The Skills and Understanding of Rural Enterprise Management of the Preparation of Financial Statements Using Financial Accounting Standards (Ifrs) Financial Statement on The Entities Without Public Accountability (Etap) Framework on the Implementation of
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I J A B E R, Vol.14,No. 11,(x)76):.7477-1129
THE SKILLS AND UNDERSTANDING OF RURAL
ENTERPRISE MANAGEMENT OF THE PREPARATION
OF FINANCIAL STATEMENTS USING FINANCIAL
ACCOUNTING STANDARDS (IFRS) FINANCIAL
STATEMENT ON THE ENTITIES WITHOUT PUBLIC
ACCOUNTABILITY (ETAP) FRAMEWORK ON
THE IMPLEMENTATION OF VILLAGE
LAW
ADMINISTRATION
N u rz a i m a h l , R asdi anto2and Iskandar Mudas
Abstract: The objectiteof this resenrchwas to nnnlyzethefat:tors nffectingtlrc nbilities oJ
pillnge-otpnedenterpises
(BLINIDES)itt tlw regrottof North Srnruttrnirt preparittgtheFinatcinl
AccountingStandards(tFRSs)fnancial statementon theEnhtiesritlnut htblic Accor.mtability
(ETAP)in theft'anmoot;kof Llrchnpbntentnhonof VillageAdnirish'ation lntl inNorth Smnatrn
untlertnkcnl:y
and the TinrcAcntrncy itr delioeringAccountability.Tlrcpreser.trcsearch.ntns
srLrr,cylngseternl sclectedregenaes.107 respondentslt1ereselccteLlbaserlorr conuentence
ns BUMDes.TIn t,ariables
enterpriseunits, sr.tch
samplingtottillagesthathad establishedrural
useduere theleuelof education,theunderstandingof SAK ETAP ttld LlLullity0f consultation.
on SAK ET,\P anLlthe quality of
Tle results demonstratethttt the understandingztariablc
consultationare thedonrinatiuarinblestoucrds acarracyin delitering Arcowtability.
Keyutotd: Educationleoel, tlrc understandingof SAK ETAP, ty.utlityof constltafion, and
ability in preparingFinancial Statenrcnts.
1. BACKGROUND
The newly issued law iast year is Law No. 6 on 2014, in -relation to the Law No. 06
of 2074 on village, it said that the Rural Development shoulci have the goal to
improve the welfare of village community, life quality of human, and reduction of
poverty through the fulfillment of basic neecls, development of facilities ancl
infrastructure in village, the development of local economic potentials, and the
ut iliz a ti o n o f s u s ta i n a b l e n a tural and envi ronmental resources. The basi c
clevelopment of economic in rural areas has long been rlln bv the governmertt
I-ecturt'r of Accourting Departmenl
r ' l r F acu ltvEco n o m icsa n cl Btr sin css- Ur r iversi tvS ttmatetraU tara, Jl . i )r -l .i \l .rnsrrr,N o 9, U S tl C i anrpLrs
, r ' r thSttmatcta,Intl onesta,[: -nuu I : tt Lrt :, t t ntttltQ) ult tt( ttl
N lcr la n .Po sta l Co d e 2 ( 1 1 5 5N-
7418 c NttrTaimah, Rasdianto and Iskandar Muda
through a-variety of programs. Flowever, they have yet to generate satisfactory
results.Es desired by general public. Therg are many factori leading to the less
effectiveness of these programs. one dominant factor is the Jverly huge
intervention by the government. It actually results in the obstruction of the creaU"ity
and innovation power of the rural communities in managing and running thl
econoinic:enginein rural areas.The system and instifutiona-i mechanisms in rural
economy do not run effectively_and
i-ply on aid-dependencyto government so
as to shut down the spirit of independence. In relation to thelaw N o. 06 of 20'1,4
on-village,it is said thatthe Rural Development is aimed to improve the welfare of
village-c-ommunity
lifg glality of human, and reductior,^of porrurty through
1.d
the fulfillment of basic nTds, development of facilities and infrastmcture in villa{e,
the development of local economic potentials, and the sustainable utilization-of
natural and environmental resources. Suriadi (2015) concludes that the result is
the formation of Village owned enterprises (BUMDesias the results of institutional
stuengthening activities, training and technical guidance. Maksum and Rustam
(2014) studied under the title of rhe Impact 6f Treusr'r"r,s Experience And
Knowledge on The Effectivenessof the Administration and prepiration of The
Acccuniability Reporting Systemin Norih Sumatra.The findings conciuded that
in order to create the effectivenesso[ Administration and Accoirntability Report
PreparationSystem, therole of experienceanclknowleclge were required. Iiascliinto
et aL (2014)This study aims to analyze the role of tre"asurercapacity on human
resourcesand its tenure of services. facilities and rnfrastructures, the regulation,
of,training administration and accountability of each of the taJk forces
TjT:ity
(SKPD)in North Sumateraon the timeliness of the regional government's financial
report- The result of the study has revealectthat simultane6usly and partially the
variables of treasuret's human resources and tenure of service, ficilities and
infrastructure, the-regulation and intensity of the training administration and the
accountability of the treasurersin North Sumatera irre s-ignificantly affect to the
timeliness of the regional government's financial report.
Learr,ingfrom past experience,a new approach expecbedto foster and drive
.
the economy in rural areasis the establisfiment of eionomic institutions fullv
managed by the village communigi- Economicinstitutions establishedbv the desirl
of rural communities start from the potentials that can be developed using locat
resourcesand whenever market demand exists.To avoid economic institutions
from being controlled by certain groups who have great capital in rural areas,the
possessionof institutions is held by the village and is joinily controlled with the
afunof improving living standardsof the localeconomy.The form of institution as
mentioned aboveis namedVillage-ownedEnterprises(BUMDes),as mandatedin
the Larv 32 of 2004and Govemment RegulationNo. 72 of 2005.The factor eclucation
level wili determine whetheran entrty is able to present the financial statements
properly. The understanding of sAK ETAP is a regard that determines the
presentationof financialstatements(Laries,2014),anclruti, alsoDwijayanti (2015).
The Skills and Understanding of RLrral Enterprise Management... t "1419
In addition, the qgality of consultation also sets the process of Preparation of
Financial Statements with SAK ETAP Framework. The problems of this research
are :
1.
Is the village implementing BUMDes capable of understanding the
preparation process of SAK ETAP financial statements in North Sumatra?
2.
Do the level of education, understanding
Consultation, and abilities in the preparation
SAK ETAP Framework have effects on the
the accountability of BUMDes management
of SAK ETAP, Quality of
of Financial Statements with
time accuracy in delivering
in North Sumatra?
2. LITERATURE REVIEW
2.1.Theoretical Overviert'
2.1..1. Enti ti es zoith o u t P trb I i c A cco rtnt nb ility (ETAP )
SAK ETAP stands for Financial Accounting Stanclarclsfor Entities without Public
Accouniability',set by indcnesian accourttant associaiiol for smail and medium
enterprises.SAK ETAP has the objective to make ;rl1business units prepare for
financiarl statements according to the standards establisheel. In accordance r.vith
the scope of SAK ETAP, the Standard is intended for use by entities witllout public
accountability.Entities without public accountability in questron are those which
do not have significant public accountability, and do not publish financial
statements for general interest for external users. The external users, for instance,
are owners who are not directly involved in the creditor's business management,
and credit rating institutions. Furthermore, this standard field also explains that
entities are said to have significant public accountability if the submission process
for registration statement - in the capital market authorities or other regulators for
the pulpose of issuance of securities in the capital markets, ur entities having control
over assets in the capacity as fiduciary - is intended for a large group of
communities, such as banks, insurers, brokers or securities traders, pension
funds, mutual funds and investment banks. SAK ETAP: Financial Accounting
Standards for Entities without ETAP Public Accountability is the entifies which:
( S ag a l a ,2 0 1 5 ).
a)
Do not have a significant public accouutability; and
b)
Do not publish financial statements for general purpose for extemal users.
c)
Using IFRS referencefor Small Medium Enterprises.
d)
More sirnply, inclucling.
e)
Fixed assets,intangible, with the rtse of actluisition price
0
irrvcstment using the
Subsicliariesare not consoliclatetlbrrt serve a.s.rr-L
e c l u i tvme th o d .
7420 e Nurzaimah, Rasdianto and IskandarMuda
g) .Referring to the currently used accounting practices
Qualitative Information i' Financial statements: (Laries,
a)
Understandable,
b)
Relevant,
c)
M a te ri a l i ry,
cl)
R e l i a b i ti ty ,
e)
f)
Substance ouperforms the form
Healthyconsideration,
g)
Completeness,
h)
Cornparable,
i)
On fime,
2014)
j)
The balance between Costs ancl Benefits.
sAK ETAP does not-ailorv the recognition of posts
in the barance sheet not
meeting the definition of assets or liability
no regards whether these posts
_with
are tire result of the implementation oi the "matchingioncept,,.
offsetting is not
alloweci on assetswith liabilities, or income r rith load, "unless
Jequired or permittecl
by SAK E'fr\P. Tl.re Benefits of SAK-ETAp
7- It is expectecl that by the presence sAK ETAP,
small & mecliurn enterprises are
able to:
a)
b)
c)
IJreparing their own financial statements.
Becon-ieauCitable ancj obtain an auclit opinion.
use their financiai statements to obtain funcring
(e.g. from ba.ks) for
"'
b u s i n e s s c i e vel oprnent.
"
2. More simple compared with psAK - IFRS; hence
the implementation is easier.
3 ' Ke e p p ro v i d i n g rel i abl e i nformati on i n the
presentati on of fi .ancial
statements.
desired presentation of Financial statements in the
sAK ETAP framework
. .T"
i s : (S a g a l a ,2 0 1 5 ).
1'
Reason;rblePresentation; financial statements should
provicle financial position,
financial performance and cash flows of an entity'in
o .lusorroute manner.
Reason;'rblepresentation requires the truthful presentarion.rpo.,
the effects of
transactions, otlrer events and conclitions in iccordarice
with the definitions
anci criteria of assetsrecognitio', liabilities, income
ancr expenses.
2 . C o mp l i a n c e rv i th sA K E T,i \p; trre enri ti es of w hi ch
fi nanci al stateme nt s
complying wifir SAK ETAP rnust nake an explicit statement
in ftrll rnanner
ancl *pon sr-rchcompriance in the rccordings of financiar
,l,he
statements.
The Skills cnd Understanding of Rural Enterprise Managenrcnt... o J42l
filancial s,tatements should state that they are in obedience with SAK ETAP,
unless tn"y na.re complied with all requiiements in SAK ETAP.
3. Business Continuity; while preparing the financial statements, the entity
management using the SAK ETAP should make an assessment on the entity's
ability to continue the business.
n
Frequenry of Reporting; the enlities should fully complete financial statements
(incltrding comparative information) at least once a year.
5. Consistent presentationi presentation and classification of posts in the financial
statements bet.ween periods should remain consistent; and if the presentation
or classification of posts in the financial statements has been altered, the entity
should reclassify the comparative number, unless being reclassified as
impractical.
6 . C o mp a ra ti v e In fo rm a ti on; the i nformati on shoul d be di scl osed i n
shted otherrvi seby S A K
c o mp a ra ti v e!n a n n e r rv i th the pl evi otts peri od, r-tnl ess
ETAP.
7 . M a te ri a l i ty a n rl A g g re g a ti ons; the rnateri al posts shoul d be presented
s e p a ra te l y i n th e fi n a n ci al statements w hi l e the non-materi al ones are
combined with an amount having sirnilar properties or functions. Failure to
include them or err'ors in recorclitrg a post is deemed material, if either
indiviclually or jointly, is able to affect the statement users irr making economic
clecisions.
B. Compiete Financiai Statement;. Financial Statements of Entities include:
a)
Balance
b)
Income statement
c)
Statement of changes in equity
d)
Cash flow statement
e)
Notes to Financial Statements
9. Identification of Financial Statemertts
a)
The entity shall clearly iclentify eachcomponent of the financial statetnents,
including notes to the financial siatemenbs.
b)
The entity should disclose the following in the notes to the financial
statements: the clomicile, legal form of tl're entity and the registerecl
office address, and explzrnation on operatitrg properties and the rnain
a ct i v i fy .
2.2.Previous Research Overview
fol l or.vs:
Th e rn a tri xo f p re v i o u s re s e i t rcl rrestrl tsi s zr.s
7422 o Nurzaintah, Rasclionto and IskcmdarMttcla
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'.t
I J A B E R, Vol.14,No. 11,(x)76):.7477-1129
THE SKILLS AND UNDERSTANDING OF RURAL
ENTERPRISE MANAGEMENT OF THE PREPARATION
OF FINANCIAL STATEMENTS USING FINANCIAL
ACCOUNTING STANDARDS (IFRS) FINANCIAL
STATEMENT ON THE ENTITIES WITHOUT PUBLIC
ACCOUNTABILITY (ETAP) FRAMEWORK ON
THE IMPLEMENTATION OF VILLAGE
LAW
ADMINISTRATION
N u rz a i m a h l , R asdi anto2and Iskandar Mudas
Abstract: The objectiteof this resenrchwas to nnnlyzethefat:tors nffectingtlrc nbilities oJ
pillnge-otpnedenterpises
(BLINIDES)itt tlw regrottof North Srnruttrnirt preparittgtheFinatcinl
AccountingStandards(tFRSs)fnancial statementon theEnhtiesritlnut htblic Accor.mtability
(ETAP)in theft'anmoot;kof Llrchnpbntentnhonof VillageAdnirish'ation lntl inNorth Smnatrn
untlertnkcnl:y
and the TinrcAcntrncy itr delioeringAccountability.Tlrcpreser.trcsearch.ntns
srLrr,cylngseternl sclectedregenaes.107 respondentslt1ereselccteLlbaserlorr conuentence
ns BUMDes.TIn t,ariables
enterpriseunits, sr.tch
samplingtottillagesthathad establishedrural
useduere theleuelof education,theunderstandingof SAK ETAP ttld LlLullity0f consultation.
on SAK ET,\P anLlthe quality of
Tle results demonstratethttt the understandingztariablc
consultationare thedonrinatiuarinblestoucrds acarracyin delitering Arcowtability.
Keyutotd: Educationleoel, tlrc understandingof SAK ETAP, ty.utlityof constltafion, and
ability in preparingFinancial Statenrcnts.
1. BACKGROUND
The newly issued law iast year is Law No. 6 on 2014, in -relation to the Law No. 06
of 2074 on village, it said that the Rural Development shoulci have the goal to
improve the welfare of village community, life quality of human, and reduction of
poverty through the fulfillment of basic neecls, development of facilities ancl
infrastructure in village, the development of local economic potentials, and the
ut iliz a ti o n o f s u s ta i n a b l e n a tural and envi ronmental resources. The basi c
clevelopment of economic in rural areas has long been rlln bv the governmertt
I-ecturt'r of Accourting Departmenl
r ' l r F acu ltvEco n o m icsa n cl Btr sin css- Ur r iversi tvS ttmatetraU tara, Jl . i )r -l .i \l .rnsrrr,N o 9, U S tl C i anrpLrs
, r ' r thSttmatcta,Intl onesta,[: -nuu I : tt Lrt :, t t ntttltQ) ult tt( ttl
N lcr la n .Po sta l Co d e 2 ( 1 1 5 5N-
7418 c NttrTaimah, Rasdianto and Iskandar Muda
through a-variety of programs. Flowever, they have yet to generate satisfactory
results.Es desired by general public. Therg are many factori leading to the less
effectiveness of these programs. one dominant factor is the Jverly huge
intervention by the government. It actually results in the obstruction of the creaU"ity
and innovation power of the rural communities in managing and running thl
econoinic:enginein rural areas.The system and instifutiona-i mechanisms in rural
economy do not run effectively_and
i-ply on aid-dependencyto government so
as to shut down the spirit of independence. In relation to thelaw N o. 06 of 20'1,4
on-village,it is said thatthe Rural Development is aimed to improve the welfare of
village-c-ommunity
lifg glality of human, and reductior,^of porrurty through
1.d
the fulfillment of basic nTds, development of facilities and infrastmcture in villa{e,
the development of local economic potentials, and the sustainable utilization-of
natural and environmental resources. Suriadi (2015) concludes that the result is
the formation of Village owned enterprises (BUMDesias the results of institutional
stuengthening activities, training and technical guidance. Maksum and Rustam
(2014) studied under the title of rhe Impact 6f Treusr'r"r,s Experience And
Knowledge on The Effectivenessof the Administration and prepiration of The
Acccuniability Reporting Systemin Norih Sumatra.The findings conciuded that
in order to create the effectivenesso[ Administration and Accoirntability Report
PreparationSystem, therole of experienceanclknowleclge were required. Iiascliinto
et aL (2014)This study aims to analyze the role of tre"asurercapacity on human
resourcesand its tenure of services. facilities and rnfrastructures, the regulation,
of,training administration and accountability of each of the taJk forces
TjT:ity
(SKPD)in North Sumateraon the timeliness of the regional government's financial
report- The result of the study has revealectthat simultane6usly and partially the
variables of treasuret's human resources and tenure of service, ficilities and
infrastructure, the-regulation and intensity of the training administration and the
accountability of the treasurersin North Sumatera irre s-ignificantly affect to the
timeliness of the regional government's financial report.
Learr,ingfrom past experience,a new approach expecbedto foster and drive
.
the economy in rural areasis the establisfiment of eionomic institutions fullv
managed by the village communigi- Economicinstitutions establishedbv the desirl
of rural communities start from the potentials that can be developed using locat
resourcesand whenever market demand exists.To avoid economic institutions
from being controlled by certain groups who have great capital in rural areas,the
possessionof institutions is held by the village and is joinily controlled with the
afunof improving living standardsof the localeconomy.The form of institution as
mentioned aboveis namedVillage-ownedEnterprises(BUMDes),as mandatedin
the Larv 32 of 2004and Govemment RegulationNo. 72 of 2005.The factor eclucation
level wili determine whetheran entrty is able to present the financial statements
properly. The understanding of sAK ETAP is a regard that determines the
presentationof financialstatements(Laries,2014),anclruti, alsoDwijayanti (2015).
The Skills and Understanding of RLrral Enterprise Management... t "1419
In addition, the qgality of consultation also sets the process of Preparation of
Financial Statements with SAK ETAP Framework. The problems of this research
are :
1.
Is the village implementing BUMDes capable of understanding the
preparation process of SAK ETAP financial statements in North Sumatra?
2.
Do the level of education, understanding
Consultation, and abilities in the preparation
SAK ETAP Framework have effects on the
the accountability of BUMDes management
of SAK ETAP, Quality of
of Financial Statements with
time accuracy in delivering
in North Sumatra?
2. LITERATURE REVIEW
2.1.Theoretical Overviert'
2.1..1. Enti ti es zoith o u t P trb I i c A cco rtnt nb ility (ETAP )
SAK ETAP stands for Financial Accounting Stanclarclsfor Entities without Public
Accouniability',set by indcnesian accourttant associaiiol for smail and medium
enterprises.SAK ETAP has the objective to make ;rl1business units prepare for
financiarl statements according to the standards establisheel. In accordance r.vith
the scope of SAK ETAP, the Standard is intended for use by entities witllout public
accountability.Entities without public accountability in questron are those which
do not have significant public accountability, and do not publish financial
statements for general interest for external users. The external users, for instance,
are owners who are not directly involved in the creditor's business management,
and credit rating institutions. Furthermore, this standard field also explains that
entities are said to have significant public accountability if the submission process
for registration statement - in the capital market authorities or other regulators for
the pulpose of issuance of securities in the capital markets, ur entities having control
over assets in the capacity as fiduciary - is intended for a large group of
communities, such as banks, insurers, brokers or securities traders, pension
funds, mutual funds and investment banks. SAK ETAP: Financial Accounting
Standards for Entities without ETAP Public Accountability is the entifies which:
( S ag a l a ,2 0 1 5 ).
a)
Do not have a significant public accouutability; and
b)
Do not publish financial statements for general purpose for extemal users.
c)
Using IFRS referencefor Small Medium Enterprises.
d)
More sirnply, inclucling.
e)
Fixed assets,intangible, with the rtse of actluisition price
0
irrvcstment using the
Subsicliariesare not consoliclatetlbrrt serve a.s.rr-L
e c l u i tvme th o d .
7420 e Nurzaimah, Rasdianto and IskandarMuda
g) .Referring to the currently used accounting practices
Qualitative Information i' Financial statements: (Laries,
a)
Understandable,
b)
Relevant,
c)
M a te ri a l i ry,
cl)
R e l i a b i ti ty ,
e)
f)
Substance ouperforms the form
Healthyconsideration,
g)
Completeness,
h)
Cornparable,
i)
On fime,
2014)
j)
The balance between Costs ancl Benefits.
sAK ETAP does not-ailorv the recognition of posts
in the barance sheet not
meeting the definition of assets or liability
no regards whether these posts
_with
are tire result of the implementation oi the "matchingioncept,,.
offsetting is not
alloweci on assetswith liabilities, or income r rith load, "unless
Jequired or permittecl
by SAK E'fr\P. Tl.re Benefits of SAK-ETAp
7- It is expectecl that by the presence sAK ETAP,
small & mecliurn enterprises are
able to:
a)
b)
c)
IJreparing their own financial statements.
Becon-ieauCitable ancj obtain an auclit opinion.
use their financiai statements to obtain funcring
(e.g. from ba.ks) for
"'
b u s i n e s s c i e vel oprnent.
"
2. More simple compared with psAK - IFRS; hence
the implementation is easier.
3 ' Ke e p p ro v i d i n g rel i abl e i nformati on i n the
presentati on of fi .ancial
statements.
desired presentation of Financial statements in the
sAK ETAP framework
. .T"
i s : (S a g a l a ,2 0 1 5 ).
1'
Reason;rblePresentation; financial statements should
provicle financial position,
financial performance and cash flows of an entity'in
o .lusorroute manner.
Reason;'rblepresentation requires the truthful presentarion.rpo.,
the effects of
transactions, otlrer events and conclitions in iccordarice
with the definitions
anci criteria of assetsrecognitio', liabilities, income
ancr expenses.
2 . C o mp l i a n c e rv i th sA K E T,i \p; trre enri ti es of w hi ch
fi nanci al stateme nt s
complying wifir SAK ETAP rnust nake an explicit statement
in ftrll rnanner
ancl *pon sr-rchcompriance in the rccordings of financiar
,l,he
statements.
The Skills cnd Understanding of Rural Enterprise Managenrcnt... o J42l
filancial s,tatements should state that they are in obedience with SAK ETAP,
unless tn"y na.re complied with all requiiements in SAK ETAP.
3. Business Continuity; while preparing the financial statements, the entity
management using the SAK ETAP should make an assessment on the entity's
ability to continue the business.
n
Frequenry of Reporting; the enlities should fully complete financial statements
(incltrding comparative information) at least once a year.
5. Consistent presentationi presentation and classification of posts in the financial
statements bet.ween periods should remain consistent; and if the presentation
or classification of posts in the financial statements has been altered, the entity
should reclassify the comparative number, unless being reclassified as
impractical.
6 . C o mp a ra ti v e In fo rm a ti on; the i nformati on shoul d be di scl osed i n
shted otherrvi seby S A K
c o mp a ra ti v e!n a n n e r rv i th the pl evi otts peri od, r-tnl ess
ETAP.
7 . M a te ri a l i ty a n rl A g g re g a ti ons; the rnateri al posts shoul d be presented
s e p a ra te l y i n th e fi n a n ci al statements w hi l e the non-materi al ones are
combined with an amount having sirnilar properties or functions. Failure to
include them or err'ors in recorclitrg a post is deemed material, if either
indiviclually or jointly, is able to affect the statement users irr making economic
clecisions.
B. Compiete Financiai Statement;. Financial Statements of Entities include:
a)
Balance
b)
Income statement
c)
Statement of changes in equity
d)
Cash flow statement
e)
Notes to Financial Statements
9. Identification of Financial Statemertts
a)
The entity shall clearly iclentify eachcomponent of the financial statetnents,
including notes to the financial siatemenbs.
b)
The entity should disclose the following in the notes to the financial
statements: the clomicile, legal form of tl're entity and the registerecl
office address, and explzrnation on operatitrg properties and the rnain
a ct i v i fy .
2.2.Previous Research Overview
fol l or.vs:
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