September 2014 - Philippine Accounting Updates

IAS 16 & 38 Amendment – Revenue-based depreciation not appropriate

Posted on September 25, 2014 by Orlando Calundan | 0 Comments

A variety of depreciation methods can be used to allocate the depreciable amount of an asset on a systematic basis over its useful life, in accordance with International Accounting Standards (IAS) 16 Property, Plant and Equipment. These methods include the straight-line method,…

Equity method of accounting in Separate Financial Statements now allowed

Posted on September 18, 2014 by Orlando Calundan | 1 Comment

Doesn’t this sounds interesting? Equity method of accounting in the separate financial statements are now allowed which will help some jurisdictions move to (International Financial Reporting Standards (IFRS) for separate financial statements, reducing compliance costs without reducing the information available to…

October 2014 CPA Board Exam Schedule of Subjects

Posted on September 18, 2014 by Orlando Calundan | 3 Comments

It’s not so long ago when the last CPA licensure/board examination took place last July 2014, yet, another is going to take place this October 2014. The results of the July 2014 CPA made noise due to the unexpected or…

Withholding tax on compensation – most common computation error

Posted on September 17, 2014 by Orlando Calundan | 0 Comments

Well, we might be aware that minimum wage earners (MWE), among others, who are earning purely compensation income are not subject to income tax and therefore not subject to withholding tax while those who are earning above minimum, except those…

Extension of and penalty for noncompliance on website template for listed companies

Posted on September 10, 2014 by Orlando Calundan | 0 Comments

We wrote an article regarding the required disclosure on the website of listed company mandated by Philippine Securities and Exchange Commission (SEC) promote a better corporate governance environment for publicly-listed companies. This was embodied in the SEC Memorandum Circular No. 11,…

BIR mandated the use of eBIRForms by non-EFPS filers

Posted on September 9, 2014 by Orlando Calundan | 86 Comments

The Bureau of Internal Revenue (BIR), today, published Revenue Regulations (RR) No. 6-2014, Prescribing the Mandatory Use of Electronic Bureau of Internal Revenue Forms (eBIRForms) in Filing of All Tax Returns by Non-Electronic Filing and Payment System (Non-eFPS) Filers Particularly Accredited…

Revenue regulation increasing withholding tax rates drafted by BIR

Posted on September 8, 2014 by Orlando Calundan | 2 Comments

It has already became a part of our regular business process to withheld taxes on certain income payments to individuals and juridical persons as required by the Bureau of Internal Revenue (BIR). The laws and regulations covering withholding taxes has…

Tax and other incentives to PEZA-registered Economic Zone enterprises

Posted on September 4, 2014 by Orlando Calundan | 0 Comments

Philippine Economic Zone Authority (PEZA) – attached to the Department of Trade and Industry – is the Philippine government agency tasked to promote investments, extend assistance, register, grant incentives to and facilitate the business operations of investors in export-oriented manufacturing and service…

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Philippine Accounting Updates

Your reliable source of accounting, tax and related updates

Month: September 2014