Having a meaningful and well-considered accounting policies and procedures is a component of a strong financial management system for maintaining consistency across the accounting department and ensuring compliance with regulatory standards, especially for organizations that receive funding from government agencies.
Through the leadership of accountant Rhysa Cyle C. Rosalejos, Division of Malaybalay City conducted echo seminar on Salient Points of the Government Accounting Manual (GAM) May 5-6, at the Garden, Malaybalay City.
It was participated by the Non-Teaching Personnel of the Division Office and Bukidnon National High School, who handle the Cash, Supply, Budget and Finance, Bookkeeping and Disbursing who will monitor if the public funds are appropriately and accurately utilized.
To ensure that all personnel involved in the preparation of the books, registries, records, forms and reports are properly informed and oriented on the revision the training was conducted.
The Government Accounting Manual (GAM) presents the basic accounting policies and principles in accordance with the Philippine Public Sector Accounting Standards (PPSAS) adopted thru COA Resolution No. 2014-003 dated January 24, 2014 and other pertinent laws, rules and regulations. It includes the Revised Chart of Accounts (RCA) prescribed under COA Circular No. 2013-002 dated January 30, 2013, as amended; the accounting procedures, books, registries, records, forms, reports, and financial statements; and illustrative accounting entries.
With this recent development, the preparation of Financial Statements and other reports starting January 1, 2016 must be revised. Compliance to this shall surely contribute to the success of the implementation of the “Pera ng Bayan, Bantayan” program instituted by this Division as it enhances the preparation of reports and completion of forms. Discussions and workshops on Revenue and other Receipts, Presenting Budget Information in the Financial Statements, Disbursements, and Inventories were also included.
The Department of Education is implementing the transparency policy of judicious disbursement of government funds and the standards, policies, guidelines and procedures in accounting for government funds and property.
Through the eco seminar conducted we can ensure that the information is useful, valid, and relevant to the organization’s accounting policies and procedures it is a tool to help us to understand and follow the accounting rules and methods necessary to produce accurate and reliable financial reports for organizational decision making. It also helps to develop efficiencies and best practices within our organization in addition to creating transparencies.
By: Archille B. Conol