Koperasi Serba Usaha Karyawan Pemerintah Kota Semarang has indirect method of cash flow statement. While in PSAK No. 2 cash flow statement arranged using the direct and indirect method, is preferred using the direct method. This means that cash flow statement on Koperasi Serba Usaha Karyawan Pemerintah Kota Semarang has not in accordance with PSAK No. 2. The purpose of this final project is to analyze the cash flow statement on Koperasi Serba Usaha Karyawan Pemerintah Kota Semarang in 2015. The analysis was conducted by preparing statements of cash flows using direct and indirect methods. The cash flow statement provides information about cash receipts and disbursements by operating, investing and financing activities. The approach used in the preparation of the cash flow statement is the paper work. The techniques used by the writer to collect data are interviews, and literature study. The data which are obtained by the writer are the balance sheet as of December 31, 2014 and 2015, the calculation results of operations of the period, and the selected data. The literary technique used, are the description and exposition. Based on the analysis of the cash flow statement using direct and indirect methods Koperasi Serba Usaha Karyawan Pemerintah Kota Semarang, shows the net cash flow from operating activities at Rp 79.152.047 (positive), investment activities at Rp 2.836.683.381 (negative) and financing activities at Rp 3.730.123.144 (negative). It makes positive cash and cash equivalents at the amount of Rp 972.591.810. The free cash flow at Rp 2.520.964.688 (negative).