Notes to Financial Statements
(All amounts in Philippine Peso unless otherwise stated)
Note 1. Profile
The Municipality of Pamplona was created by virtue of Republic Act No.535 dated
June 16, 1950. It is located 38 kilometers northwest of Dumaguete City and
comprises approximately 21,683 hectares of land mostly devoted to agricultural
activities. Its present population was reported at 37,596 as of August 9, 2015 per
Philippine Statistics Authority latest census.
The Municipality of Pamplona is envisioned as an economically viable, sustainable
and ecologically balanced municipality where its constituents enjoy the fruits of
growth and development through accountable and transparent local governance of
the incumbent elected officials.
Note 2. Basis of Financial Statement Preparation
The consolidated financial statements of the Pamplona have been prepared in
accordance with and compliance with the International Public Sector Accounting
Standards (IPSAS). The consolidated financial statements are presented in pesos,
which is the functional and reporting currency of the LGU.
Note 3. Summary of Significant Accounting Policies
3.1 Basis of Accounting
The financial statements are prepared on an accrual basis in accordance with
the IPSAS.
3.2 Consolidation
The LGU maintains special accounts under the General Fund for the
following economic enterprises it operates.
3.3 Revenue recognition
Revenue from non-exchange transactions
Taxes, fees, and fines
The LGU recognizes revenues from taxes and fines when the event occurs
10
