Accounting Alerts

26 Apr 2016

This Accounting Alert is issued to provide information about the recently released Board of Accountancy (BOA) Resolution No. 115-2016, Extending the Deadline in the Filing of Applications for Accreditation of Certified Public Accountants (CPAs) in Commerce and Industry Practice and the Covered Period of the Financial Statements Subject to the Certificate on the Compilation Services Requirement, and Providing for the Review of the Ten Million Peso (P10,000,000.00) Threshold as set Under Resolution No. 03-2016 and 68-2016.

13 Apr 2016

The IASB has made clarifying amendments to IFRS 15, Revenue from Contracts with Customers, and introduced additional transition relief for entities applying the standard for the first time. The focus of these amendments is on clarifying the application of IFRS 15 when identifying performance obligations, determining whether an entity is acting as principal or agent in a transaction, and assessing whether a license transfers to a customer over time or at a point in time.

30 Mar 2016

This Accounting Alert is issued to provide information about the recently released Board of Accountancy (BOA) Resolution No. 68-2016, Amending Resolution No. 3, Series of 2016, entitled "Requirement for the Submission of Certificate by the Responsible Certified Public Accountants (CPAs) on the Compilation Services for the Preparation of Financial Statements (FS) and Notes thereto," Mandating External Auditors to Monitor Compliance thereto, and for other purposes.

22 Mar 2016

The SEC is now introducing an innovative, integrated solution to address the increasing volume of Annual Reports submission consisting of Audited Financial Statements stamped received by the Bureau of Internal Revenue and General Information Sheet that will be able to integrate seamlessly with the SEC process resulting in a more efficient, reliable and convenient process for compliance of Annual Reportorial Requirements of entities without the need to proceed to the SEC personally to submit the said documents. In line with this, on March 18, 2016, the SEC soft-launched a new system for the submission of these documents called the SEC Express Nationwide Submission or SENS. This allows filers an additional submission option to the SEC's standard procedures. With this option, filers can simply send their documents to the SEC through a designated courier or courier of their choice instead of submitting these personally at SEC office and/or Satellite Offices. For the details of the step-by-step process on how to use SENS, please see attached file. You might be interested on this development.

21 Mar 2016

On March 16, 2016, the SEC issued an advisory directing all publicly-listed companies to submit their 2015 Annual Corporate Governance Report (ACGR) together with their 2015 Annual Report (SEC Form 17-A) to the SEC and to the Philippine Stock Exchange. The ACGR is intended to take the place of the Corporate Governance section of the Annual Report. The ACGR shall be attached to the Annual Report with the proper reference, i.e., "Please refer to attached ACGR," in Item 13. Part IV - Corporate Governance portion of the Annual Report. Without the ACGR, the reporting entity's Annual Report shall be deemed an incomplete filing.