Accounting Updates Archives - Philippine Accounting Updates

Online transactions and withholding tax in the “new normal”

Posted on July 28, 2020 by Orlando Calundan | 0 Comments

Well, this corona virus pandemic (more popularly known as COVID-19) has changed the way we live, especially the activities we used to do, the places we used to go, the people we usually hang out with, and oh, even transactions…

CRYPTO: Taxation on crypto-assets

Posted on September 8, 2019 by Arlan V. | 0 Comments

Previously: Accounting for non-monetary asset? and Valuation of crypto (in the context of IFRS 13). Levies on Crypto Outside PH Tax Authority Tax law and crypto have one thing in common. According to a leading crypto digital thinktank, Crypto Research…

CRYPTO: Valuation of crypto (in the context of IFRS 13)

Posted on August 1, 2019 by Arlan V. | 0 Comments

Updates on previous article (CRYPTO: Accounting for non-monetary asset?) Philippine Interpretations Committee (PIC) Q&A, February 2019The Philippine Interpretations Committee (PIC) approved PIC Q&A No. 2019-02 discussing Accounting for Cryptographic Assets in February 2019. The four (4) possible subsets of crypto-assets…

Accounting for crypto-assets: Philippine perspective

Posted on July 14, 2019 by Orlando Calundan | 0 Comments

We previously published CRYPTO: Accounting for non-monetary asset? which detailedly discussed background of cryptographic assets and it’s accounting, with an initial take on its applicability in the Philippine setting. While we emphasized that there is currently no clear guidance as…

CRYPTO: Accounting for non-monetary asset?

Posted on July 14, 2019 by Arlan V. | 0 Comments

Background As you may have already knew, crypto-assets first gained traction (with the name ‘Bitcoin’ a.k.a. the ‘digital’ gold) following the 2008/9 global financial crisis – created by people who lost their trust and respect to governments and central banks.…

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…

Amendments to PAS 16 and PAS 41 for bearer plants

Posted on August 7, 2014 by Orlando Calundan | 0 Comments

The requirement of the existing Philippine Accounting Standards (PAS)* 41 Agriculture, is to measure biological assets and agricultural produce at fair value less cost to sell, except for biological assets where fair value cannot be measured reliably, in which case, should…

IFRS 15 Download and Learning Resources

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

Recently, the International Accounting Standards Board and the Financial Accounting Standards Board of US jointly issued a converged revenue standard. International Financial Reporting Standards 15, Revenue from Contracts with Customers, is effective January 1, 2017. IFRS 15 replaces the following standards…

IFRS 15 – Revenue from Contracts with Customers (final revenue standard)

Posted on June 9, 2014 by Orlando Calundan | 0 Comments

International Financial Reporting Standards (IFRS) 15 specifies how and when an entity will recognize revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step…

International Integrated Reporting <IR> Framework Finally Released

International Integrated Reporting Framework Finally Released

Posted on December 11, 2013 by Orlando Calundan | 0 Comments

Last September 2013, we brought to you our thoughts on the integrated reporting in our article “Integrated Reporting: The future of corporate reporting“. We have discussed what is integrated report and integrated reporting and how it will shape the future…

Integrated Reporting: The future of corporate reporting

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

Financial reports, sustainability reports, annual reports – these are some amongst the wide variety of corporate reports being published by an entity for the benefit of its stakeholders. Actually, talking about regulatory requirements and other voluntary filings, there are hundreds…

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