2012 - Philippine Accounting Updates

RR No. 12-2012 Deductibility of Depreciation and Other Related Expenses of Vehicles

Posted on December 23, 2012 by Orlando Calundan | 0 Comments

Revenue Regulations (RR) No. 12-2012, dated October 12, 2012, prescribes the rules on the deductibility of depreciation expenses as it relates to purchase of vehicles and other expenses related thereto, and input taxes allowed therefor. Read also Revenue Memorandum Circular…

New PhilHealth Premium/Contribution Table effective 2013

Posted on November 30, 2012 by Orlando Calundan | 3 Comments

Pursuant to PhilHealth Circular No. 057, series of 2012 issued by the Philippine Health Insurance Corporation, the following table will be used in determining the PhilHealth premium contributions of employer and employee:

RR No. 14-2012 Proper Tax Treatment of Interest Income Earnings on Financial Instruments and Other Related Transactions

Posted on November 24, 2012 by Orlando Calundan | 15 Comments

In doing business, individuals and companies usually earn interest income. These interests income may be derived from investments and deposits that are often called in accounting as financial instruments. These interests might be derived from deposits in banks and other…

Electronic BIR Forms (eBIRForms) are Now Available

Posted on November 15, 2012 by Orlando Calundan | 0 Comments

Not so long ago after the release of the Bureau of Internal Revenue (BIR) Interactive Forms, now, the BIR released the Electronic BIR Forms (eBIRForms). The roll out was made last October 16, 2012. What are eBIR Forms?

Wage Order No. 17 & RMC No. 76-2012: Daily Minimum Wage Rates in the National Capital Region

Posted on November 2, 2012 by Orlando Calundan | 0 Comments

Wage Order No. 17 was issued on May 17, 2012 to providing a Cost of Living Allowance (COLA) and integrating the existing COLA of P22.00 into the basic wage in the National Capital Region (NCR). This wage order effectively increased…

ED: Disclosure Guidelines on Retirement Benefit Funds

Posted on October 18, 2012 by Orlando Calundan | 0 Comments

The Securities and Exchange Commission has issued an Exposure Draft (ED) on disclosure guidelines on retirement benefit funds which is open for public comment until November 14, 2012. What does the ED require? The ED enumerated the minimum disclosure requirements…

October 2012 CPA Board Exam Results (Passers/Topnotchers/School Performances)

Posted on October 15, 2012 by Orlando Calundan | 0 Comments

Source: PRC Website (http://www.prc.gov.ph/news/?id=414) Below are the related links to downloads that contain the results of the 2012 CPA examination: Full text of the Official Result of October 2012 Certified Public Accountants Licensure Examination Performance of schools in the October…

2013 SEC Schedule of Filing of Annual Financial Statements (AFS)

Posted on September 17, 2012 by Orlando Calundan | 0 Comments

The schedule for filing of Annual Financial Statements (AFS) in 2013 to the Securities and Exchange Commission (SEC) with year ending December 31, 2012, set forth in SEC Memorandum Circular No. 7, Series of 2012, was released dated September 7, 2012. Following…

The Philippines’ 40 Richest (Forbes)

Posted on June 23, 2012 by Orlando Calundan | 0 Comments

Source: Business World (06/22/2012) TYCOON Henry S. Sy, Sr., the man behind the SM Group of Companies, has retained his position as the country’s richest man, according to Forbes’ annual Philippines’ 40 Richest List. Mr. Sy, 87, chairman of conglomerate…

SEC Defers Implementation of New Accounting Standards (PFRS 9)

Posted on May 31, 2012 by Orlando Calundan | 0 Comments

Source: Daily Tribune (5/31/2012) IMPLEMENTATION of new rules covering corporate financial reporting has been deferred by the Securities and Exchange Commission (SEC). The regulator, following an en banc meeting last May 24, released a memorandum stating that the effectivity date of…

May 2012 CPA Board Exam Results (Passers/Topnotchers/School Performances)

Posted on May 23, 2012 by Orlando Calundan | 0 Comments

October 2012 CPA Board Exam Results Available Here! The Professional Regulation Commission (PRC) announces that 1,995 out of 5,315 passed the Certified Public Accountant Licensure Examination given by the Board of Accountancy in the cities of Manila, Baguio, Cagayan De…

New Quarterly Income Tax Returns (1702Q and 1701Q)

Posted on April 16, 2012 by Orlando Calundan | 81 Comments

Some of us may have already filed our income tax returns in the new format prescribed by the Bureau of Internal Revenue (BIR). These new tax returns may be downloaded here. You can also visit in the list of all…

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Year: 2012