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Audit Readiness - Preparing your Annual Reports

08 Jan 2021

This Accounting Alert is issued to provide guidance on audit considerations in preparing annual reports of any reporting entities.

Philippine Interpretations Committee Question and Answer 2020-04

07 Jan 2021

This Accounting Alert is issued to circulate Philippine Interpretations Committee (PIC) Questions and Answers (Q&A) 2020-04 dated November 6, 2020 on whether there is significant financing component arising from a mismatch between percentage of completion (POC) and schedule of payments, in accordance with PFRS 15, Revenue from Contracts with Customers.

Philippine Interpretations Committee Question and Answer 2020-02

06 Jan 2021

This Accounting Alert is issued to circulate Philippine Interpretations Committee (PIC) Questions and Answers (Q&A) 2020-02 dated October 29, 2020 on the treatment of materials delivered on site but not yet installed in measuring performance obligation in accordance with PFRS 15 - Revenue from Contracts with Customers in the real estate industry.

Philippine Interpretations Committee Question and Answer 2020-03

06 Jan 2021

This Accounting Alert is issued to circulate Philippine Interpretations Committee (PIC) Questions and Answer (Q&A) 2020-03 dated September 30, 2020 on the accounting treatment for the difference when the percentage of completion of a performance obligation is ahead of the buyer’s payment, in accordance with PFRS 15, Revenue from Contracts with Customers.

SEC Memorandum Circular No. 34 series of 2020

05 Jan 2021

This Accounting Alert is issued to circulate Securities and Exchange Commission (SEC/Commission) Memorandum Circular (MC) No. 34-2020 dated December 15, 2020 on the deferral of certain unresolved provisions of Philippine Interpretations Committee Question & Answer (PIC Q&A) No. 2018-12 and IFRS Interpretations Committee (IFRIC) Agenda Decision on Over Time Transfer of Constructed Goods for Real Estate Industry.