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Financial Accounting Standard (PSAK) 45, FINANCIAL STATEMENTS FOR INTRODUCTION 01-05
NON-PROFIT ORGANIZATIONS, was approved by the Financial Accounting Objective
Standards Committee on 20 December 1997 and legalised by the National
Council of the Indonesian Institute of Accountants on 23 December 1997. Scope 01-04
Definitions 05
This Standard is not applicable for immaterial items.
EXPLANATION 06-34
CONTENTS
Paragraph
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
As a result of such characteristics, there are specific transactions undertaken by a) resources are from contributors who do not expect to receive any re-payment
non-profit organisations which rarely occur in profit-oriented organisations such or benefits from the non-profit organisation in proportion to the resources
as donations and grant receipts. However, there are many non-profit contributed;
organisations which are difficult to distinguish from a profit-oriented b) produce goods and/or services without intention to profit and, if the entity
organisation. Notwithstanding their lack of ownership, some non-profit generates profit, it is never distributed to the members / contributors.
organisations finance capital from loans, and finance operations from income c) there is no ownership that is saleable, replaceable or refundable, and there is
received by rendering services to the public. Accordingly, the measurement of the no claim on resources in the event of liquidation.
amount of cash flows, their timing and their certainty become important
performance measurements for the users of the non-profit organisation’s financial 02. This standard is not applicable for government institutions, departments
statements which may include creditors and lenders. Such non-profit or other similar organisations.
organisations have characteristics which are similar to profit-oriented
organisations. 03. Financial statements of non-profit organizations consist of balance sheets,
statement of activities, statement of cash flows and notes thereto. The financial
The users of a non-profit organisation’s financial statements evaluate: statements are generally different from financial statements of profit-oriented
organizations.
a) the services rendered by the non-profit organisation and its ability to
continue rendering such services; and 04. This standard establishes basic information that should be disclosed in the
financial statements of non-profit organisations. Matters not specifically
b) how management have satisfied their responsibilities and to judge addressed in this standard should be referred to generally accepted accounting
management’s performance. standards.
The ability of a non-profit organisation to continue rendering services is
communicated via the balance sheet which provides information on assets,
liabilities, net assets and the relationship between those elements. The balance
sheet should also separately disclose restricted and unrestricted net assets.
Management’s ability to operate the non-profit organisation’s resources,
including those received from contributors, are presented in the statement of
activity and statement of cash flow.
Objective
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
05. The following are definitions of terms used in this standard: a. the amount and nature of assets, liabilities and net assets;
b. the effect of transactions, events and other situations that impact on the
Permanent restriction is limitation on the use of resources determined by the amount and nature of net assets;
contributors to maintain the resources permanently, however the non-profit c. the type and amount of resource inflows and outflows in a period, and the
organisation is permitted to use part or all income or other economic relationship between them;
benefits generated from using those resources. d. how cash is obtained and spent, finance received and other factors that have
an impact on liquidity; and
Temporary restriction is limitation on the use of resources determined by the e. the services performed.
contributors to maintain the resources until a particular date or until such a
particular condition is achieved. Each element of the financial statements provides different information, and
information in financial terms usually compliments other non-financial
Restricted donations are resources for which the use of which is limited by information.
the contributors for a specific reason. Such limitations could be permanent
or temporary. Financial Statements for Non-Profit Organizations
Unrestricted donations are resources for which the use of which is 09. Financial statements of non-profit organisations are to consist of
unlimited. balance sheets as of the reporting date, statements of activity and of cash flows
for the reporting period, and notes thereto.
06. The primary objective of financial statements for non-profit organisations 10. The objectives of the balance sheets are to provide information on assets,
is to provide relevant information for use by contributors, members, creditors and liabilities, net assets and information on the relationship between those elements
other financial statement users who provide resources. as of a reporting date. Information presented in the balance sheet together with
information in other financial statements can assist contributors, members,
07. The users of a non-profit organisation’s financial statements creditors and other interested financial statement users to evaluate a non-profit
evaluate: organisation’s:
a) the services rendered by the non-profit organisation and its ability to a. ability to continue rendering services; and
continue rendering such services; and b. liquidity, financial flexibility, solvency and external funding requirements.
b) how management have satisfied their responsibilities and to judge
management’s performance.
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
14. The balance sheet presents each group of assets and liabilities included
11. A non-profit organisation’s balance sheet must present total in net assets regardless of whether limitations on the use of resources have
assets, total liabilities and net assets. been determined by the contributors, and therefore includes permanently
restricted, temporarily restricted or unrestricted resources.
Classification of assets and liabilities
15. Information about the nature and amount of permanent and/or
12. Balance sheet, including nNotes to the balance sheet, are also included in temporary restrictions is disclosed by presenting that amount in the financial
the financial statements to presents relevant information about liquidity, financial statements and notes thereto.
flexibility and relationship between assets and liabilities. This information is
usually presented in groups of assets and liabilities that have similar 16. Permanent restriction’s on assets such as (1i) assets, such as land or art,
characteristics in a relatively homogeneous group. For example, a non-profit donated for a specific purpose,; for use and not for sale, or (2ii) assets donated for
organisation usually reports each element of assets in a homogeneous account, investment purposes that will generate permanent income can be reported as
such as: separate items in permanently restricted net assets or in the notes to the financial
statements.
a. cash and cash equivalents;
b. amounts due from patients, students, members and others service recipients; 17. Temporary restriction of (1i) donations designated for a certain operation,
c. inventory; (2ii) investments for a designated period, (3iii) the usage of assets for a certain
d. rent, insurance and other amounts paid in advance; future period, or (4iv) the acquisition of non-current assets can be reported as
e. marketable securities and long term investments; separate items in temporarily restricted net assets or reported in the notes to the
f. land, buildings, equipment and other fixed assets that are used to produce financial statements. Temporary restriction by a contributor can be represented
goods and services. by time or usage restrictions, or both.
Cash and other assets which have restricted uses as determined by the 18. Unrestricted net assets commonly consist of income from services and
contributors must be separated from unrestricted cash and other assets. sales of goods, donations and dividends or proceeds from investments, less
expenses incurred to obtain net income. Restriction of the use of unrestricted net
13. Information on liquidity is presented as follows: assets may be imposed by the nature of the non-profit organisation, the operating
environment, the objectives of the non-profit organisation as documented in the
a. Presentation of assets based on liquidity, and liabilities based on maturity deed of establishment and/or from contractual agreements with suppliers,
dates; creditors and other financial statement users associated with the non-profit
b. Classification of assets as current and non-current, and classification of organisation. Information regarding those restrictions are commonly reported in
liabilities as short term and long term; and the notes to the financial statements.
c. Information disclosed in the notes to the financial statements regarding
liquidity of assets, maturity dates of liabilities and restrictions on the use of
assets.
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
The objective of the statement of activity 25. The statement of activity presents gains and losses recognised from
investment and other assets (or liabilities) as additions to and deductions from
19. The primary objective of the statement of activity is to provide information unrestricted net assets, unless restrictions exist.
about (ai) the effect of transactions and other events that change the amount and
nature of net assets, (bii) the relationship among transactions and other events, 26. Classification of income, expenses, gains and losses in net assets doesn’t
and (ciii) how resources are utilised in conducting the program or services. preclude additional classification in the statement of activity. For example, a
Information in the statement of activity that is read together with other non-profit organisation can classify categories effecting net assets as operating or
information in the financial statements can help the non-profit organisation non-operating, disposable or non-disposable, realised or not realised, normal or
contributors, members, creditors and other interested financial statement users to abnormal etc.
(ai) evaluate performance in a period, (bii) evaluate efforts, capabilities and
ability to continue rendering services, and (ciii) evaluate how management satisfy Information on revenues and expenses
their responsibilities and to judge management’s performance.
27. The statement of activity presents gross revenue and expenses although
20. The statement of activity is focused on the non-profit organisation as a investment income can be presented net of expenses provided that expenses,
whole, and presents the changes in net assets for a period. The changes in net such as depository and investment advisory expenses, are separately disclosed
assets presented in a statement of activity is that reflected in net assets or in the notes to the financial statements.
equity in the balance sheet.
28. The statement of activityassets presents net gains or losses that are
The changes of net assets generated from incidental transactions or other events beyond the non-profit
organisation’s management control. For example, gains or losses on the sale of
21. The statement of activity presents the changes in permanently restricted, unused land and buildings.
temporarily restricted, and unrestricted net assets during a period.
Information of providing services
22. Income and profits that increase net assets and expense and losses that
decrease net assets are grouped together as regulated in paragraphs 24-25. 29. The statement of activity orand notes to the financial statements must
present information about expenses based on functional categories classified as
Classification of revenue, expense, gain and loss primary and supporting services.
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
31. The provision of goods and services to a recipient, customer or member is (e) disclosure about investment and non-cash financing activities such as
performed to achieve a non-profit organisation’s goals or mission. The provision building and investments received as donations.
of goods and services is the non-profit organisation’s primary objective, and are
undertaken through various primary programs.
5
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
Statement of Financial Accounting Standard No.45 39. The statement of activity is focused on the non-profit organisation as a
Financial reporting for non-profit organisations. whole, and presents the changes in net assets for a period. The changes in net
assets presented in a statement of activity is that reflected in net assets or
Statement of financial accounting standard is consist of paragraph 35-48. equity in the balance sheet.
This statement should be read in a context with paragraph 01-34.
The changes of net assets
Financial statement for non-profit organisations.
40. The statement of activity presents the changes in permanently restricted,
35. Financial statements of non-profit organisations are to consist of temporarily restricted, and unrestricted net assets during a period.
balance sheets as of the reporting date, statements of activity and of cash flows
for the reporting period, and notes thereto. Classification of revenue, expense, gain and loss
Balance Sheet 41. The statement of activity presents income items as additions to
unrestricted net assets unless utilisation is restricted by contributors, and
Classification of assets and liabilities presents expense items as deductions from unrestricted net assets.
36. Information on liquidity is presented as follows: 42. Depending on restrictions imposed, donations are presented as additions
to unrestricted, permanently restricted or temporarily restricted net assets. If
a. Presentation of assets based on liquidity, and liabilities based on maturity limitations on restricted donations expire during a reporting period, restricted
dates; donations can be presented as unrestricted donations provided that
b. Classification of assets as current and non-current, and classification of presentation is consistent and that the accounting policy is disclosed.
liabilities as short term and long term; and
c. Information disclosed in the notes to the financial statements regarding 43. The statement of activity presents gains and losses recognised from
liquidity of assets, maturity dates of liabilities and restrictions on the use of investment and other assets (or liabilities) as additions to and deductions from
assets. unrestricted net assets, unless restrictions exist.
37. The balance sheet presents each group of assets and liabilities included 44. The statement of activity presents gross revenue and expenses although
in net assets regardless of whether limitations on the use of resources have investment income can be presented net of expenses provided that expenses,
been determined by the contributors, and therefore includes permanently such as depository and investment advisory expenses, are separately disclosed
restricted, temporarily restricted or unrestricted resources. in the notes to the financial statements.
38. Information about the nature and amount of permanent and/or Information of providing services
temporary restrictions is disclosed by presenting that amount in the financial
statements and notes thereto. 45. The statement of activity and notes to the financial statements must
present information about expenses based on functional categories classified as
Statement of activity primary and supporting services.
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
47. The statement of cash flow is presented according to PSAK2, Cash Flow
Statement and with additional information as follows:
Effective date
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
APPENDIX
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
Net assets:
9
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
Format A __________
Non-profit Organisation Total expenses (note F) 79,925
Statement of Activity Loss due to fire 200
For the year ended December 31, 19X1 __________
(in millions of Rupiahs) Total expenses and losses 80,125
____________
Changes in unrestricted net assets: Increase in total unrestricted net assets Rp 28,895
Revenue and earnings: ===========
Donations Rp 21,600
Changes in temporarily restricted net assets:
Donations 20,275
Service revenue 13,500 Income from long term investments (Note E) 6,450
Realised and unrealised income from long term investments
(Note E) 7,380
Actuarial loss for annual liabilities (75)
Income from long term investments (note E) 14,000 Net assets from restricted asset (Note D) (36,850)
------------
Decrease in temporarily restricted net assets
Income from other investments (note E) 2,125 (2,820)
Net income from unrealised long term investments 20,570
Miscellaneous 375
__________ Changes in permanently restricted net assets:
Total unrestricted revenue and earnings 72,170 Donations 700
Income from long term investments (Note E) 300
Net assets becoming unrestricted (note D) : Realised and unrealised income from long term investments
Fulfilment of restriction program 29,975 (Note E) 11,550
Fulfilment of restriction for equipment acquisition 3,750 ____________
Completion of time restriction 3,125
Increase in permanently restricted net assets 12,550
__________ ____________
Total assets becoming unrestricted 36,850 Increase in net assets 38,625
_______________ Net assets at the beginning of the year 665,350
Total revenue, earnings and others donations 109,020 ____________
Net asset at the end of the year 703,975
Expenses and losses:
Program A 32,750
Program B 21,350
Program C 14,400
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
Format B
Non-profit Organisation
Statement of Activity
For the year ended December 31, 19X1
(in millions of Rupiahs)
Net assets at the beginning of the year 259,175 63,675 342,500 665,350
Net assets at the end of the year Rp 288,070 Rp 60,855 Rp355,050 Rp 703,975
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
Format C -------------------
(Part 1 from 2 part) Total unrestricted expenses and losses 80.125
Non-profit Organisation ___________
Statement of Income, Expense, Changes in unrestricted net asset Increase in unrestricted net assets Rp 28,895
For year ended December 31, 19X1
(in millions of Rupiah)
____________
Expenses and Losses:
Program A 32,750
Program B 21,350
Program C 14,400
Management and general 6,050
Fund rising 5,375
___________
Total expenses (Note F) 79,925
___________
Format C Net asset at the end of the year Rp 703,975
(Part 2 from 2 parts)
Non-profit Organisation
Statement Changes in Net asset
For year ended December 31, 19X1
(in millions of Rupiah)
Donations 20,275
Income from long term investments 6,450
Net income from realised and unrealised long term
investments 7,380
Actuarial loss from annual liabilities (75)
Unrestricted net assets (Note D) (36,850)
___________
Decrease in Temporarily restricted net assets (2,820)
___________
Donations 700
Income from long term investments (Note E) 300
Net Income from realised and unrealised long term
investments (Note E) 11,550
___________
Increase in permanently restricted net assets 12,550
___________
Format C
(Part 2 of 2: Alternative)
Non-profit Organisation
Statement of Changes in Net asset
For the year ended December 31, 19X1
(in millions of Rupiah)
Net assets at the end of the year Rp 288,070 Rp 60,855 Rp 355,050 Rp 703,975
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
Cash Flow Statement Interest and restricted dividends for reinvestment 750.0
Direct Method Payment for annual liabilities (363.0)
Non-profit Organisation Payment for notes payable (2,850.0)
Cash Flow Statement Payment for long term liability (2,500.0)
For the year ended at December 31, 19X1 ___________
(in million of Rupiahs) (4,962.5)
___________
Cash flows from operating activities: Net cash received (paid) from financing
Cash from service income Rp 13,050.0 activities Rp (762.5)
Cash from contributors 20,075.0 ___________
Cash from other receivables 6,537.5 Net increase (decrease) in cash and cash equivalents Rp (962.5)
Interest and dividend received 21,425.0 Cash and cash equivalents at the beginning of the year 1,150.0
Others receipts 375.0 ___________
Interest paid (955.0) Cash and cash equivalents at the end of the year 187.5
Cash paid to employees and suppliers (59,520.0)
Other (1,063.5)
___________
Net cash received (paid) from operating
activities (75.0)
___________
4,200.0
Other financing activities :
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
Reconciliation of the change in net assets to net cash used for operating activities:
___________
Net cash received (used) for investment activities Rp (125)
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
Program activity A:
Notes to the financial statements Purchase of equipment Rp 7,650
Research 10,640
Note A illustrates the disclosure policy required which incorporates notes B and Seminars and publications 3,800
C. Notes D, E and F suggest additional information to be disclosed by non-profit Program activity B:
organisations. All amounts are in millions of rupiah. Repair of broken equipment 5,600
Seminars and publications 5,395
Program activity C:
Note A General 7,420
Building and equipment 5,375
Non-profit organisations present grant or donations in cash or other assets as Annual trustee agreement 7,125
restricted donations if the use of those grants or donations is restricted. If the For the period after December 31, 19X1 7,850
restriction which originated from the contributor has expired, or the objective of ___________
the restriction has been fulfilled, temporary restricted net assets are reclassified as Rp 60,855
unrestricted net assets and are presented in the statement of activity as ___________
unrestricted net assets.
Note D
Net assets that are unrestricted by contributors due to the occurrence of certain
expenses or conditions required by contributor.
Note B Removal of restriction achieved:
Program expense A Rp 14,500
Temporarily restricted net assets for a financial period are as follows:
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS SFAS No. 45
In 19X1, the total investment return of group A is Rp. 18,000 (10.6 %), and from
that amount, Rp. 4,620 is retained permanently to maintain the real value of that
donation. The remainder, amounting Rp. 13,380, is available to provide other
objectives as determined by the non-profit organisation’s management.
Note F