REPUBLIC OF THE PHILIPPINES

COMMISSION ON AUDIT
Commonwealth Avenue, Quezon City, Philippines

CIRCULAR No. : 2004-008

Date : September 20, 2004

TO : All Heads of National Government Agencies, Local Government Units and

Government Owned and/or Controlled Corporations, Heads of
Finance/Comptrollership/Financial Management Services, Chief
Accountants/Heads of Accounting Units, Budget Officers/Heads of Budget
Units; COA Directors, Auditors; and All Others Concerned.

SUBJECT : UPDATED DESCRIPTION OF ACCOUNTS UNDER THE NEW

GOVERNMENT ACCOUNTING SYSTEM

1.0 This Circular is issued to update the description of accounts presented in Volume III of
the NGAS Manuals for national government agencies and local government units
prescribed under COA Circular Nos. 2002-002 and 2002-003 dated June 18 and 20,
2002, respectively.

2.0 The Revised Chart of Accounts prescribed under COA Circular No. 2003-001 dated
June 17, 2003 and Chart of Accounts for GOCCs under COA Circular No 2004-002
dated April 29, 2004 are described in Annex A hereof to facilitate identification of
transactions which fall under the specific accounts.

3.0 This Circular takes effect immediately.