new government accounting system ppt

With this new development, the Commission on Audit (COA), under the new 1987 Constitution, promulgated the New Government Accounting System in the Philippines (NGAs) for use by all government agencies. 2 (2), Art. •FAF (Financial Accounting Foundation) created the Governmental Accounting Standards Board (GASB) in 1984 which replaced the NCGA in setting accounting principles for governments. 6. INTRODUCTION Sec. 91-368, dated December 19, 1991.. LEGAL BASIS • On October 30, 2001, based on the authority granted under Sec. Manual book keeping. 01. Accounting – The Language of Business Accounting is the information system that... measures business activities, processes data into reports, and communicates results to decision makers. STATEMENT OF PURPOSE. 7. The statement of purpose is about pursuing continuous improvement to be THE NEW GOVERNMENT ACCOUNTING SYSTEM MANUAL For Local Government Units Chapter 1. Prepare for financing (loans) Quality financial management offers many benefits to you as a business owner. etc 1. Government Accounting Manual The Government Accounting Manual is the manual prescribed by the Commission on Audit (COA) for Use of All National Government Agencies. Accrual Accounting (modified) 2. Accounting Framework in a Typical LIC – Main Issues. •GASB is composed of 7 members with various backgrounds including state and local governments, public accounting, academe, and user groups. Lack of clarity on the ‘reporting entity’ concept for consolidation of annual accounts Lack of a comprehensive chart of accounts (or a detailed coding system with various segments) Substantial delay in annual accounts preparation. For governmental entities to ensure the proper segregation of resources and to maintain proper accountability, an entity's accounting system should be organized and operated on a fund basis. The shift to NGAs was made in response to the following need: 1. The GAM will supersede the New Government Accounting System (NGAS) Manual that national government agencies have been using since 2002. One Fund Concept - fund is both a sum of money set aside for a specific purpose, and an independent fiscal and accounting well-informed. Subject : Prescribing the Manual on the New Government Accounting System (Manual Version) For Use in All National Government Agencies NGAS’ introduced: Basic policies and procedures New coding system Accounting system, books, registries, records, FS. IX-D of the 1987 Constitution, … Objectives of the Manual. E- NGAS – The New Government Accounting System Manual presents the basic policies and procedures; the new coding system and chart of accounts; the accounting books, reports/forms and financial statements, and illustrative accounting entries to be … Accounting.. is an information system that... measures business activities, processes information, and... communicates financial information. Thus, data drives our need to be . NEW GOVERNMENT ACCOUNTING SYSTEM(NGAS) REPEALING CLAUSE • The Manual on the New Government Accounting System replaces the Government Accounting and Auditing Manual (GAAM), Volume II, prescribed under COA Circular No. By Adam SaligumbaIt was a grand slam of sorts for the local government unit of Loon when its Electronic New Government Accounting System (e-NGAS) brought home an award in each of the four categories given by the Commission on Audit during the 2nd e-NGAS Users' Circle Conference (for Visayas-Mindanao Area) held at the Sulu Hotel, Quezon City on Nov. 22, 2007.Loon Mayor Lloyd … Plan for diversification, new product lines, reaching new markets. Electronic New Government Accounting System - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. No ledger-based double entry system. 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