Non-compliance with IPSAS 41 on Financial Instruments
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency did not follow the new accounting standard for financial instruments, so its reported financial assets are not accurate, and the required notes are missing, making the financial statements misleading.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"The requirements of the International Public Sector Accounting Standard (IPSAS) 41 on Financial Instruments were not complied with, thus, the balances of various financial asset accounts totaling P58.836 billion as at December 31, 2023, are misstated by undetermined amounts. Additionally, the Notes to the consolidated financial statements did not adequately disclose the information required by IPSAS 30 related to these financial assets."