The Financial Management Division of the Mines and Geosciences Bureau (MGB) recently conducted the Seminar-Workshop on the Implementation of the Government Accounting Manual (GAM) and Closing of the Books for the Year 2015 cum Conference on Administrative Matters and Mechanisms.
The activity aimed to implement the GAM in compliance with the Commission on Audit Circular No. 2015-007, dated October 22, 2015, entitled Prescribing the Government Accounting Manual for Use of all National Government Agencies.
The implementation of the GAM for National Government Agencies is another milestone insofar as public sector accounting is concerned. The GAM, which supersedes the New Government Accounting System (NGAS) Manual, consists of three volumes.
Volume I, Accounting Policies, Guidelines and Procedures, and Illustrative Accounting Entries, contains the general provisions, basic standards and policies, specific guidelines and procedures for each standard, and the illustrative entries for typical transactions of national government agencies;
Volume II, Accounting Books, Registries, Records, Forms and Reports, contains the various formats of books of accounts, registries, records, forms and reports, and the instructions on their use.
Volume III, The Revised Chart of Accounts, contains the List and Description of Accounts per COA Circular No. 2013-002 dated January 30, 2013, amendments per COA Circular No. 2014-003 dated April 15, 2014; and additional/modified accounts.
The revision of the NGAS Manual was prompted by the implementation of the Philippine Public Financial Management Reform Roadmap, which includes the development of the Philippine Public Sector Accounting Standards that are harmonized with the International Public Sector Accounting Standards.
The GAM will serve as guide in the preparation of the financial statements and other reports and the accomplishment and/or maintenance of various registries, records and forms.
The said activity was attended by Finance, Budget and Administrative Officers of the MGB Central and Regional Offices. It was held last January 10-15 at the Limketkai Luxe Hotel in Cagayan De Oro City.
Finance, Budget and Administrative Officers of MGB Central and
Regional Offices during the GAM Seminar-Workshop
By: Financial Management Division