By Adam SaligumbaIt was a grand slam of sorts for the local government unit of Loon when its Electronic New Government Accounting System (e-NGAS) brought home an award in each of the four categories given by the Commission on Audit during the 2nd e-NGAS Users' Circle Conference (for Visayas-Mindanao Area) held at the Sulu Hotel, Quezon City on Nov. 22, 2007.Loon Mayor Lloyd … The shift to NGAs was made in response to the following need: 1. The statement of purpose is about pursuing continuous improvement to be •FAF (Financial Accounting Foundation) created the Governmental Accounting Standards Board (GASB) in 1984 which replaced the NCGA in setting accounting principles for governments. Accounting Framework in a Typical LIC – Main Issues. Lack of clarity on the ‘reporting entity’ concept for consolidation of annual accounts No ledger-based double entry system. •GASB is composed of 7 members with various backgrounds including state and local governments, public accounting, academe, and user groups. Thus, data drives our need to be . With this new development, the Commission on Audit (COA), under the new 1987 Constitution, promulgated the New Government Accounting System in the Philippines (NGAs) for use by all government agencies. Accounting.. is an information system that... measures business activities, processes information, and... communicates financial information. Accounting – The Language of Business Accounting is the information system that... measures business activities, processes data into reports, and communicates results to decision makers. Electronic New Government Accounting System - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. 7. – The New Government Accounting System Manual presents the basic policies and procedures; the new coding system and chart of accounts; the accounting books, reports/forms and financial statements, and illustrative accounting entries to be … etc 1. well-informed. Prepare for financing (loans) Quality financial management offers many benefits to you as a business owner. For governmental entities to ensure the proper segregation of resources and to maintain proper accountability, an entity's accounting system should be organized and operated on a fund basis. NGAS’ introduced: Basic policies and procedures New coding system Accounting system, books, registries, records, FS. IX-D of the 1987 Constitution, … Lack of a comprehensive chart of accounts (or a detailed coding system with various segments) Substantial delay in annual accounts preparation. Accrual Accounting (modified) 2. NEW GOVERNMENT ACCOUNTING SYSTEM(NGAS) REPEALING CLAUSE • The Manual on the New Government Accounting System replaces the Government Accounting and Auditing Manual (GAAM), Volume II, prescribed under COA Circular No. The GAM will supersede the New Government Accounting System (NGAS) Manual that national government agencies have been using since 2002. 01. 91-368, dated December 19, 1991.. LEGAL BASIS • On October 30, 2001, based on the authority granted under Sec. Business intelligence is about effectively managing critical data assets and its transformation into information in such a way that drives strategic planning, executive decision-making, and management reporting throughout your organization.. 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