Government Accountants, Budget Officers, Treasurers and Auditors’ Forum
These latest circulars from COA include the updated guidelines on the capitalization threshold for LGUs, expansion of coverage for advertising expenses and suspension of COA circular on the list of documentary requirements for common government transactions.
These updates include the latest guidelines on fund release, COVID-19 compensation, disposal of government properties and treatment of multiple part-time employment.
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On March 8, 2021, the Commission on Audit (COA) and the Department of Budget and Management (DBM) issued a Joint Circular (JC) prescribing the updated policies of the government with regards to accounts payables (A/Ps) that remain outstanding for two (2) years or more. [ad_1] The newly-issued JC aims to prescribe implementing guidelines for Executive Order No. 87 which was signed by President Duterte on August 13, 2019. All accounts payable of national government agencies (NGAs) and government-owned and controlled corporations (GOCCs) maintaining Special Account in the General Fund (SAGF) are covered by the JC except for: 1) trust or...
