pak-enron-100
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04/08/2023
ENRONTHE SMARTEST GUY
THAT FALL
Gary Linggar
Muh. Basith Ali Fikri
Yohanna Oktaviani
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DISCUSSION
Landasan Teori
Garis Besar Kasus EnronKeterkaitan PSAK dan ISAK
Kesimpulan
Sesi Tanya Jawab
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LANDASAN TEORI 1
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INVESTASI PADA EQUITAS
Tidak ada Pengaruh Signifikan
0% - 20%
Instrumen Keuangan
Nilai Wajar FVPL / AFS
PSAK 55
Pengaruh Signifikan
0% - 50%
Entitas Asosiasi
Metode Ekuitas
PSAK 15PSAK 58
Pengendalian
Bersama
0% - 50%
Ventura Bersama
M Ekuitas / Konsolidasi Proporsional
PSAK 12
Pengendalian
50% - 100%
Entitas Anak
Konsolidasi
PSAK 4
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KOMBINASI BISNIS
Definisi Menurut PSAK 22
Alasan melakukan Kombinasi Bisnis1.Cost Advantage2.Lower Risk3.Fewer Operating Delays4.Avoidence of Takeovers5.Acquisition of Intangible Assets6.Other Reason
SYARAT METODE AKUISISI:
a) Pengidentifikasian pihak pengakuisisi
b) Penentuan tanggal akuisisi
c) Pengakuan dan pengukuran aset teridentifikasi yang diperoleh, liabilitas yang diambil alih, dan kepentingan nonpengendali pihak diakuisisi
d) Pengakuan dan pengukuran Goodwill atau keuntungan dari pembelian dengan diskon
INVESTASI PADA ENTITAS ASOSIASI
Jenis Investasi:
1. Tidak ada pengaruh signifikan
Kepemilikan <20%
2. Ada pengaruh signifikan
Kepemilikan >20%
METODE EKUITAS
Dalam metode ekuitas, investasi pada entitas asosiasi pada awalnya diakui sebesar biaya perolehan dan jumlah tercatat tersebut ditambah atau dikurang untuk mengakui bagian investor atas laba rugi investee setelah tanggal perolehan. Bagian investor atas laba rugi investee diakui dalam laba rugi investor. Penerimaan distribusi dari investee mengurangi nilai tercatat investasi
BAGIAN PARTISIPASI DALAM VENTURA BERSAMA
Definisi Menurut PSAK 12
Menurut Beams
JENIS UMUM VENTURA
1. Pengendalian bersama Operasi
2. Pengendalian bersama Aset
3. Pengendalian bersama Entitas
ENTITAS BERTUJUAN KHUSUS
Definisi
- Menurut Wolk
- Menurut Neal Newman
Tujuan Pembentukan SPE1. Financing Agreements/ The Joint Venture2. Leasing Agreements/ The Synthetic Lease3. Sales/ Transfer of Illiquid or Poor Performing Asset securization or off
balance sheet financing
LAPORAN KEUANGAN KONSOLIDASIAN
Menurut PSAK 4, Laporan Keuangan Konsolidasian adalah laporan keuangan suatu kelompok usaha yang disajikan sebagai suatu entitas ekonomi tunggal meliputi seluruh entitas anak dari entitas induk.
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KONSOLIDASI ENTITAS BERTUJUAN KHUSUS
a. Secara subtansi kegiatan dari EBK dijalankan untuk mewakili suatu entitas sesuai dengan kebutuhan khususnya, sehingga entitas tersebut memperoleh manfaat dari operasi EBK
b. Secara substansi, entitas mempunyai kekuasaan dalam pengambilan keputusan untuk memperoleh sebagian besar manfaat dari kegiatan EBK, atau dengan cara membuat mekanisme autopilot, entitas telah mendelegasikan kekuasaan dalam pengambilan keputusan ini
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C. Secara subtansi, entitas mempunyai hak untukmemperoleh sebagian besar manfaat dari ebk dan oleh karena itu, juga menanggung risiko dari aktivitas EBK
D. Secara substansi, entitas memperoleh mayoritas hak residual dan menanggung risiko kepemilikan terkait dengan ebk atau asetnya untuk memperoleh manfaat dari aktivitas EBK.
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ENRON 2
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US$10B
US$65B
US$0 Became The 7th
Corp
in USA within 16 years
The Biggest Bankrupt
in History
Started with
Debts
Assets Worth:
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Gas
1980s
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PowerNatural Gas LiquidsEmission AllowancesBandwithWeather Derivatives
NGLs and PlasticsCoalCrude OilPulp and PaperCredit
ShippingSteelMetals
1996 - 2001
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Kenneth LayChairman
Jeff SkillingCEO
Andrew Fastow
CFO
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THE RISE AND FALL OF ENRON
Houston
Natural Gas
InterNorth
Enron
1985
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DEBT
Enron Finance Corp.
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Acquired Power, Coal, Paper, Steel, Water, Weather etc
Enron Online
Broadband Telecommunications
Energy Derivative
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FLY HIGH, HIGHER AND HIGHER
Liability
Asset
RevenueOverstated
Financial Report
Overstated
Understated
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FRAUDMark to Market
Accounting
Related Party and
SPEs 3%RULE
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US$1M/week
paid
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COMMON USEOF ENRON’S SPECIAL PURPOSE ENTITIES
Enron SPEsasset
Bank
assetas collateral
debt
Asset
interest
with the debt
benefit
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COMMON USE 2OF ENRON’S SPECIAL PURPOSE ENTITIES
Enron
Investment
invest LOSSAccount: Loss
SPEsPROFIT
sold to
Account: BEP / Profit
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THE COMPLEXITYOF ENRON’S SPECIAL PURPOSE ENTITIES
JEDI and
Chewco
LJM and
RhytmRaptor
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JEDI AND CHEWCO
JEDI
EnronCalPER
S
US$250MBy 12M stock
(US$20.83/share)
US$250M
Cash, 3 times payment
1993
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JEDI
EnronCalPER
S
US$250MBy 12M stock
(US$20.83/share)
US$250M
Cash, 3 times payment US$383M
12M stock (+/- US$31.91/share)
US$383M
US$500M
1997
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JEDI
CalPERS
US$383M
Chewco
US$383M
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Chewco
Barclay’s Bank
US$240M
Guaranteed by
ENRON
3%
US$383Mx
US$11.5MUS$11.4M
Barclay’sUS$125KMichael Kopper
Enron
JEDI
US$132M
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Barclay’s Bank
Big River
Little RiverUS$6.6MAs Collateral
US$11.4M
US$11.525M
Kopper &
Dodson
US$125K
JEDI
Chewco
US$6.6M
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Barclay’s BankBig River
LLC
Little River LLC
US$6.6MAs Collateral
US$11.1M
US$11,441K
US$10K
JEDI
Chewco
US$6.6M
SONR #2 LLC
US$331KUS$10K
US$341K
SONR #1 LP
SONR #1 LLC
Kopper &
Dodson
US$114K
US$1K
US$1K
US$115K
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Chewco
Barclay’s Bank
Big River LLC
SONR #1 LP
US$383M
CalPERS
US$500M
PROFIT
US$117M
Enron
JEDIUS$11,441K
US$115K
US$240M
US$132M
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CHEWCO’S AFTERMATCH
Late Oct & early Nov 2001
Chewco should be consolidated
Year Decreasing Net Income
Total Net Income
Increasing Debt
1997
US$28M US$105M US$711M
1998
US$133M US$703M US$561M
1999
US$153M US$893M US$685M
2000
US$91M US$979M US$628M
revised financial report
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NAME POSITION AT ENRON SHARES SOLD GROSS PROCEEDS
J. Clifford Baxter Vice-Chairman 619,898 $ 34,734,854.00 Rick Buy Chief Risk Officer 140,234 $ 10,656,595.00 Rick Causey Chief Accounting Officer 208,940 $ 13,386,896.00 John Duncan Member of Board of Directors 35,000 $ 2,009,700.00 Andy Fastow Chief Financial Officer 687,445 $ 33,675,004.00 Mark Frevert Chief Executive Office, Enron Europe 986,898 $ 54,831,220.00 Kevin Hannon President, Enron Broadband Services Unknown Unknown Joe Hirko CEO, Enron Communications 473,837 $ 35,168,721.00 Stan Horton CEO, Enron Transportation 830,444 $ 47,371,361.00 Steve Kean Executive Vice President, Chief of Staff 64,932 $ 5,166,414.00 Mark Koenig Executive Vice President 129,153 $ 9,110,466.00 Ken Lay Chairman, Enron Corp. 4,002,259 $ 184,494.43 Michael McConnell Executive Vice President 32,960 $ 2,506,311.00 Cindy Olson Executive Vice President 83,183 $ 6,505,870.00 Lou Pai CEO, Enron Energy Services 3,912,205 $ 270,276,065.00 Ken Rice CEO, Enron Broadband Services 1,234,009 $ 76,825,145.00 Jeffrey Skilling Chief Executive Officer, Enron Corp. 1,307,678 $ 70,687,199.00 Joe Sutton Vice-Chairman 688,996 $ 42,231,283.00 Greg Whalley Chief Operating Officer, Enron Corp. Unknown Unknown
TOTALS 15,438,071.00 $ 715,327,598.43
Congressional t+A1:D39estimony, Enron Corp. press releases.
*All listed sales occurred between October 19, 1998 and November 27, 2001. The number shown under
gross proceeds indicates the number of shares times the price of Enron stock on the day the shares were
sold. It does not reflect any costs the Enron officials incurred in exercising the sale of the stock. Therefore,
the net proceeds to the listed individuals is likely less than the amount shown.
SOURCES: Mark Newby, et al. vs. Enron Corp., et al., Securities and Exchange Commission filings,
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KETERKAITAN PSAK DAN ISAK 3
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KESIMPULAN