Micro, Small and Medium Enterprises (MSMEs) play an important and strategic role in national economic development. Some of the roles of MSMEs include: major players in economic activities in various sectors, the largest employer, as important player in the development of local economic activities and community empowerment, creators of new markets and sources of innovation, as well as its contribution in maintaining balance of payments through export activities. With this potential, MSMEs can’t be separated from various obstacles. The main obstacle faced besides capital is the application of professional management. MSMEs don’t understand the importance of the financial statements of a business. This study aims to produce financial statements for SMEs in accordance with financial accounting standards (SAK). The SAK used is the SAK of Micro, Small and Medium Enterprises (MSMEs), newly approved by the Financial Accounting Standards Board (FASB) at the end of 2016, and will become effective as of January 1, 2018. The background of this SAK is based on several results of research on the implementation of SAK for Entity without Public Accountability (SAK ETAP), previously SAK used as a standard preparation of financial statements for MSMEs, obtained the fact that SAK ETAP difficult to apply by the perpetrators of SMEs because it is too complex. There is also a need for micro finance institutions (MFIs) for reference in preparing its financial statements. So FASB believes that new SAKs are needed that are simpler and easier to implement. This research is a case study conducted at a cake shop, “Rafita Cake”. The methods used are qualitative descriptive; Observation and interview; Documentation study; Literature study; and comparative analysis. Rafita Cake's management recognizes the importance of financial statements, among others, as a requirement for funding. However, the financial statements that have been made are still very simple and not in accordance with SAK, so some attempts to apply for funding are always rejected by banks. With this SAK EMKM, the management of Rafita Cake felt quite helpful in preparing the financial statements for each period.