Podcast
Questions and Answers
What prompted the harmonization of accounting standards in the Philippines?
What prompted the harmonization of accounting standards in the Philippines?
What is the main legal basis for the Government Accounting Manual (GAM)?
What is the main legal basis for the Government Accounting Manual (GAM)?
What is included under the coverage of the Government Accounting Manual (GAM)?
What is included under the coverage of the Government Accounting Manual (GAM)?
Which of the following is one of the objectives of the Government Accounting Manual?
Which of the following is one of the objectives of the Government Accounting Manual?
Signup and view all the answers
Which body has the exclusive authority to define the scope of its audit and examination in the Philippines?
Which body has the exclusive authority to define the scope of its audit and examination in the Philippines?
Signup and view all the answers
What was adopted through COA Resolution No. 2014-003?
What was adopted through COA Resolution No. 2014-003?
Signup and view all the answers
For whom is the Government Accounting Manual (GAM) intended?
For whom is the Government Accounting Manual (GAM) intended?
Signup and view all the answers
What does the GAM aim to update regarding government accounting?
What does the GAM aim to update regarding government accounting?
Signup and view all the answers
Study Notes
Philippine Public Financial Management Reforms
- Recent developments have prompted harmonization of Philippine accounting standards with international standards.
- The New Government Accounting System (NGAS) Manual was revised to adapt to changes and advancements in technology.
Legal Basis for the Government Accounting Manual (GAM)
- The GAM is established by the Commission on Audit (COA) as per the 1987 Constitution, Article IX-D, Section 2, ensuring exclusive authority over audit and examination scope.
- The COA is responsible for setting accounting and auditing rules aimed at preventing irregularities in government expenditures.
Coverage of the Government Accounting Manual
- The Manual outlines basic accounting policies aligned with the Philippine Public Sector Accounting Standards (PPSAS), adopted via COA Resolution No. 2014-003.
- It includes the Revised Chart of Accounts (RCA) as per COA Circular No. 2013-002.
- Contains detailed accounting procedures, registries, records, forms, reports, and illustrative accounting entries relevant to National Government Agencies (NGAs).
Objectives of the Government Accounting Manual
- To update standards, policies, guidelines, and procedures for accounting government funds and property.
- To revise the coding structure and accounts utilized in financial management.
- To enhance accounting books, registries, records, forms, reports, and financial statements for effective financial reporting.
Implementation and Reporting
- The Manual serves as a framework for NGAs in preparing general-purpose financial statements in adherence to PPSAS.
- It provides guidelines for the reporting of budget, revenue, and expenditures following legislative requirements.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Explore the key aspects of the Philippine Government Accounting Manual (GAM) and its alignment with international standards. This quiz covers the legal basis for GAM, the recent reforms in public financial management, and the detailed accounting frameworks put in place by the Commission on Audit. Test your understanding of these essential guidelines.
