Auditorium Bina Kara – Komplek Bidakara Jakarta, 27 Februari 2003 Sosialisasi Surat Edaran Bapepam Nomor: SE-02/PM/2002 tentang Pedoman Penyajian dan Pengungkapan Laporan Emiten / Perusahaan Publik dan Tanggung Jawab Direksi atas Penyajian Laporan Keuangan disampaikan oleh: Herwidayatmo Ketua Badan Pengawas Pasar Modal (Bapepam)

Hujatan Pers terhadap Emiten

Hujatan Pers terhadap Bapepam

Today, shareholders and other stakeholders are demanding a much higher level of transparency and a greater accountability from those on whom they depend for information

The Informed Investor (Ray Vicker,1991)  All investing involves obtaining information, then acting upon it  In investing, you deal with probabilities, not certainties. The more information you collect, the higher probabilities for success

Information is the lifeblood of the Capital Markets  Investors risk their hard-earned capital in the markets in great measure based on information they receive frrom their target companies  They need reliable information on a timely basis  They want it in language they can understand, and they should receive it in formats they can easily use for analysis

Financial Shenanigans (Howard Schilit, 2002) The primary goal of financial reporting is the dissemination of financial statements that accurately measure a company’s profitability and financial condition

Bapepam terus berupaya untuk lebih kreatif dan proaktif dalam merespon tuntutan industri dan pelaku pasar terkait dengan keberadaan Laporan Keuangan Emiten Perusahaan Publik  Mencabut Peraturan VIII.G.10 tentang Akuntansi Transaksi dalam Mata Uang Asing  Merevisi Peraturan VIII.G.7 tentang Pedoman Penyajian Laporan Keuangan  Menerbitkan Peraturan VIII.A.2 tentang Independensi Akuntan yang memberikan Jasa Audit di Pasar Modal  Menerbitkan Surat Edaran Ketua Bapepam Nomor: SE-02/PM/2002 tentang Pedoman Penyajian dan Pengungkapan Laporan Keuangan Emiten / Perusahaan Publik

Maksud Penerbitan SE-02/PM/2002 Sebagai panduan penyajian dan pengungkapan yang terstandarisasi, dengan mendasarkan pada prinsip-prinsip pengungkapan penuh (full-disclosure), sehingga dapat memberikan kualitas penyajian dan pengungkapan yang memadai bagi pengguna informasi yang disajikan dalam pelaporan keuangan Emiten / Perusahaan Publik

Full Disclosure Mempersyaratkan bahwa penyajian informasi dalam Laporan Keuangan – baik jumlah maupun sifatnya – harus memenuhi kaidah keseimbangan antara manfaat dan biaya INFORMATIF sejalan dengan tujuan pelaporan keuangan:  Pengambilan keputusan investasi dan kredit;  Penilaian terhadap prospek arus kas; dan  Informasi tentang Sumber Daya Perusahaan dan klaim atas Sumber Daya tersebut beserta perubahannya

Important Notes …!!  SE-02/PM/2002 bukan merupakan substitusi dari Peraturan Bapepam VIII.G.7, namun merupakan pelengkap atau komplemen dari Peraturan tersebut yang merupakan ketentuan umum penyusunan laporan keuangan Emiten / Perusahaan Publik

Important Notes …!!  Laporan Keuangan Emiten/PP secara umum tetap harus disusun sesuai dengan Peraturan Bapepam VIII.G.7 dan Prinsip Akuntansi yang Berlaku Umum di Indonesia (PABU)

Important Notes …!!  SE-02/PM/2002 memberikan pedoman penyajian dan pengungkapan khusus pada Laporan Keuangan yang diperlukan pada setiap industri, dengan mempertimbangkan risiko-risiko spesifik yang melekat pada karakteristik kegiatan setiap industri

Important Notes …!!  SE-02/PM/2002 tidak dimaksudkan untuk  mengganti standar-standar akuntansi (PSAK) yang telah ada,  tidak lagi mengatur perlakuan akuntansi (accounting treatment) yang harus diikuti terkait dengan suatu transaksi atau kejadian tertentu yang telah diatur dengan PSAK Karena SE-02/PM/2002 hanya dimaksudkan sebagai pedoman teknis penyajian dan pengungkapan yang perlu diikuti oleh Emiten / PP

Tanggung Jawab Direksi atas Penyajian Laporan Keuangan

Only when evil CEOs are jailed will market confidence rise..! “Look, I am not going to feel confident in the stock market again until I start seeing a few arrogant CEOs and their know-nothing accountants being led out of corporate skycrapers in handcuffs and ankle bracelets.” Tony Norman, Post-gazette Columnist, 12 July 2002 available at

Company Executives Boards of Directors Independent Auditors Information Distributors Third Party Analysts Investors and Other Stakeholders Standard Setters Market Regulators Enabling Technologies THE CORPORATE REPORTING SUPPLY CHAIN Building Public Trust: The Future of Corporate Reporting Samuel A. Dipiazza Jr. & Robert G. Eccles, (2002) Preparing Fin. Statements Approved Fin. Statements Attesting Fin. Statements Broadcasting Fin. Statements Analysing Fin. Statements Making decisions

Trillions dollar loss on the Wall Street •Florida State Board of Administration lost $100 million on WorldCom and $328 million on Enron •Calpers lost $565 million on WorldCom only •New York State Common Retirement Fund lost $300 million dollar •From March 2000 to July 2002, more than $7 trillion in wealth was lost The New York Times ( 28 June and 6 August 2002

Officers’ Certification of Periodic Reports under Sarbanes-Oxley Act  Majority of periodic reports must be certified by company’s CEO dan CFO  Each officer is subject to civil and criminal liability  Provision related to the Board’s responsibilites:  Independent of Board Members  Audit Committee, Corporate Governance Committee, Compensation Committee  Code of Business Conduct and Ethics  Disclosure Controls and Procedures Maximum Fines Maximum Imprisonment $ 1 million10 years $ 5 million20 years “Knowingly” “Willfully”

PERCEPTION ON BOARDS •Boards had an arm’s-length relationship with management and stepped in as judge and jury only when things went wrong •Issues are hidden until they become big, and organizations waste hours preparing answers to “in-case-they-are-asked” questions, leaving less time for strategic or creative thinking. •Many executives see the board as a necessary evil rather than a value-adding partner, they do not seek its input or ideas •Executives frequently think a good board meeting is a session at which their proposals are accepted without challenge No More Board Games!, Diane Grady McKynsey & Company, 1999

PERCEPTION ON ASIAN BOARDS •Asian boards have traditionally been corporate symbols rather than management structures •Boards tended to rubber-stamp management decisions Building Asian Boards, Dominic Barto et.al., McKynsey & Company, 2000

Dalam hal dokumen perhitungan tahunan yang disediakan ternyata tidak benar dan atau menyesatkan, anggota Direksi dan Komisaris secara tanggung renteng bertanggung jawab terhadap pihak yang dirugikan Pasal 60 ayat (3) UU PT

Setiap pihak yang menderita kerugian sebagai akibat dari pelanggaran Undang-undang ini dan atau peraturan pelaksanaannya dapat menuntut ganti rugi, baik sendiri-sendiri maupun bersama-sama dengan Pihak lain yang memiliki tuntutan yang serupa, terhadap Pihak atau Pihak-pihak yang bertanggung jawab atas pelanggaran tersebut Pasal 111 UU Pasar Modal

Setiap Pihak dilarang membuat pernyataan tidak benar mengenai fakta yang material atau tidak mengungkapkan fakta yang material Pasal 90 dan Pasal 93 UU Pasar Modal Ancaman hukuman: •Pidana penjara maksimal 10 tahun; dan •Denda maksimal Rp. 15 milyar

Global GAAP …? International Financial Reporting Standards (formerly International Accounting Standards) will be mandatory for all listed companies in the European Union by the year 2005

 Companies that have completed a registered public offering of debt or equity securities with the SEC under the Securities Act of 1933 (the “Securities Act”)  Does not distinguish US from foreign companies Sarbanes-Oxley Act applies to:

 Pasar Modal AS (NYSE & Nasdaq) menguasai 51,17% dari global market cap (+USD 12,8 triliun)  Eropa (Deutsche Borse, Euronext, dan London SX) menguasai 19% dari global market cap (+USD 4,86 triliun)  Keberadaan Emiten Asing di Bursa Eropa dan Amerika:  10% dari total listed companies di London SX  15% dari total listed companies di Nasdaq  19% dari total listed companies di NYSE PETA GLOBAL INDUSTRI SEKURITAS DUNIA

Global GAAP …? THE FUTURE OF CORPORATE REPORTING

Company Executives Boards of Directors Independent Auditors Information Distributors Third Party Analysts Investors and Other Stakeholders Standard Setters Market Regulators Enabling Technologies THE CORPORATE REPORTING SUPPLY CHAIN Building Public Trust: The Future of Corporate Reporting Samuel A. Dipiazza Jr. & Robert G. Eccles, (2002) Preparing Fin. Statements Approved Fin. Statements Attesting Fin. Statements Broadcasting Fin. Statements Analysing Fin. Statements Making decisions

KEY ELEMENTS OF PUBLIC TRUST People of INTEGRITY Culture of ACCOUNTABILITY Spirit of TRANSPARENCY

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