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risk signal, financial derivatives transactions and the indonesian gaap.pdf

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risk signal, financial derivatives transactions and the indonesian gaap

Feb．2010，Vo1．6，No．2(Serial No．57) Journal of Modern Accounting and Auditing，ISSN 1548—6583，USA Risk signal，financial derivatives transactions and the Indonesian GAAP HildaRossieta (FaculO’ofBusiness and Economics，University oflndonesia，Jakarta 10430,Indonesio) Abstract：M otivated by the accounting events of firm ’s default related to derivatives and other financial instruments transactions，this study is aimed to investigate the capability of accounting inform ation to signal the risks associated with the use of financial derivatives for hedging．Hypothesis are developed based on the theory and empirical evidences of manager’s motive to use derivatives for hedging(Berkman Bradbury,1968；Dune， ef a1．，2003)as wel as signaling theory of accounting inform ation(Bal Brown，1 968；BeaverDukes，1 972； Jensen＆Meckling，1 976；Megginson，1 997)．The hypotheses are formulated in the Ordinary Least Square mode1． The study USeS Statistical Product and Service Solutions(sPss)version 1 4 as software to conduct the statistical tests．Non-bank and non．financial institutions firm s with financial derivatives transactions listed in Indonesian Stock Exchange during 2001 to 2006 are chosen as the sample．Determinations of the time flame has considered the timing of introduction of revisions of accounting standard on derivatives and other financial instruments in Indonesia PSAK 50 Financial Instruments．Presentations and Disclosures which was published in July,1 998，as well as PSAK 55 Financial Instruments．‘Recognition and Measurements which was published in 1998．Based on the sample selections procedure and the completeness of the data required by the model，24 firm s listed during 200 1—2006 or equal to 66 firm —years observations were identified as the data to be tested．Empirical evidences suggests that Indonesian GAAP is capable of providing signal associated with：(1)Fair value exposures related to manager’s motive to reduce the cost of financial distress；(2)Cash flow exposures relate