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COMMISSION ON AUDIT CIRCULAR NO.

75-14
TO

December 19, 1975

: All Heads, Chief Accountants and/or Heads of Accounting Units of National


Government Agencies or Offices, Including
Self-Governing Boards,
Commissions, State College and Universities, National Trade-Technical and
Industrial Schools, Agricultural and Rural Schools, National General Academic
High Schools and Other Vocational Schools, Provincial, City and Municipal
Emergency Hospitals, All Auditors and Others Concerned.

SUBJECT : Closing of the Books of Accounts of all Agencies or Offices of the National
Government as of December 31, 1975; June 30, 1976; and December 31, 1976;
relative to the Implementation of the Provisions of Presidential Decree No.777,
dated August 24, 1975 and Letter of Instructions No.348, dated December 19,
1975.
This circular is issued to provide guidelines to be observed by all agencies and/or offices
of the National Government in closing their books of accounts as of December 31, 1975; June
30, 1976; and December 31, 1976 in compliance with Presidential Decree No. 777 dated August
24, 1975. This decree as implemented by Letter of Instruction No. 348 dated December 19,
1975 changes the official fiscal year of the government from the period July first of each
calendar year to June thirtieth of the following year to the period January first to December
thirty-first of the calendar year.
All accounting policies and related procedures prescribed under existing accounting and
auditing rules and regulations applicable to the closing of the books of accounts of national
government agencies and/or offices at fiscal year end shall be followed. However, in closing the
books of accounts as of December 31, 1975, all unexpended balances of appropriations shall
not be closed or reverted to the unappropriated general fund as ordinarily is done. Consistent
with the above, the closing of the accounts as of December 31, 1975 shall be made and
presented in such a way that the debits and credits to all accounts closed shall be shown and/or
reflected in the trial balance for the succeeding periods by segregating those pertaining to the
period from July 1 to December 31, 1975 from those pertaining to the periods from January 1,
1976 to June 30, 1976 and from July 1 to December 31, 1976.
For uniformity in the preparation of financial statements, the following accounts that shall
have been closed with equal debits and credits shall appear in the trial balance as of January 1,
1976:
Obligations Incurred 0-82-000-0
Obligations Liquidated
Appropriations Allotted
(with the usual breakdown by Acts/Decrees)
Income (with the usual
breakdown)
Interfund Transfers
Surplus Adjustments

0-83-000-0
0-90-000-0
0-91-000-0
2-92-401-2
2-92-401-4
7-92-402-1

7-92-402-2
7-92-402-3
7-92-402-4
and shall continue to be maintained in the books of accounts of all agencies and reflected in
their respective trial balances for all succeeding months and/or quarters of the fiscal year ending
December 31, 1976 under the amended account titles, to wit:
Appropriations Allotted, (with usual breakdown)
7-1-75 to 12-31-75
1-1-76 to 6-30-76
7-1-76 to 12-31-76

0-90-000-0
0-90-000-0
0-90-000-0

Obligations Incurred,
7-1-75 to 12-31-75
1-1-76 to 6-30-76
7-1-76 to 12-31-76

0-82-000-0
0-82-000-0
0-82-000-0

Obligations Liquidated,
7-1-75 to 12-31-75
1-1-76 to 6-30-76
7-1-76 to 12-31-76

0-83-000-0
0-83-000-0
0-83-000-0

Interfund Transfers,
7-1-75 to 12-31-75
1-1-76 to 6-30-76
7-1-76 to 12-31-76

2-92-4012-92-4012-92-401-

Surplus Adjustments,
7-1-75 to 12-31-75
1-1-76 to 6-30-76
7-1-76 to 12-31-76

7-92-4027-92-4027-92-402-

Income (with the usual breakdown)


7-1-75 to 12-31-75
1-1-76 to 6-30-76
7-1-76 to 12-31-76

0-91-000-0
0-91-000-0
0-91-000-0

All statements and/or schedules that are ordinarily appended to support the agencies'
trial balances in accordance with the provisions of existing circulars and memoranda of this
Commission shall also be submitted together with the agencies' trial balances for each of the
fiscal periods ending December 31, 1975, June 30, 1976 and December 31, 1976, on or before
the twentieth day following the end of each fiscal period.

Failure on the part of those concerned to submit the trial balance of their agency within
the prescribed periods, shall be considered sufficient cause for the suspension of their salary
pursuant to Section 29, General Provisions, of Presidential Decree No. 733.
This circular takes effect December 31, 1975.
(SGD.) FRANCISCO S. TANTUICO, JR., Acting Chairman