In this research a documentary analysis between the General Government Accounting Manual (MGCG) of 14 November 2005 and the General Government Accounting Manual (MGCG) based on International Accounting Standards Public Sector (IPSAS) 30 is performed September 2014, under an overview of the Government Accounting System (SCG) of the Panamanian state, under the following criteria: legal basis and framework of government accounting, qualitative features, quantitative and restrictions to information, the public sector and their characteristics, basic aspects of government accounting, general plan of accounts, General Purpose Financial Reports (IFPG), obtaining the following conclusions: both manuals share attributed to the Comptroller General of the Republic (CGR) Constitutional and legal bases, Regarding the implementation of methods and accounting systems in the public sector, however, the current manual welcomes IPSAS and modernizing the SCG, but sharing qualitative characteristics indirectly related but are expressed indirectly, it should be noted one difference in the Accounts Plan implemented which reduced from 10 to 6 classes simplifying the accounting structure and facilitate the process of consolidation in the financial reports filed with the Comptroller General of the Republic, which suffered some modifications in the current handbook, the which not only incorporates the financial and budgetary aspect, but also describes the management, thus forming a comprehensive report.