Submission of required reports with the Cooperative Development Authority

11 Jan 2016

This Accounting Alert is issued to provide information about the Regional Advisory Bulletin No. 01 dated January 8, 2016 issued by the Manila Extension Office (MEO) of the Cooperative Development Authority (CDA) in relation to CDA Memorandum Circular No. 2015-04, Series of 2015, Guidelines in the Imposition of Fines and Penalties for Delayed Submission of Required Regular Report. The CDA is reminding all cooperatives to comply with the mandatory requirements of Article 53 of Republic Act 9520, Philippine Cooperative Code of 2008, and Rule 8 of its Amended Implementing Rules and Regulations.

VAT exemption of international carriers

29 Dec 2015

Inserted a new subsection (S) for transport of passengers by international carriers doing business in the Philippines. The same Subsection (S) clarified that transport of cargoes by international carriers doing business in the Philippines are VAT exempt pursuant to Section 109(1)(E) of the Tax Code since the same is subject to the percentage tax on common carriers under Section 118. It is noted that these are pursuant to the amendments under Republic Act No 10378 (March 7, 2013) which rationalized the taxation of international carriers.

IASB postpones changes to IFRS 10 and IAS 28

18 Dec 2015

The IASB has postponed the effective date of its 2014 Amendments ‘Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 and IAS 28’. A new effective date has not yet been determined. Despite this change, the 2015 Amendments may still be adopted early if entities wish to do so.

Navigating the changes to International Financial Reporting Standards: A briefing for Chief Financial Officers

18 Dec 2015

The December 2015 edition of the publication has been updated for changes to IFRS that have been published between December 1, 2014 and November 30, 2015. The publication now covers March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016 financial year-ends.

Quarter 4 Edition of IFRS News 2015

02 Nov 2015

The Grant Thornton International IFRS Team has published its fourth quarter edition of IFRS News for 2015.