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GA Chap2

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Jhon kenneth Moca
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14 views

GA Chap2

Uploaded by

Jhon kenneth Moca
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Chapter 2 The Unified Accounts Code Structure According to Joint Circular No. 2013-1 dated August 6, 2013, the Department of Budget and Management (DBM), Commission on Audit (COA), Department of, Finance (DOF), and Bureau of Treasury (BTr) jointly developed the Unified Accounts Code Structure (UACS), a government-wide coding framework, to provide a harmonized budgetary and accounting code classification that will facilitate the efficient and accurate financial reporting of actual revenue collections and expenditures compared with programmed revenues and expenditures, respectively, starting Fiscal Year (FY) 2014. ‘On November 7, 2014, through Joint Circular No. 2014-1, the UACS per Joint Circular No, 2013-1 dated August 6, 2013 was enhanced amending the Funding ‘Source Code and MFO/PAP Code. Purpose of UACS ‘The Unified Accounts Code Structure (UACS) is a government-wide harmonized budgetary, treasury, and accounting code classification that will facilitate reporting of all financial transactions of government agencies. Its objective is to establish the accounts and codes needed in reporting the financial transactions of the National Government Agencies; and therefore, will be used by all departments and agencies of the National Government and Government-Owned and/or Controlled Corporations (GOCC) with Budgetary Support from National Government including those maintaining Special Accounts in the General Fund. It provides a framework for identifying, aggregating and reporting financial transactions in budget preparation, execution, accounting and auditing. When this object coding is combined with budget classification coding for funding source, organization, location and program, this framework collectively provides the harmonized budgetary and accounting classification codes know as UACS. 24 ‘Chapter 2— The Unified Accounts Code Structure ‘The key purpose of the UACS is to enable the timely and accurate reporting of actual revenue collections and expenditures against bu programmed revenues and ‘expenditures. Reporting requirements that will be best served by the UAC’ 1 2 2 4, ude: Financial reports as required by the DBM and COA. Financial statements as required by the Public Sector Accounting Standards Board of the Philippines. Management reports as required by the executive officials/heads of departments and agencies; and Economic statistics consistent with the Government Finance Statistics (GFS) Manual 2001. To facilitate the discussions of UACS, its composition, broken down in five key elements, is presented below: x 3. Funding Source (8 digits) ‘a, Fund Cluster (2-digit code) b. Financing Source (1-digit code) ©. Authorization Code (2-igit code) d. Fund Category (3-

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