Mengupas Tuntas Standar Akuntansi untuk UMKM | SAK EMKM

Summary

This video discusses the importance of financial reporting for MSME (Micro, Small, and Medium Enterprises) business actors in Indonesia, highlighting the challenges they face in preparing accurate financial statements. The video explains the criteria for MSMEs, introduces different financial accounting standards (MKM SAK, SAK EP, and Indonesian SAK), and offers insights on when to apply each standard. It also covers key elements in financial reporting, including balance sheets, income statements, and cash flow, along with basic assumptions and measurement bases in MKM SAK. The goal is to simplify financial reporting for MSMEs, enhancing transparency and competitiveness.

Takeaways

• 😀 MSMEs (Micro, Small, and Medium Enterprises) are crucial to Indonesia's economy, contributing 61% to GDP and employing 97% of the workforce.
• 😀 Many MSME owners struggle with financial reporting, which hampers business growth and transparency.
• 😀 The MKM SAK is designed specifically for MSMEs, offering simpler financial reporting standards compared to full Indonesian SAK.
• 😀 MKM SAK is available for MSMEs that meet the criteria defined in Indonesian law (Law No. 20 of 2008) and are not publicly accountable.
• 😀 MSMEs with foreign investment or public accountability must use Indonesian SAK or SAK EP, not MKM SAK.
• 😀 The MKM SAK requires basic financial reports, including a balance sheet, profit and loss statement, and notes to financial statements.
• 😀 MKM SAK operates on an accrual basis, assumes business continuity, and adopts the historical cost measurement method.
• 😀 Financial assets such as cash and receivables are recognized at historical cost, while liabilities like debts are recorded when incurred.
• 😀 The FIFO method is used for inventory valuation, and joint venture investments are recorded at historical cost.
• 😀 Income and expenses are recognized when services or goods are delivered, with no deferred tax under MKM SAK. Final tax is recorded as a non-business expense.
• 😀 Depreciation and amortization of assets follow the straight-line or declining balance methods, with no residual value considered in asset reporting.

Q & A

What are the main criteria for an MSME in Indonesia?

In Indonesia, MSMEs are defined by two main criteria: no public accountability (i.e., no securities traded publicly) and meeting specific financial thresholds outlined in Law No. 20 of 2008, such as net worth or annual sales limits.

What are the different categories of MSMEs in Indonesia?

MSMEs in Indonesia are categorized into three types: Micro, Small, and Medium. Micro enterprises have a net worth under IDR 50 million or annual sales of IDR 300 million; Small enterprises have a net worth of IDR 50 million to IDR 500 million or sales of IDR 300 million to IDR 2.5 billion; Medium enterprises have a net worth of IDR 500 million to IDR 10 billion or sales between IDR 2.5 billion and IDR 50 billion.

What financial reporting standards can MSMEs in Indonesia follow?

MSMEs in Indonesia can follow one of three financial reporting standards: Indonesian SAK, SAK-EP (Private Entities), or MKM SAK. MKM SAK is a simpler version intended for MSMEs, offering fewer requirements than Indonesian SAK.

What is the purpose of the MKM SAK for MSMEs?

MKM SAK is designed to simplify financial reporting for MSMEs, providing easier guidelines compared to the full Indonesian SAK. It helps MSMEs comply with financial reporting standards while maintaining simplicity.

What are the key components of a balance sheet in MSME financial reports?

A balance sheet includes three key components: assets (future economic benefits), liabilities (obligations the entity must settle), and equity (residual value after liabilities are deducted from assets).

How is income recognized in MSME financial reporting under MKM SAK?

Income is recognized when goods or services are delivered or when construction services billing occurs, meaning the revenue is recorded once the business has fulfilled its part of the transaction.

How are expenses treated in MSME financial reports?

Expenses are recognized when incurred, not when paid. For example, labor costs are recorded when employees perform their work, even if the payment occurs later.

What is the basis for measuring assets and liabilities in MSME financial reports?

MSMEs typically use the historical cost basis to measure assets and liabilities. This means assets are recorded at their original acquisition cost, not their current market value.

What are the key methods for calculating depreciation under MKM SAK?

Depreciation can be calculated using two methods: the straight-line method, where the same depreciation amount is charged each year, or the declining balance method, where the depreciation amount decreases over time.

How is inventory valued in MSME financial reports?

Inventory is valued using the FIFO (First In, First Out) method, meaning the first items purchased or produced are the first to be recognized as sold or used.

How is income tax expense treated for MSMEs under MKM SAK?

Income tax expense is recorded as a current tax expense, and the final PPh (income tax) rate for MSMEs is set at 0.5% of gross income. This is recorded under non-business expenses or other expenses in financial reports.