Accounting Alerts

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Guidelines on CPA Accreditation Requirement of BOA Resolution No. 3, Series of 2016

27 Jan 2016

This Alert discusses the requirements of the Philippine Regulatory Board of Accountancy (“BOA”) with respect to the accreditation of Certified Public Accountants (“CPAs”) who will prepare the Certificate of Compilation Services for the Preparation of Financial Statements (“FS”) and Notes thereto (the “Certificate”) as provided by BOA’s Resolution No. 3, Series of 2016, Requiring the Submission of Certificate by the Responsible Certified Public Accountants on the Compilation Services for the Preparation of Financial Statements and Notes thereto, dated January 19, 2016 (the “Resolution”), which mandatorily applies for statutory financial information covering reporting periods ending June 30, 2016 and subsequent thereto filed with the Philippine Securities and Exchange Commission (“SEC”) and the Bureau of Internal Revenue (“BIR”), particularly:

First Quarter Edition of IFRS News

26 Jan 2016

This Accounting Alert is issued to provide quarterly update on all things relating to International Financial Reporting Standards (IFRS). We begin this first edition of 2016 by looking at IFRS 16, the new Standard on lease accounting which was published by the IASB on January 13, 2016. We then move on to items currently in the International Accounting Standards Board (IASB)’s pipeline before taking a look at issues that regulators are likely to focus on in the coming months. Further on in the newsletter, you will find IFRS-related news at Grant Thornton and a general round-up of financial reporting developments. We finish with a summary of the implementation dates of newer Standards that are not yet mandatory, and a list of IASB publications that are out for comment.

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:

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