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Good morning the honorable Mr. Asrori as the head of testing team, the honorable Mr.

Toni
as the secretaru of testing team, the honorable Mr. Jusmi, Mrs. Resi and Mr. Adi as the
testing team.
Before we begin, let me introduce myself. My name is Suci Nurlayli, and is this occasion let
me presentate my final project entitled “Penerapan SAK ETAP pada Laporan Keuangan
KPRI “Serba Usaha” Migas Cepu Tahun 2019”
I. Background
KPRI “Serba Usaha” Migas Cepu is a cooperative that has the worker from PPSDM Migas as
a member. In doing it’s job, KPRI “Serba Usaha” Migas Cepu is fully responsible to Rapat
Anggota Tahunan (RAT) in every period. In the preparation of financial reports, KPRI
“Serba Usaha” reffering to Prinsip Penyusunan Buku Laporan Pertanggungjawaban Pengurus
dan Pengawas KPRI “Serba Usaha” Migas and it hasn’t fully implemented SAK ETAP.
A bussiness entity in Indonesia including cooperative must compile financial report with
Accountancy Standard in Indonesia. Cooperative is an entity that doesn’t have a public
accountability meaning it doesn’t has a significant public accountability and doesn’t make
financial report for public purpose, so the accountancy standard that applies in Indonesia that
can be implemented as cooperative’s basic fundamental in making financial report is SAK
ETAP. Report that made using SAK ETAP are balance sheet, statement in change in equity,
cash flow statement, and notes to financial statement. Besides that, there’s ministerial
regulation No. 12/Per/M.KUKM/IX/2015 that regulate about cooperative general guidelines
for real sector cooperative namely about the form, content of presentation and disclosure of
cooperative financial statements that are useful for internal interests and for other parties as
users of cooperative financial reports. The regulation explains that cooperatives must present
cooperative financial accountability reports in the form of financial reports in the form of
balance sheets, calculation of business results, reports of changes in equity, cash flow
statements and notes to financial statements. This is in line with SAK ETAP because the
cooperative does not have significant public accountability to issue financial reports for
general purposes. So from the description, I took the title of my final project "Penerapan SAK
ETAP pada Laporan Keuangan KPRI “Serba Usaha” Migas Cepu Tahun 2019".
The purpose of the preparation of this final project is the first to find out the completeness of
the financial statements that have been prepared by KPRI “Serba Usaha” Migas Cepu 2019.
The second is to find out the analysis of the suitability of SAK ETAP with the financial
statements that have been prepared by KPRI “Serba Usaha” Migas Cepu 2019.
II. Literature Review
Definition of Cooperative (Cooperative is a member body whose members are individual
persons or cooperative legal entities by basing its activities on the principle of cooperatives as
well as a people's economic movement based on the principle of kinship)
Types of cooperatives (types of cooperatives consisting of consumer cooperatives, marketing
cooperatives, savings and loan cooperatives, producer cooperatives and multi-business
cooperatives)
Scope of SAK ETAP (Standar Akuntansi Keuangan Entitas Tanpa Akuntabilitas Publik
(SAK ETAP) was approved by the Dewan Standar Akuntansi Keuangan (DSAK)on May 19,
2009 and became effective on January 1, 2011. Martani, et al (2012: 17) state that entities
that meet the criteria for using ETAP in 2011 must choose to use SAK ETAP or PSAK. If in
2011 a cooperative continue to use PSAK, then in subsequent years you must consistently use
PSAK and may not change using SAK ETAP.)
Definition of Financial Statements (Financial statements are the final result of an accounting
process whose presentation is structured and used to communicate data and financial
performance of an entity in a certain period.)
Purpose of Financial Statements (The purpose of cooperative financial reports is to provide
information regarding financial position, performance and information that is useful for
managers, cooperative members and other users in interpreting the state of cooperative
management)
Qualitative Characteristics of Financial Statements
a. Can be understood
An important quality of the information presented in financial reports is that it is
immediately understandable to users. For this purpose, users are assumed to have sufficient
knowledge of economic and business activities, accounting and a willingness to study such
information with reasonable diligence. However, the importance of making financial
statements understandable but incompatible with relevant information should be ignored on
the grounds that the information is too difficult for certain users to understand.
b. Relevant
Financial information must be relevant to user needs for the decision-making process
and assist in evaluating.
c. Materiality
The information submitted is sufficiently material. Items that are material in number
are presented separately in the financial statements while those which are immaterial can be
combined as long as they have a similar nature or function.
d. Reliability
Information has reliable quality if it is free from error, material and bias if it is
intended to influence the making of a decision or policy for the purpose of achieving a certain
result.
e. Substance overrides form
Transactions and events are recorded and presented in accordance with the substance
and economic reality.
f. Healthy consideration
Sound judgment contains an element of caution when making the necessary
judgments in conditions of uncertainty.
g. Completeness
Information in financial statements must be complete within the limits of materiality
and cost.
h. Can be compared
Users must be able to compare financial statements between periods to identify trends
in financial position and performance.
i. On time
Information in financial statements must be able to influence the economic decisions
of its users. Timely includes the provision of financial report information within the decision-
making period.
j. Balance between costs and benefits
The evaluation of costs and benefits is a substantial process of consideration. In
evaluating benefits and costs, an entity must understand that the benefits of the information
may also be the benefits enjoyed by external users.
Financial Statement Elements (Financial position consisting of assets, liabilities and equity
and financial performance consisting of income and expenses)
Presentation of Financial Statements consisting of Statements of Financial Position,
Statements of Profit and Loss (Calculation of Business Results), Reports of Changes in
Equity, Statements of Cash Flow and Notes to Financial Statements.
III. Research Methodology
Data Classification According to its Nature consists of quantitative data (quantitative data
used in the writing of this Final Project are in the form of Financial Position Reports for 2018
and 2019, 2019 Business Results Reports and 2019 Cash Flow Reports prepared by KPRI
"Serba Usaha" Migas Cepu) and data qualitative (The qualitative data obtained are
organizational structure, job descriptions, policies and an overview of the KPRI “Serba
Usaha” Migas Cepu.
Data Classification According to the source, there is secondary data (Secondary data used in
the writing of this Final Project is in the form of an overview of the company, company
organizational structure, job descriptions, 2018 and 2019 Financial Position Reports, 2019
Business Results Reports and 2019 KPRI Cash Flow Reports KPRI “Serba Usaha” Migas
Cepu.
The data collection method consists of interviews (the interviews that will be carried out in
the preparation of this final project are addressed to the finance department of the KPRI
“Serba Usaha” Migas Cepu to clarify the accounting policies applied and ask questions about
cooperative financial data that the author has not understood), documentaries ( The
documentary data collection was carried out by tracing the data presented in the KPRI Migas
Cepu Financial Report and other information) and literature study (Data collection using
literature studies for writing this final project was carried out by searching for reference
books related to Financial Statements, Cooperatives. and SAK ETAP).
Writing method uses descriptive method (This method is used by researchers to present a
general description in the form of a brief history of the company, company location and
organizational structure as well as other explanations related to the Migas Cepu
"Multipurpose" KPRI) and explanation (This form of writing is used to provide an
explanation of the presentation KPRI “Serba Usaha” Migas Cepu Financial Report which is
in accordance with SAK ETAP and its posts).
IV Results and Discussion
In the preparation of the KPRI “Serba Usaha” Migas Cepu Financial Report, there are still a
number of things that need to be adjusted so that it is in accordance with SAK ETAP,
including:
1. Statement of Financial Position (Balance Sheet)
KPRI “Serba
Element Usaha” Migas SAK ETAP Information
Cepu
Cash and cash - The cooperative - Cash and cash Groups of
equivalents presents cash equivalents consist accounts relating
accounts and bank of cash on hand, to cash in the
accounts current accounts cooperative and
- Expressed as and short-term cash in the bank
current assets investments that should be
are highly liquid. presented in cash
- Expressed as and cash
current assets equivalents.
Accounts - Trade receivables - Accounts It is better to be
receivable are recognized as receivable are more specific with
outstanding, claims from other accounts
consisting of goods parties which will receivable because
receivables, SIM be received at a they are related to
receivables and future date as a cooperative
Lebaran packages. result of business businesses.
- The cooperative activities. However, because
presents accounts - Expressed in the money receivables
receivable in current assets are short-term
current assets. account. members
'receivables,
money receivables
are transferred to
members' accounts
receivable loans..
Member Loan - Money - Member loan It is better if the
Receivables receivables are receivables are cooperative uses
loans given to cooperative the name of the
members for less receivables member's loan
than one year. resulting from account for the
- The cooperative providing loans to money receivable
presents the money members. account.
receivable account - Expressed in the
in the current current assets
assets account. account.
Accrued - PAD (Pendapatan - Accrued income We recommend
income Akan Diterima) is is income that has that you use the
a cooperative's been recognized as account name for
income that has income, but has accrued income so
been recognized as not actually been that it is easy to
income, but has received by the understand.
not been received. cooperative.
- Expressed in the - Expressed as
current assets current assets.
account.
Account - Trade payables of - Trade payables It is recommended
payable cooperatives are payable by the that the
consist of trade cooperative to presentation of
payables / debts of other parties as a trade payables to
third parties and result of business third parties and
voluntary deposits transactions. voluntary deposits
of time members. - Expressed in the of time members
- Expressed in the current liability should be
current liability account. separated.
account.

KPRI "Serba Usaha" Migas Cepu


Balance Sheet based on SAK ETAP
As of December 31, 2019 and 2018
(In Rupiah)
ASSET 2019 2018
CURRENT ASSETS    
Cash and Cash Equivalents 410.263.962 622.664.923
Accounts Receivable 3.449.490.350 2.848.102.234
Member Loan Receivables 105.005.000 39.316.700
PANJAR 30.036.250 79.996.725
Accrued Income 25.000.000 22.786.600
Inventory 171.187.395 275.570.092
Tax 9.753.447 7.550.841
Total Current Assets 4.200.736.404 3.895.988.115
LONG TERM INVESTMENT    
Participation in the Cooperative BU 98.600.000 98.600.000
Participation in Other Cooperatives 466.904.399 463.304.399
Long-term Investment Amount 565.504.399 561.904.399
FIXED ASSETS    
Land 77.292.300 77.292.300
Building 492.645.160 473.531.460
Vehicles 106.770.000 106.770.000
Inventaris 1.039.941.528 891.477.028
Accumulated Depreciation of Buildings ( 222.498.805) (199.889.932)
Accumulated Depreciation of Vehicles (55.924.578) (55.924.578)
Accumulated Depreciation Inventaris (911.096.887) (850.778.874)
Total Fixed Assets 527.128.718 442.477.404
LONG TERM RECEIVABLES    
Long Term Accounts Receivable 996.732.533 1.756.692.148
TOTAL ASSETS 6.290.102.054 6.657.062.066

LIABILITIES AND EQUITY 2019 2018


CURRENT LIABILITIES    
Account payable 681.737.470 458.968.807
Time Member Voluntary Savings 398.000.000 332.000.000
Non-Banking Institution Debt 156.277.524 111.021.739
Tax payable 32.232.179 79.814.568
Accrued Payable - -
Dana-dana 261.085.795 250.403.295
Total Current Liabilities 1.529.332.968 1.232.208.409
NONCURRENT LIABILITIES    
Debt of Banking Institutions 1.027.055.729 1.562.141.215
Non-Banking Institution Debt 164.849.935 224.231.935
Total Non-Current Liabilities 1.191.905.664 1.786.373.150
EQUITY    
Main Savings 265.500.000 298.760.000
Mandatory Savings 2.225.831.822 2.266.400.800
Other Deposits 52.168.629 52.168.629
Reserve 931.485.992 978.208.212
Total Equity 3.474.986.443 3.595.537.641
SHU    
SHU Current Year 93.876.979 42.942.866
Total Equity and SHU 3.568.863.422 3.638.480.507
     
TOTAL LIABILITIES AND EQUITY 6.290.102.054 6.657.062.066

2. Calculation of Business Results


In the case of the account classification in the calculation of the results of operations of the
KPRI “Serba Usaha” Migas Cepu is appropriate but still needs a little adjustment in its
presentation, namely as follows.
3. Cash Flow Statement
KPRI “Serba Usaha” Migas Cepu still uses the direct method for preparing its cash flow
statements, whereas in SAK ETAP it is more advisable to use the indirect method.
V Conclusion:
Based on the results of the discussion regarding the application of SAK ETAP in the
Financial Statements of the Oil and Gas Cepu KPRI, it can be concluded that:
a. Complete financial statements prepared according to SAK ETAP consist of balance sheets,
calculation of operating results, reports of changes in equity and notes to financial statements.
At the 2019 KPRI “Serba Usaha” Migas Cepu has prepared a Financial Report in the form of
a Balance Sheet, Calculation of Business Results and a Cash Flow Report. Thus, it can be
seen that the Financial Statements prepared by the KPRI “Serba Usaha” Migas Cepu are not
yet complete.
b. Based on the Financial Statements prepared by the KPRI “Serba Usaha” Migas Cepu in
2019, it is not fully in accordance with the Financial Statements according to SAK ETAP.
This is because there are still differences in the classification of accounts and preparation
methods, as follows:
1) The cooperative presents cash and bank accounts, while SAK ETAP requires these
accounts to be included in cash and cash equivalents.
2) The cooperative presents accounts receivable consisting of money receivables, goods
receivables, SIM receivables and Eid packages, while SAK ETAP requires money
receivables to be kept separate in short-term member loan accounts.
3) The cooperative presents accounts payable in which it consists of debts to third parties and
voluntary deposits of time members, while SAK ETAP requires a separate presentation of
trade payables and voluntary deposits of time members.
4) Cooperatives present cash flow statements using the direct method, while SAK ETAP
requires the cash flow statements to be presented using the indirect method.

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