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Assignment: The Government Accounting Process

The document outlines the Government Accounting Process as per the Revised Chart of Accounts (RCA) for National Government Agencies (NGAs), effective January 1, 2014. It references several COA circulars and resolutions that guide the adoption and implementation of the Philippine Public Sector Accounting Standards (PPSAS) and the Unified Accounts Code Structure (UACS). The UACS is structured into three chapters, detailing the introduction, list of accounts, and descriptions of accounts, including modifications for proper financial transaction recognition.

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25 views1 page

Assignment: The Government Accounting Process

The document outlines the Government Accounting Process as per the Revised Chart of Accounts (RCA) for National Government Agencies (NGAs), effective January 1, 2014. It references several COA circulars and resolutions that guide the adoption and implementation of the Philippine Public Sector Accounting Standards (PPSAS) and the Unified Accounts Code Structure (UACS). The UACS is structured into three chapters, detailing the introduction, list of accounts, and descriptions of accounts, including modifications for proper financial transaction recognition.

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Dolor
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Accounting for Government and Nonprofit Organizations

Assignment: The Government Accounting Process

According to the Section 1 of GAM for NGAs, Volume 3 of The Revised Chart of Accounts
(Updated 2015), the Chart of Accounts as Object Code in the Unified Accounts Code Structure
(UACS) is based, primarily, on the following:

a. COA Circular No 2013-002 dated January 30, 2013 prescribing the adoption of the
Revised Chart of Accounts (RCA) for National Government Agencies (NGAs) effective
January 1, 2014:
b. COA Resolution No. 2014-003 dated January 24, 2014 prescribing the adoption of the
Philippine Public Sector Accounting Standards (PPSAS):
c. COA Circular No. 2014-003 dated April 15, 2014 providing the implementing rules and
guidelines on the Conversion from the Philippine Government Chart of Accounts under
the New Government Accounting System per COA Circular No 2004-008 dated
September 20, 2004, as amended, to the Revised Chart of Accounts for NGAS:
d. COA-DBM-DOF Joint Circular No. 2013-1 dated August 6, 2013 prescribing the UACS,
and
e. COA-DBM-DOF Joint Circular No. 2014-1 dated November 7, 2014 providing the
enhancement of UACS prescribed under COA-DBM-DOF Joint Circular No. 2013-1

The above-mentioned section of the manual further states that during the minal implementation
of the PPSAS and the UACS, and during the finalization of the Government Accounting Manual
(GAM) for NGAs, the need to provide additional accounts for some financial transactions and to
modify some existing account codes and description came about These revisions will enable the
agencies to properly recognize and present their financial transactions This Chart of Accounts
as Object Code in the UACS, Volume III of the GAM for NGA, includes additional and modified
accounts.

The UACS has 3 chapters tackling the content pertaining to the introduction, list of accounts and
description of the accounts. In which in Chapter 2 primarily discussed the the lists of accounts
per RCA and the additional accounts prescribed under COA Circular No. 2014-003. The codes
per RCA, UACS sub-codes and the combined codes or the UACS object codes were presented.
While, the content in the Chapter 3 is the descriptions of all the accounts in the list are
presented, except for the subobject codes in the UACS. These sub-object codes shall follow the
description of the RCA account.

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