April 2012 - Philippine Accounting Updates

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…

SEC Financial Reporting Bulletin 6 to 12 (SRC Rule 68)

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

On February 16, 2012, the Securities and Exchange Commission issued Financial Reporting Bulletins 1 to 5 to assist corporations and their accountants/auditors in complying with their financial reporting obligations, and to ensure consistency of implementation. Download SEC Financial Reporting Bulletins 1 to 5…

Definition (application) of undue cost or effort in the context of PFRS for SMEs

Posted on April 10, 2012 by Orlando Calundan | 0 Comments

In applying the provisions of PFRS for SMEs, some uses the “undue cost or effort” as a ground for exemption on complying with the recognition, measurement or disclosure requirements. But what really is undue cost or effort in the context…

E-filing of the New Tax Forms (1700, 1701, 1702) Excel and Interactive Form

Posted on April 10, 2012 by Orlando Calundan | 16 Comments

On April 3, 2012, the Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) No. 15-2012 prescribing additional guidelines in the filing, receiving and processing of taxable year 2011 Income Tax Returns (lTRs) and their attachments prescribed under Revenue Regulations (RR) No.…

2010 Top 500 Corporate (Non-individual) and Individual Taxpayers in the Philippines

Posted on April 4, 2012 by Orlando Calundan | 0 Comments

Have you ever wondered who are the top income tax payers in the Philippines for the year 2010? You might be surprised finding out that the Company you are working for, the individuals you idolized and known well, or even…

BIR and SEC Schedule of Filing of 2011 Financial Statements

Posted on April 3, 2012 by Orlando Calundan | 5 Comments

While everyone is rushing for the completion of their 2011 financial statements, income tax returns and other reportorial requirements this season, we remind everyone to file them early for you to avoid the hassle and trouble of late filing especially…

Format for Supplementary Information Required Under RR 19-2011 and 15-2010

Posted on April 3, 2012 by Orlando Calundan | 0 Comments

Accountants and Auditors are now rushing on finalizing financial statements for filing with the regulatory bodies and other interested parties. Two of the required disclosures in the notes to the financial statements are supplementary information required under Revenue Regulations (RR)…

Revised Statement of Management Responsibility for Financial Statements

Posted on April 2, 2012 by Orlando Calundan | 10 Comments

Relative to the issuance of the amended SRC Rule 68, the Statement of Management Resposibility for Financial Statements now reads as follow:

PFRS for SMEs: Simplified measurement of defined benefit obligation discounted?

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

With the implementation of PFRS for SMEs to those qualified entities, questions were raised as to whether the simplifications in the measurement of the defined benefit obligation also imply that discounting is no longer necessary. Different sectors have different interpretations…

SEC Financial Reporting Bulletin 1 to 5 (SRC Rule 68)

Posted on April 2, 2012 by Orlando Calundan | 8 Comments

After the release of the Securities Regulation Code (SRC) Rule 68, as Amended (2011), the Office of the General Accountant of the SEC issued Financial Reporting Bulletin Nos. 1 to 5 to assist corporations and their accountants/auditors in complying with their…

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Philippine Accounting Updates

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Month: April 2012