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08-UP09 Part1-Notes to FS

08-UP09 Part1-Notes to FS

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Published by dilimandiary

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Published by: dilimandiary on Jan 15, 2011
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I.General1.Agency Profile 
1.1The University of the Philippines (UP) was established on June 18, 1908, by Act No. 1870 of the First Philippine Legislature “to provide advancedinstruction in literature, philosophy, the sciences and arts, and to give professional and technical training to every qualified student regardless of age, sex, nationality religious belief, or political affiliation.”1.2On November 20, 1972, through Presidential Decree (PD) No. 58,amendments were made which evolved the University multi-campussystem which allows the decentralization of authority and autonomy of thecomponent units without losing the institutional unity and academicintegrity of the University.1.3UP was declared the National University with the passage of RA No. 9500known as “The University of the Philippines Charter of 2008”. Thefollowing are the
seven constituent campuses whose financial reports areconsolidated at year-end for reporting purposes:
UP Diliman (
UPD) was declared a constituent university (CU) on April23, 1982 and started its operations as CU in April 26 of the same year.
UP Los Baños
(UPLB) evolved into a separate CU in 1972.
UP Manila (
UPM) was originally established on December 1, 1905, asthe Philippine Medical School and later called as the UP College of Medicine and Surgery in June 10, 1907. It was renamed UP Manila in1983.
UP Visayas (
was formally established as a CU in 1979.
UP Mindanao
(UPMin) was adopted as the sixth member of the UPSystem on March 23, 1995.26
UP Baguio (
UPB) was formally established as the 7
CU on December 2,2002.
UP Open University
(UPOU) creation was approved by the Board of Regents on February 23, 1995, as the fifth CU.27
Summary of Significant Accounting Policies
The University System Administration and the autonomous campuses usethe accrual basis of accounting in recording expenses and interest income, whereexpenses were recognized when incurred and income when realized, except whereaccrual basis is impractical or where the amount of income could not be fairlyestablished.
The release of Notice of Cash Allocation (NCA) is centralized with the UPSystem and subsequently transferred to the respective campuses and recorded in theRegular Agency Books as well as those income and receipts which the University isauthorized to use.
The Modified Obligation System is used to record allotments received andobligations incurred. Separate registries are maintained to control allotments andobligations for each class of allotment.
The outstanding cash advances are required to be liquidated/settled beforethe granting of a new one.
The UPD receivables are recorded in the books based on the reportssubmitted by the Office of the University Registrar (OUR), University Food Service(UFS), Business Concessions Office (BCO), University Health Service (UHS), UPHousing Office and statements prepared by its Accounting Office such as the Statementof Contractual Obligations and Tuition Fee Loan derived from the submitted Form 5s of the students during the enrollment period.
The Allowance for Doubtful Accounts was provided for based on the percentage and aging of accounts receivables prescribed for in the New GovernmentAccounting System (NGAS) Manual. A review of the receivables to identify accounts to be provided with allowance is made at the end of the year.
The Accounting Office is adopting the moving average method of inventory valuation under the perpetual inventory system, except for the Institute of Human Genetics (IHG), which applies the perpetual inventory method.
Except for Books, all purchases for non-consumable supplies andmaterials below the benchmark set by the UPS Accountants of P2,000.00 are recorded asexpense and charged to the operational budget. All assets purchased below P2,000.00recorded as expense are supported by Inventory Custodian Slip (ICS) for accountability purposes.28

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