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Adoption of Philippine Financial Reporting Standards (PFRSs) and Philippine Interpretations Committee Questions and Answers (PIC Q&As)

12 Feb 2024

The Securities and Exchange Commission (SEC), in its meeting held on January 25, 2024, through the issuance of SEC MC No. 2024-01 approved the adoption of the following PFRSs and PIC Q&As as part of the SEC's rules and regulations on financial reporting.

Navigating the Changes to International Financial Reporting Standards 2024 Edition

07 Feb 2024

This Accounting Alert is issued to circulate Grant Thornton's Navigating the Changes to International Financial Reporting Standards 2024 Edition, a publication designed to give preparers and reviewers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

Filing of Annual Financial Statements and General Information Sheet

07 Feb 2024

The Securities and Exchange Commission (SEC), in its Memorandum Circular (MC) No. 02, series of 2024 has set the deadlines for the filing and submission of the 2023 audited financial statements (AFS) and general information sheet of corporations through the Electronic Filing and Submission Tool (eFAST).

Clarifications on the accounting and tax treatment of leases

06 Feb 2024

This Tax Alert is issued to inform all concerned on the clarifications on the differences between the accounting treatment of leases under Philippine Financial Reporting Standard (PFRS) 16 and the tax treatment of leases under the Tax Code of 1997, as amended, and related revenue issuances, on the part of the lessee.

Clarifications on the accounting and tax treatment of foreign currency transactions

02 Feb 2024

This Tax Alert is issued to inform all concerned on the clarifications on the differences between the treatment of foreign exchange (forex) gains/losses recognized in the financial statements prepared under the Philippine Financial Reporting Standards (PFRS) /Philippine Accounting Standards (PAS) and the forex gains/losses recognized as income or allowable deductions for income tax purposes pursuant to Tax Code of 1997, as amended, and related revenue issuances.