Application of ISAK 35 for non-profit organizations a study on foundations in Indonesia
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Published:
Aug 30, 2023
Keywords:
Foundation;, Financial Accounting Standards, Nonprofit
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Informtion System
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Abstract
Financial reporting standards for non-profit organizations are not explicitly regulated in Financial Accounting Standards (SAK), but the Accounting Standards Board (DSAK) issued Interpretation of Financial Accounting Standards (ISAK) 35. ISAK 35 contains guidance for the Presentation of Financial Statements of Non-profit Oriented Entities. The foundation is a part of a non-profit organization. This study aims to determine the arrangement, form and content of financial statements in one of the foundations of non-profit organizations in Jakarta based on ISAK 35. This research method uses a qualitative approach and descriptive method to analyze the application of ISAK 35 to one of the foundations in Jakarta, related to the presentation of financial statements non-profit-oriented entity for the 5 years in the period 20X1-20X5. The results of this study indicate that the foundation's financial reports are not in accordance with applicable standards and there is weak internal control over financial transactions
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Sundari, B., Natalina, A. . and Kakiay, A. N. . (2023) “Application of ISAK 35 for non-profit organizations a study on foundations in Indonesia”, Jurnal Mantik, 7(2), pp. 1465-1472. doi: 10.35335/mantik.v7i2.3988.
References
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Muskanan, M. W., Pandie, D. B. W., Benu, F. L., & Maukoni, R. (2019). Accounting standards in church financial management “bringing financial practice and theology more intimately intertwined.” Humanities and Social Sciences Reviews, 7(6), 1182–1196. https://doi.org/10.18510/HSSR.2019.76168
Putri, O. L. A., & Ayem, S. (2021). Pengaruh Penerapan PSAK 45 dan Ketepatwaktuan Penyampaian Laporan Keuangan terhadap Akuntabilitas Laporan Keuangan Organisasi Nirlaba. Owner, 5(2), 429–441. https://doi.org/10.33395/owner.v5i2.479
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Shapiro, S. P. (2005). Agency Theory. Annual Review of Sociology.
Sujana, E., Kurniawan Saputra, K. A., & Manurung, D. T. H. (2020). Internal Control Systems and Good Village Governance to Achieve Quality Village Financial Reports.
YBI. (2006). Pernyataan Keputusan Rapat Yayasan Baptis Indonesia.
Andhariani, D., & de Villiers, C. (2019). Integrated reporting: perspectives of corporate report preparers and other stakeholders. Sustainability Accounting, Management and Policy Journal, 10(1), 126–156. https://doi.org/https://doi.org/10.1108/SAMPJ-02-2018-0043/FULL/PDF
Anthoni, L., & Suherman, A. (2023). The Role of Information Technology and Internal Control Systems in Realizing Accountability and Transparency based on ISAK 35 and its Impact on Perceptions of Sustainability of Entity Activities. ProBisnis?: Jurnal Manajemen, 14(3), 27–34. https://ejournal.joninstitute.org/index.php/ProBisnis/article/view/199
Aprillia, B., Komariyah, I., & Saleha, E. (2022). Protection of Women in Disaster Emergency Situations; Seven Stages of Participatory Capacity and Vulnerability Analysis. Indonesian Journal of Social Science Research, 3(1), 39–43. https://doi.org/10.11594/ijssr.03.01.05
Asrori, A., Kiswanto, K., Fachrurrozie, F., & Amal, M. I. (2020). Development of Mosque Accounting Information Systems Based on Non-profit Entity Reporting Standards and Sharia Compliance: A Case Study at the X Great Mosque. Jurnal Dinamika Akuntansi, 12(1), 55–67. https://doi.org/10.15294/jda.v12i1.23930
Chaled, S., & Sarumpaet, S. (2019). Evaluasi Penerapan Standar Akuntansi Keuangan No. 45 Pada Organisasi Nirlaba Di Bandar Lampung. Jurnal Akuntansi Dan Keuangan, 24(1), 1–14. https://doi.org/10.23960/jak.v24i1.112
Crawford, L., Morgan, G. G., & Cordery, C. J. (2018). Accountability and not-for-profit organisations: Implications for developing international financial reporting standards. Financial Accountability & Management, 34(2), 181–205. https://doi.org/https://doi.org/10.1111/FAAM.12146
Creswell, J. W., & Creswell, J. D. (2018). Mixed Methods Procedures. In Research Defign: Qualitative, Quantitative, and Mixed Methods Approaches.
Dewi, N. F., Ferdous Azam, S. M., & Yusoff, S. K. M. (2019). Factors influencing the information quality of local government financial statement and financial accountability. Management Science Letters, 9(9), 1373–1384. https://doi.org/10.5267/j.msl.2019.5.013
Gao, X., & Jia, Y. (2016). Internal Control over Financial Reporting and the Safeguarding of Corporate Resources: Evidence from the Value of Cash Holdings. Contemporary Accounting Research, 33(2), 783–814. https://doi.org/https://doi.org/10.1111/1911-3846.12164
Hardiyanto, N., Ahmar, N., & Etty Merawati, E. (2023). Internet Financial Report And Determinants of The Quality of Financial Statements of Non-Profit Organizations. Devotion Journal of Community Service, 4(1), 186–201. https://doi.org/10.36418/dev.v4i1.369
IAI. (2019). Standar Akuntansi Keuangan. Ikatan Akuntan Indonesia.
IAI. (2020). ISAK 35: Penyajian Laporan Keuangan Entitas Berorientasi Nonlaba. IAI.
Kambey, A. N. (2021). Church Accounting Concepts with the Understanding of God’s Kingdom. International Journal of Religious and Cultural Studies, 3(1), 39–52. https://doi.org/10.34199/ijracs.2021.04.03
Kothari, C. R. (2004). Kothari, C. R. 2004. Research Methodology: Methods and Techniques. In New Age International (2nd ed.). New Age International.
La Torre, M., Sabelfeld, S., Blomkvist, M., & Dumay, J. (2020). Rebuilding trust: sustainability and non-financial reporting and the European Union regulation. Meditari Accountancy Research, 28(5), 701–725. https://doi.org/10.1108/MEDAR-06-2020-0914
Lomi Ga, L., Febiani Angi, Y., & G. Tefa, S. (2021). Implementation Analysis Of Isak 35 In Financial Reporting Of The Gmit Church In Indonesia. Eduvest - Journal of Universal Studies, 1(12), 1573–1578. https://doi.org/10.59188/eduvest.v1i12.297
Lopez-Arceiz, F. J., Bellostas, A. J., & Moneva, J. M. (2021). Accounting Standards for European Non-profits. Reasons and Barriers for a Harmonisation Process. Accounting in Europe, 18(1), 43–74. https://doi.org/10.1080/17449480.2020.1795215
Melia, Y. (2022). Penerapan Standar Akuntansi Keuangan Pada Organisasi Nirlaba: Literatur Review. AKTSAR: Jurnal Akuntansi Syariah, 5(1), 103–117. https://doi.org/10.21043/aktsar.v5i1.14500
Moleong, L. J. (2018). Metodologi penelitian kualitatif. PT Remaja Rosdakarya.
Muskanan, M. W., Pandie, D. B. W., Benu, F. L., & Maukoni, R. (2019). Accounting standards in church financial management “bringing financial practice and theology more intimately intertwined.” Humanities and Social Sciences Reviews, 7(6), 1182–1196. https://doi.org/10.18510/HSSR.2019.76168
Putri, O. L. A., & Ayem, S. (2021). Pengaruh Penerapan PSAK 45 dan Ketepatwaktuan Penyampaian Laporan Keuangan terhadap Akuntabilitas Laporan Keuangan Organisasi Nirlaba. Owner, 5(2), 429–441. https://doi.org/10.33395/owner.v5i2.479
Sari, D. I., Ferdawati, & E. (2022). Penyusunan Laporan Keuangan berdasarkan ISAK 35. JAKA (Jurnal Akuntansi, Keuangan, Dan Auditing), 2(2), 37–50.
Shapiro, S. P. (2005). Agency Theory. Annual Review of Sociology.
Sujana, E., Kurniawan Saputra, K. A., & Manurung, D. T. H. (2020). Internal Control Systems and Good Village Governance to Achieve Quality Village Financial Reports.
YBI. (2006). Pernyataan Keputusan Rapat Yayasan Baptis Indonesia.
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