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Republic of the Philippines COMMISSION ON AUDIT Commonwealth Avenue, Quezon City, Philippines RESOLUTION No. : 2014-003 Date: JAN 2 4 2014 SUBJECT: Adoption of the Philippine Public Sector Accounting Standards WHEREAS, Section 2(2), Article IX-D of the 1987 Constitution ·vests in the Commission on Audit (COA) the exclusive authority to promulgate accounting rules and regulations; WHEREAS, Chapter 2, Section 25(4) of Presidential Decree No. 1445 mandates the COA to promulgate accounting rules and r egulations; WHEREAS, there is a need to harmonize the accounting standards under COA Circular No. 86-263 dated October 16, 1986 and other issuances of the Commission, to the extent possible, with the current public sector accounting standards; WHEREAS, Section 9 of COA Resolution No. 2008-012 dated October 10, 2008 created th e Public Sector Accounting Standards Board (PSAcSB) to assist the Commission in formulat ing and implementing public sector accounting standards; WHEREAS, after a study and review of the provisions of the International Public Sector Accounting Standards (IPSAS), the PSAcSB recommended the adoption of the IPSAS, to be referred to as the Ph ilippine Public Sector Accounting Standards (PPSAS) ; WHEREAS, the PPSAS, as al igned with the prevailing international standards, provide quality accounting standards thereby enhancing the quality and uniformity in financial reporting by Philippine public sector entities, and ensuring accountability, transparency and comparability of financial information with other public sector entities around the world; NOW, THEREFORE, this Commission resolves as it is hereby .resolved, to adopt the standards enumerated in Annex A to this Resolution and made an integral part hereof. This Resolution shall take effect on Janu ary 1, 2014. Done this 24th day of January 2014 at Quezon City, Philippines.

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Page 1: Commonwealth Avenue, Quezon City, Philippines 2014 …deped.gov.ph/sites/default/files/page/2017/COA_R2014-003 (1).pdf · Commonwealth Avenue, Quezon City, Philippines RESOLUTION

Republic of the Philippines COMMISSION ON AUDIT

Commonwealth Avenue, Quezon City, Philippines

RESOLUTION No. : 2014-003 Date: JAN 2 4 2014

SUBJECT: Adoption of the Philippine Public Sector Accounting Standards

WHEREAS, Section 2(2), Article IX-D of the 1987 Constitution ·vests in the Commission on Audit (COA) the exclusive authority to promulgate accounting rules and regulations;

WHEREAS, Chapter 2, Section 25(4) of Presidential Decree No. 1445 mandates the COA to promulgate accounting rules and regulations;

WHEREAS, there is a need to harmonize the accounting standards under COA Circular No. 86-263 dated October 16, 1986 and other issuances of the Commission, to the extent possible, with the current public sector accounting standards;

WHEREAS, Section 9 of COA Resolution No. 2008-012 dated October 10, 2008 created the Public Sector Accounting Standards Board (PSAcSB) to assist the Commission in formulat ing and implementing public sector accounting standards;

WHEREAS, after a study and review of the provisions of the International Public Sector Accounting Standards (IPSAS), the PSAcSB recommended the adoption of the IPSAS, to be referred to as the Philippine Public Sector Accounting Standards (PPSAS);

WHEREAS, the PPSAS, as al igned with the prevailing international s t a n d a r d s , provide quality accounting standards thereby enhancing the quality and uniformity in financial reporting by Philippine public sector entities, and ensuring accountability, transparency and comparability of financial information with other public sector entities around the world;

NOW, THEREFORE, this Commission resolves as it is hereby .resolved, to adopt the standards enumerated in Annex A to this Resolution and made an integral part hereof.

This Resolution shall take effect on January 1, 2014.

Done this 2 4 t h d a y of January 2014 at Quezon City, Philippines.

Page 2: Commonwealth Avenue, Quezon City, Philippines 2014 …deped.gov.ph/sites/default/files/page/2017/COA_R2014-003 (1).pdf · Commonwealth Avenue, Quezon City, Philippines RESOLUTION