Rahayu Solihawati, Fista Apriani Sujaya, Ihsan Nasihin

ANALYSIS OF THE IMPLEMENTATION AND PREPARATION OF FOUNDATION FINANCIAL REPORTS BASED ON ISAK 35 CASE STUDY ON THE AL-MUSLIH ISLAMIC BOARDING SCHOOL FOUNDATION

Introduction

Analysis of the implementation and preparation of foundation financial reports based on isak 35 case study on the al-muslih islamic boarding school foundation. Analyzes ISAK 35 implementation and financial report preparation for non-profit entities. Case study on Al-Muslih Islamic Boarding School Foundation, providing ISAK 35-compliant financial statement models.

Abstract

The Al-Muslih Islamic Boarding School Foundation, in preparing its financial statements, only records cash inflows and outflows and has not yet implemented the provisions of ISAK 35, which serves as the basis for the preparation of financial statements for non-profit entities. ISAK 35 is an accounting standard that regulates the recognition, measurement, and disclosure of transactions within non-profit organizations. The implementation of ISAK 35 is crucial to ensure that financial statements are prepared transparently and reflect the actual financial condition. The purpose of this study is to analyze the implementation of ISAK 35 and to prepare financial statements using a case study of the Al-Muslih Islamic Boarding School Foundation in Karawang Regency. This research is descriptive qualitative-analytic in nature. Data collection techniques include observation, interviews, and documentation. The data used consists of secondary data in the form of cash receipts and disbursement reports, and primary data obtained through interviews and observations. The data analysis method applied is descriptive qualitative analysis. Based on the research results, it can be concluded that the Al-Muslih Islamic Boarding School Foundation has not yet applied ISAK 35 in its financial reporting and only records cash inflows and outflows. This indicates a deficiency in the presentation and disclosure of information, which does not comply with established standards. The research results provide a model of financial statements according to ISAK 35, which includes a statement of financial position, statement of comprehensive income, statement of changes in net assets, and a cash flow statement.

Review

This paper addresses a highly relevant issue within the non-profit sector, specifically the challenges of implementing ISAK 35 for financial reporting. Focusing on the Al-Muslih Islamic Boarding School Foundation, the study highlights a common deficiency where organizations primarily track cash inflows and outflows, failing to meet the comprehensive requirements of ISAK 35. The abstract clearly articulates the importance of ISAK 35 in ensuring transparency and accurately reflecting a non-profit's financial condition. Utilizing a descriptive qualitative-analytic approach, the research gathers data through observation, interviews, and documentation, providing a detailed case study perspective on current practices. The core finding unequivocally demonstrates that the Al-Muslih Islamic Boarding School Foundation has not adopted ISAK 35, resulting in financial statements that lack the necessary depth and disclosure mandated by the standard. This non-compliance underscores a significant gap in financial information presentation and a missed opportunity for stakeholders to gain a true and fair view of the foundation's financial health. Crucially, the study not only identifies this deficiency but also provides a tangible solution by developing a model of ISAK 35-compliant financial statements. This model, encompassing the statement of financial position, comprehensive income, changes in net assets, and cash flow statement, offers a practical template for the foundation to transition towards standardized and transparent reporting. While the research effectively pinpoints the problem and offers a valuable model for the specific case study, a deeper exploration into the *reasons* for non-implementation—such as lack of expertise, resource constraints, or awareness of the standards—would significantly enhance its explanatory power. Future research could expand this qualitative analysis to a larger sample of similar foundations or non-profits to identify broader patterns and common barriers to ISAK 35 adoption. Investigating the process of implementing the proposed model, including challenges faced and benefits realized post-adoption, would also provide critical insights into its practical utility. Nevertheless, this paper makes a solid initial contribution by illustrating a significant compliance gap in non-profit financial reporting and offering a concrete, practical solution for its case study.

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