The New Government Accounting System (NGAS) has objectives as follows:
1. Simply government accounting;
2. Conform to international accounting standards;
3. Generate periodic and relevant financial reports for better monitoring of performance.
Aside from that, the are also subjects of government accounting that includes:
1. National Government – consisting departments, bureaus, commissions, boards, states colleges and universities.
2. Local Government – it includes provinces, chartered cities, municipalities, and barangays.
3. Government-owned or government controlled corporations – which were created by law to manage specific type of business.