KRITIK TERHADAP KLAIM KEANDALAN PADA HIRARKI PENGUKURAN NILAI WAJAR: Sebuah Literature Review

Nugroho Wisnu Murti, Indriyana Widyastuti

Abstract


This article provide consideration for the Indonesian Financial Accounting Standards Board that requires a review of Indonesia's Financial Accounting Standards (PSAK) 68 concerning Measurement of Fair Value. Fair Value has potential misinterpretation definition between price and value. This potential misinterpretation is indicated to be the rationale put forward in the fair value hierarchy which is indicated unfair. This potential based on claims at each level which can be questioned with the existence of aggressive discretionary issues and the analogy of financial statement analysis. However, this problem had been proven getting down by involvement of independent and professional assessment. Therefore, fair value hierarchy has the same potential of reliability by the third party. If each level has the same potential, this hierarchy can be removed to avoid misinterpretation by users of financial statements. The obligation to disclose the basis of valuation is fairer to be implemented than the hierarchy which is have potensial misinterpretation. This opinion was not without foundation, because this article based on a literature review that starts from: 1) study of the relevance of the Indonesian Financial Accounting Standards concerning fair value with the Indonesian Assessment Standards; 2) fundamental study to interpret fair value based on review literature; and 3) study of allegations of the same potential submitted in the direction of fair value as regulated in PSAK 68. Keywords: fair value hierarchy, riliability, agresive discretionary, PSAK 68

Keywords


fair value hierarchy;riliability;agresive discretionary;PSAK 68

Full Text:

PDF

References


Ayres, D., Huang, X. S., & Myring, M. (2017). "Advances in Accounting Fair value accounting and analyst forecast accuracy". Advances in Accounting, 37, 58–70. https://doi.org/10.1016/j.adiac.2016.12.004

Badia, M., Duro, M., Penalva, F., & Ryan, S. (2017). "Conditionally conservative fair value measurements". Journal of Accounting and Economics, 63(1), 75–98. https://doi.org/10.1016/j.jacceco.2016.10.006

Brown, G. (1998). "The idea that valuation is an art, not a science, is hardly mentioned these days". Journal of Property Valuation and Investment, 16(1). https://doi.org/10.1108/jpvi.1998.11216aaa.001

Crosby, N. (2000). "Valuation accuracy, variation and bias in the context of standards and expectations". Journal of Property Investment & Finance, 18(2), 130–161.https://doi.org/10.1108/14635780010324240

Dechow, P. M., Myers, L. A., & Shakespeare, C. (2009). "Fair value accounting and gains from asset securitizations: A convenient earnings management tool with compensation side-benefits". Journal of Accounting and Economics, 49(1–2), 2–25. https://doi.org/10.1016/j.jacceco.2009.09.006

Desmond, W. (2011). Analisis Fundamental Saham (Edisi ke-2.). Jakarta: Exceed.

Dorchester, J. (2011)."Market value, fair value, and duress". Journal of Property Investment &Finance, 29(4), 428–447. https://doi.org/10.1108/14635781111150321

Earley, C. E., Hoffman, V. B., & Joe, J. R. (2014). "Auditors’ Role in Level 2 versus Level 3 Fair-Value Classification Judgments". SSRN Electronic Journal, 1–42.

Ehalaiye, D., Tippett, M., & Zijl, T. Van. (2017). "Pacific-Basin Finance Journal The predictive value of bank fair values". Pacific-Basin Finance Journal, 41, 111–127. https://doi.org/10.1016/j.pacfin.2016.10.008

Emett, S. A., Libby, R., & Nelson, M. W. (2018). "Accounting, Organizations and Society PCAOB guidance and audits of fair values for Level 2 investments". Accounting, Organizations and Society, 71(June), 57–72. https://doi.org/10.1016/j.aos.2018.05.011

Francisco, C. L., & Javier, C. F. (2015). "Relevance of fair value of Brazilian banks securities in the financial crisis". International Journal of Emerging Markets, 10(4), 684–696. http://dx.doi.org/10.1108/IJoEM-11-2012-0150

Georgia, W. M. (2015). "Implications of Valuation Art and Science in decision making". Journal of Property Investment and Finance, 33(2). https://doi.org/10.1108/JPIF-01-2015-0001

Glasscock, R., Harless, D. W., & Dorminey, J. (2017). "Research in Accounting Regulation The curious case of Level 3 instruments". Research in Accounting Regulation, 29(1), 52–68. https://doi.org/10.1016/j.racreg.2017.04.006

Goh, B. W., Li, D., Ng, J., & Yong, K. O. (2015). "Market pricing of banks’ fair value assets reported under SFAS 157 since the 2008 financial crisis". Journal of Accounting and Public Policy, 34(2), 129–145. http://dx.doi.org/10.1016/j.jaccpubpol.2014.12.002

Harjanto, B., & Hidayati, W. (2001). Konsep Dasar Penilaian Properti (Edisi 2). Yogyakarta, Indonesia: BPFE Yogyakarta.

Hidayat, T. (2012). "Pengaruh Ukuran Kap Dan Auditor Tenure Terhadap Value Relevance Dari Nilai Wajar". Jurnal Akuntansi Dan Keuangan Indonesia Universitas Indonesia, 9(2), 171–188.

Ikatan Akuntan Indonesia. Standar Akuntansi Keuangan (SAK), Pub. L. No. 68 (2017). Indonesia.

Kaur, J. (2013). "The Fairness of the Fair Value Concept". International Journal of Business and Commerce, 3(3), 1–10.

King, J. E., & McLure, M. (2015). "Value: History of the Concept". In International Encyclopedia of Social & Behavioral Sciences, Elsevier (Second, Vol. 25, pp. 7–13). Elsevier. https://doi.org/10.1016/B978-0-08-097086-8.03123-8

Kohlbeck, M., Smith, T., & Valencia, A. (2017). "Auditors and net transfers of Level 3 fair-valued financial instruments". Advances in Accounting, 36, 27–39. https://doi.org/10.1016/j.adiac.2016.09.003

Landsman, W. R. (2007). "Is fair value accounting information relevant and reliable? Evidence from capital market research". Accounting and Business Research, (Special Issue from International Accounting Policy Forum), 19–30. https://doi.org/10.1080/00014788.2007.9730081

Liao, Y. (2013). " The impact of fairvalueaccounting on the relevance of capital adequacy ratios Evidence from Taiwan". Journal of Financial Reporting and Accounting, 39(3), 133154. http://dx.doi.org/10.1108/03074351311293990

Liao, L., Ang, H., Morris, R. D., & Tang, Q. (2013). "Information asymmetry of fair value accounting during the financial crisis". Journal of Contemporary Accounting & Economics, 9(2), 221–236. https://doi.org/10.1016/j.jcae.2013.10.001

Majercakova, D., & Skoda, M. (2015). "Fair value in financial statements after financial crisis". Journal of Applied Accounting Research, 16(3), 312–332. https://doi.org/10.1108/JAAR-07-2014-0069

Manganaris, P., Spathis, C., & Dasilas, A. (2015). "The effects of mandatory IFRS adoption and conditional conservatism on European bank values". Journal of International Accounting, Auditing and Taxation, 24(March), 72–81. https://doi.org/10.1016/j.intaccaudtax.2015.02.004

Masyarakat Profesi Penilai Indonesia. Standar Penilaian Indonesia (2015).

Murti, N. W., & Suyanto. (2017). "The Relevance of Fair Value Concept Compared to Historical Costs in Indonesia". In Indonesia Focus Proceeding ASIRPA USA (pp. 1–6).

Siekkinen, J. (2016). "Value relevance of fair values in different investor protection environments". Accounting Forum, 40(1), 1–15. https://doi.org/10.1016/j.accfor.2015.11.001

Šodan, S. (2015). "The impact of fair value accounting on earnings quality in eastern European countries". Procedia Economics and Finance, 32(15), 1769–1786. https://doi.org/10.1016/S2212-5671(15)01481-1

Wahyuni, E. T. (2013). Sukar Menakar Nilai Wajar : Tinjauan atas IFRS 13 Fair Value Measurement. Majalah Akuntan Indoneisa. Retrieved from http://etw-accountant.com/sukar-menakar-nilai-wajar-tinjauan-atas-ifrs-13-fair-value-measurement/#more-225, diakses tanggal 7 Februari 2017




DOI: https://doi.org/10.35591/wahana.v21i2.142

Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi
ISSN : 2685-1415 (Online) | 1410-8224 (Print)
Published by Pusat Penelitian dan Pengabdian Masyarakat Politeknik YKPN Yogyakarta.
Jl. Gagak Rimang No. 2-4 Balapan, Yogyakarta 55222
Phone (0274) 560159, 562317, 513413, 563516 Fax. (0274) 561591 

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.