Application of Financial Accounting Standards for Micro, Small and Medium Entities (SAK EMKM) in Preparing Financial Statements for Coco Laundry Micro Businesses

Micro, small, and medium enterprises (MSMEs) are important contributors to Indonesia's economic progress, as demonstrated by the substantial support these businesses provide to the nation's economic progress. Coco Laundry is engaged in laundry services and has been running for 5 years and has not yet implemented SAK EMKM. The financial statements in accordance with SAK EMKM consist of the Statement of Financial Position, Income Statement, and Notes to Financial Statements. This research uses descriptive research methods based on case studies. The results showed that the Coco Laundry business has not prepared a comprehensive financial report and is not in accordance with SAK EMKM. The shortcomings are caused by a lack of understanding of the accounting practices and standards needed in preparing financial statements.