Improper Adjustment of Accumulated Surplus for Cebu City Payment
National Housing Authority · 2022
This summary was generated automatically from the source document and may contain errors. It is not an official interpretation and should not be relied upon as legal guidance. Review the original excerpt and source document to verify before citing or acting on it.
What Happened?
Category: Financial ReportingIssue: MisstatementAccumulated surplus was adjusted to correctly reflect a payment received from a local government unit for a slum upgrading project.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Receivables, net includes the reclassification from Non-current to Current portion (see Notes 5.1 and 31.2.2). It also includes restatement with Accumulated surplus account to adjust payment made by the City Government of Cebu for the Slum Upgrading Project (Hipodromo) amounting to P49,266."