Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Reporting requirements.
SEC. 120. Reporting requirements. —The Commission shall issue the pertinent accounting rules and regulations whenever the reporting requirements to be prescribed by the Budget Commission pursuant to the budget law affect accounting functions of the various agencies of the government.
Financial reports and statements.
SEC. 121. Financial reports and statements. —(1) The financial reports prepared by the agencies shall comply with the specific requirements of applicable laws regulations as to nature, accounting basis, content, frequency, and distribution as well as with all applicable restrictions pertaining to information that is classified for national security purposes. (2) The financial statements shall be based on official accounting records kept in accordance with law and the generally accepted accounting principles and standards.
Submission of reports.
SEC. 122. Submission of reports. —Whenever deemed necessary in the exigencies of the service, the Commission may under regulations issued by it require the agency heads, chief accountants, budget officers, cashiers, disbursing officers, administrative or personnel officers, and other Responsible officials of the various agencies to submit trial balances, physical inventory reports, current plantilla of personnel, and such other reports as may be necessary for the exercise of its functions. (2) Failure on the part of the officials concerned to submit the documents and reports mentioned herein shall automatically cause the suspension of payment of their salaries until they shall have complied with the requirements of the Commission. (3) No appropriation authorized in the General Appropriations Act shall be available to pay the salary of any official or employee who violates the provisions of this section, without prejudice to any disciplinary action that may be instituted against such official or employee.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).