Accounting Alerts
Accounting Alerts
- 2024
- 2023
- 2022
- 2021
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2020
2020
- Extension of Deadline for Submission of Forms/Notices
- Online and Manual Submission of Forms/Notices Pursuant to SEC MC 28-2020
- COVID-19 Accounting Implications for CFOs - Debt Modifications
- Discussion Paper 'Business Combination under Common Control'
- SEC Memorandum Circular No. 32 series of 2020
- SEC Memorandum Circular No. 31 series of 2020
- SEC Memorandum Circular No. 28 series of 2020
- Insights into PFRS 16 - Lease Incentives
- IASB issues Interest Rate Benchmark Reform Phase 2
- IFRIC 23 - Uncertainty Over Income Tax Treatments
- COVID-19 Going Concern Considerations
- Extension of Deadlines and Interim Procedures for the Submission of Printed/Hard Copies of Annual Reports
- IASB Defers the Effective Date of IAS 1 Amendments
- Guidelines on the Electronic Submission of the Annual Report and Audited Financial Statements to BSP
- Filing of Annual Reports During the Temporary Closure of the SEC Main Office until July 26, 2020
- Work Suspension at the SEC Main Office and Extension of Deadlines for Certain Corporations
- Adjustment of Deadlines for Submission of Annual Reports to the SEC and Other Announcements
- Amendments to IFRS 17 and IFRS 4
- Filing of Reports and Other Documents in SEC Main Office during Temporary Closure
- Options for the Submission of Reports, Applications and Other Documents to the SEC During Community Quarantine
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2019
2019
- SEC Extends Deadline for Annual and Quarterly Reports for...
- Deferral of IFRIC Agenda Decision on Over Time Transfer of Constructed Goods (PAS 23) for Real Estate Industry
- Implementation of IFRS 17, Insurance Contracts
- Amendments to Regulations on Financial Audit of Banks and Non-Bank Financial Institutions
- Navigating the Changes to IFRS 2020
- SEC Memorandum Circular No. 2 - 2020 Filing of Annual Financial Statements and General Information Sheet
- IASB issues Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
- GTI IFRS News Q4 2019
- Insights into PFRS 3: Definition of a Business
- IASB issues Interest Rate Benchmark Reform
- Insights into PFRS 16: Presentation and Disclosure
- Insights into PFRS 16: Lease Payments
- Insurance Commission's Guidelines on Lease Accounting for Insurance and Reinsurance Companies
- GTI IFRS News Q1 2019
- Application Deferral of PIC Q&A 2018-H and 2018-14
- Sustainability Reporting Guidelines for Publicly-Listed Companies
- Insights into PFRS 16: Sale and Leaseback Accounting
- Insights into PFRS 16: Transition Choices
- Use of the New General Information Sheet (GIS) Form
- 2019 Filing of Annual FS and GIS
- Navigating the Changes to IFRS 18
- Insights into PFRS 3: Definition of a Business
- GTI IFRS News Q2 2019
- Rules on Material Related Party Transactions for Publicly-listed Companies
- BOA Repealed Resolutions on FS Compilation Services
- GTI IFRS News Q3 2019
- 2019
- 2018 2018
- 2017
- 2016
- 2015
- 2014
- 2008
- 2007
- 2006
- 2005
SEC Memorandum Circular No. 1 (Series of 2016), 2016 Filing of Annual Financial Statements and General Information Sheet
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:
IASB releases new Standard on leases
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
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.
IASB postpones changes to IFRS 10 and IAS 28
The IASB has postponed the effective date of its 2014 Amendments ‘Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 and IAS 28’. A new effective date has not yet been determined. Despite this change, the 2015 Amendments may still be adopted early if entities wish to do so.
Navigating the changes to International Financial Reporting Standards: A briefing for Chief Financial Officers
The December 2015 edition of the publication has been updated for changes to IFRS that have been published between December 1, 2014 and November 30, 2015. The publication now covers March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016 financial year-ends.