10.4 Financial Reports and Statements

The C/M Accountant shall prepare the following year-end financial statements in four copies, within 60 days after the close of the year:

a. Statement of Financial Position
b. Statement of Financial Performance
c. Statement of Net Assets/Equity
d. Statement of Cash Flows
e. Statement of Comparison of Budget and Actual Amounts
f. Notes to Financial Statements

These shall be distributed as follows:

Original

Duplicate copy

Triplicate copy

Quadruplicate copy
-

-

-

-
to the COA Auditor concerned

to the Sangguniang Panglunsod or Bayan

to the SB

to the C/M Accountant

10.4.1 Statement of Financial Position (Annex 35). This financial statement shows the assets, liabilities and government equity.

10.4.2 Statement of Financial Performance (Annex 36). This statement shows the receipts or revenues and expenses of the barangay. This shall be prepared monthly to represent as the Statement of Receipts and Expenditures and submitted 30 days after the close of each month, copy furnished the Auditor.

10.4.3 Statement of Net Assets/Equity (Annex 37).This statement shows changes in net assets/equity and shall present the following items on the face of the statement:

(a) Surplus or deficit for the period;
(b) Each item of revenue and expense for the period that is recognized directly in net assets/equity;
(c) For each component of net assets/equity separately disclosed as effects of changes in accounting policies and corrections of error.

10.4.4 Statement of Cash Flows (Annex 38) This presents all cash transactions of the barangay classified under operating, investing and financing activities.

10.4.5 Statement of Comparison of Budget and Actual Amounts (Annex 39).This statement shows the comparison of budget (estimates of income and appropriation) and actual amounts of income and expenditures.

10.4.6 Notes to the Financial Statements (Annex 40) is an integral part that explains the items or accounts in the financial statements. It includes additional information to enhance the value of the financial data in the financial statements.



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