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DECEMBER 31. For normal people, it is the day to turn a new leaf in their life and leave behind the good and bad memories of the previous year so they can look forward to a great year ahead. For the people preparing the Company’s financial statements whose fiscal year ends on December 31, it is the most dreadful day of their life. On the other side of the spectrum, for the ones who will be reviewing and auditing the Company’s financial statements, it marks the start of a busy season. In short, the accountants and the auditors become immortal starting December 31.

Many companies have attempted to improve their financial close process, but most are still burdened with the slow-paced record-to-report cycle even to this day. Some companies take several weeks, or worse, even months, to close their books. I even know of companies that produce a different version of truth every time they generate financial reports, thus, undermining the integrity and reliability of the reports.

It is usual in the Philippines that the same tax law provision has been interpreted and implemented differently by different Commissioners of Internal Revenue (CIR). This is the case of the value-added tax (VAT) claim processing. Section 112 of the Tax Code provides that a taxpayer claiming excess input VAT for refund or tax credit must file the claim with the Bureau of Internal Revenue (BIR) within two years of the close of the taxable quarter during which the sales were made. In case of full or partial denial of the claim or failure of the BIR to act on it within a period of 120 days from receipt of the claim, a taxpayer may elevate its claim to the Court of Tax Appeals (CTA) within 30 days from receipt of the decision or upon expiration of the 120-day period.

Much of the discussion about corporate governance focuses on issues relating to boards of directors, and for good reason. Boards have oversight and control functions that serve to guard the interests of the stakeholders. The significance of these roles necessarily means that companies are expected to check the list of best practices in filling up their boards.

Who would have thought that a 17-year-old girl would spark a generation of Filipino stars on Broadway and the West End? That was what Lea Salonga did when she got the role of Kim in Miss Saigon 27 years ago.

In line with the Jan. 20 deadline for the renewal of business registration with local government units (LGUs), it is necessary to know where to pay your local business taxes for 2017. At the LGU of the head office, the branch, sales office, warehouse or the factory?

WE JUST bade farewell to 2016 and joyously and simultaneously welcomed 2017. New Year’s Day is celebrated around the globe full of high hopes for a fresh start. Traditionally, New Year’s Day is the time to job down resolutions and aspirations for the year. But in this age, what we do is go online to post on social media our “New Year, new me” resolutions ranging from relational to personal to physical: everything aimed at hoping for a better version of one’s self. I was scrolling down my newsfeeds on Facebook and I found it hilarious how others post throwbacks from the previous New Year Day of their missed goals and resetting the same targets for this year. I never posted mine but I sure do have my mental list of broken promises to myself, too, from last year.

In our work as external auditors of various companies, we need to obtain or update our understanding of our clients’ businesses, assess their internal controls and processes, review their significant transactions and check for critical changes made during the period under audit, etc. During the process, we may note certain deficiencies in internal controls or processes of their companies and then we recommend ways to correct these deficiencies. These recommendations are discussed and agreed with management and the board of directors, and are formalized through our issuance of a management letter. The adoption and implementation of such recommendations, though, rest with the companies’ management.