SUSPENSION OF THE IMPLEMENTATION OF THE PHILIPPINE GOVERNMENT ACCOUNTING STANDARDS (PGAS) AND THE REVISED PHILIPPINE GOVERNMENT CHART OF ACCOUNTS (PGCA)
with International Public Sector Accounting Standards, the
implementation of the PGAS promulgated under COA Resolution No.
2006-006 dated January 31, 2006 and the revised PGCA prescribed under
COA Circular No. 2008-001 dated January 29, 2008, is hereby suspended
until the new set of standards are promulgated.
Government agencies which had converted their accounts using revised PGCA shall:
– convert the balance of all accounts to the Chart of Accounts used
before the implementation of COA Circular 2008-001 prescribing the
Revised PGCA; and– prepare the trial balance, financial statements and other reports for year 2008 using the said accounts.
Those agencies which are adopting the electronic New Government
Accounting System (e-NGAS) shall continue to use the Chart of Accounts
embedded therein.
Cased not covered in this Circular shall be referred to the
Government Accountancy Sector (GAS), this Commission, for resolution.
This Circular shall take effect immediately.
Adopted: 24 Dec. 2008
(SGD.) REYNALDO A. VILLAR
Chairman
(SGD.) JUANITO G. ESPINO, JR.
Commissioner