Philippine Accounting Updates

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!

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

The website of the Auditing and Assurance Standards Council (AASC) (http://www.aasc.org.ph) has been down for quite a sometime due to suspension by its web hosting service. Good news! The website is now live and we can now access the material we need…

PIC Q&A No. 2012-01: Pooling of interests method on common control business combination

Posted on July 30, 2013 by Orlando Calundan | 0 Comments

PIC Q&A No. 2012-01: PFRS 3.2 – Application of the Pooling of Interests Method for Business Combinations of Entities under Common Control in Consolidated Financial Statements was approved by Financial Reporting Standard Council and is effective for annual financial statements beginning on or…

PIC Q&A No. 2012-02: Cost of a new building constructed on the site of a previous building

Posted on July 30, 2013 by Orlando Calundan | 0 Comments

In Year 1, ABC Company acquired a land with a building for a basket price of P100 million and have allocated the cost based on relative fair market value. The costs of the land and the building as allocated are…

Revised PAS 19 (PAS 19R) Employee Benefits Technical Summary

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

The Revised Philippine Accounting Standards (PAS) 19, Employee Benefits (PAS 19R), has became effective or applicable for financial reports beginning on or after January 1, 2013. This means that all companies with calendar year ending December 31, 2013 shall fully apply the…

Getting to Know PFRS 13, Fair Value Measurements

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

In accounting context, fair value is not an out-of-this-world term. In fact, we see only few financial statements that do not use fair value in recognition and measurement of their financial statement items and most of them are SMEs. Philippine…

IASB publishes Guide for Micro-sized Entities Applying the IFRS for SMEs

Posted on June 30, 2013 by Orlando Calundan | 6 Comments

On June 27, 2013, the International Accounting Standards Board (IASB) issued a Illustrative Guidance entitled “A Guide for Micro-sized Entities Applying the IFRS for SMEs (2009)”, which, by the title itself, provides guidance in applying the International Financial Reporting Standard for Small…

Applicability of SMEIG Final Q&As on the application of IFRS for SMEs to Philippine SMEs

Posted on June 24, 2013 by Orlando Calundan | 0 Comments

The Philippine Interpretations Committee (PIC) approved Q&A No. 2013 – 01 on June 30, 2013 which deals with the applicability of SME Implementation Group (SMEIG) Q&As on Philippine SMEs. Q&A No. 2013 – 01 clarifies the following: All Q&As except Q&A 2011/01 and Q&A 2011/02 can be applied…

RR 11-2013: Submission of the Certificate of Compensation Payment/Tax Withheld (BIR Form 2316) for Employees Qualifying Substituted Filing

Posted on June 19, 2013 by Orlando Calundan | 41 Comments

On May 20, 2013, the Bureau of Internal Revenue issued Revenue Regulation (RR) 11-2013 entitledFiling/Submission of Hard Copy of the Certificate of Compensation Payment/Tax Withheld (BIR Form 2316) Covering Employees Who are Qualified for Substituted Filing, thereby Amending Revenue Regulations…

RMC 44-2013: Extension of Validity of Unused/Unissued Principal and Supplementary Receipts and Invoices

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

Extension of Validility of Receipts/Invoices UPDATE: On August 13, 2013, the Bureau of Internal Revenue 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…

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