Looking back: How should the information required by RR-15 2010 be presented in the financial statements?

In 2010, The Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) 15-2010 which prescribes additional disclosures on taxes, duties and license fees on the Notes to Financial Statements in addition to the disclosures mandated by the Philippine Financial Reporting Standards (PFRS).

Preparers and auditors of financial statements’ dilemma that time is “how should these be presented in the financial statements?”.  Many have searched for a standard template of the disclosure.


In various public dialogues conducted by the BIR for the implementation of the RR 15-2010, numerous tax practitioners and accounting associations requested for a template/standard format that can guide them in complying with the requirements of the said regulation.  In view of those appeals, Revenue Memorandum Circular (RMC) 17-2011