This section of the Operations Manual aims to:
- provide general guidelines in the recognition, recording and reporting of financial transactions;
- ensure transparent and reliable financial reporting;
- provide guidelines for an adequate internal control process of CAI-Asia
Financial statements shall be prepared in accordance with the modified cash basis of accounting. Under the modified cash basis of accounting, income is recognized when cash is received rather than when earned and expenses are recognized when paid rather than when incurred. Cash advances paid are recognized as assets. The cost of property and equipment acquired is also recognized as an asset and depreciated over its estimated useful economic life.
The functional currency of the Center shall be determined based on the currency of its primary economic environment or the currency of the environment which the Center primarily generates and expends cash.
The Center’s transactions will be recorded in their original currency and translated into US Dollars (USD) and Philippine Pesos (PhP) for reporting purposes.
The Finance and Administrative Services (FAS) is responsible for the overall monitoring, control and reporting of financial transactions. While the Finance section will be outsourced to a third-party services provider which shall be responsible for the day-to-day recording and monitoring of financial transactions, it shall be under the direct supervision and control of the Head of FAS. The Head of FAS shall regularly report the Center’s financial status to the Executive Director.
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