MAKALAH OPER ATI NG E XPO XPOSURE SURE
Diajukan untuk memenuhi dan melengkapi salah satu syarat dalam Menempuh Perkuliahan Manajemen Keuangan Lanjutan pada Fakultas Ekonomi Program Profesi Akuntansi Universitas Widyatama
Dosen Pembina : Tetty Lasniroha Sarumpaet, S.E., M.Ak., CA
Disusun Oleh :
Kelompok 6
1.Elsya Mentari Rahmadiar
(1517202005)
2.Edwin Gunawan
(1517204001)
3.Rizkia Dewi Sopani
(1517204003) (1517204003)
FAKULTAS EKONOMI PROGRAM PROFESI AKUNTANSI UNIVERSITAS WIDYATAMA
Terakreditasi (accredited ) SK. Ketua Badan Akreditasi Nasional Perguruan Tinggi (BAN-PT) Nomor : 1148/SK/BAN-PT/Ak-SURV/PPAK/XI/2015 1148/SK/BAN-PT/Ak-SURV/PPAK/XI/2015 Tanggal 31 Januari 2015 BANDUNG 2018
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OPER ATI NG E XPO XPOSURE SURE
ABSTRAK
Eksposur operasi (operating (operating exposure) exposure) yang juga dikenal sebagai eksposur ekonomi (economic (economic exposure), exposure), eksposur kompetitif (competitive (competitive exposure) exposure) dan terkadang bahkan eksposur strategis ( strategic exposure) exposure) merupakan suatu pengukuran pada perusahaan dalam nilai kini perusahaan yang terjadi akibat perubahan arus kas operasi masa depan yang disebabkan oleh perubahan kurs nilai tukar secara tidak terduga. Eksposur translasi (translation (translation exposure) exposure) yang disebut juga sebagai eksposur akuntansi (accounting ( accounting exposure) exposure ) timbul karena laporan keuangan perusahaan anak di luar negeri yang dinyatakan dalam mata uang asing harus disajikan kembali dalam mata uang pelaporan perusahaan induk agar perusahaan dapat menyusun laporan keuangan konsolidasi. Eksposur translasi juga merupakan potensi kenaikan atau penurunan kekayaan bersih dan laba bersih perusahaan induk yang disebabkan diseba bkan o leh perubahan kurs nilai tukar sejak t anggal terakhir dilakukannya translasi. .
Kata kunci : eksposur operasi dan eksposur translasi
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KATA PENGANTAR
Bismillahirrahmanirrahim, Bismillahirrahmanirrahim,
Puji dan syukur penulis panjatkan kehadirat Allah S.W.T yang atas kehendak-Nya dan izin-Nya lah penulis dapat menyelesaikan makalah ini. Shalawat serta salam tercurah limpahkan kepada baginda Rasullallah Muhammad S.A.W. untuk sauri tauladan yang paling sempurna bagi seluruh umat manusia. Makalah ini berjudul OPE RATI NG E XPOSU XPOSURE RE . Adapun maksud dan “
”
tujuan penyusunan makalah ini adalah untuk memenuhi salah satu syarat dalam menempuh perkuliahan Manajemen Keuangan Lanjutan pada Fakultas Ekonomi Program Profesi Akuntansi Universitas Widyatama. Selama penulis menyelesaikan makalah ini tidak terlepas dari dukungan moril maupun materil serta doa yang diberikan oleh berbagai pihak. Pada kesempatan ini penulis ingin mengucapkan terima kasih secara tulus kepada : 1.
Ibu (Alm) Koesbandijah Koesbandijah Abdoel Abdoel Kadir, Prof., Dr., Hj., M.S., Ak. Ak. selaku Pendiri Yayasan Widyatama.
2.
Ibu Sri Lestari Roespinoedji, S.H. sel S.H. selaku aku Ketua Badan Pengurus Yayasan Yayasan Widyatama.
3.
Bapak Islahuzzaman, Dr., H., S.E., M.Si., Ak., CA. selaku Rektor Universitas Widyatama.
4.
Bapak Nuryaman, Dr., H., S.E., M.Si., Ak., CA. dan Ibu Dyah Kusumastuti, Dr., Ir., M.Sc. selaku M.Sc. selaku Wakil Rektor Universitas Widyatama.
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5.
Bapak R. Wedi Rusmawan K. , Dr., S.E., M.Si., Ak., CA. selaku Dekan Fakultas Ekonomi Universitas Widyatama.
6.
Ibu Rita Yuniarti, Dr., S.E., M.M., Ak., CA. se laku Wakil Dekan Fakultas Ekonomi Universitas Universitas Widyatama. Widyata ma.
7.
Bapak Obsatar Sinaga, Prof., Dr., H., S.IP., M.Si. selaku M.Si. selaku Direktur Program Pasca Sarjana Universitas Widyatama.
8.
Bapak Bachtiar Asikin, S.E., M.M., Ak., CA. selaku Wakil Direktur Program Pasca Sarjana Universitas Widyatama.
9.
Bapak Karhi Nisjar Siradjudin, Prof., Dr., H., M.M., Ak. selaku Ketua MAKSI-PPAK Universitas Widyatama dan Dosen Pembimbing Mata Kuliah Akuntansi Pemerintahan.
10. Teman-teman Kelas Program Profesi Akuntansi Angkatan XXX, R iandy, Yani, Dede, Yulianti, Diqi, Sarah, Putri, Fadilla, Joko, Andri dan Denden. Demikian ucapan terima kasih yang dapat disampaikan, penulis berharap semoga makalah ini dapat bermanfaat bagi semua pihak yang membaca. Jazakumullahu Jazakumullahu khairan katsira katsira . Amin
Bandung, Juni 2018
Penulis
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DAFTAR ISI
ABSTRAK ................................. ..................................................... ...................................... .................................... ........................................ ...................... KATA PENGANTAR DAFTAR ISI
.................................... ................................................... ................................... .......................................... ......................
............................................................................................................
DAFTAR TABEL
BAB II
ii iv
………………………………………………... ……………………………………………… ...………………. ……………….
vi
...........................................................................................
vii
DAFTAR LAMPIRAN
BAB I
i
PENDAHULUAN
1.1 Latar Belakang Masalah ............................................... .................................................................... .....................
1
1.2 Identifikasi Masalah .................................................. ........................................................................ ........................ ..
2
1.3 Pembatasan Masalah.............................. Masalah.................................................... ............................................ ......................
2
1.4 Tujuan ............................................. ................................................................ .................................. ................................ .................
3
1.5 Manfaat ................................ ........................................................ ......................................... ...................................... .....................
3
PEMBAHASAN
2.1 Karakteristik Operating Exposure ................................................ .................................................... ....
4
2.2 Manajemen Stratejik dan Operating Exposure ................................. .................................
5
2.3 Manajemen Proaktif Operating Exposure ................................. ........................................ .......
6
2.4 Pendekatan Kontraktual : Lindung Nilai Terhadap Transaksi Yang Tidak Dapat Dilindung 2.5 Pengertian Translation Exposure
8 8
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BAB III
2.7 Perbandingan Eksposur Operasi Dengan Eksposur Translasi …...…
17
2.8 Pengelolaan Translation Eksposure ………………………………..
18
PENUTUP
3.1 Kesimpulan ....................................... ...................................................... ................................ .................................. .................
19
3.2 Saran ....................................... ......................................................... .................................... ...................................... ....................... ...
20
DAFTAR PUSTAKA LAMPIRAN
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DAFTAR TABEL
Tabel 2.1 : Karakteristik Mata Uang Fungsional
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DAFTAR LAMPIRAN
Lampiran 1 : JURNAL. PENYEBAB ECONOMIC PADA ECONOMIC EXPOSURE EXPOSURE PADA PERUSAHAAN MANUFAKTUR GO PUBLIC DI DI BURSA EFEK INDONESIA Lampiran 2 : KASUS CARREFOUR S.A.
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BAB I PENDAHULUAN 1.1
Latar Belakang Masalah
Perusahaan multinasional didefinsikan sebagai perusahaan yang memiliki anak perusahaan, cabang atau afiliasi yang berlokasi di luar negeri yang melibatkan aktivitas internasional, yaitu melibatkan dua atau lebih mata uang yang berbeda. Selain perusahaan multinasional, perusahaan domestik pun dapat memiliki aktivitas internasional, yaitu jika melakukan kegiatan usaha impor dan ekspor produk, komponen dan jasa. Keterlibatan dengan aktivitas internasional menyebabkan perusahaan harus menghadapai menghadapai risiko mata uang asing. Foreign exchange exposure adalah exposure adalah suatu ukuran dari risiko yang dihadapi perusahaan jika terdapat perubahan nilai tukar (kurs) mata uang. Exposure Exposure ini terdiri dari accounting exposure (translation exposure) exposure) dan economic exposure (transaction exposure dan exposure dan operating exposure). exposure). Economic exposure exposure adalah fokus dari teori ekonomi dimana nilai dari suatu perusahaan (yang ditentukan dari nilai sekarang dari arus kas di masa datang) akan berubah akibat adanya perubahan kurs mata uang asing. Transaction exposure exposure adalah ukuran perubahan nilai dari kewajiban keuangan di masa lalu yang belum jatuh tempo sampai setelah adanya perubahan kurs. Jadi transaction exposure exposure terjadi pada arus kas perusahaan yang diakibatkan kontrak kewajiban yang telah dilakukan. Sedangkan operating exposure exposure yang disebut juga
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2
perusahaan akan berkelanjutan dalam lingkup kompetitif biaya dan harga yang dapat dipengaruhi oleh perubahan kurs antar mata uang asing.
1.2
Identifikasi Identifika si Masalah
Banyak
hal
yang
harus
dipahami
mengenai
operating exposure
diantaranya manajemen stratejik dan operating exposure, exposure, manajemen proaktif operating exposure, exposure, translation exposure dan exposure dan lain sebagainya. Eksposur operasi merupakan eksposur dari sebuah aset (valas) yang terjadi ketika perusahaan melakukan operasi kegiatan usaha, periode setelah melakukan kontrak transaksi sampai produk dikirim ke gudang pembeli atau saat produk atau jasa diterima oleh pembeli dan sekaligus pembeli melunasi melunasi pembayarannya. .Eksposur translasi (translation (translation exposure), exposure), yang juga disebut sebagai accounting exposure, exposure , timbul karena laporan keuangan perusahaan anak di luar negeri yang dinyatakan dalam mata uang asing harus disajikan kembali dalam mata uang pelaporan perusahaan induk agar perusahaan dapat menyusun laporan keuangan konsolidasi. Proses akuntansi untuk translasi mencakup pengubahan (konversi) laporan keuangan perusahaan anak di luar negeri menjadi laporan keuangan yang berdenominasi rupiah.
1.3
Pembatasan Masalah
Dalam makalah ini penulis membatasi permasalahan yang akan dibahas mengenai operating exposure. exposure. Penulis menganggap ini sangat menarik. Adapun tujuan dilakukannya pembatasan masalah ini agar dalam penyusunan makalah ini
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3
1.4
Tujuan
1.
Memahami bagaimana karakteristik operating exposure. exposure.
2.
Memahami manajemen stratejik dan operating exposure. exposure.
3.
Memahami manajemen proaktif operating exposure. exposure.
4.
Memahami pendekatan kontraktual, lindung nilai terhadap transaksi yang tidak dapat dilindungi.
1.5
Manfaat
1.
Mengetahui bagaimana karakteristik operating exposure. exposure.
2.
Mengetahui manajemen stratejik dan operating exposure. exposure.
3.
Mengetahui manajemen proaktif operating exposure.
4.
Mengetahui pendekatan kontraktual, lindung nilai terhadap transaksi yang tidak dapat dilindungi.
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BAB ll PEMBAHASAN 2.1
Oper ating E xposure xposure Karakteristik Ope Eksposur operasi merupakan eksposur dari sebuah aset (valas) yang terjadi
ketika perusahaan melakukan operasi kegiatan usaha, periode setelah melakukan kontrak transaksi sampai produk dikirim ke gudang pembeli atau saat produk atau jasa diterima oleh pembeli dan sekaligus pembeli melunasi pembayarannya. Eksposur operasi (operating ( operating exposure) exposure) yang juga dikenal sebagai eksposur ekonomi (economic exposure), exposure), eksposur kompetitif (competitive ( competitive exposure) exposure) dan terkadang bahkan eksposur strategis ( strategic exposure) exposure) mengukur setiap perusahaan dalam nilai kini perusahaan yang terjadi akibat perubahan arus kas operasi masa mendatang yang disebabkan oleh perubahan kurs nilai tukar secara tak terduga. Mengukur eksposur operasi perusahaan memerlukan peramalan dan analisis atas seluruh eksposur transaksi masa depan perusahaan dan eksposur
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5
merupakan tanggung jawab manajemen seutuhnya karena tergantung pada interaksi antara strategi keuangan, pemasaran, pembelian dan pro duksi. Ekspektasi dalam perubahan kurs nilai tukar valuta asing tidak termasuk dalam pengertian eksposur operasi karena baik manajemen maupun investor semestinya telah memperhitungkan informasi ini dalam melakukan evaluasi terhadap hasil operas i dan nilai pasar yang diharapkan. Dari sudut pandang investor, jika pasar valuta asing bersifat efisien, maka informasi mengenai perubahan kurs valuta asing yang terduga dapat tercermin dalam nilai pasar perusahaan. Hanya perubahan yang tidak terduga atau pasar valuta asing yang tidak efisien yang menyebabkan nilai pasar berubah.
2.2
Oper ating E xposure xposure Manajemen Stratejik dan Ope Tujuan manajemen eksposur operasi dan transaksi adalah untuk
mengantisipasi dan mempengaruhi efek perubahan valuta asing yang tak terduga terhadap arus kas masa depan perusahaan dan bukan sekedar berharap untuk kondisi terbaik. Untuk memenuhi tujuan ini, manajemen dapat melakukan diversifikasi basis operasi dan pendanaan perusahaan. Manajemen juga dapat
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6
sebuah perusahaan haruslah sudah dikenal dengan baik oleh komunitas investasi internasional. Sekali lagi, ini bukanlah opsi bagi perusahaan domestik (jika perusahaan domestik itu membatasi membatasi pendanaan terhadap satu pasar modal saja).
2.3
Oper ating E xposure xposure Manajemen Proaktif Ope Eksposur
operasi
dan
transaksi
dapat
dikelola
sebagian
dengan
mengadopsi kebijakan operasi atau pendanaan yang dapat mengimbangi eksposur mata uang asing yang diantisipasi. Enam kebijakan proaktif yang umumnya diterapkan adalah : a. Menyamakan arus kas mata uang b. Perjanjian pembagian risiko c. Back -toto-back atau parallel atau parallel loan d. Swap mata uang e. Leads and lags f. Reinvoicing center Dalam contoh ini sebuah perusahaan perusa haan dari Amerika Serikat Ser ikat ingin melanjutkan penjualan ekspor ke Eropa. Agar dapat berkompetisi secara efektif di
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7
b.
Klausul perjanjian menyangkut mata uang : pembagian pembagian risko Metode alternatif untuk mengelola eksposur arus kas jangka pajang antar
perusahaan adalah dengan melakukan pembagian risiko ( risk sharing ). ). Ini merupakan perjanjian kontraktual, yaitu antara pembeli dan penjual yang sepakat untuk berbagai atau memecah dampak pergerakan mata uang atas pembayaran di antara kedua belah pihak. Perjanjian ini dimaksudkan untuk mengurangi dampak volatilitas dan pergerakan kurs nilai tukar yag tidak dapat diprediksi bagi kedua belah pihak. c.
Back-to-Back Loans Back-to-back loan, loan, yang juga dikenal sebagai parallel loan loan atau credit
swap, swap, terjadi ketika dua perusahaan di dua negara berbeda mengatur untuk meminjam dalam mata uang satu sama lain selama periode waktu tertentu. Pada tanggal pelunasan yang telah disepakati, kedua perusahaan itu mengembalikan mata uang yang dipinjam. Swap Swap (pertukaran) ini menimblkan lindung nilai tertutup (covered (covered hedge) hedge) terhadap kerugian valuta asing, karena masing-masing perusahaan pada bukunya sendiri, meminjam dalam mata uang yang sama yang akan dilunasinya nanti. Terdapat dua kendala fundamental yang menghalangi
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8
waktu pembayaran yang harus dilakukan atau diterima dalam mata uang asing. Leads and lags lags intra perusahaan lebih mungkin untuk dilakukan karena perusahaan berhubungan istimewa kemungkinan besar aka n memiliki tujuan yang sama sebagai satu perusahaan terkonsolidasi. Sebaliknya leads and lags lags antar perusahaan memerlukan preferensi waktu perusahaan lain yang independen terhadap perusahaan lain. f.
Reinvoicing Center Reinvoicing Center adalah anak perusahaan dari suatu perusahaan
multinasional yang berada di suatu negara tertentu yang berfungsi mengelola eksposur operasi perusahaan-perusahaan afiliasi.
2.4
Pendekatan Kontraktual : Lindung Nilai Terhadap Transaksi Yang Tidak Dapat Dilindungi
Dalam kondisi pasar yang semakin mengglobal dan terkait satu sama lain seperti dewasa ini, maka dalam beberapa kali kesempatan untuk melakukan hedging menjadi menjadi terbatas. Sebagai alternatif, perusahaan dapat melakukan lindung nilai secara kontraktual. Cara ini seperti dilakukan dengan cara mengambil posisi
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9
keuangan konsolidasi. Proses akuntansi untuk translasi mencakup pengubahan (konversi) laporan keuangan perusahaan anak di luar negeri menjadi laporan keuangan yang yang berdenominasi rupiah. rupiah. Eksposur translasi juga juga merupakan potensi kenaikan atau penurunan kekayaan bersih dan laba bersih per usahaa n induk, yang disebabkan oleh perubahan kurs nilai tukar sejak tanggal terakhir dilakukanya translasi.
2.6
Metode Translasi
Adapun tujuan utama translasi adalah untuk menyusun laporan keuangan konsolidasi. Manajemen perusahaan menggunakan laporan hasil translasi tersebut untuk menilai kinerja (yaitu memungkinkan dilakukanya perbandingan antara
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10
a. Laporan keuangan keuangan dalam mata uang asing harus disajikan kembali dalam mata uang pelaporan perusahaan induk. b. Jika kurs nilai tukar yang sama digunakan untuk mengukur mengukur kembali masing-masing dan setiap pos dalam laporan keuangan (neraca dan laporan laba rugi), maka tidak ada ketidakseimbangan yang timbul dari proses pengukuran ini. c. Namun jika jika kurs yang berbeda berbeda digunakan untuk masingmasing-masing masing pos (item) dalam masing-masing laporan, maka timbullah ketidak seimbangan. Kurs nilai tukar yang berbeda digunakan untuk mengukur kembali masing-masing pos (item) dalam laporan keuangan, karena :
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anak luar negeri dalam operasi harian. Tabel berikut menjelaskan karakteristik mata uang fungsional.
Tabel 2.1 Karakteristik Mata Uang Fungsional
Kriteria suatu mata mata uang diianggap sebagai mata uang uang fungsional fungsional ditentukan berdasarkan indikator ekonomi seperti : 1. Mata uang luar negeri : Arus kas yang terkait dengan masing-masing aset dan liabilitas entitas luar negeri utamanya dalam mata uang asing dan tidak
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12
fluktuasi kurs nilai tukar dalam jangka pendek;
semisal
harga
jual
lebih
banyak ditentukan oleh persaingan pasar dunia atau harga internasional. 1. Mata uang luar negeri : Terdapat pasar lokal yang aktif untuk produk yang
Indikator Pasar
dihasilkan
entitas
meskipun
terdapat
luar jumlah
negeri, yang
signifikan utuk diekspor. 2. Mata uang perusahaan induk : pasar penjualan yang paling pa ling aktif akt if terdapat t erdapat di
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13
2.
Mata
uang
Pendanaan
perusahaan
utamanya
induk
berasal
:
dari
perusahaan induk atau kewajiban lain berdenominasi mata uang lain, atau dana yang dihasilkan dari kegiatan operasional entitas luar negeri tidak cukup untuk menutup kewajiban utang saat ini dan yang akan datang, tanpa adanya tambahan dana atau investasi dari induk perusahaan. 1. Mata uang luar negeri : Volume
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14
didenominasi dalam valas melebihi kewajiban dalam valas suatu devalusai akan menghasilkan kerugian. Variasi dari metode ini adalah mengkonversi semua aset dan kewajiban, kecuali aset tetap bersih yang dinyatakan dengan kurs saat ini. Metode current rate rate merupakan metode yang paling banyak digunakan saat ini dan langkah- langkahnya sebagai berikut :
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15
c.
Metode Current /non-current Metode ini merupakan metode yang paling tua di antara metode konversi
mata uang. Dengan metode ini, semua aset dan kewajiban lancar dari cabangcabang perusahaan dikonversikan dalam mata uang Negara asal dengan kurs saat ini, yaitu kurs pada saat neraca disusun. Sedang aset dan kewajiban yang tidak
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16
ini juga akan mendistorsikan marjin laba karena menandingkan penjualan berdasarkan harga dan kurs translasi kini dengan biaya penjualan yang diukur sebesar biaya perolehan dan kurs translasi translasi historis. histo ris. Terlepas dari metode yang digunakan, metode translasi tidak hanya menentukan kurs nilai tukar yang digunakan dalam pengukuran kembali pos-pos
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17
kemudian ditranslasikan ke dalam dolar AS dengan menggunakan metode current rate. rate. Banyak negara-negara di dunia yang termasuk dalam kategori negara maju menggunakan standar yang ditetapkan oleh International Accounting Standards Board (IASB) (IASB) dan mengikuti prosedur translasi dasar yang serupa, yaitu :
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18
2.8
nslation E xposure xposure Pengelolaan T r anslation Teknik umum yang terutama digunakan untuk meminimalkan dampak
eksposur translasi adalah lindung nilai neraca (balance sheet hedge). hedge). Lindung nilai neraca memerlukan jumlah yang sama atas aset dan liabilitas dalam mata uang yang terekspos risiko, dalam laporan posisi keuangan (neraca) konsolidasi.
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