Republic of the Philippines
Province of Negros Oriental
Municipality of Valencia
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2024
Note 1 – Profile
The LGU was created by virtue of Republic Act No. 252 dated June 14, 1948. North
of the Municipality is the town of Sibulan; on the east is the City of Dumaguete; on
the south, it shares its borders with the town of Bacong and Dauin; and on the western
boundary is the town of Sta. Catalina. The Municipality of Valencia has an area of
148.30 square kilometers. Its population was reported at 34,852 in the latest census
conducted by the Philippine Statistics Authority (PSA) as of August 1, 2015.
The LGU is envisioned to be a premiere tourist destination in Negros Oriental, an
ideal place to live which is blessed with God-given resources.
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 Philippine Public Sector Accounting Standards (PPSAS). 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
stated otherwise. The SCBAA and the Notes to the FS are integral components of the
FS of the Municipality. The Statement of Cash Flows is prepared using the direct
method.
Note 3 – Summary of significant accounting policies
3.1 Basis of accounting
The combined financial statements are prepared on an accrual basis in
accordance with the International Public Sector Accounting Standards
(IPSAS).
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