12/11/2014 Luz Loreto-Tolent ino Assistant Commissione r Professional and Institutional Developme nt Sector Commission on Audit; system of rules, procedures and practices for government to manage public finances in the areas of: ◦ Budgeting ◦ Accounting ◦ Auditing ◦ Cash management ◦ Management of public debt ◦ Revenue generation ◦ Public reporting on public sector financial operations Government Integrated Financial Management Information System GIFMIS) Develop a web-based application that will provide real time financial informati on to government Improving Treasury Cash Mana geme nt Operations (ITCMO) – Put in place a system of cash management that can keep daily cash balances of government at appropriate levels Budget Reporting and Performance Standards (BRPS) – Harmonize a nd simplify data structures and apply a consistent set of budgeting and accounting rules and regula tions for financial performance reporting. Liability management LM) Develop a system for recording and reporting liabiliti es to better manage NGs financial exposure Accounting and Auditing Reforms (AAR) Harmonize accounting and auditing rules with international standards and strengthen participatory audit of programs and projects Capacity Building (CB) Support the various policy reform, business process and system improvements through training and learning
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Adoption of the Philippine Public SectorAccounting Standards
◦ based on the International Public Sector AccountingStandards (IPSAS)
PPSAS provide quality accounting standardsthereby:
◦ enhancing the quality and uniformity in financialreporting by Philippine public sector entities, and
◦ ensuring accountability, transparency andcomparability of financial information with other
public sector entities around the world;
Relevant and useful to users
◦ Users are now in a position to determine how wellthe government manage public sector assets andresources; and to make better decisions onproviding the entity with needed resources
FS are more transparent◦ Users have a more comprehensive view of an