GOVERNMENT ACCOUNTING

Art IX. - D Sec. 2 Paragraph 2- Legal basis that mandates COA to uses accounting rules and regulations

2016 -Effect government accounting manual

Government Accounting Manual (GAM) - *January 1, 2016- took effect *October 22, 2015-approved

Objectives of GAM
Provides updates the following
1. Government accounting policies, guidelines, standards and procedures
2. Coding structure and accounts
3. Accounting books, registry, records, forms, reports and financial statements
4. Accounting journal entries

Contents of GAM

Volume I (22 chapters; 19 annexes)

1. Accounting Standards & Policies
2. Accounting Guidelines & Procedures
3. Accounting Entries
4. Financial Statements

Volume II (92 appendices)

1. Books, Registries, Records, Forms, Reports (BRRFR)
2. Instructions on how to fill out forms
3. Deadlines and Place of submission

Volume III (3 chapters)

1. List of Accounts
2. Codes and description of Accounts
 Particulars
1. New Standards
2. Components of FS
3. FS title:
4. Unified Accounts Code
Structures (UACS)
5. Books maintained
6. Fund Maintenance
7.Inventory Costing
8. Useful life of PPE
9. PPE Threshold
10. Residual Value
11. Cash flow
12. Statement of Financial Position Without distinction
NGAS
State accounting standards
4 6
 Balance Sheet
 Statement of Income & Expenses
 Statement of Government Entity
 Cash Flow Statement
NONE
Regular Agency book
1 fund concept
Moving weighted average
Prescribed by COA
None
10%
Direct Method
GAM
Philippine public sector of accounting standards
 Statement of Financial Position
 Statement of Financial Performance
 Statement of Changes in Net Assets/Equity
 Statement of Cash Flow
 Notes to FS
 Statement of Comparison of Budget and Actual
amounts
UACS Compliant
National Government Book ( By fund cluster)
7 Fund Cluster
 01- Regular Agency Fund
 02- Foreign Assisted Project Fund
 03- Special Accounts- Locally Funded
 04- Special Accounts- Foreign Assisted
 05- Internally Generated Funds
 06- Business Related Funds
 07- Trust Receipts- (donations)
1. Moving weighted Average
2. Specific Identification
Range: COA
Specific: Government Agency/ Management
15,000 & above
Atleast 5%
Direct Method (cash collection - cash out)
With distinction
13. Accounting for Donation:
a. with condition
b. without condition
c. with restriction
14. Subsidies ( Grants/transfers)
15. Impairment Loss
16. Adjustment affecting
Government equity
17. Maintenance of Registry
18. Forms
3. Changes adapted in GAM:
a. Income
b. Income
c. none
Part of Income
None
Uses prior years adjustment account
*Registry of Allotments and Obligations
(RAO)
1. PS- Personnel Services
2. MOOE- Maintenance and Other
Operations Expense
3. CO- Capital Outlay
4. FE- Financial Expenses
*Registry of Budget Utilization (RBU)
1. Obligation Request (OBR)
2. Budget Utilization Request ( BUR)
a. Liability
b. Revenue
c. Revenue
Not part of Revenue from current operation
Recognized
Direct adjustment to equity
*Registry of Allotments, Obligations and Disbursement
(RAOD)
1. PS- Personnel Services
2. MOOE- Maintenance and Other Operations
Expense
3. CO- Capital Outlay
4. FE- Financial Expenses
*Registry of Budget Utilization and Disbursement
(RBUD)
1. Obligation Request and Status (ORS)
2. Budget Utilization Request and Status (BURS)
3. Notice of Obligation Request and Status
Adjustment (NORSA)
4. Notice of Budget Utilization Request and Status
Adjustment (NBURSA)