ON Jan. 20, 2026, the Securities and Exchange Commission (SEC) issued Memorandum Circular 4, Series of 2026, introducing a subtle but impactful shift in corporate financial reporting. The circular raised the threshold at which companies must submit audited financial statements. Applicable to fiscal years ending on or after Dec. 31, 2025, the adjustment is designed to ease compliance burdens for micro and small corporations while maintaining oversight for larger, higher-risk e

Tax Updates No. 01-2026 --------------------------------------------------------------------------------------------------------------------------- Contacts Should you have any comments or questions arising from this publication, please contact ACPAPP Secretariat . --------------------------------------------------------------------------------------------------------------------------- ACPAPP is a united professional organization of CPAs in public practice that promotes prof

EVERY year-end, a repeat finding returns like clockwork. It appears in the management letter, shows up in the findings tracker, and resurfaces in the same closing meeting where everyone nods because it feels familiar. The wording changes — “Improve documentation,” “Strengthen controls,” “Tighten review” — but the meaning is the same. We’ve seen this before; we meant to fix it, but the year moved faster than the plan. Most professionals know this cycle. A team decides to fix a

BECOMING a certified public accountant (CPA) was more than a milestone — it was the triumphant culmination of sleepless nights, relentless efforts, and quiet prayers. It marked not just an ending, but a launchpad into a new chapter of my professional life. In the early days, one path stood above the rest: audit practice. It was never merely a career choice, but a calling — a commitment to safeguarding trust and upholding the principles of integrity and accountability, guided

AS of October, the national government’s debt stood at P17.56 trillion, a worrisome development in the country’s long-term economic health. The surge was driven not only by continued borrowing, but also by the peso’s depreciation against the US dollar. From an accountant’s vantage point, the current trajectory raises urgent questions about fiscal sustainability, economic stability, and public welfare. A huge national debt translates into real consequences for government capac

A STABLE and credible tax system is the backbone of any modern economy. For businesses, predictability, transparency and integrity in tax administration are not optional. In the Philippines, however, concerns over perceived irregularities in tax audits, particularly those involving the issuance and enforcement of letters of authority (LOAs), have reignited long-standing calls for deep reforms within the Bureau of Internal Revenue (BIR).   These concerns have reached the halls