The preparation of financial statements, both for donors as well as statements in accordance with PSAK No.45 are necessary to meet the needs of internal organization (members, communities, constituencies, management) and external organization (donor agencies, auditors, tax offices, public).
Non-profit organizations, according to their particular characteristics, should present financial reports to donors and financial statements in accordance with generally accepted accounting standards in Indonesia (PSAKNo. 45). Both of these reports have different types emphasis of financial information needs. Reports to donors and funding is limited to reporting the expenditures against the receipts and the budget performance, while a report in accordance with PSAK No.45 will presents the comprehensive organization’s financial statements.
Results of the financial statements preparation will include the following:
1. Report /Statement to donors
• Statements of income and expenditure
• Statement of status of fund
• Statement of status on budget
2. Statement in accordance with PSAK No.45
• Statement of Financial Position
• Statement of Activities (Restricted)
• Statement of Activities (Unrestricted)
• Statement of Cash Flows.
Non-profit organization reasonably has compiled an accountable financial report to donors in accordance with the format and templates required by each donor, but often are not able to adequately present the financial statements in accordance with PSAK No. 45.
Preparation stages of the financial statements include a. Chart of Accounts Preparation, b. Records of Transactions/Bookkeeping, c. Classification and Summarizing, and d. Financial Statements/Report Preparation.