Cooperatives No Longer Need To Be Confused In Facing Financial Problems, Kemenkop UKM Issues Standard Accounting

Head of the Communication Bureau of the Ministry of Cooperatives and SMEs Budi Mustopo (left) (Megapolitan.Antanews.Com)/Photo: Hanni Sofia S) (Megapolitan.Antanews.Com)/Photo: Hanni Sofia S/)

JAKARTA - The Ministry of Cooperatives and SMEs (Kemenkop UKM) issued Regulation of the Minister of Cooperatives and SMEs (Permenkop) Number 2 of 2024 concerning Cooperative Accounting Policy to assist cooperatives in compiling financial reports to comply with accounting standards. Permenkop No. 2 of 2024 was determined by the Minister of Cooperatives and SMEs Teten Masduki on January 10, 2024. Head of the Communication and Information Technology Bureau of the Ministry of Cooperatives and SMEs Budi Mustopo explained, so far many active cooperatives have not been able to prepare financial reports according to accounting standards. This inability makes it difficult for cooperative administrators to submit accountability reports to cooperative members during the Annual Member Meeting (RAT). "With the issuance of Permenkop Number 2 of 2024, we hope that cooperatives can prepare financial reports in an orderly, transparent and accountable manner," Budi said when opening the Workshop for the Synchronization of Cooperative Data Financing in Yogyakarta, quoted from a press release, Wednesday, March 6, which was confiscated by Antara. Budi said that the Kemenkop UKM has also developed a Cooperative Online Data System (ODS) platform, in which there is a financial report feature to make it easier for cooperative management to report financial performance. However, he still found discrepancies between the active cooperative data and the Cooperative Identification Number (NIK) certificate recorded on ODS throughout Indonesia. This happened because of the lack of reporting from cooperatives to related agencies or agencies on the ratification and changes to the cooperative's articles of association. Therefore, Budi requested that the cooperative management be orderly in administration by actively providing reports to the relevant agencies when there is a substantial change in the cooperative's body.

Head of the Cooperative Governance Division of the Kemenkop UKM Khaerul Bariyah added that in Permenkop No. 2/2024, it is also regulated about standardization and accounting policies that must be used by cooperatives to limit the annual/periodic financial reporting time. "With the Permenkop No. 2/2024, I hope that the cooperative management will start to carry out administrative order by routinely providing financial reports with the system provided to avoid sanctions," said Khaerul. Khaerul explained that not all cooperatives have the same competence in the preparation of financial reports. For this reason, the presence of ODS, which is still in the refinement stage, is expected to be the answer for cooperatives to have an accountable financial reporting system.