NATURE AND SCOPE

GOVERNMENT ACCOUNTING

• Encompasses the process of analyzing,

recording, classifyng, summarizing and
communicating all transactions involving the
receipt and disposition of government fund
and property and interpreting the result
thereof
OBJECTIVES OF GOVERNMENT
ACCOUNTING
1. To provide information concerning past
operations and present conditions.
2. To provide a basis for guidance for future
operations.
3. To provide for control of the acts of public
bodies and offices in the receipt, didposition and
utilization of funds and property.
4. To report on the financial position and the
results of operations of government agencies for
the information and guidance of all persons
concerned.
• Information of past operations and present
conditions will facilitate the evaluation of the
performance of an agency from one period to
another.
• Public officers are accountable for the
resources entrusted to them.
• The accounting data will also show the
obligations of the agency and how such
obligations have been incured.
PUBLIC SECTOR ACCOUNTING
STANDARDS BOARD (PSASB)

• Was created in 2008 under COA Resolution

No. 2008-12 dated October 10, 2008
• Makes use of , among others, the existing laws,
financial reporting, accounting rules and
regulations, and pronouncements issued by
the International Public Sector Accounting
Standards Board (IPSASB
Philippine Public Sector
Accounting Standards (PPSAS)

• shall apply to the ff: :

- National Government Agencies (NGAs)
- Local Government Units (LGUs)
- Government and/or Controlled
Corporations (GOCCs)
Government Business
Enterprise (GBE)
• An entity that has all the following
characteristics:
1. An entity with the powerto contract in
its own name
2. Has been assigned the financial and
operational authority to carry on a business
3. Sells goods and sevices, in the normal
course of its business, to other entities at a profit
or full cost recovery
 4. Not reliant on continung government
funding to be a going concern ( other than
purchase of outputs at arm's length)
5. Controlled by a public sector entity
• The ff are the processe and other
consideerations in developing the
PPSAS:
1. Applicability of IPSAS
2. Exposure draft of PPSAS
3. Fundamental issues
4. Statutory authority