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Abstract
This article discusses the disclosure of information in a company's financial statements. The company reports its financial statement to the Financial Services Authority (OJK) in accordance to the information disclosure regulations. Information that has not been revealed poses as the problem. The information contained in the financial statements causes stock prices in the capital market to not be reflect ed entirely. Therefore, the financial statements cannot be used as the basis information for making accurate decisions for investors. This study uses an economic analysis approach to the law. The results of the analysis conclude that financial statements that have not been fully disclosed will lead to the asymmetry of the information. Disclosure of information cannot collect information that is intentionally hidden. Financial statements for which information has not been fully disclosed constitute weak information. Financial Statements have a gray area which in a solar eclipse is known as the penumbra. OJK requires regulations that channel authority to a group or groups of people who control forensic accounting. Therefore, OJK needs to make regulations that can accommodate this so that the information can form efficient stock prices in the capital market.
Key Words: Information disclosure; asymmetry of information; forensic accounting
Abstrak
Artikel ini membahas tentang keterbukaan informasi dalam laporan keuangan perusahaan. Perusahaan melaporkannya ke Otoritas Jasa Keuangan (OJK) berdasarkan peraturan keterbukaan informasi (Keterbukaan Informasi). Informasi yang belum terungkap menjadi permaaslahannya. Informasi tertuang kedalam laporan keuangan membuat harga saham di pasar modal tidak merefleksikan seluruh informasi yang tersedia. Karenanya, Laporan Keuangan tidak dapat menjadi informasi yang dapat menjadi dasar mengambil keputusan yang akurat bagi investor. Penelitian ini menggunakan pendekatan analisis ekonomi terhadap hukum. Hasil dari analisis menyimpulkan, laporan keuangan yang belum terungkap informasi seluruhnya akan memiliki informasi Asimetri. Keterbukaan informasi tidak dapat mengoleksi informasi yang tersembunyi. Laporan keuangan yang belum terungkap informasinya ada adalah informasi dalam bentuk informasi yang lemah (weak information form). Laporan Keuangan memiliki wilayah abu-abu yang dalam gerhana matahari dianggap sebagai penumbra. OJK memerlukan peraturan yang memberikan kewenangan kepada suatu kelompok atau kumpulan orang yang menguasai akunting forensik. Oleh karenanya OJK perlu membuat peraturan yang mengakomodasi hal tersebut agar informasinya dapat membentuk harga saham yang efisien di pasar modal.
Kata Kunci: Keterbukaan informasi; informasi asimetri; akunting forensik
Keywords
Article Details
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References
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References
Cooter, Robert dan Thomas Ullen, Law and Economics, Third Edition, Addison Wesley Longman, Massachusset, 2000.
Friedman, Milton, Capitalism and Freedom, 40th Anniversary Edition with A New Preface by the Author, The University of Chicago Press, Chicago and London, 2002
Nasution, Bismar, Keterbukaan dalam Pasar Modal, Universitas Indonesia Fakultas Hukum Program Pasca Sarjana, Jakarta, 2001.
Parisi, Francesco and Vernon L. Smith (Editor), The Law and Economics of Irrational Behavior, An imprint of Stanford University Press, Stanford, California, 2005.
Pindyck, Robert S. and Daniel L. Rubinfeld, Mikroekonomi, Ed. 6, PT. Indek, Jakarta, 2009.
Shavell, Steven, Foundation of Economic Analysis of Law, The Belknap Press of Harvard University Press, Massachusetts, 2004.
Colin Camerer and Issacharoff, Samuel and Loewenstein, George and O'Donoghue, Ted and Rabin, Matthew, Regulation for Conservatives: Behavioral Economics and the Case for 'Asymmetric Paternalism' (April 1, 2003). Columbia Law and Economics Working. Paper No. 225. University of Pennsylvania Law Review, Vol. 151, p. 1211, 2003.
Dare Jayeola and Suliadi Firdaus Sufahani, “Effects of Diversification of Assets in Optimizing Risk in Portfolio” Malaysian Journal of Fundamental and Applied Science, Vol. 13, No. 4, 2017.
Dwi Dwi Martani, “Implicatios of Implementation of IAS 41 About Agriculture on Forestry Accounting in Indonesia, Jurnal Keuangan dan Perbankan, Vol. 13, No. 1, 2013.
H. Kent Baker, “Disclosure of Material Information: A Cross National Comparison”, The International Journal of Accounting, Januari 1977.
_______, and John A. Haslem, “Information Needs Individual Investors”, The Journal of Accoutancy, November 1973.
Janis Sarra, "Fairness in financial markets, reconceiving market norms." Forum on Public Policy: A Journal of the Oxford Round Table, Summer 2014.
Detik, 29 April 2019, “Garuda Disebut ‘Mempercantik’ Laporan Keuangan, https://finance.detik.com/bursa-dan-valas/d-4529459/garuda-disebut-mempercantik-laporan-keuangan, diakses pada 20 Desember 2021
“Efficiency Market Hypothesis”, https://www.morningstar.com/ InvGlossary/efficient_market_hypothesis_definition_what_is.aspx, diakses pada 9 Maret 2021.
“Financial reporting Disclosure: Investor Perspectives on Transparency, Trust, and Volume”, https://www.cfainstitute.org/-/media/documents/ article/position-paper/financial-reporting-disclosures-investor-perspectives-on-transparency-trust-volume.ashx, diakses pada 24 Februari 2021
“Invinsible Hand”, https://www.britannica.com/topic/invisible-hand, diakses pada 17 Maret 2021
“What is Forensic Accounting?”, https://lowersforensics.com/2020/01/21/what-is-forensic-accounting/, diakses pada 24 Desember 2021.
“What Is IFRS vs US GAAP”, https://corporatefinanceinstitute.com/resources/ knowledge/accounting/ifrs-vs-us-gaap/, diakses pada 14 Maret 2021
“What is the efficient market hypothesis”, https://corporatefinanceinstitute.com/ resources/knowledge/trading-investing/efficient-markets-hypothesis/, diakses pada 7 Maret 2021.
“Why Companies Make Decisions Without All the Relevan Information to Hand”, https://bi-survey.com/decision-making-no-information, diakses pada 11 Maret 2021.
Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal, Lembaran Negara Nomor: 64, Tambahan Lembaran Negara Republik Indonesia Nomor: 3608.
Peraturan Otoritas Jasa Keuangan (POJK) Nomor 31/POJK.04/2015 Tentang Keterbukaan Atas Informasi Atau Fakta Material Oleh Emiten Atau Perusahaan Publik, Lembaran Negara Republik Indonesia Tahun 2015 Nomor 306, Tambahan Lembaran Negara Republik Indonesia Nomor: 5780.