Focus Group Discussion

Consolidated Comments/Recommendations

Name of Batch Inputs from Other

Paragraph/Section Comments/Queries/ Issues Recommendations Initial GAS replies/actions taken
GC No. Grp.s/Additional Inputs
GAM Volume III (Revised Chart of Accounts)
Volume III – Revised RCA CFI, 2 Missing account To include the following: We’ll request for description on how to
NPC a) Gender and debit or credit the account. For further
(Grp. 1) Development following consideration.
RA 7192
b) Restructured Accounts
Receivable – This
account represents that
portion of restructured
power customers’
accounts subject to
repayment by pre-
determined installments
within the current
period.
GAM Volume III (Revised Chart of PNR, 3 Is Air Right considered as intangible May we recommend the revision For evaluation and further discussion.
Accounts) PIDS, asset? of the account description for
PHC “Other Intangible Assets” since If the structure was provided by the
Account Title: Other Intangible (Grp. 3) this type of intangible asset lessee, then the PNR may recognize only
Assets cannot be likened to the other the revenue.
Account Code: 10801990 mentioned intangibles and does
Normal Balance: Debit not captured by the word “and
Description: This account is debited the like.”
to recognize the cost of obtaining
other identifiable non-monetary
assets without physical substance
which grants the owner legal and
contractual rights and future
economic benefits and service
potential not otherwise classified
under the specific intangible asset
accounts. This includes trademarks,
marketing rights, franchises, licenses,
electronic copies (CD/DVD) of
published materials, and the like. This
account is credited upon sale,
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transfers, obsolescence, termination
and/or revocation of rights and
benefits, and/or adjustments.
Volume III Chart of Accounts
ACCOUNT TITLES and CODES
Asset
Receivables
Loans and Receivables Accounts
1 03 01 290 Overnight
Lending
Account
Chapter 3 – RCA and Description
Account Title Undistributed
Collections
Account Code 29999040
Normal Balance Credit
Chart of Accounts for membership dues
of the Filipino Veterans
Chart of Accounts for the following
Assistance given to the Filipino War
Veterans. - -
Wake Assistance
- Healthcare Assistance
Support/Assistance to Regional/District/
Post Veterans Organization
Account code 5-02-99-120 previously
assigned account name Board
Member’s/Director’s Allowances and
Other Benefits was missing.
PCMC, 3 Clarification of the nature of this
PCA, account.
SRA No set up of allowance for Overnight
(Grp. 4) Lending Account
LWUA, 1 This account is credited to recognize
ECC temporary pool of collection of
(Grp. 1) members' contribution and loan
amortizations of paying members and
other unidentified collections of
government corporations as of the close
of the transaction date. This account is
debited when payments made by
members had been identified, and/or
adjustments.
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Possible inclusion in the Noted.
description of the Chart of
Accounts for Trust Liabilities
with Account Code 20401010
Possible inclusion in the Noted.
description of Chart of Account
Title
Assistance/Subsidies/Contributi
ons- Others with Account code
50214990
(Veterans Federation of the
Philippines)
Restore the said account code It was really removed from MOOE. The
and account title for Board account together with its account code,
Member’s/Director’s once deleted, will not appear in the
Allowances and Other Benefits RCA anymore.
For further evaluation
Include in the chart of accounts The requesting agency did not ask to
1 03 01 292 Allowance for provide an Allowance for Impairment
Impairment – Overnight of the said account.
Lending Account
This account is credited to No comments Submit the request to GAS for
recognize temporary pool of evaluation. The request should include
collection of members' the description of the proposed account
contribution and loan and all the related debit and credit
amortizations of paying transactions. This account is usually
members/clients/entities and used by GFIs.
other unidentified collections of
government corporations as of
the close of the transaction date.
This account is debited when
payments made by
members/clients/entities had
 been identified, and/or
adjustments.
General Comments
Grp. 1 4 The use of the term Non-GBEs needs to It is recommended that the first
be updated. time that the term Non-GBE is
used; it should be presented as
Non-CPSEs followed by
“formerly Non-GBEs” enclosed
in parenthesis and the following
presentations will only use Non-
CPSEs.

Grp. 3 4 Please indicate “Non-CPSE” after “Non- We recommend to include /Non-

Grp. 5 GBE” CPSE after Non-GBE.

Grp. 4 4 We are evaluating/commenting on the We suggest that the

IPSAS based on the 2016 version of the evaluation/comments should be
Handbook of Pronouncement on based on the latest HIPSAP or its
International Public Sector Accounting amendments which is the 2018
Standards Pronouncements (HIPSAP) HIPSAP.
issued by International Federation
Accountant) (IFAC). This is especially that we are
moving from or renaming the
There is already 2018 HIPSAP which PPSAS to IPSAS. Therefore,
introduced significant changes in some our audit conclusion or our
IPSASs. opinion will be compliance with
IPSAS (100). Simply put, it is an
If we are to use the 2016 version, we all or nothing compliance .
cannot conclude that the financial
statements categorically comply with When we say compliance with
IPSAS considering we have not adopted IPSAS, there should be
IPSAS 39 to 42 considering that it is an categorical statement of
all or nothing compliance with IPSAS. compliance.

An entity whose financial

statements comply with IPSASs
shall make an explicit and
unreserved statement of such
compliance in the notes.
Financial statements shall not
be described as complying with
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 IPSASs unless they comply
with all the requirements of
IPSASs. (Par. 28, IPSAS 1)

Grp. 4 4 The Proposed GAM does not include the For our auditees to be fully Grp. 4
provision, basic standards and policies. compliant and be guided, we Include all Standards
suggest the inclusion of said adopted
Other IPSAS compliant accounting information in Chapter 2 of the
manual of other countries and the UN Manual.
systems specifically contain the
following:

 The general provisions applied

 The Basic standards and policies
adopted

Other Manuals enumerate each IPSAS

adopted with the following information:

 Short description of each

standard
 Date of adoption

Grp. 4 4 In complying with IPSAS 3.35, an entity Consider the aforementioned

should consider disclosing the following: disclosures.

Effective in 2019 that are Relevant to

the Company
Effective in 2019 that are not Relevant
to the Company
Effective subsequent to 2019 but not
adopted early

The following should also be disclosed

by the reporting entity:
(a) the title of the new IPSAS;
(b) the nature of the impending
change or changes in
accounting policy;
(c) the date by which application of
the IPSAS is required;
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 (d) the date as at which it plans to
apply the IPSAS initially; and
either:
(i) a discussion of the impact
that initial application of
the IPSAS
is expected to have on the
entity’s financial
statements; or
(ii) if that impact is not known
or reasonably estimable.
statement to that effect.

If we will not base the Manual with the

latest HIPSAP, the disclosure
requirements of the IPSAS may not be
complied with by the reporting entity.

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