General Provisions

General Provisions,
Basic Standards and

Policies
Objectives (Sec. 110, PD 1445)
• To produce information concerning past operations and present
conditions;
• To provide a basis for guidance for future operations;
• To provide for control of the acts of public bodies and offices in the
receipt, disposition and utilization of funds and property; and
• To report on the financial position and the results of operations of

government agencies for the information and guidance of all persons
concerned.
Public Sector Accounting
Standards Board
• Shall assist the Commission (COA) in formulating and
implementing Philippine Public Sector Accounting
Standards (PPSAS).
– National Government Agencies (NGAs)
– Local Government Units (LGUs)
– Government Owned and Controlled Corporations

(GOCCs) not considered as Government Business
Enterprises (GBEs)
Public Sector Accounting
Standards Board
• Government Business Enterprise (GBE) is an entity that
has all the following characteristics:
1. An entity with the power to contract in its own
name;
2. Has been assigned the financial and operational
authority to carry on a business;
3. Sells goods and services, in the normal course of
its business, to other entities at a profit of full cost
recovery;
4. Not reliant on continuing government funding to be
a going concern (other than purchase of outputs at
arm’s length); and
5. Controlled by a public sector entity.
Developing the PPSAS
1. Applicability of IPSAS
• COA Resolution No. 2014-003 – adoption of the IPSAS to be
referred to as the Philippine Public Sector Accounting Standards
2. Exposure draft of PPSAS

• Interested parties are given reasonable time to consider and
comment on the proposal.
3. Consideration of fundamental issues
4. Consideration of Statutory authority

Developing the PPSAS
5. Consideration of Disclosure requirements
6. PPSAS numbering
7. Financial reporting issues not dealt with by IPSAS
8. Submission of draft to PSASB for consideration of the COA
9. If considered appropriate, focus group discussion will be held to

obtain further opinions on issues identified by the exposure process
Accounting Responsibility
• Constitution, laws, policies, rules and regulations.
• Commission on Audit (COA)
• Department of Budget and Management (DBM)
• Bureau of Treasury (BTr)
• Government Agencies discharging the functions of

government to enable it to attain its commitments to the
Filipino people.
Commission on Audit
• Keeps the general accounts of the government
• Promulgates accounting rules and regulations
• Submits to the President and Congress within the time

fixed by law (not later than the last day of September
each year – Sec. 41, PD 1445), an annual report of the
government, its subdivisions, agencies and
instrumentalities, including government-owned or
controlled corporations.
• Unified Accounts Code Structures (UACS)

Department of Budget and
Management
• Sec. 2, Chapter 1, Title XVII, Book IV of the
Administrative Code of the Philippines (EO 292)
– Formulation and implementation of the National
Budget with the goal of attaining our national socio-
economic plans and objectives
– Efficient and sound utilization of government funds
and revenues to effectively achieve the country’s
development of objectives
Bureau of Treasury
• Receive and keep national funds, manage and control

the disbursements thereof; and
• Maintain accounts of financial transactions of all

national government offices, agencies, and
instrumentalities.
National Government
Agencies
• Accounting Unit/Division/Department
• Registry of Revenue and Other Receipts – Summary

(RRORS)
• Registry of Appropriation and Allotments (RAPAL)
• Registry of Allotments, Obligations and Disbursements

– PS
– MOOE
– FE
– Capital Outlays
National Government
Agencies
• Registry of Budget Utilization and Disbursements
– PS
– MOOE
– FE
– Capital Outlays
• Registry of Allotment and Notice of Cash Allocations

(RANCA)
• Registry of Allotments and Notice of Transfer of

Allocations (RANTA)

General Provisions

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General Provisions

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General Provisions,

Basic Standards and

• To provide a basis for guidance for future operations;

• To report on the financial position and the results of operations of

– National Government Agencies (NGAs)

– Local Government Units (LGUs)

– Government Owned and Controlled Corporations

2. Exposure draft of PPSAS

3. Consideration of fundamental issues

4. Consideration of Statutory authority

7. Financial reporting issues not dealt with by IPSAS

8. Submission of draft to PSASB for consideration of the COA

9. If considered appropriate, focus group discussion will be held to

• Constitution, laws, policies, rules and regulations.

• Commission on Audit (COA)

• Department of Budget and Management (DBM)

• Bureau of Treasury (BTr)

• Government Agencies discharging the functions of

• Promulgates accounting rules and regulations

• Submits to the President and Congress within the time

• Unified Accounts Code Structures (UACS)

• Receive and keep national funds, manage and control

• Maintain accounts of financial transactions of all

• Registry of Revenue and Other Receipts – Summary

• Registry of Appropriation and Allotments (RAPAL)

• Registry of Allotments, Obligations and Disbursements

• Registry of Allotment and Notice of Cash Allocations

• Registry of Allotments and Notice of Transfer of

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