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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.

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.