No.
:~2~0~15~-~0~1~0~
Date: -~Dr-_..
- C.. .___.. Q_.1~21.U0""""'15All Heads of Government-Owned or Controlled Corporations,
Government Financial Institutions, Government Instrumentalities with
Corporate Powers/Government Corporate Entities, and their Subsidiaries
and Water Districts, Heads of Finance/Comptrollership/Financial
Management Services, Chief Accountants/Heads of Accounting Units,
Budget Officers/Heads of Budget Units; COA Assistant Commissioners,
COA Directors, COA Auditors; and All Others Concerned
SUBJECT
1.0
Adoption of the Revised Chart of Accounts (RCA) for Government
Corporations (GCs) which consist of Government-Owned or Controlled
Corporations (GOCCs), Government Financial Institutions (GFis),
Government Instrumentalities with Corporate Powers (GJCPs)/
Government Corporate Entities (GCEs), and their Subsidiaries, and
Water Districts
Rationale
1.1
The Philippine Commission on Audit (COA), as a member of the
lnternati9nal Organization of Supreme Audit Institutions (INTOSAI), is
encouraged to adopt relevant international accounting standards.
1.2
The International Public Sector Accounting Standards Board (IPSASB)
and International Accounting Standards Board (lASB), which promulgate
the International Public Sector Accounting Standards (lPSAS) and
International Financial Reporting Standards (IFRS), respectively,
acknowledge the right of governments and national standards-setters to
establish their respective accounting standards and guidelines for financial
reporting in their jurisdictions.
1.3
The Commission recognizes the need to revise the extstmg chart of
accounts of GOCCs which is included in the Philippine Government Chart
of Accounts (PGCA) under the New Government Accounting System
(NGAS) prescribed in COA Circular No. 2004-008 dated September 20,
-~?J' ~s amen~ed, to provide ne': accounts for the ado.ption. ~f tht.:
'i\f'ppme Pubhc Sector Accountmg Standards (PPSAS), Phtltppine
t-
Financial Reporting Standards (PFRS) and Philippine Accounting
Standards (PAS) harmonized with the IPSAS or IFRS to enhance the
accountability and transparency of the financial reports, and ensure
comparability of financial information.
1.4
The Commission acknowledges the need to prescribe a uniform chart of
accounts f(Jr GCs to align the entities' reportorial requirements with
those of COA and other oversight bodies including compliance with
the standards issued by international accounting standard-setting bodies.
1. 5
Jn light thereof, this Commission revokes COA Circular No. 2004-008
dated September 20, 2004, and hereby prescribes the RCA for GCs
(Annex A), forming part of this Circular, to be adopted by all GCs in
consonance with the rule making function of this Commission and as
provided under Section 2(2), Article IX-D of the 1987 Constitution.
2.0 Implementing Guidelines
2. I
For uniformity in the use of the RCA for GCs, the Government
Accountancy Sector (GAS), this Commission, shall prepare the necessary
guidelines and procedures on the conversion of accounts of GOCCs under
the PGCA to the RCA. Supplementary guidelines on the preparation of
financial statem ents and other financial reports as well as the transitional
pro visions on the implementation of the PPSAS by Non-Government
Business Enterprises shall be covered by another Circular.
2.2
The GCs shall record their financial transactions in accordance with
the RC A prescribed herein.
2.3
The RCA for National Government Agencies prescribed under COA
C ircular No. 201 3-002 dated January 30,2013, as amended, shall continue
to be ado pted by GCs in accounting for their Special Accounts in the
General Fund (SAGF), if any.
2.4
Accounts other than those provided in this Circular shall be used only
upon prior approva l ofthis Commission.
3.0 Revised C hart of Accounts
An nex ~ Jtre~ts the Coding Scheme, List of Accounts for GCs and
Desc ript~\'f Accounts.
4.0 Repealing C lause
Al l iss~an ce s inconsi stent with this Circular are deemed repealed or amended
accordmgl y.
'f
5.0 Effectiv ity
Th is Circ ular takes e ffect on January I, 2016.
II ~ I ~ I II
MIC
'
Note :
JO~
Commissioner
Annex " A" of the Circular may be accesse<l in the COA Website at
lH.UWivw ~{ . c n~,_g o vJ!.h.
