COMMISSION ON AUDIT RESOLUTION NO, 2014-003 - Fanu, 1of 2 bttp:/iwww.coa.gov.ph/coa_issuances/coa_resolutions/reso2014/co. Republic of the Philippines COMMISSION ON AUDIT Commonweaith Avenue, Quezon City, Philippines RESOLUTION No. : 2014-003 Date: JAN 24 2014 SUBJECT: Adoption of the Philippine Public Sector Accounting Standards WHEREAS, Section 2(2), Article IX-0 of the 1987 Constitution vests in the Commission on Audit (COA) the exclusive authority to promulgate accounting rules and regulations; WHEREAS, Chapter 2, Section 25(4) of Presidential Decree No. 1445 mandates the COA to promulgate accounting rules and regulations; WHEREAS, there is a need to harmonize the accounting standards under COA Circular No. 86-263 dated October 16, 1986 and other issuances of the Commission, to the extent possible, with the current public sector accounting standards; WHEREAS, Section 9 of COA Resolution No. 2008-012 dated. October 10, 2008 created the Public Sector Accounting Standards Board (PSAcSB) to assist the Commission in formulating and implementing public sector accounting standards; WHEREAS, after a study and review of the provisions of the International Public Sector ‘Accounting Standards (IPSAS), the PSACSB recommended the adoption of the IPSAS, to be referred to as the Philippine Public Sector Accounting Standards (PPSAS); WHEREAS, the PPSAS, as aligned with the prevailing internationel standards, provide quality accounting standards thereby enhancing the quality and uniformity in financial reporting by Philippine public sector entities, and ensuring accountability, transparency and ‘comparability of financial information with other public sector entities around the wor'd; NOW, THEREFORE, this Commission resolves as it is hereby resolved, to adopt the standards enumerated in Annex A to this Resolution and made an integral part hereof. ‘This Resolution shall take effect on January 1, 2014, Done this 24% day of _Janunry 2014 at Quezon City, Philippines. ee MA. GRAC JUDO TAN airpérson HL. MENDOZA Commissioner 2127/2014 1:09 PM.COMMISSION ON AUDIT RESOLUTION NO. 2014-003 - Janu...._ hitp:/Avww.coa.gov.ph/coa_issuances/coa_resolutions/reso20 4/co, Annex A Philippine Public Sector Accounting Standards (PPSASS) Volume | PPSAS1 - PPSAS2 - PPSAS. ~ PPSASA - PPSASS - PPSASE ~ PPSAS8 - PPSASS - PPSAS 12- PPSAS 13 Volume it PPSAS 14 PPSAS 16 PPSAS 17 PPSAS 19 PPSAS 20 PPSAS 21 PPSAS 23 PPSAS 24. PPSAS 26 PPSAS 27 Volume ill PPSAS 28 PPSAS 29 PPSAS 30, PPSAS 31 PSAs 32 20f2 Presentation of Financial Statements Cash Flow Statements Accounting Policies, Changes in Accounting Estimates and Errors The Effects of Changes in Foreign Exchange Rates Borrowing Costs Consolidated and Separate Interest in Joint Ventures Revenue from Exchange Transactions Inventories Leases sncial Statements Events After the Reporting Date Investment Property Property, Plant and Equipment Provisions, Contingent Liabilities and Contingent Assets Related Party Disclosures Impairment of Non Cash Generating Assets Revenue from Nor-Exchange Transactions {Taxes and Transfers) Presentation of Budget Information in Financial Statements Impairment of Cash Generating Assets Agriculture Financial instruments: Presentation Financial Instruments: Recognition and Measurements Financial Instruments: Intangible Assets Service Concession Arrangements: Grantor 2/27/2014 1:09 PM.