This accounting alert is issued to highlight ten questions entities should be asked to ensure that financial statements not yet issued are presented fairly.
Guidelines on Reclassification of Debt Securities Measured at Fair Value to the Amortized Cost Category for Prudential Reporting to the BSP
This accounting alert is issued to circulate the guidelines governing the reclassification of debt securities that are measured at fair value to the amortized cost category as part of the relief measures extended by the BSP in managing the financial impact of the corona virus disease 2019 (COVID-19) pandemic.
Treatment of Net Unrealized Losses in the EFCDU/FCDU Book for Purposes of Determining Compliance with the EFCDU/FCDU Asset Cover Requirement
This accounting alert is issued to circulate the guidelines for the alternative treatment of net unrealized losses arising from marking-to-market of financial assets/liabilities and revaluation of third currencies to US dollar of assets in the Expanded Foreign Currency Deposit Unit/Foreign Currency Deposit Unit (EFCDU/FCDU) book for purposes of determining compliance with the EFCDU/FCDU asset cover requirement, in accordance with Bangko Sentral ng Pilipinas (BSP) Memorandum No. 2020-023.
Amendment of returns prior to extended deadlines - no penalties for additional payment, carry-over of overpayment
This Tax Alert is issued to inform all concerned on the following additional guidelines for the filing and payment of taxes before the extended deadlines provided under Revenue Regulations No. 07-2020.
This accounting alert circulates the adopted guidelines and procedures by the SEC for the filing of SEC Form 17-LC and 17-C report in lieu of reports previously required by SEC Memorandum Circular (MC) No. 5, s. 2020.