Republic of the Philippines
Province of Negros Orienta l
Municipality of Zamboanguita
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
Note 1 – Profile
The LGU was created by virtue of Executive Order No. 37 dated May 1, 1908. It
is a fourth-class Municipality located in the southeastern coast of Negros Oriental,
and is the third town located 28 kilometers south of Dumaguete City. It has a total
land area of 15,139 hectares, mostly devoted to farming and other agricultural
activities. Its population was reported at 27,552 in the census of the Philippine
Statistics Office in CY 2015.
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.
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 (PPSAS).
They are presented in Philippine pesos, which is the functional and reporting
currency of the LGU. The accounting policies have been applied since 2015.
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).
3.2 Consolidation
The controlled entities (funds) are all those over which the controlling
entity has the power to govern the financial and operating policies.
Inter-group transactions, balances, and unrealized gains and losses on
transactions between entities and funds are eliminated in full.
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