Teori Akuntansi

1. 1
Positive Accounting Theory

2. 2
What is PAT?
 Studies Managers’ Accounting Policy
Choices, As Part of the Overall Process of
Corporate Governance
 That Is, Accounting Policies are Chosen
Strategically
 Positive, Not Normative. Tries to
Understand and Predict Managers’
Accounting Policy Choices.

3. 8-3
ASSUMPTIONS OF PAT
 Managers are Rational (Like Investors)
 Conflict (Between Interests of
Managers and Investors)
 Efficient Securities Market
 Efficient Managerial Labour Market
 But may be inside information about
manager effort and ability (moral hazard
problem)
 A second major role for financial reporting--
to report on manager effort and ability

4. 4
Positive Accounting Theory
 Watts and Zimmerman in 1978 and 1986
 Apply to Positive Theory of Economic

5. 5
Positive Accounting Theory
Teori akuntansi positif mengarahkan pemahaman dan prediksi
pilihan kebijakan akuntansi perusahaan, dinyatakan bahwa pilihan
kebijakan akuntansi adalah bagian dari kebutuhan perusahaan
untuk meminimalisir biaya kontraknya.
Kebijakan akuntansi ditentukan oleh struktur organisasi perusahaan
menurut kondisi lingkungannya dan pilihan kebijakan akuntansi
menjadi bagian dari pengelolaan perusahaan.
Dalam praktiknya kebijakan akuntansi akrual diterapkan lewat
perlakuan transaksi yang berkaitan dengan laba agar lebih
mendekati nilai ekspektasi perusahaan. Hal ini mengingat pihak
manajemen memiliki kompetensi untuk mengendalikan kuantifikasi
kejadian yang berpengaruh terhadap laba

6. 6
Agency Theory
 The agent (like the principal) will be
driven by self-interest, and therefore the
principals will anticipate that the
manager, unless restricted from doing
otherwise, will undertake self-serving
activities that could be detrimental to
economic welfare of the principals.

7. 7
Efficient Market Hypothesis
(EMH)
 The capital markets react in an efficient and
unbiased manner to publicly available
information.

8. 8
Positive Accounting Theory
 Assumptions:
The accountants (and, in fact, all
individuals) are primarily motivated by
self-interest (tied to wealth
maximisation), and that the particular
accounting method selected (where
alternative are available).

9. 9
The Three Hypotheses
 Bonus Plan Hypothesis
 Derives from managerial incentive contracts
 Debt Covenant Hypothesis
 Derives from debt contracts
 Political Cost Hypothesis
 Very large firms minimize political “heat”
 NB: Contacts are Rigid

10. 10
The Bonus Plan Hypothesis
 Bonus based on net income
 To get more bonus, choosing
accounting methods that
increase current reported
earnings

11. 11
The Bonus Plan Hypothesis
 All other things being equal, managers
of firms with bonus plans are more
likely to choose accounting procedures
that shift reported earnings from future
periods to the current period

12. 12
The Bonus Plan Hypothesis
 Because of the nature of of the accrual
process, this will tend to lower future
reported earnings and bonuses, other things
equal.
 PV of manager’s utility from future bonus
stream will be increased by shifting earnings
toward the present

13. 13
The Debt Covenant Hypothesis
 All other things being equal, the closer a firm
is to violation of accounting-based debt
covenants, the more likely the firm manager
is to select accounting procedures that shift
reported earnings from future periods to the
current period

14. 14
The Debt Covenant Hypothesis
 Violation of debt covenant is costly
 Restriction on dividends
 Limit additional borrowing
 Issuance of stock, …
 Increase current earnings
 Assets increase
To avoid violation

15. 15
The Political Cost Hypothesis
 All other things equal, the greater the
political costs (taxes, regulations)
faced by a firm, the more likely the
manager is to choose accounting
procedures that defer reported
earnings from current to future
periods

16. 16
The Political Cost Hypothesis
 Large firm with high profit attracts
media, consumers, and politicians
attention
 Large firm trend to reduce profit reports

17. © 2006 Pearson Education
Canada Inc. 8-17
Managing Reported
Earnings
 Ways to Do It
 Changing accounting policies
 Managing discretionary accruals
 Timing of adoption of new accounting
standards
 Changing real variables--R&D, advertising,
repairs & maintenance
 SPEs (Enron), capitalize operating expenses
(WorldCom)


18. © 2006 Pearson Education
Canada Inc. 8-18
2 Versions of PAT
 Opportunistic Version
 Managers choose accounting policies
for their own benefit
 Efficient Contracting Version
 Managers choose accounting policies
to attain corporate governance
objectives of the firm

19. 19
Criticisms
 Not improving accounting pratices
 Not value free
 Not positive thinking for humankind
 …

20. 20
PAT Concept
Agency Theory Efficient Market
Hypothesis (EMH)
Positive Accounting
Theory (PAT)
Bonus
Plan
Hypothesis
Political
Cost
Hypothesis
Debt
Covenant
Hypothesis
Accounting Standards and Practices
Normative
Theory