PRC BOA's Rules on Financial Statements Preparation Take Effect for 2015 Financial Statements

21 Jan 2016

This Accounting Alert is issued to provide information about the recent Board of Accountancy (BOA) Resolution No. 3-2016 dated January 19, 2016. The BOA has signed the rules on the preparation of the Certificate of Compilation Services for the Preparation of Financial Statements (FS) and Notes thereto ("the Certificate"). 

Amendments to IAS 12

20 Jan 2016

The IASB has issued 'Recognition of Deferred Tax Assets for Unrealised Losses' which makes narrow-scope amendments to IAS 12, Income Taxes (the Amendments). The focus of the Amendments is to clarify how to account for deferred tax assets related to debt instruments measured at fair value, particularly where changes in the market interest rate decrease the fair value of a debt instrument below cost. The Amendments are effective for annual periods beginning on or after 1 January 2017. Earlier application is permitted. 

SEC Memorandum Circular No. 1 (Series of 2016), 2016 Filing of Annual Financial Statements and General Information Sheet

15 Jan 2016

This Accounting Alert provides reminders to all entities registered with the Securities and Exchange Commission (SEC or the Commission) in relation to the filing of their 2016 Annual Financial Statements (AFS) and General Information Sheet (GIS). On January 11, 2016, the Commission, pursuant to its authority under the Corporation Code of the Philippines and Securities Regulation Code, adopt the following measures in the filing of the AFS of the companies whose fiscal year ended on December 31, 2015 and their GIS:

IASB releases new Standard on leases

14 Jan 2016

On January 13, 2016, the IASB released IFRS 16, Leases, completing its long-running project on lease accounting.  IFRS 16 will require lessees to account for leases ‘on-balance sheet’ by recognizing a ‘right to use’ asset and a lease liability.

Jan 20 deadline for list of employees by all Makati business establishments

14 Jan 2016

The Business Permits Office of the City of Makati announced that it is aiming for the strict implementation of the provisions of the Makati Revenue Code (City Ordinance No. 2004-A-02) concerning employees and business establishments located in the City of Makati.