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Annual and short period audit
We perform audit engagements in accordance with the Philippine Standards on Auditing (PSA), as required by required by national legislation or other regulations of agencies such as the Bureau of Internal Revenue (BIR), Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP), Insurance Commission (IC), Cooperative Development Authority (CDA), etc.
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Review engagement
We provide a limited or moderate level of assurance that financial statements are free from material misstatements, in accordance with the Philippine Standard on Review Engagements (PSRE).
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Financial statements compilation
We help in the preparation of financial statements of clients in accordance with Philippine Standard on Related Services (PSRS) 4410.
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Security offerings services
We provide assurance services for our clients’ debt and equity security offerings. These include audits or reviews of financial statements, examination of prospectuses, and issuance of comfort letters as required.
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Agreed-upon procedures
We perform agreed-upon procedures in accordance with applicable professional standards, delivering factual findings reports tailored to the specific needs of our clients and relevant third parties. Our services include asset and inventory count observations, financial statement translations, and assistance with regulatory applications such as capital stock increases and debt-to-equity conversions.
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Other related services
We help our clients stay ahead of the evolving complexities in the accounting landscape. Our offerings include training programs, transition and implementation planning, and impact assessments related to newly adopted accounting standards, such as Philippine Financial Reporting Standards (PFRS Accounting Standards) and other relevant frameworks.
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Tax advisory
With our knowledge of tax laws and regulations, we help safeguard the substantive and procedural rights of taxpayers and prevent unwarranted assessments.
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Tax compliance
We aim to minimise the impact of taxation, enabling you to maximise your potential savings and to expand your business.
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Transfer pricing
We provide comprehensive Transfer Pricing (TP) solutions suited to the needs of the client.
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Corporate services
For clients who want to do business in the Philippines, we help set up the business and assist in determining the appropriate and tax-efficient operating business or investment vehicle.
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Tax education and advocacy
We offer seminars and trainings on tax-related developments and special issues of interest to taxpayers.
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Business risk services
Our business risk services cover a wide range of solutions that assist you in identifying, addressing and monitoring risks in your business. Such solutions include external quality assessments of your Internal Audit activities' conformance with standards as well as evaluating its readiness for such an external assessment.
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Business consulting services
Our business consulting services are aimed at addressing concerns in your operations, processes and systems. Using our extensive knowledge of various industries, we can take a close look at your business processes as we create solutions that can help you mitigate risks to meet your objectives, promote efficiency, and beef up controls.
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Transaction services
Transaction advisory includes all of our services specifically directed at assisting in investment, mergers and acquisitions, and financing transactions between and among businesses, lenders and governments. Such services include, among others, due diligence reviews, project feasibility studies, financial modelling, model audits and valuation.
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Forensic advisory
Our forensic advisory services include assessing your vulnerability to fraud and identifying fraud risk factors, and recommending practical solutions to eliminate the gaps. We also provide investigative services to detect and quantify fraud and corruption and to trace assets and data that may have been lost in a fraud event.
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Cyber advisory
Our focus is to help you identify and manage the cyber risks you might be facing within your organization. Our team can provide detailed, actionable insight that incorporates industry best practices and standards to strengthen your cybersecurity position and help you make informed decisions.
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ProActive Hotline
Providing support in preventing and detecting fraud by creating a safe and secure whistleblowing system to promote integrity and honesty in the organisation.
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Sustainability
At P&A Grant Thornton sustainability is at the core of our mission. We are committed to fostering a healthier planet through innovative practices that reduce our environmental footprint, promote social responsibility, and ensure economic viability for future generations.
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Accounting Services
At P&A Grant Thornton, we handle accounting services for several companies from a wide range of industries. Our approach is highly flexible. You may opt to outsource all your accounting functions, or pass on to us choice activities.
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Payroll Services
We streamline payroll operations with secure, technology-driven solutions that enhance accuracy, ensure compliance, and free organisations to focus on strategic priorities.
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Human Capital Outsourcing Services
We deliver highly trainable and experienced accounting professionals matched to client requirements, covering center and attrition management, and special projects.
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Our values
Grant Thornton prides itself on being a values-driven organisation and we have more than 38,500 people in over 130 countries who are passionately committed to these values.
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Global culture
Our people tell us that our global culture is one of the biggest attractions of a career with Grant Thornton.
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Learning & development
At Grant Thornton we believe learning and development opportunities allow you to perform at your best every day. And when you are at your best, we are the best at serving our clients
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Global talent mobility
One of the biggest attractions of a career with Grant Thornton is the opportunity to work on cross-border projects all over the world.
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Diversity
Diversity helps us meet the demands of a changing world. We value the fact that our people come from all walks of life and that this diversity of experience and perspective makes our organisation stronger as a result.
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In the community
Many Grant Thornton member firms provide a range of inspirational and generous services to the communities they serve.
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Behind the Numbers: People of P&A Grant Thornton
Discover the inspiring stories of the individuals who make up our vibrant community. From seasoned veterans to fresh faces, the Purple Tribe is a diverse team united by a shared passion.
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Fresh Graduates
Fresh Graduates
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Whether you are starting your career as a graduate or school leaver, P&A Grant Thornton can give you a flying start. We are ambitious. Take the fact that we’re the world’s fastest-growing global accountancy organisation. For our people, that means access to a global organisation and the chance to collaborate with more than 40,000 colleagues around the world. And potentially work in different countries and experience other cultures.
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Experienced hires
P&A Grant Thornton offers something you can't find anywhere else. This is the opportunity to develop your ideas and thinking while having your efforts recognised from day one. We value the skills and knowledge you bring to Grant Thornton as an experienced professional and look forward to supporting you as you grow you career with our organisation.
Insights into PFRS 15: Step 1
Background
PFRS 15 ‘Revenue from Contracts with Customers' (the Standard) introduces the five-step model for revenue recognition which applies specifically to contracts with customers. Given this limitation in scope, the first step of the model is to identify contracts with customers. This article focuses on this step and explains how to identify a contract with a customer as well as what constitutes a contract within the scope of the Standard.
Five criteria for recognizing a contract
Step 1 acts as a gate before applying the later steps of the model. If the criteria are not met at inception, the remaining steps should not be applied until it determines that the Step 1 criteria are subsequently met. Significant judgment may be needed to determine if a contract exists. Once a contract meets the five criteria and passes
Step 1, reassessment is only required if there is a significant change in facts or circumstances.
An accounting contract for the purpose of PFRS 15 exist only when an arrangement meets all of the following criteria:
Criteria 1 - The parties have approved the contract and are committed to perform them
Under PAS 18, revenue recognition focused on transfer of risks and rewards, with no specific guidance on contracts. PFRS 15 introduces a control-based approach, requiring an approved contract as the foundation for the five-step model.
To satisfy the first criterion, the contract must be approved—whether in writing, orally, or implied—consistent with the entity’s customary business practices. Evidence may include signed agreements, purchase orders, or online authorizations, provided they are final and include all relevant terms. Both parties must demonstrate substantial commitment to perform their obligations, even if certain rights or conditions are not enforced.
Criteria 2 - The entity can identify each party’s rights
An entity must clearly identify the rights of all parties to assess the transfer of goods or services. If rights cannot be clearly identified, a contract does not exist.
When using a Master Service Agreement (MSA), enforceability depends on whether it alone creates rights and obligations. If purchase orders are required for specifics, enforceability arises only upon their approval, making each purchase order a separate contract. Minimum purchase clauses may establish enforceable rights unless past practices render them legally unenforceable.
Criteria 3 - The entity can identify the payment terms for the goods or services
An entity must also be able to identify the payment terms for the promised goods or services within the contract. The entity cannot determine how much it will receive in exchange for the promised goods or services (the ‘transaction price’ in Step 3 of the model for revenue recognition) if it cannot identify the contractual payment terms. The payment terms do not need to be fixed, but the contract must contain enough information to allow an entity to reasonably estimate the consideration that it expects to be entitled to.
Criteria 4 - The contract has commercial substance
A contract has commercial substance if it changes the risk, timing, or amount of an entity’s cash flows, meaning it has economic consequences. This prevents entities from inflating revenue through transactions with little or no consideration. The criterion applies to both monetary and non-monetary transactions.
Criteria 5 - It is probable the entity will collect substantially all of the consideration
To pass Step 1, an entity must determine it is probable to collect substantially all consideration under the contract. This ‘collectability assessment’ considers the customer’s ability and intent to pay. Under PFRS 15, probable means the event is more likely than not to occur.
An entity should assess whether contractual terms or business practices allow it to mitigate credit risk, such as requiring upfront payments or stopping service for non-payment. Collectability guidance under PFRS 15 is consistent with PAS 18: revenue is recognized only when it is probable that economic benefits will flow to the entity. However, when uncertainty arises, any amount later deemed uncollectible is recognized as an expense, rather than as an adjustment of the amount of revenue originally recognized.
Contracts that do not "pass" Step 1
If a contract fails Step 1 but the entity receives non-refundable consideration, revenue cannot be recognized until Step 1 is met or specified events occur. Until then, the amount received is recorded as a liability.
Portfolio practical expedient
PFRS 15 applies to individual contracts but permits a portfolio approach for contracts or performance obligations with similar characteristics, provided results do not differ materially from individual application. Entities must exercise judgment in grouping contracts for this practical expedient.
