Responsibility, Accountability and
Government Accounting liability over government funds and
property.
Analyzing, recording, classifying,
summarising and communicating all
transactions involving the receipt and 1. Responsibility over government
disposition of government funds and funds and property
property. a. Utilized efficiency and
effectively in accordance
Objectives: with the law
- Produce information concerning b. Head of a government
past operations and present agency is responsible for
conditions. implementing the policy.
- Provide a basis for guidance for c. Those who are exercising
future operations. authority shall share fiscal
- Provide control of the acts of public responsibility
bodies and officers. 2. Accountability over government
- Report the financial position and funds and property
the results of operations of a. Officers in possession of
government agencies. government resources are
responsible for the
A process of providing information safekeeping in accordance
that is useful in making economic with the law.
decisions. b. Transfer of government
- Sources and utilization of funds shall be made only
government funds. after the authorization of
- taxes and other the COA. Shall be properly
fees, borrowings, documented in an invoice
and grants from and receipt.
other governments 3. Liability over government funds
and international and property
bodies. a. Unlawful use of
- Utilization of government resources shall
government funds be personal liability of the
includes employee.
expenditures on b. Accountable officer shall be
programs, projects, liable for all losses
unanticipated losses c. No accountable officer shall
from calamities. be relieved from liability
- Responsibility, merely because he acted
accountability and liability under the direction of a
of entities entrusted with superior officer in unlawfully
gov’t funds and properties. utilizing the government
resources entrusted to
them. Unless they notify the
superior office about illegal
actions.
d. Accountable officer shall
Government accounting manual for
immediately notify the COA national government agencies (GAM for
for any loss of government NGAs)
funds from unforeseen
- Replaced new government
events within 30 days.
accounting system (NGAS) on
January 1, 2016
- To harmonize the government
Government Agencies accounting standards with the
- Any department, bureau or office international public sector
of the national government. accounting standards (IPSAS)
- Responsible for directly - Promulgated by the commision on
implementing the projects of and audit,
performing the functions delegated
by the government. Objective: to update the following:
- Shall maintain accounting books - Standards, policies, guidelines,
and budget registries which are and procedures in accounting for
reconciled with the cash records of government funds
the BTr and the budget records of - Coding structures and accounts
the COA and DBM. - Accounting books, registries,
records, forms, reports, financial
statements
Commission on Audit (COA)
- Authority to promulgate accounting
and auditing rules and regulations
Basic Accounting and Budget reporting
- Keeps general accounts of the Principles
government
1. Philippine public sector accounting
- Submits financial reports to the
standards (PPSAS)
president and congress
2. Accrual basis
3. Budget basis
Department of budget and management 4. Revised chart of accounts
(DBM) prescribed by COA
- Formulation and implementation of 5. Double entry bookkeeping
the national budget to attain the 6. Accounting and budgetary records
nation's socio-economic 7. Fund cluster accounting
objectives.
Qualitative Characteristics of Financial
Bureau of treasury reporting
1. Understandability
- Under the department of finance 2. Relevance
- Cash custodian 3. Materiality
- Receive and keep national funds 4. Timeliness
and manage and control the 5. Reliability
disbursements 6. Faithful representation
- Maintain accounts of financial 7. Substance over form
transactions of all national 8. Neutrality
government offices, agencies and 9. Prudence
instrumentalities. 10.Completeness
11.Comparability 4. Revenue - gross inflow of
economic benefits/ service, when
those inflows result in an increase
Components of General purpose
financial statements in net asset/ equity
a. Contributions from
- Intended to meet the needs of
owners - economic
users who are not in a position to
benefits contributed by
demand reports.
external parties which does
a. Statement of financial
not result to liabilities and
position
the contributor obtains
b. Statement of financial
interest in the net asset of
performance
the entity
c. Statement of changes in
5. Expenses - decreases in economic
net assets/ equity
benefits/ service in the form of
d. Statement of cash flow
outflows or consumption of assets
e. Statement of comparison
or incurrence of liabilities.
of budget and actual
a. Distributions to owners -
amounts - unique to
future economic benefits
government accounting
distributed by entity to its
f. Notes to the financial
owners
statements
Elements of financial statement
1. Assets - resources controlled by an
entity as a result of past events,
and future economic benefits are
expected.
a. Controlled
b. Past event
c. Future economic benefits
Recognized when:
- Probable that future
economic benefit will flow
- Cost or value that can be
measured reliably
2. Liabilities - present obligations of
the entity arising from past events,
results in an outflow from the entity
of resources.
3. Net assets/ equity - residual
interest of assets of the entity after
deducting liabilities
