Republic of the Philippines

COMMISSION ON AUDIT

Commonwealth Avenue, Quezon City, Philippines

No. : 2014-003

RESOLUTION

Date:

SUBJECT:

JAN 2 4 2014

Adoption of the Philippine Public Sector Accounting Standards

WHEREAS, Section 2(2), Article IX-D 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
th e Public Sector Accounting Standards Board (PSAcSB) to assist the Commission in
formulat ing and implementing public secto r 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 Ph ilippine Public Sector Accounting Standards (PPSAS);
WHEREAS, the PPSAS, as al igned with the prevailing international s t a n d a r d s , 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 world;
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 Janu ary 1, 2014.

Done this 2 4 t h d a y of

January 2014

at Quezon City, Philippines.