Republic of the Philippines
Province of Negros Oriental
Municipality of Dauin
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2024
Note 1 – Profile
The Municipality was created on January 13, 1908 by virtue of Executive Order
No. 37. It is located 15 kilometers south of Dumaguete City, the capital of the
Province of Negros Oriental, and comprises approximately 14,433 hectares of land.
Its population was reported at 27,786 in the latest census conducted by the
Philippine Statistics Authority (PSA) on August 1, 2015. It is classified as a fourth
class Municipality and has 23 component barangays.
Pursuant to RA No. 7160, known as the Local Government Code of 1991, the
Municipality, like other local government units, enjoys total independence in
managing, deciding and planning its own administration, fiscal and development
affairs in conformity with the national government’s thrust for sustainable social
and economic growth.
The LGU exercises powers necessary, appropriate, or incidental for efficient and
effective governance, and those which are essential to the promotion of the general
welfare. It ensures and supports, among other things, the preservation and
enrichment of culture, promotes health and safety, enhance the right of the people to
a balanced ecology, encourage and support the development of appropriate and self-
reliant scientific capabilities, improve public morals, enhance economic prosperity
and social justice, promote full employment among their residents, maintain peace
and order, and preserve the comfort and convenience of their inhabitants.
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 CY 2015.
The financial statements have been prepared on the basis of historical cost, unless
stated otherwise. The SCBAA and the Notes to FS are attached components to the
FS of the Municipality. The Statement of Cash Flows is prepared using the direct
method.
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