The SEC has circulated proposed changes to the deadlines for filing of the Financial Statements (FS) of corporations with fiscal year ending December 31.
The objective is to do away with mass filing on or close to the current single due date.
Every accounting firm/individual CPA should advise their clients of this deadlines to avoid penalty in the future.
The proposed deadlines are staggered based on the last digit of the SEC registration as follows (for 2008 FS to be filed in 2009):
April 6 - 10 1 and 2
April 13 - 17 3 and 4
April 20 - 24 5 and 6
Aptil 27 - May 1 7 and 8
May 4 - 8 9 and 0
Companies whose deadlines are earlier than the April 15 deadline for the filing of the annual income tax return (ITR) should be prepared to file their ITR early since the SEC requires BIR-stamped FS.
Friday, October 31, 2008
Thursday, October 30, 2008
Philippine Accounting Firms also affected by stock listing postponements
Accounting Firms in the Philippines, especially the Big Four, are getting less work these days as various companies put off their capital-raising activities due to the slowing economy.
The economic downfall, which originated from USA, is also now affecting Asia.
Big accounting firms in the Philippines which gets a lot of due diligence fees with regards to their service to top corporations are now suffering a decline in their due diligence engagements this year compared last year.
Due diligence engagements is higher in terms of margin than the audit and accounting/tax service offered by accounting firms.
The economic downfall, which originated from USA, is also now affecting Asia.
Big accounting firms in the Philippines which gets a lot of due diligence fees with regards to their service to top corporations are now suffering a decline in their due diligence engagements this year compared last year.
Due diligence engagements is higher in terms of margin than the audit and accounting/tax service offered by accounting firms.
Wednesday, October 29, 2008
Philippine Accounting Practices History (Part 1)
Philippine accounting practices date back to the pre-Spanish period, when Filipinos conducted business with Chinese, Indians and Malays from neighboring countries. These trading activities forced Filipinos to prepare crude accounting records that were based mainly on cash receipts and payments.
The Philippines has, for a significant part of its recent history, been exposed to many foreign cultures and influences. The Spanish brought substantial changes to language and religion.
The first accounting firms were established by the British in the 1700s. However, the comparatively short American colonial period was the most significant in influencing the Philippines’ major institutions—including the educational system and the formalization of the professions.
A number of American businesses established themselves in the Philippines during the 1920s and 1930s. Their activities and requirements influenced the establishment and initial growth period of the public accounting profession. During this time, the passage of the Accountancy Act 1923 created the Board of Accountancy (BOA) and gave it the authority to issue Certified Public Accountant (CPA) certificates. Six years later, the Philippine Institute of Certified Public Accountants (PICPA) was established within the private sector to represent professional interests.
Many of the larger Philippine companies were subsidiaries or branches of American companies—their accounting reflected US practices.
Even after independence, the US maintained close links with the Philippines through trade and investment. These links strongly influenced public and private sector accounting regulation and practices. Until the mid-1990s, private sector accounting standards replicated those of the US (Although PICPA issued pronouncements to cover issues not covered by the US standards—for instance, “Revaluation of Fixed Assets”).
Likewise, the Philippine accounting and auditing regulatory framework is similar to the US framework. It includes both governmental and a supervised form of self-regulation.
The Philippines has, for a significant part of its recent history, been exposed to many foreign cultures and influences. The Spanish brought substantial changes to language and religion.
The first accounting firms were established by the British in the 1700s. However, the comparatively short American colonial period was the most significant in influencing the Philippines’ major institutions—including the educational system and the formalization of the professions.
A number of American businesses established themselves in the Philippines during the 1920s and 1930s. Their activities and requirements influenced the establishment and initial growth period of the public accounting profession. During this time, the passage of the Accountancy Act 1923 created the Board of Accountancy (BOA) and gave it the authority to issue Certified Public Accountant (CPA) certificates. Six years later, the Philippine Institute of Certified Public Accountants (PICPA) was established within the private sector to represent professional interests.
Many of the larger Philippine companies were subsidiaries or branches of American companies—their accounting reflected US practices.
Even after independence, the US maintained close links with the Philippines through trade and investment. These links strongly influenced public and private sector accounting regulation and practices. Until the mid-1990s, private sector accounting standards replicated those of the US (Although PICPA issued pronouncements to cover issues not covered by the US standards—for instance, “Revaluation of Fixed Assets”).
Likewise, the Philippine accounting and auditing regulatory framework is similar to the US framework. It includes both governmental and a supervised form of self-regulation.
Philippine Public Accounting and Auditing Firms
Professional firms in the Philippines are regulated by the Securities and Exchange Commission
(SEC)—the Board of Accountancy, through the Professional
Regulation Commission (PRC), has recently begun to review and license
accountancy firms.
Accountancy firms cannot be corporations and the
Revised Accountancy Law 1975 requires that all partners of accountancy
firms must be registered Philippine CPAs.
All of the large international accountancy firms such as Ernst & Young, PWC, KPMG etc. are represented in the Philippines.
(SEC)—the Board of Accountancy, through the Professional
Regulation Commission (PRC), has recently begun to review and license
accountancy firms.
Accountancy firms cannot be corporations and the
Revised Accountancy Law 1975 requires that all partners of accountancy
firms must be registered Philippine CPAs.
All of the large international accountancy firms such as Ernst & Young, PWC, KPMG etc. are represented in the Philippines.
H.U SANTOS., CPA & Associates
An accounting firm based in Makati City, Philippines.
Managing partner is Hector U. Santos Jr., formerly affiliated with SyCip Gorres Velayo & Co. (SGV & Co.) and graduate of University of Makati (Magna Cum Laude and many time accounting quiz champion).
Kindly email us at hecsanjr@yahoo.com should you want us to perform accounting service, tax service, business advisory service, audit service etc. for you.
Managing partner is Hector U. Santos Jr., formerly affiliated with SyCip Gorres Velayo & Co. (SGV & Co.) and graduate of University of Makati (Magna Cum Laude and many time accounting quiz champion).
Kindly email us at hecsanjr@yahoo.com should you want us to perform accounting service, tax service, business advisory service, audit service etc. for you.
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