The CDA Board of Administrators in their meeting on September 22, 2007 approved the Standard Chart of Accounts or SCA for Producers Cooperatives and other Cooperatives with Production or Manufacturing Operations per Resolution No. 259, Series of 2007.
The SCA is being prescribed to provide guidelines in the use of accounts and account titles in the preparation of financial statements. Specifically the purposes of these are the following:
- ensure uniformity and common understanding of accounts;
- guide in the installation of accounting and internal control systems;
- facilitate the conduct of audit;
- enhance transparency;
- set standards and discipline in measuring the financial safety and soundness;
- facilitate the analysis and evaluation of financial management performance; and
- provide basis in monitoring, supervision and business linkages
This SCA has passed through series of consultations and public hearings conducted nationwide.
This endeavor is realized through the financial assistance provided by the CHF International in all the activities related to this and through the technical assistance shared by the CDA´s partner organizations in cooperative development, the PUP and the PICPA. Various primary cooperatives who are also part of this undertaking are the Sorosoro Ibaba Devt. Co-op, Kaakbay Entreworkers Co-op, Cavite Farmers Feedmilling and Marketing Coop, National Federation of Coops of Person with Disability, Minalin Poultry & Livestock BANGKOOP, & NE Seed Growers MPC. The participation of the Punongbayan & Araullo CPAs is also solicited in developing this SCA.