NOTES TO FINANCIAL STATEMENTS
Note 1 – Profile
The Municipality of Bacong was officially recorded and published in the Spanish
Journal of 1801 as El Barangay de Bacong Pueblo de Dumaguete, Provincia de
Negros Oriental. It is believed that the barangay was made into a pueblo or town
sometime during the period 1849 – 1852 or in the years thereafter.
Bacong is a fourth-class Municipality. It is located on the southeastern coast of
Negros Oriental and is the first town located eight kilometers south of Dumaguete
City. The town has a total area of 4,126.67 hectares and consists of 22 barangays.
The Municipal government exercises powers that are necessary and appropriate for
its efficient and effective governance. It enjoys total independence in managing,
deciding and planning its own administrative, fiscal and development affairs in
conformity with the government’s thrust for a sustainable social and economic
growth through the preservation and enrichment of culture, promotion of health
and safety, maintenance of peace and order and the comfort and convenience of the
populace.
Note 2 – Statement of Compliance and Basis of Preparation of Financial Statements
The consolidated financial statements of the LGU have been prepared in
accordance with the International Public Sector Accounting Standards (IPSAS).
They are presented in pesos, which is the functional and reporting currency of the
LGU. The accounting policies have been applied since 2015.
The financial statements have been prepared on the basis of historical cost, unless
otherwise stated. The Statement of Comparison of Budget and Actual Amounts
and the Notes to Financial Statements are attached components of the FS of the
Municipality. The Statement of Cash Flows is prepared using the direct method.
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