
Unrealized loss on trading
securities
$500
61
Sale of Securities
On April 1, 2005, the investment in
Silmaril’s debt securities is sold for
$103,000, which includes accrued interest
of $2,500. Interest revenue of $2,105
($105,248 x .08 x 3/12) would be recorded.
On January 1, the debt securities had a
carrying value of $105,248. The required
amortization for the three-months’ premium
between January 1 and April 1 is $395.
62
Sale of Securities
Entry to record accrued revenue and to amortize
premium:
Apr. 1 Interest Receivable
2,500
Investment in Held-to
Maturity Securities
395
Interest Revenue
2,105
Entry to record sale:
Apr. 1 Cash
103,000
Realized Loss on Sale of
Securities
4,353
Interest Receivable
2,500
Investment in Held-to
Maturity Securities
104,853
63
Transferring Securities
Between Categories
Transferred
From trading
To trading
From held to maturity to
available for sale
Treatment of
Change in Value
Any unrealized change in value not
previously recognized will be
recognized in net income in the
current period.
Any unrealized change in value not
previously recognized will be
recognized in net income in the
current period.
Recognize any unrealized change in
value in a stockholders’ equity
account.
Continued
64
Transferring Securities
Between Categories
Transferred
From available for sale
to held to maturity
Treatment of
Change in Value
Any unrealized change in value
recorded in a stockholders’ equity
account is to be amortized over the
security’s remaining life using the
effective-interest method.
Statement of Financial Standards No. 115, par. 15d
65
Transferring Securities
Between Categories
Assume:
Cost of trading security
Fair market value, end of 2006
Fair market value at transfer
date
Continued
$3,000
3,600
3,800
66
Transferring Securities
Between Categories
Investment in Available-for-Sale
Securities
3,800
Market Adjustment--Trading
Securities
600
Unrealized Gain on Transfer
of Securities
200
Investment in Trading Securities
3,000
67
Transferring Securities
Between Categories
Assume:
Cost of available-for-sale security
Fair market value, end of 2006
$12,000
10,700
Transfer from the availablefor-sale category to the trading
security category.
Continued
68
Transferring Securities
Between Categories
Investment in Trading Securities 10,300
Market Adjustment--Trading
Securities
1,300
Unrealized Loss on Transfer
of Securities
1,700
Unrealized Increase/Decrease
in Value of Available-forSale Securities
1,300
Investment in Available-forSale Securities
12,000
69
Transferring Securities
Between Categories
Assume:
Cost of held-to-maturity
security
Fair market value, Dec. 31,
2006
20,000
20,700
Record a transfer from held-to-maturity to
the available-for-sale category.
Continued
70
Transferring Securities
Between Categories
Investment in Available-forSale Securities
Unrealized Increase/
Decrease in Value of
Available-for-Sale
Securities
Investment in Held-toMaturity Securities
71
20,400
400
20,000
Transferring Securities
Between Categories
Assume:
Cost of available-for-sale
securities
Fair market value, end of 2006
Fair market value at transfer date
$5,000
6,500
5,900
Record a transfer from availablefor-sale to held-to-maturity.
Continued
72
Transferring Securities
Between Categories
Investment in Held-to-Maturity
Securities
5,900
Unrealized Increase/Decrease
in Value of Available-for-Sale
Securities
600
Investment in Available-forSale Securities
Market Adjustment—
Available-for-Sale
Securities
73
5,000
1,500
Cash Flows from Gains and
Losses on Available-for-Sale
Caesh Company began with a $1,000
investment on January 1, 2005.
Cash sales
Cash expenses
Purchases of investment securities
Sale of investment securities
(costing $200)
Continued
$1,700
(1,400)
(600)
170
74
Cash Flows from Gains and
Losses on Available-for-Sale
The market value of the remaining securities
was $500 on December 31, 2005.
Sales
Expenses
Operating income
Realized loss on sale of securities
Net income
Continued
$1,700
(1,400)
$ 300
(30)
$ 270
75
Cash Flows from Gains and
Losses on Available-for-Sale
Caesh Company will report a $100
unrealized increase in the value of it
available-for-sale portfolio.
This $100 unrealized increase
is reported as an increase in
Accumulated Other
Comprehensive Income.
Continued
76
Cash Flows from Gains and
Losses on Available-for-Sale
77
The statement of cash flows for Caesh
Company for 2005 appear as follows:
Operating activities:
Net income
$ 270
Plus realized loss on sale of securities
30 $ 300
Investing activities:
Purchase of investment securities
$(600)
Sale of investment securities
170 (430)
Financing activities:
Initial investment by owner
1,000
Net increase in cash
$ 870
78
Classification and Disclosure
• Trading securities
– The change in net unrealized holding gain or
loss that is included in the income statement.
• Available-for-sale securities
– Aggregate fair value, gross unrealized holding
gains and gross unrealized holding losses, and
amortized cost basis by major security type.
– The proceeds from sales of available-for-sale
securities and the gross realized gains and
losses on those sales and the basis on which
Continued
cost was determined
in computing realized
gains and losses.
79
Classification and Disclosure
• Available-for-sale securities (continued):
– The change in net unrealized holding gain or
loss on available-for-sale securities that has
been included in stockholders’ equity during the
period.
• Held-to-maturity securities:
– Aggregate fair value, gross unrealized holding
gains and gross unrealized holding losses, and
amortized cost basis by major security type.
– The company should disclose information
about contractual Continued
maturities.
80
Classification and Disclosure
• Transfers of securities between categories:
– Gross gains and losses included in earnings
from transfers of securities from available-forsale into the trading category.
– For securities transferred from held-to-maturity,
the company should disclose the amortized cost
amount transferred, the related realized or
unrealized gain or loss, and the reason for
transferring the securities.
chapter 14
The End
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