Objectives of New Government Accounting System (NGAS) and Subjects of Government Accounting

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.