Government Accounting Defined
Government Accounting encompasses the processes of analyzing, recording, classifying, summarizing and communicating all transactions involving the receipt and disposition of government funds and property, and interpreting the results thereof (Sec. 109, PD 1445). Objectives of Government Accounting:

1. Produce information concerning past operations and present conditions; 2. Provide a basis for guidance for future operations;
3. Provide for control of the acts of public bodies and officers in the receipt, disposition and utilization of funds and property; and 4. Report on the financial position and the results of operation of government agencies for the information of all persons concerned. On 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. Agencies tasked by the Constitution with Accounting Responsibility 1. 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 government funds and properties. 2. Department of Budget and Management (DBM) – is the department responsible for the planning and implementation of the National Budget for the sound utilization of government funds in achieving the national government’s agenda on reform and growth. The DBM is tasked to monitor all government allotments and appropriations through maintenance of registries for better control and monitoring. 3. Bureau of Treasury (BTs) - the department is the keeper of national funds and disbursements. It is the lead agency in monitoring transactions affecting the national government, agencies, and other instrumentalities. It maintains the registry on the releases by the DBM, as well as the bank transfers between agencies. 4. Government Agencies – would include government instrumentalities like bureaus, Congress, Judiciary, constitutional bodies and self-contained institutions, among others, which are required to have an accounting division, which are of equal level with that of other agencies that are tasked to do maintenance of accounts and submit financial statements on a regular basis. Generally Accepted Accounting Principles

Each government agency shall record its financial transactions and operations conformably with generally accepted accounting principles and in accordance with pertinent laws and regulations. (Sec. 112, PD 1445) 1. The accounts of an agency shall be kept in such detail as is necessary to meet the needs of the agency and at the same time be adequate to furnish the information needed by fiscal or control agencies of the government. (Sec 111, PD 1445) 2. The highest standards of honesty, objectivity, and consistency shall be observed in the keeping of accounts to safeguard against inaccurate or misleading information. (Sec 111, PD 1445). 3. The gover...

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