2013 - Philippine Accounting Updates

International Integrated Reporting <IR> Framework Finally Released

International Integrated Reporting Framework Finally Released

Posted on December 11, 2013 by Orlando Calundan | 0 Comments

Last September 2013, we brought to you our thoughts on the integrated reporting in our article “Integrated Reporting: The future of corporate reporting“. We have discussed what is integrated report and integrated reporting and how it will shape the future…

BODs and Key Officers of Listed Companies to Attend Corporate Governance Trainings

Posted on December 9, 2013 by Orlando Calundan | 0 Comments

Requirement to File Annual Corporate Governance Report The Securities and Exchange Commission (SEC) has recently, in March 2013, mandated all listed companies to submit Annual Corporate Governance Report (ACGR), subject to the following guidelines: Three copies of a fully accomplished ACGR…

Call for Help for Typhoon Yolanda Victims, Where to Donate?

Posted on November 10, 2013 by Orlando Calundan | 2 Comments

Just two (2) days ago, the country, specifically on the Visayas part, was extremely devastated by the super Typhoon Yolanda and the effect of this devastation was horrible. Homes submerge underwater, totally destroyed, many lives where taken away, some where…

Posting of Annual Corporate Governance Report in Company websites mandated by SEC

Posted on November 1, 2013 by Orlando Calundan | 0 Comments

On October 2, 2013, the Philippine Securities and Exchange Commission (SEC) mandated the posting of the Annual Corporate Governance Report in companies’ websites for all listed entities. Such mandate arose from the need of additional source materials for the peer…

Amendments/Updates to PFRS for SMEs effective 2013 onwards

Posted on October 29, 2013 by Orlando Calundan | 0 Comments

It’s been years since the IASB issued a new financial reporting standards for Small and Medium-sized Entities (SMEs) in 2009 – the International Financial Reporting Standards for SMEs (IFRS for SMEs), which adopted in the Philippines as PFRS for SMEs. The…

Landing Jobs for New CPA Board Exam Passers

Posted on October 15, 2013 by Orlando Calundan | 0 Comments

October 2013 CPA Board Exam has again concluded. Congratulations to the passers and welcome to the profession! (Even though the results will be publish only on October 21, 2013) Passing the CPA Board Examination alone is already an edge over…

2012 Top 500 Individual Taxpayers Released by the BIR

Posted on October 15, 2013 by Orlando Calundan | 0 Comments

Yesterday, October 14, 2013, the Bureau of Internal Revenue (BIR) released the list of top 500 individual taxpayers. The list was topped Vivian Que-Azcona who is said to be the owner of Mercury Drug drugstore chain replacing Kris Aquino who topped…

October 2013 CPA Board Examination Results (Passers/Top Notchers/School Performances)

Posted on October 14, 2013 by Orlando Calundan | 0 Comments

Finally results is released! It’s October 2013 again and everyone is excited on the results of the Certified Public Accountants (CPA) Licensure Examination (also called CPA Board Examination) in the Philippines. CPA BOARD EXAM RESULTS FOR OCTOBER 2013 WILL BE…

New SSS contribution table effective January 2014

Posted on October 8, 2013 by Orlando Calundan | 0 Comments

The Social Security System (SSS) has issued a new shedule of Social Security (SS) and Employees’ Compensation (EC). This new schedule of contribution is effective starting the applicable month of January 2014. Please check the new contribution table below.

Obligations of Hopitals, Clinics, HMOs to Withhold Taxes from Medical Practitioners

Posted on September 29, 2013 by Orlando Calundan | 1 Comment

Medicine is one of the professions where the Bureau of Internal Revenue (BIR) looks at when it comes to tax non-compliance. We are not saying that doctors and other medical practitioners like the dentists who are responsible for a complete…

2014 Schedule of Filing of Annual Financial Statements with December 31, 2013 Yearend

Posted on September 29, 2013 by Orlando Calundan | 0 Comments

The Securities and Exchange Commission (SEC) has posted in its website SEC Memorandum Circular No. 16, Series of 2013 dated September 13, 2013 setting forth the schedule of filing of the annual financial statements (AFS) of companies with fiscal year…

Wage Order No. NCR-18 Increasing Minimum Wage by P10 Effective October 4, 2013

Posted on September 24, 2013 by Orlando Calundan | 0 Comments

Finally, the Ten (10)-peso increase in minimum wage in Metro Manila (wage hike) has now issued with Wage Order No. NCR-18 which will take effect on October 4, 2013. The Regional Tripartite Wages and Productivity Board (RTWPB) of the National Wages and Productivity Commission has finally posted the…

Philippine Accounting Updates

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Year: 2013