Recognition And Measurement Of Revenue According To Statement Of Financial Accounting Standards (PSAK) No.23 At The Monginsidi General Hospital

Feb 28, 2025 by ADMIN 144 views

Recognition and Measurement of Revenue According to Statement of Financial Accounting Standards (PSAK) No.23 at the Monginsidi General Hospital

Understanding the Importance of Accurate Financial Reporting in Healthcare Institutions

Monginsidi General Hospital, like other healthcare institutions, has a crucial obligation to prepare accurate and transparent financial reports. This is essential to ensure the accountability and credibility of the institution in managing its finances. In this context, recognition and measurement of revenue becomes a vital aspect that must be understood and applied in accordance with applicable accounting standards, namely Statement of Financial Accounting Standards (PSAK) No.23.

The Role of PSAK No.23 in Revenue Recognition and Measurement

PSAK No.23 provides guidelines for the recognition and measurement of revenue in accordance with the accrual basis method. This method is based on the principle that revenue is recognized when an important event occurs, namely the transfer of ownership of goods or services from the seller to the customer. In the context of the hospital, this means that revenue is recognized when the patient receives a medical service.

Research Methodology and Findings

Research conducted at the Monginsidi General Hospital aimed to investigate how this institution applies PSAK No.23 in the recognition and measurement of revenue. This study used descriptive methods with data collection techniques in the form of observations and interviews.

The results of the study showed that the Monginsidi General Hospital had implemented the accrual basis method in recognition of its revenue. This method is in accordance with PSAK No.23, where revenue is recognized when an important event occurs, namely the transfer of ownership of goods or services from the seller to the customer. In the context of the hospital, this means that revenue is recognized when the patient receives a medical service.

Challenges and Recommendations

However, research also revealed an important note: Monginsidi General Hospital recorded uncollectible income into the estimated discount. Based on PSAK No.23, this practice should be changed. Uncollectible income should be recorded as uncollectible receivables and put into operational expenses. This is important because it will provide a more accurate picture of the hospital's operational costs and help in making more appropriate decisions.

The Importance of Accurate Financial Reporting in Healthcare Institutions

Why is it essential to understand and apply PSAK No.23 correctly?

Accuracy of Financial Statements: The application of PSAK No.23 ensures that the financial statements are prepared accurately and in accordance with applicable accounting standards. This is important to build trust and transparency to stakeholders, such as investors, creditors, and the community.
More appropriate decision making: Accurate and transparent financial data will support a better decision-making process in hospitals. For example, by understanding the actual revenue and operational expenses, management can plan more effective strategies to improve service efficiency and effectiveness.
Accountability and credibility: The application of PSAK No.23 shows the commitment of the Monginsidi General Hospital to carry out operations responsibly and transparently. This builds public trust and increases the reputation of hospitals in the eyes of the community.

Conclusion and Recommendations

This research provides an important picture of the application of PSAK No.23 at the Monginsidi General Hospital. Although most of it is appropriate, there are some notes that need to be fixed. By understanding and implementing PSAK No.23 correctly, the Monginsidi General Hospital can increase accountability and transparency in its financial management, while supporting better decision making to provide optimal health services for the community.

Future Research Directions

Future research can focus on the following areas:

Implementation of PSAK No.23 in other healthcare institutions: This study can be replicated in other healthcare institutions to understand the application of PSAK No.23 in different contexts.
Impact of PSAK No.23 on financial reporting: This study can investigate the impact of PSAK No.23 on financial reporting in healthcare institutions, including the accuracy of financial statements and the decision-making process.
Challenges and limitations of implementing PSAK No.23: This study can identify the challenges and limitations of implementing PSAK No.23 in healthcare institutions and provide recommendations for improvement.

By understanding and implementing PSAK No.23 correctly, healthcare institutions can increase accountability and transparency in their financial management, while supporting better decision making to provide optimal health services for the community.
Frequently Asked Questions (FAQs) on Recognition and Measurement of Revenue According to Statement of Financial Accounting Standards (PSAK) No.23 at the Monginsidi General Hospital

Q1: What is the purpose of PSAK No.23 in the context of the Monginsidi General Hospital?

A1: The purpose of PSAK No.23 is to provide guidelines for the recognition and measurement of revenue in accordance with the accrual basis method. This method is based on the principle that revenue is recognized when an important event occurs, namely the transfer of ownership of goods or services from the seller to the customer.

Q2: What is the accrual basis method, and how does it apply to the Monginsidi General Hospital?

A2: The accrual basis method is an accounting method that recognizes revenue when it is earned, regardless of when the cash is received. In the context of the hospital, this means that revenue is recognized when the patient receives a medical service, even if the payment is made later.

Q3: What is the significance of recognizing uncollectible income as uncollectible receivables and operational expenses?

A3: Recognizing uncollectible income as uncollectible receivables and operational expenses provides a more accurate picture of the hospital's operational costs and helps in making more appropriate decisions. This is because it takes into account the actual costs of providing medical services, rather than just the revenue received.

Q4: How does the application of PSAK No.23 impact the financial reporting of the Monginsidi General Hospital?

A4: The application of PSAK No.23 ensures that the financial statements of the hospital are prepared accurately and in accordance with applicable accounting standards. This is important to build trust and transparency to stakeholders, such as investors, creditors, and the community.

Q5: What are the benefits of accurate financial reporting in healthcare institutions?

A5: Accurate financial reporting in healthcare institutions provides several benefits, including:

Accuracy of financial statements: Accurate financial statements provide a true and fair view of the hospital's financial position and performance.
More appropriate decision making: Accurate financial data supports better decision making in hospitals, including planning and resource allocation.
Accountability and credibility: Accurate financial reporting demonstrates the commitment of the hospital to carry out operations responsibly and transparently.

Q6: What are the challenges and limitations of implementing PSAK No.23 in healthcare institutions?

A6: The challenges and limitations of implementing PSAK No.23 in healthcare institutions include:

Complexity of accounting standards: PSAK No.23 is a complex accounting standard that requires a deep understanding of accounting principles and practices.
Limited resources: Healthcare institutions may have limited resources to devote to implementing and maintaining accurate financial reporting systems.
Resistance to change: Some healthcare professionals may resist changes to financial reporting systems, which can make implementation more difficult.

Q7: What are the future research directions for the recognition and measurement of revenue according to PSAK No.23?

A7: Future research directions for the recognition and measurement of revenue according to PSAK No.23 include:

Implementation of PSAK No.23 in other healthcare institutions: This study can be replicated in other healthcare institutions to understand the application of PSAK No.23 in different contexts.
Impact of PSAK No.23 on financial reporting: This study can investigate the impact of PSAK No.23 on financial reporting in healthcare institutions, including the accuracy of financial statements and the decision-making process.
Challenges and limitations of implementing PSAK No.23: This study can identify the challenges and limitations of implementing PSAK No.23 in healthcare institutions and provide recommendations for improvement.