Enterprise Value (SSIA) - Joeliardi Sunendar

Untuk soal $SSIA ini, untuk lebih menempatkan pembahasan pada tempatnya, saya kira perlu ditambahkan catatan berikut ini :

1. Hal ini bermula dari pertanyaan yang diajukan @Riken yang menanyakan, saya kutip, "Apakah benar EV dari $SSIA adalah minus (di bawah nol)?."

2. Tanpa perlu melihat data apapun, saya akan bisa langsung menjawab pertanyaan seperti itu. Jawabannya : Tidak Benar. Tanpa melihat data apapun, peristiwa bahwa ada perusahaan yang memiliki EV minus atau bahkan nol merupakan peristiwa yang hampir mustahil terjadi dalam kondisi BEI sekarang ini. Oleh karenanya, apabila Anda menemukan kondisi seperti itu, manfaatkanlah peluang itu sebaik-baiknya, karena Anda bisa mendapatkan imbal hasil yang lebih dari memuaskan. 

Dalam 3 tahun terakhir, ketika saya mulai memberikan perhatian lebih besar ke BEI, hanya pernah satu kali saya menemukan situasi dimana EV sebuah perusahaan nilainya 0. Kondisi yang sangat jarang terjadi ini, sudah saya tuliskan di Stockbit juga di bulan September 2015 https://stockbit.com/post/447073 saat dana kas yang dimiliki oleh $HRUM sama dengan Market Cap-nya (ketika sahamnya diperdagangkan di harga Rp 900). Bahkan saat $INDY harganya Rp 120 di saat yang sama ketika itu, EV $INDY masih lebih besar dari Market Cap-nya.

3. Kembali ke $SSIA, maka jawaban yang saya berikan pada @Riken adalah TIDAK BENAR bahwa EV $SSIA ini negatif. Saya menduga yang dia maksud adalah EV-nya LEBIH KECIL dari Market Cap-nya. Apabila itu yang dimaksudnya, karena $SSIA akan memperoleh tambahan kas dari hasil penjualan toll-nya, maka BENAR bahwa EV-nya $SSIA ini lebih kecil dari Market Cap-nya. Sebetulnya untuk mereka yang dengan baik membaca laporan keuangan $SSIA di Kwartal III/2017, sudah bisa menyimpulkan hal itu.

4. Untuk membantu memperjelas hal ini, kita dapat memakai sejumlah angka yang tersedia. Dengan harga saat ini, maka Market Cap $SSIA tercatat sebesar Rp 2.6 Trilyun. Sementara kita masih harus menunggu angka final akhir tahun 2017, kita mengetahui bahwa dana tunai yang dimiliki perusahaan ini tercatat sebesar Rp 1.4 Trilyun. 

Pada sisi lain, perusahaan juga masih memiliki hutang (jangka pendek dan jangka panjang, baik dalam bentuk pinjaman bank maupun obligasi) sebesar Rp 2.3 Trilun. Apabila kita hanya melihat kondisi ini, dimana jumlah hutang lebih besar dibandingkan dengan dana tunai yang dimiliki perusahaan, kita bisa berkesimpulan bahwa EV perusahaan lebih tinggi dari Market Cap-nya (EV = Market Cap ditambah Hutang dikurangi Kas, maka EV = Rp 2.6 Trilyun + Rp 2.3 Trilyun - Rp 1.4 Trilyun, yaitu 3.5 Trilyun. EV (Rp 3.5 Trilyun) masih lebih besar dari Market Cap (Rp 2.6 Trilyun).

5. Namun apabila kita memasukan uang tunai yang akan SSIA terima dari hasil penjualan toll-nya, yaitu Rp 2.2 Trilyun, maka kita tahu bahwa apabila uang tunai itu diterima, maka EV-nya $SSIA ini akan menjadi Rp 1.3 Trilyun (Rp 3.5 Trilyun dikurangi Rp 2.2 Trilyun), sehingga menjadi lebih kecil dari Market Cap-nya (Rp 2.6 Trilyun). Sebetulnya transaksi penjualan ini sudah di-recognize oleh perusahaan (lihat Note 7 dari Neraca dan Note 46 dari Laporan Rugi Laba, adanya pendapatan lain-lain).

6. Karena saya tidak mengikuti perusahaan ini, makanya saya sudah mengatakan kepada penanya, bahwa saya tentu saja tidak bisa memberikan pendapat apa-apa tentang perusahaan ini. Saya hanya membicarakan pandangan secara umum dari sudut EV, yang saya anggap lebih mencerminkan pendekatan yang riil dalam dunia bisnis, dibandingkan angka Market Cap. 

Namun, bahkan dengan menggunakan angka Market Cap saja kita bisa melihat, bahwa nilai Modal perusahaan sebesar Rp 4 Trilyun, belum sepenuhnya dicerminkan di dalam Market Cap yang sebesar Rp 2.6 Trilyun itu.

Best Technical and Fundamental Analysis Artickel - Joeliardi Sunendar

Wow wow woww.. luar biasa sekali penjelasan pak Joe kali ini, best artickel about TA and FA dan dunia saham, mencerahkan sampe mata berbinar-binar, puas, legaa, super, amazing, kata katanya baik sekali, objektif dan mudah dipahami. Ayo pak, ditunggu seminar dan buku mahakarya nya, luv!

Selamat membaca :)

**********

Dari berbagai pertanyaan yang sering diajukan, masalah TA dan FA merupakan pertanyaan yang kerap ditanyakan kepada saya.

Untuk dapat memahami soal TA dan FA ini ada baiknya kita melupakan dulu metrik yang lain. Kita dekati permasalahan ini dengan hanya memakai metrik sederhana yang lazim dipakai, yaitu Price Earning Ratio atau PER. 

Asset Class, Dry-Powder - Joeliardi Sunendar

Secara Historis, pasar sudah sering mengajarkan bukan saja kita perlu memilih perusahaan yang baik, namun kita juga harus dalam kondisi siap dengan dry-powder apabila pasar menawarkan peluang yang baik. Pasar seringkali memberi kesempatan kepada kita untuk membeli perusahaan yang baik, dengan harga obral. Apabila kita tidak memiliki dry-powder (extra cash yang memang kita sisihkan), karena kita selalu fully invested setiap saat dalam stock, bagaimana mungkin kita bisa berpartisipasi jika pasar memberikan kita peluang yang baik itu?

Update Setelah Sekian Lama

Haaaiii... long time no see! *bersihin sarang laba-laba :D
Setelah melewati berbagai stage dalam kehidupan (hahaa) saya dipertemukan dengan yang namanya  pasar modal, menarik!

because we are making money, of course :))

Postingan ke depan saya akan share tentang tulisan-tulisan dari berbagai sumber yang saya anggap penting untuk dibaca kembali guna membantu proses saya belajar mengambil keputusan yang tepat dalam berinvestasi :)

Berikut tulisan luar biasa Bapak Joeliardi Sunendar yang menginspirasi pemula seperti saya, sayang kalau tidak dishare :)

--------------

Tidak ada satupun orang yang namanya masuk dalam daftar orang kaya, yang bukan merupakan pemilik dari perusahaan. Dengan demikian, menjadi pemilik perusahaan menjadi pilihan logis bagi mereka yang ingin meningkatkan kekayaannya.

Pasar Modal memberikan kesempatan kepada Anda untuk bisa menjadi pemilik perusahaan-perusahaan yang baik. Dan berbagai studi dengan back-testing puluhan tahun, juga telah dengan jelas menunjukan bahwa equity investing, dan saham, merupakan investasi yang dalam jangka panjang memberikan imbal-hasil (return) tertinggi dibandingkan instrumen investasi yang lain.

Pidato BJ Habibie (Hari Pancasila)

REPUBLIKA.CO.ID, JAKARTA – Mendapatkan kesempatan pertama untuk menyampaikan pidato kenegaraan dalam peringatan Hari Kelahiran Pancasila, 1 Juni 2011, Presiden RI ke Tiga, BJ Habibie tampil memukau. Ia membahas dan menganalisis penyebab nilai-nilai Pancasila sekarang ini seolah terabaikan dan hilang.

Pidato hampir setengah jam itu dibacakan dengan berapi-api dan ekspresif. Tak jarang, tepuk tangan hadirin menyertai Habibie berpidato. Salah satu, bahasan yang menarik yakni tentang pengalihan kekayaan alam Indonesia ke pihak asing di era globalisasi.

Diilustrasikannya, pengalihan kekayaan suatu negara ke negara lain, yang setelah diolah dengan nilai tambah yang tinggi kemudian menjual produk-produk ke mancanegara, sedemikian rupa sehingga rakyat harus “membeli jam kerja” bangsa lain.

“Ini adalah penjajahan dalam bentuk baru, neo-colonialism atau dalam pengertian sejarah kita suatu VOC (Verenigte Oostindische Companie) dengan baju baru,” katanya sambil diiringi riuhan tepuk tangan.

Lebih lengkapnya, berikut teks pidato yang disampaikan di Gedung MPR/DPR pada pagi ini:

Assalamu ‘alaikum wr wb, salam sejahtera untuk kita semua.

Hari ini tanggal 1 Juni 2011, enam puluh enam tahun lalu, tepatnya 1 Juni 1945, di depan sidang Badan Penyelidik Usaha-usaha Persiapan Kemerdekaan Indonesia (BPUPKI), Bung Karno menyampaikan pandangannya tentang fondasi dasar Indonesia Merdeka yang beliau sebut dengan istilah Pancasila sebagai philosofische grondslag (dasar filosofis) atau sebagai weltanschauung (pandangan hidup) bagi Indonesia Merdeka.

PSAK No.2 : Laporan Arus Kas (edisi revisi 2009)

click here to download :)

Rencana Tiga Fatwa Baru DSN

REPUBLIKA.CO.ID, JAKARTA - Dewan Syariah nasional (DSN) MUI akan mengeluarkan tiga fatwa baru. Tiga fatwa baru ini terkait pengelolaan dana tabarru di asuransi syariah, penggunaan sumber dana qard sebagai sarana untuk produk, dan aturan main saham syariah. Menurut anggota DSN MUI, Agustianto, untuk dana tabarru, DSN MUI akhirnya melegalkan pengembalian dana tabarru bagi nasabah yang putus kontrak asuransinya di tengah jalan.

Berikut ini rencana fatwa-fatwa DSN:

1. Pengelolaan Dana Tabarru di Asuransi Syariah;
- DSN melegalkan pengembalian dana tabarru bagi nasabah yang putus kontrak asuransinya di tengah jalan dan bisa dikembalikan.
- Bertujuan agar asuransi syariah semakin kompetitif.
- Bisa dilakukan secara konvensional.

2. Penggunaan Sumber Dana Qard Sebagai Sarana untuk Produk;
- Membolehkan dana pihak ketiga (DPK) digunakan untuk sumber dana qard sebagai sarana untuk produksi.
- Penyempurnaan Fatwa Nomor 19 DSN.

3. Aturan Main Saham Syariah;
- DSN bakal mensahkan fatwa mekanisme perdagangan efek atau semecam aturan main saham syariah dan jual beli saham di pasar modal.
- Bertujuan agar pasar modal tidak menjadi spekulatif dan tidak produktif.

COME & JOIN!!

Economic, Accounting, Management Slides & Ebooks

Dear guys,
i found this pretty damn good blog to download economic, management, accounting slides and ebooks and this is all FREE!! hahahaa.. :D

Check it out! >> Free Slides and Ebooks
See ya :))

Chapter 1 : An Introduction to Accounting Theory

Just visit >> An Introduction to Accounting Theory <<

Copy, translate, and summarize them to the next meeting with Mr. Nadhir !!
*because the previous link can not be copied*

See ya :)

Slogan & Poster

Slogan >>> kalimat pendek dan menarik agar mudah diingat untuk memberitahukan sesuatu. Slogan juga merupakan kalimat dalam poster.

slogannya >> menjadikan hdup lebih bernilai

slogannya >> satu untuk semua

slogannya>> pertama murni syariah

Poster >>> mengajak pembaca untuk melakukan suatu aksi. Poster biasanya disertai dengan gambar menarik.

tulisan >> katakan tidak pada narkoba! juga disebut slogan (poster berslogan)




untuk poster yang lebih komplit seperti berikut:

Accounting Theory

Accounting Theory: A Conceptual and Institutional Approach
(Wolk, Harry I.; Michael G. Tearney; dan James L. Dodd.)

Click me to download :)

Controllership Sh*t!

Hmm,, it's been a long time ago since my last post :)

Ok, now i'll share you lil about my subject, Controllership!
i found a page that give us ppt download for this beautifull lesson :)
the book we use is :

Merchant and Van der Stede: Management Control System (ppt.)

FYI, the lecturer even didnt give us the title of the book, he just gave hard copy without cover!
and i found it, i found it, i found it from mr. google :)

For midterm test, he asked us to look for SOP (standard operating prosedure) of one of companies that must be different from each group! and we have to analize it,.

And here are some about SOP you can download :

Standar Operasional Prosedur (SOP) Sebagai Pedoman Pelaksanaan Administrasi Perkantoran Dalam Rangka Peningkatan Pelayanan Dan Kinerja Organisasi Pemerintah

STANDAR OPERASIONAL PROSEDUR PERSONALIA,HUMAN RESOURCES

Okay, let's work pals :|
sorry for a broken gramm,. :)

First In First Out (FIFO)

FIFO is an acronym for First In, First Out, an abstraction in ways of organizing and manipulation of data relative to time and prioritization. This expression describes the principle of a queue processing technique or servicing conflicting demands by ordering process by first-come, first-served (FCFS) behaviour: what comes in first is handled first, what comes in next waits until the first is finished, etc.

Thus it is analogous to the behaviour of persons queueing (or "standing in line", in common American parlance), where the persons leave the queue in the order they arrive, or waiting one's turn at a traffic control signal. FCFS is also the shorthand name (see Jargon and acronym) for the FIFO operating system scheduling algorithm, which gives every process CPU time in the order they come. In the broader sense, the abstraction LIFO, or Last-In-First-Out is the opposite of the abstraction FIFO organization, the difference perhaps is clearest with considering the less commonly used synonym of LIFO, FILO—meaning First-In-Last-Out. In essence, both are specific cases of a more generalized list (which could be accessed anywhere). The difference is not in the list (data), but in the rules for accessing the content. One sub-type adds to one end, and takes off from the other, its opposite takes and puts things only on one end.

A priority queue is a variation on the queue which does not qualify for the name FIFO, because it is not accurately descriptive of that data structure's behavior. Queueing theory encompasses the more general concept of queue, as well as interactions between strict-FIFO queues.

for more details visit : http://en.wikipedia.org/wiki/FIFO

The Business Cycle

Economic growth is not a steady phenomenon; rather, it tends to exhibit a pattern as follows:

1. an expansion of above-average growth

2. a peak

3. a contraction of below-average growth

4. a trough or low-point

The troughs then are followed by periods of expansion and the cycle generally repeats, though not in a regular manner. These fluctuations in economic growth are known as the business cycle and are depicted conceptually in the following diagram:

The Business Cycle

Indicators of the Business Cycle

Because the business cycle is related to aggregate economic activity, a popular indicator of the business cycle in the U.S. is the Gross Domestic Product (GDP). The financial media generally considers two consecutive quarters of negative GDP growth to indicate a recession. Used as such, the GDP is a quick and simple indicator of economic contractions.

However, the National Bureau of Economic Research (NBER) weighs GDP relatively low as a primary business cycle indicator because GDP is subject to frequent revision and it is reported only on a quarterly basis (the business cycle is tracked on a monthly basis). The NBER relies primarily on indicators such as the following:

* employment
* personal income
* industrial production

Additionally, indicators such as manufacturing and trade sales are used as measures of economic activity.

Accountants and Auditors

Job Outlook

Strong growth of accountants and auditor jobs over the 2006-16 decade is expected to result from stricter accounting and auditing regulations, along with an expanding economy. The best job prospects will be for accountants and auditors who have a college degree or any certification, but especially a CPA.

Employment change.

Employment of accountants and auditors is expected to grow by 18 percent between 2006 and 2016, which is faster than the average for all occupations. This occupation will have a very large number of new jobs arise, almost 226,000 over the projections decade. An increase in the number of businesses, changing financial laws, and corporate governance regulations, and increased accountability for protecting an organization’s stakeholders will drive growth.

As the economy grows, the number of business establishments will increase, requiring more accountants and auditors to set up books, prepare taxes, and provide management advice. As these businesses grow, the volume and complexity of information reviewed by accountants and auditors regarding costs, expenditures, taxes, and internal controls will expand as well. The globalization of business also has led to more demand for accounting expertise and services related to international trade and accounting rules and international mergers and acquisitions.

An increased need for accountants and auditors also will arise from changes in legislation related to taxes, financial reporting standards, business investments, mergers, and other financial events. As a result of accounting scandals at several large corporations, Congress passed the Sarbanes-Oxley Act of 2002 in an effort to curb corporate accounting fraud. This legislation requires public companies to maintain well-functioning internal controls to ensure the accuracy and reliability of their financial reporting. It also holds the company’s chief executive personally responsible for falsely reporting financial information.

These changes are expected to lead to increased scrutiny of company finances and accounting procedures and should create opportunities for accountants and auditors, particularly CPAs, to audit financial records more thoroughly. Management accountants and internal auditors increasingly will also be needed to discover and eliminate fraud before audits, and ensure that important processes and procedures are documented accurately and thoroughly. Also, efforts to make government agencies more efficient and accountable will increase demand for government accountants.

Increased focus on and numbers of financial crimes such as embezzlement, bribery, and securities fraud will increase the demand for forensic accountants to detect illegal financial activity by individuals, companies, and organized crime rings. Computer technology has made these crimes easier to commit, and they are on the rise. At the same time, the development of new computer software and electronic surveillance technology has made tracking down financial criminals easier, thus increasing the ease, and likelihood of, discovery. As success rates of investigations grow, demand for forensic accountants will increase.

The changing role of accountants and auditors also will spur job growth, although this will be slower than in the past because of changes in the law. Federal legislation now prohibits accountants from providing many types of management and consulting services to clients whose books they audit. However, accountants will still be able to advise clients that are not publicly traded companies and those they do not audit.

Also, the increasing popularity of tax preparation firms and computer software will shift accountants away from tax preparation. As computer programs continue to simplify some accounting-related tasks, clerical staff will increasingly handle many routine calculations.

Job prospects.

Overall, job opportunities for accountants and auditors should be favorable. Those who earn a CPA should have excellent job prospects. After most States instituted the 150-hour rule for CPAs, enrollment in accounting programs declined. However, enrollment is again growing as more students have become attracted to the profession by the attention from the accounting scandals.

In the aftermath of the accounting scandals, professional certification is even more important to ensure that accountants’ credentials and knowledge of ethics are sound. Regardless of specialty, accountants and auditors who have earned professional recognition through certification or licensure should have the best job prospects. Applicants with a master’s degree in accounting or a master’s degree in business administration with a concentration in accounting also will have an advantage.

Individuals who are proficient in accounting and auditing computer software or have expertise in specialized areas—such as international business, specific industries, or current legislation—may have an advantage in getting some accounting and auditing jobs. In addition, employers increasingly seek applicants with strong interpersonal and communication skills. Many accountants work on teams with others who have different backgrounds, so they must be able to communicate accounting and financial information clearly and concisely. Regardless of qualifications, however, competition will remain keen for the most prestigious jobs in major accounting and business firms.

In addition to openings from job growth, the need to replace accountants and auditors who retire or transfer to other occupations will produce numerous job openings in this large occupation.

What is Petty Cash ??

Petty cash refers to small amounts of cash kept on hand in a business.

(The term "petty" comes from "petite," or "small.")

There are two reasons to keep petty cash:

To make change for customers or patients, and

To pay for small purchases which require cash, such as food for the office lunch or coffee supplies, or for parking. Most retail businesses keep a cash drawer as do health care practices.

Fractal Geometry

Hmm,...what a beautiful topic???
till mr.ikhsan said to Lia, "i deal with this title and i'll guide it!" without think a second, ogh,.!

it's different when i show mine,..
vector differentiation of square form !
mr. ikhsan ask me to explain--again and again--before deal, need long argument and sweat to fight it. finally, he said okey,..and you'll be guided by mrs. erni !

fiuhhh,..Alhamdulillah,..!
i hav headache again and again when looked for the title for my colloquium class.

ok,.today i'll share u some about fractals, check it out!

Fractals

A fractal is generally "a rough or fragmented geometric shape that can be split into parts, each of which is (at least approximately) a reduced-size copy of the whole," a property called self-similarity.

Roots of mathematical interest on fractals can be traced back to the late 19th Century, the term however was coined by Benoît Mandelbrot in 1975 and was derived from the Latin fractus meaning "broken" or "fractured."
A mathematical fractal is based on an equation that undergoes iteration, a form of feedback based on recursion.

A fractal often has the following features:

* It has a fine structure at arbitrarily small scales.
* It is too irregular to be easily described in traditional Euclidean geometric language.
* It is self-similar (at least approximately or stochastically).
* It has a Hausdorff dimension which is greater than its topological dimension (although this requirement is not met by space-filling curves such as the Hilbert curve).
* It has a simple and recursive definition.

Because they appear similar at all levels of magnification, fractals are often considered to be infinitely complex (in informal terms).
Natural objects that approximate fractals to a degree include clouds, mountain ranges, lightning bolts, coastlines, snow flakes, even various vegetables (cauliflower and broccoli).
However, not all self-similar objects are fractals—for example, the real line (a straight Euclidean line) is formally self-similar but fails to have other fractal characteristics; for instance, it is regular enough to be described in Euclidean terms.

Generating fractals

Four common techniques for generating fractals are:

* Escape-time fractals – (also known as "orbits" fractals) These are defined by a formula or recurrence relation at each point in a space (such as the complex plane). Examples of this type are the Mandelbrot set, Julia set, the Burning Ship fractal, the Nova fractal and the Lyapunov fractal. The 2d vector fields that are generated by one or two iterations of escape-time formulae also give rise to a fractal form when points (or pixel data) are passed through this field repeatedly.

* Iterated function systems – These have a fixed geometric replacement rule. Cantor set, Sierpinski carpet, Sierpinski gasket, Peano curve, Koch snowflake, Harter-Highway dragon curve, T-Square, Menger sponge, are some examples of such fractals.

* Random fractals – Generated by stochastic rather than deterministic processes, for example, trajectories of the Brownian motion, Lévy flight, fractal landscapes and the Brownian tree. The latter yields so-called mass- or dendritic fractals, for example, diffusion-limited aggregation or reaction-limited aggregation clusters.

* Strange attractors – Generated by iteration of a map or the solution of a system of initial-value differential equations that exhibit chaos.

In Nature

Approximate fractals are easily found in nature. These objects display self-similar structure over an extended, but finite, scale range.
Examples include clouds, snow flakes, crystals, mountain ranges, lightning, river networks, cauliflower or broccoli, and systems of blood vessels and pulmonary vessels.
Coastlines may be loosely considered fractal in nature.

Hmm,...i think it's hard to prove in math formula.
ok,..that's all for this shine monday,.many thanks to wikipedia !

see ya,..^o^ !

Accounting Basic Info

Hi guys,..how hav u been?!
today i wanna share u some basic info of accounting.
hopefully useful !

Accountancy
or accounting is the art of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms that show the economic resources under the control of management.

Etymology
The English term accountant is derived from accomptant, which was pronounced by dropping the 'p' and over time further changed in pronunciation and spelling. Accomptant was derived from the French compter, itself originating from the Latin computare. From the word accountant the term accountancy is derived.

Types of accounting
* Financial accounting is "a major branch of accounting involving the collection, recording and extraction of financial information, and the summary of it in the form of a periodic profit and loss account, a balance sheet and a cash flow statement in accordance with legal, professional, and capital market requirements".
* Management accounting is another branch of accounting performed within an organization to provide information only accessible to its decision-makers.
* Open-book accounting is an accounting principle that aims to improve accounting transparency of organizations.
* Tax accounting is the accounting needed to comply with jurisdictional tax regulations.
* Accounting scholarship is the academic discipline which studies the theory of accountancy.

The related, but separate financial audit comprises internal audit and external audit. External audit—carried out by independent auditors—examines the financial statements and accounting records in order to express an opinion as to the truth and fairness and adherence to Generally Accepted Accounting Principles (GAAP). Commonly used GAAP include the US Financial Accounting Standards Board (FASB), which issues FASB Pronouncements including Statements of Accounting Standards, and the International Accounting Standards Board (IASB), which issues International Financial Reporting Standards (IFRS). Many other countries have instituted local standards resulting in a local country GAAP. Internal audit aims at providing information for management usage, and is typically carried out by employees.

Accounting scandals
The year 2001 witnessed a series of financial information frauds involving Enron Corporation, auditing firm Arthur Andersen, the telecommunications company WorldCom, Qwest and Sunbeam, among other well-known corporations. These problems highlighted the need to review the effectiveness of accounting standards, auditing regulations and corporate governance principles. In some cases, management manipulated the figures shown in financial reports to indicate a better economic performance. In others, tax and regulatory incentives encouraged over-leveraging of companies and decisions to bear extraordinary and unjustified risk.

The Enron scandal deeply influenced the development of new regulations to improve the reliability of financial reporting, and increased public awareness about the importance of having accounting standards that show the financial reality of companies and the objectivity and independence of auditing firms.

In addition to being the largest bankruptcy reorganization in American history, the Enron scandal undoubtedly is the biggest audit failure.The scandal caused the dissolution of Arthur Andersen, which at the time was one of the five largest accounting firms in the world.It involved a financial scandal of Enron Corporation and their auditors Arthur Andersen, which was revealed in late 2001. After a series of revelations involving irregular accounting procedures conducted throughout the 1990s, Enron filed for Chapter 11 bankruptcy protection in December 2001

One consequence of these events was the passage of Sarbanes-Oxley Act in 2002, as a result of the first admissions of fraudulent behavior made by Enron. The act significantly raises criminal penalties for securities fraud, for destroying, altering or fabricating records in federal investigations or any scheme or attempt to defraud shareholders.

Hmm....that's all for now, many thanks to wikipedia.

ok,.see ya!

Assalamu'alaikum,..^-^

Hi,..! what's up guys ?!
This 's My First Post !

Hmm,,,,
i dont know what should i say,.
But i'm happy now!
After spend hours reading other people's blog, finally i decide to start my own at blogger. it's not my first time in blogging, i have one at multiply before. you can click here to see but it's not recommended ;P !

Okey,. that's all for now.
enjoy the site with your smile ^-^