THE recent extension of filing deadlines by the Bureau of Internal Revenue and the Securities and Exchange Commission provides a welcome opportunity for businesses to pause and reflect. The annual income tax return deadline has been moved to May 15, 2026, and that for the submission of audited financial statements to June 15, 2026, and this should not be viewed as a mere extension of compliance but rather as an opportunity to strengthen financial accountability. For many en

THE role of certified public accountants (CPAs) and professional firms in society has always carried a dual character. On one hand they are pillars of transparency, financial integrity and economic growth. On the other, they are sometimes perceived as architects of aggressive tax strategies that blur the line between lawful avoidance and unlawful evasion. The truth, as is often the case, lies somewhere in between. At their core, CPAs serve as stewards of trust. They prepare

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