COA Revised Chart of Accounts for National Agencies

1. COA Revised Chart of Accounts for National Agencies Legal Basis: COA Circular No. 2013-002 Dated January 30, 2013 Effectivity: January 01, 2014

2. Objectives: • To provide new accounts for the adoption of the Philippine Public Sector Accounting Standards (harmonized with IPSAS) • To provide uniform accounts for national government accounting and budget systems to facilitate the preparation of harmonized financial and budgetary accountability reports • To expand the account code from three (3) digits in the NGAS Chart of Accounts to eight (8) digits, to allow expansion or creation of new accounts as may be necessary to implement new standards or policies.

3. The COA Revised Chart of Accounts is integrated in the Unified Account Code Structure (UACS) under the Philippine Public Financial Management (PFM) Reform Program jointly undertaken by DBM, DOF and COA.

4. Major Changes • Coverage is limited only to all national government agencies • Expanded account code structure - from three (3) digits to eight (8) digits

5. Account Code Structure

6. Account Groups: Codes are assigned to account groups to facilitate location of accounts in the general and subsidiary ledgers, to provide systematic arrangement and classification of accounts and facilitate preparation of the consolidated financial reports as follows: CodeAccount Groups 1 Assets 2 Liabilities 3 Equity 4 Income 5 Expenses

7. Asset Without Contra Account Ex. Cash, Collecting Officer

8. Asset Without Contra Account Ex. Accounts Receivable

9. Major Changes • New Accounts were provided for the implementation of the Philippine Public Sector Accounting Standards

10. New Accounts Example

11. Major Changes • Some accounts were deleted since these accounts are for use by local government units or government-owned and/or controlled corporations while other accounts are no longer applicable to national government agencies.

12. Deleted Accounts Example

13. Major Changes • Some accounts were either expanded or compressed. For instance, expense accounts for repairs and maintenance and depreciation of property, plant and equipment which were previously presented per asset account were compressed based on the major account classification.

14. Compressed Accounts Example

15. Expanded Account Example

16. DRAFT • UNIFIED ACCOUNTS CODE STRUCTURE (UACS) * Chart of Accounts

17. The Unified Account Code Structure (UACS) • Jointly developed by DBM, DOF and COA • It is a government-wide coding framework to provide a harmonized budgetary and accounting code classification that will facilitate reporting of actual revenues and collections and expenditures compared with programmed revenues and expenditures, starting fiscal year 2014

18. The UACS is to be adopted in identifying, aggregating, budgeting, accounting, auditing and reporting the financial transactions of the government. • Enhance the quality and timeliness of financial data for the generation of the required reports and analysis of the same. • Strengthen financial controls and accountability.

19. Key Elements of the UACS • Funding Source Codes: Six (6) digit code to reflect the Financing Source, Authorization and Funding Category • Organization Codes: Twelve (12) digit code to reflect the Department, Agency and Sub-Agency or Operating Unit/Revenue Collecting Unit

20. Location Codes: Nine (9) digit code to reflect the Region/Province/Municipality/Barangay following the Philippine Standard Geographic Code prescribed by the National Statistical Coordination Board • Major Final Output (MFO)/Program, Activity and Project (PAP) codes: Nine (9) digit code to reflect the MFO/PAP codes • Object codes: Assets, Liabilities, Equity, Revenues, and Expenses following the COA Chart of Accounts by object and sub-objects provided by BTr, BIR, DOF, BOC and DBM