Government Accounting System of the Philippines
Government Accounting Defined
Under Section 109, of the Presidential Decree (PD) no. 1445, defines Government Accounting as one that encompasses the process of analyzing, classifying, summarizing and communicating all transactions that are involved in the receipt and disbursement of all government funds and properties, and interpreting the results thereof. In pursuant to this definition, objectives were set to cover several areas in government operations.
Objectives of Government Accounting
Government Accounting has the following objectives:
To produce relevant financial information about past and present transactions of government.
To serve as a basis for decision making for future operations
To serve as the control mechanism for the receipt, disposition and utilization of government funds and properties
To come up with financial reports pertaining to the results of operations of various government agencies that are for dissemination to the public.
Agencies of the Philippines tasked with Accounting Responsibility
This fiscal responsibility emanates from the Constitution and its governing laws, rules and promulgations. The mandate as prescribed under the said Constitution of the Philippines calls for the keeping of the general accounts, as well as the promulgation and submission of financial reports that would cover the operations of government.
The government officers that are mandated to discharge the above-stated Accounting responsibilities are the Commission on Audit (COA), the Department of Budget and Management (DBM) and the Bureau of Treasury (BTr) - to discharge the functions of government in consonance with its commitment to all Filipinos.
Commission on Audit (COA) - as mandated by the 1987 Constitution, the COA shall have the exclusive authority to do audit and examination, establish audit techniques, implement accounting rules and regulations, that includes disallowances on the use of...