August 2013 - Philippine Accounting Updates

Bitcoins – New generation virtual currency used in online transactions

Posted on August 27, 2013 by Orlando Calundan | 0 Comments

Friends of mine, also professional accountants, and I were talking about blogging and how can a blogger earn money in blogging and from using an internet when our conversation shifted to virtual currencies, which are currently used in the internet…

RMC 55-2013: Tax Rules and Obligations on Online Business Transactions

Posted on August 24, 2013 by Orlando Calundan | 3 Comments

Many of us buy and sell goods, virtual goods and services using a virtual marketplace called the Internet. More and more transactions are entered into online including, but not limited to: Internet is a big marketplace for tangible and intangible…

Financial Statements to Support An Application for A Licence to Transact Business in the Philippines

Posted on August 22, 2013 by ocalundan | 0 Comments

Foreign corporation and wants to do business in the Philippines? The Philippine Securities and Exchange Commission (SEC) has issued, Memorandum Circular No. 11, Series of 2013, Financial Statements to Support An Application for A Licence to Transact Business in the Philippines, has…

RMC 53-2013: Clarifying the Taxability of Donations given to Homeowners’ Association of Subdivisions and Villages

Posted on August 22, 2013 by Orlando Calundan | 2 Comments

Clarifying the Taxability of Donations given to Homeowners’ Association of Subdivisions and Villages The Bureau of Internal Revenue, on August 16, 2013, issued Revenue Memorandum Circular (RMC) No. 53-2013, Clarifying the Taxability of Donations given to Homeowners’ Association of Subdivisions and Villages.…

SEC Updated General Information Sheet (GIS) Forms

Posted on August 15, 2013 by Orlando Calundan | 2 Comments

Update: In 2019, the Securities and Exchange Commission (SEC) issued SEC Memorandum Circular (MC) No. 15 amending SEC MC No. 17, series of 2018 on the revision of the General Information Sheet to include Beneficial Ownership Information. Click here to…

Banks told to replace existing ATMs

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

Source: The Philippine Star MANILA, Philippines – Banks were ordered yesterday to replace existing automated teller machine (ATM) cards and machines with new ones between 2015 and 2017 in an effort to curb hacking incidents involving ATMs. The Bangko Sentral…

RMC 52-2013: Clarifying the Validity of Unused/Unissued Principal and Supplementary Receipts/Invoices Printed Prior to January 18, 2013

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

On August 13, 2013, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 52-2013, for another clarification on the validity of unused/unissued principal and supplementary receipts/invoices printed prior to January 18, 2013 and other matters. Among the matters clarified are: Principal…

Trending: Sustainability Assurance

Posted on August 13, 2013 by Orlando Calundan | 0 Comments

SUSTAINABILITY REPORTING Companies, nowadays, put emphasis on sustainability in their reporting to stakeholders as a means of providing information as to the viability of the business that help users in making economic decision. Emphasizing sustainability in corporate reporting enables a company…

RR 12-2013: Requirements for deductibility of certain income payments (expenses)

Posted on August 7, 2013 by Orlando Calundan | 9 Comments

As most of us maybe aware of, the Bureau of Internal Revenue (BIR) has required related withholding tax to be paid as a condition to deductibility of certain expenses. This was set forth in section 2.58.5 of the Revenue Regulations…

PFRS for SMEs: Q&A 2012/03: Fallback to IFRS 9 Financial Instruments

Posted on August 2, 2013 by Orlando Calundan | 0 Comments

As we all know, Philippine Financial Reporting Standards for Small and Medium-sized Entities (PFRS for SMEs) was adopted from International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs). Having said that, PFRS for SMEs and IFRS for SMEs…

Auditing and Assurance Standards Council (AASC) Website is live again!