Professional Documents
Culture Documents
PD 1445
o Technically speaking, it is the Old basis
o State Audit Code of the Philippines
o Former President Ferdinand Marcos
1987 Philippine Constitution
o Official Legal Basis
o Appointed official commission which is the Commission on Audit
NGAS:
GAM:
1. Conformity to IAS > IPSAS/IPSASB
2. Limited book of accounts
3. Two columns
4. Computerized e-NGAs as of today
Responsibility Accounting
-the accountability of the person responsible of the actions
-resposibility of the head of accounting
-as to government accounting, it the president of the philippines
Definition of Government Accounting
(Sec. 109, PD No. 144) – Encompasses the process of analysing, recording, classifying, summarizing and communicating
all transactions involving the reciepts and despositions of government funds and property, and interpreting the results
thereof.
Reciepts- inflows, donations
- You need to dispose and utilize(disbursing it with objective) it.
STEPS:
1) Budget preparation
2) Budget legislation
3) Budget execution
4) Budget accountability
Journal entry:
Cash – MDS Regular XX
Subsidy income from national government XX
NGAs:
IPSAS are adopted
Manual (how to use NGAs)
Vol.1 – Accounting policies, procedures & guidelines
Vol.2 – Accounting books, registries, & forms
Vol.3 – Chart of Accounts
GAM:
More IPSAS are adopted
GAM is the manual itself while NGAs has a different manual
Vol.1 – Accounting policies, procedures, guidelines & illustrative journal entries
Vol.2 – Accounting books, records, forms, registries & reports
Vol.3 – Revised chart of accounts
NGAs:
Balance Sheet ---- Implicit
SOIE (Statement of Income and Expense)
SOGE (Statement of Changes in Governments’ Equity)
CFS (Statement of Cash flow)
GAM:
SFP (Statement of Financial Position)
Current
Non current
Offsetting is not allowed
Aggregation is allowed
SoFPr (Statement of Financial Performance)
Revenue
Expenses
Net surplus / net deficit
SNA (Statement of Changes in Net Assets /orEquity)
SCF (Statement of Cah Flows)
SCBAA (Statement of Comparison of Budget and Actual Amounts)
Needed are the ff:
Budget Accountability Reports
Support the statment of your budget
Financial Accountability Reports
Support the actual amounts
NFS (Notes to Financial Statements)
Implicit ito sa NGAs
3. Books of Accounts
NGAs:
(RA) Regular Agency Books
Journals:
1. General Journal
General
Cash Disbursement
Check Disbursement
Check Reciepts
Purchase Journals
2. Special Journal
Cash Reciepts
Cash Disbursement
Check Reciepts
Purchase Journals
Ledgers
1. General Ledger
2. Subsidiary Ledger
(NG) National Government Books
Journal
1. General Journal
2. Cash Journal
Ledger
1. General Ledger
2. Subsidiary Ledger
**collect, record, disburse
GAM:
(NG) National Government Books
Journal
1. General Journal
2. Checks Disbursement Journal
3. Cash Disbursement Journal
4. Cash Reciept Journal
Ledger
1. General Ledger
2. Subsidiary Legder
4 registries under GAM
1. Registry of revenue and other reciepts
2. Registry of appropriation and allotments
3. Registry of allotment, obligation and disbursement
4. Registry of budget, utilization and disbursement
Maintain so you can monitoring allotment, appropriation and allocation
4. Fund Maintenance
NGAs – one fund concept
1. General Funds (revenues accruing to NGAs) ***
a. Personnel services
b. Maintenance & other operating services
c. Capital outlay
d. Financial expenses
Qualitative Characteristics
1. Understandability
2. Relevance External Q.C.
3. Reliability Internal Q.C.
4. Comparability
5. Materiality
1. Budget Cycle
Budget – it is a plan of financial operations composed of estimates or proposed expenditures for a given
period or purpose and the proposed means of financing them.
General Phases:
1. Planning – preparation & presentation of the budget
2. Approval – Budget Legislation or Authorization
- Budget Execution
- Budget Accountability
President:
VETO
LINE VETO
Kinds of Budget
As to Nature:
1. Annual Budget
-passed annually
-president’s budget
-under GABill >GAA/GAL
2. Supplemental Budget
-passed time to time
-nasa existing law
-may dagdag sa annual budget
-SAB > SAA/SAL
3. Special Budget
-passed when need arises
-SAB
-wala sa law
gov’t entry:
office equipment 112,000
cash- MDS Regular 100,000
Due to BIR 12,000
individual
BIR
4. Annual Procurement plan for common used supplies & equipment (Basis of Procurement Services)
-projected mnthly procurement in terms of quantity and cash requirements
-MOOE (maitenance and other expenses)