PREPARING financial statements for a corporate group is often a complex and resource-intensive undertaking. For years, parent companies and their subsidiaries have grappled with a significant administrative burden. Subsidiaries typically face a difficult choice when preparing their own financial statements. They can either apply full Philippine Financial Reporting Standards (PFRS) to align with their parent company, which requires voluminous disclosures that may not be releva

THERE’S a question quietly making its way around offices these days: Is it really just two weeks left or do we still have two weeks more? The Bureau of Internal Revenue (BIR) deadline for the 2025 annual income tax return (ITR) remains fixed on April 15. No extensions announced. No changes in sight.   For many taxpayers, those “two weeks left” can feel like “two weeks more,” a small but dangerous illusion that there’s still time to delay, to revisit later, to push just a litt

THE accounting profession in the country stands at a critical crossroads. Enrollment in accountancy programs continues to decline, licensure examination results remain volatile, and a persistent shortage of qualified faculty is straining academic institutions. Without decisive and timely reforms, the pipeline of future Certified Public Accountants may significantly diminish in the coming years.   One of the most pressing concerns is the declining number of students majoring i

IN today’s rapidly evolving digital landscape, organizations are leveraging technology to enhance efficiency, elevate customer experience, and maintain competitiveness. Cloud computing, online banking, data analytics, mobile applications, and artificial intelligence have become integral to modern business operations.   However, this accelerated transformation also introduces a broader, more complex set of risks — from cyberattacks and data breaches to system failures and regu

MANY accountants still think of documentation as a compliance burden. That view is too narrow. Proper documentation is about protection and evidence. When a business relationship turns sour, documentation becomes the difference between a defensible claim and an expensive story nobody can prove.   As a CPA practitioner and a litigation lawyer, I have seen the same mistake repeated in different forms. Parties assume that because a transaction was real, it will automatically be

AT the start of the year, the Bureau of Internal Revenue (BIR) sent a clear message to the business sector: Tax audits have resumed, but under a refined framework.   With the issuance of Revenue Memorandum Circular (RMC) 8-2026, the BIR formally lifted the temporary suspension of audit and field operations. More significantly, Revenue Memorandum Order (RMO) 1-2026 introduced a revised audit structure to promote consistency, efficiency and procedural clarity.   The suspension