PRC BOA further amended Resolution Nos. 3-2016 and 68-2016

26 Apr 2016

This Accounting Alert is issued to provide information about the recently released Board of Accountancy (BOA) Resolution No. 115-2016, Extending the Deadline in the Filing of Applications for Accreditation of Certified Public Accountants (CPAs) in Commerce and Industry Practice and the Covered Period of the Financial Statements Subject to the Certificate on the Compilation Services Requirement, and Providing for the Review of the Ten Million Peso (P10,000,000.00) Threshold as set Under Resolution No. 03-2016 and 68-2016.

Clarifications to IFRS 15, Revenue from Contracts with Customers

13 Apr 2016

The IASB has made clarifying amendments to IFRS 15, Revenue from Contracts with Customers, and introduced additional transition relief for entities applying the standard for the first time. The focus of these amendments is on clarifying the application of IFRS 15 when identifying performance obligations, determining whether an entity is acting as principal or agent in a transaction, and assessing whether a license transfers to a customer over time or at a point in time.

Disclosure of other income of individuals suspended for 2015

07 Apr 2016

This Tax Alert is issued to inform all concerned that the requirement for individuals to disclose other income is suspended for the 2015 annual income tax return (ITR) due on or before April 15, 2016. Unless further deferred, this will be mandatory for the 2016 ITR (BIR Forms 1700 and 1701). Hence, taxpayers are advised to demand from their payors, and properly document their BIR Form No. 2306 and other pieces of evidence for amount of income and final taxes withheld or paid. Please access the link below for copy of the RMC.

Additional/alternative documentary requirements on application for BIR registration

04 Apr 2016

This Tax Alert is issued to inform all concerned on the updated list of documentary requirements on application for registration of individuals and juridical entities with the BIR. Below are some of the additional or alternative documents prescribed in the amended Annex A of RMC 7-2012.

PRC BOA amended Resolution No. 3-2016

30 Mar 2016

This Accounting Alert is issued to provide information about the recently released Board of Accountancy (BOA) Resolution No. 68-2016, Amending Resolution No. 3, Series of 2016, entitled "Requirement for the Submission of Certificate by the Responsible Certified Public Accountants (CPAs) on the Compilation Services for the Preparation of Financial Statements (FS) and Notes thereto," Mandating External Auditors to Monitor Compliance thereto, and for other purposes.