picpa soars high! · indeed “picpa soars high!” as manifested by the tremendous improvement...
TRANSCRIPT
In the beginning we saw uncertainties, but we
firmly believed that despite the turmoil there
could be light - The Philippine Institute of
Certified Public Accountants (PICPA) will shine.
Indeed “PICPA SOARS HIGH!” as manifested
by the tremendous improvement during the
past eight months as compared to last year.
The Performance Governance System (PGS)
of the Accountancy profession has been
institutionalized through the concerted efforts of
PICPA and the four sectoral organizations, i.e.,
ACPAPP, ACPACI, nACPAE, GACPA, led by
PGS Committee chair Normita A. Villaruz.
Cases filed before in court against the Institute,
have already been settled amicably.
After complying with all the requirements for
accreditation in accordance with the pertinent
provisions of Republic Act No. 9298, the
Professional Regulation Commission (PRC)
issued the renewal of PICPA's accreditation as
a bonafide Accredited Integrated Professional
Organization (AIPO) for Accountants on
December 1, 2015.
The theme for this year “Sharing success.
Beyond borders” guided us in our journey to
excellence. The year’s theme becomes both a
call and a challenge individually and collectively
as a profession.
This report highlights the Institute’s efforts
which contributed to its recovery from a
downturn and the achievement of remarkable
milestones thru the five-point agenda:
1) Membership Development;
2) Professional Development;
3) Corporate Social Responsibility;
4) Operational Effectiveness and Efficiency;
and
5) Upholding Ethics
During the convention in Palawan, PICPA inked
a partnership agreement with the Bureau of
Customs and Commission on Audit with the
Board of Accountancy as witness, through the
Citizen Participatory Audit (CPA) program. This
is the first time a government agency (BOC)
signed an agreement allowing a private sector
to participate in auditing its agency's revenue
and assessment.
Likewise, a members' pathway agreement
(MPA) with CPA Australia was signed to
enhance service to members locally and those
abroad. This is an exchange of information
between CPAA and PICPA and assistance in
providing speakers and sponsorships.
PICPA Soars High!
SUCCESS
BEYOND
BORDERS
2 Accounting Times Vol. 66 No. 3 March 2016
P R E S I D E N T ‘ S C O R N E R
These milestones have been realized by the
National Board with the able assistance of the
new ED Rosalina R. Pangilinan, and the
rationalization of the Finance and
Administrative functions headed by Mr.
Bernabe C. Caleon. Likewise the wide range of
seminar offerings by the Training Division under
TDR Eugene V. Villaceran has contributed a
lot.
FINANCIAL HIGLIGHTS
Our institution is financially healthy as seen
through the National Office’s records of a net
revenue growth rate of 200% or a total of
P9,169,227 ,i.e. from a net loss of (P4,590,573)
as of June 30, 2015 to net income of
P4,578,654, for the eight month period wherein
consequently the Institute has reported a fund
balance growth rate of 57.56% at the time of
writing (i.e. from P33, 360,839 to P52,564,493).
The Board and the Committees are prudent in
the disbursements of funds. Despite the budget
allowed the President for local and foreign
travels including accommodations, he has
opted to pay them from his own pocket. The
cost of international travels has been reduced
dramatically since the President and his
Philippine delegation shouldered travel and
accommodation expenses personally. A
resolution was passed that the Institute shall
pay for expenses of only one representative
(Chair or Co-chair of the International
Committee) to council meetings abroad, like
AFA, CAPA, IFAC. The Committees also spend
their personal funds for meetings and activities,
all for the spirit of volunteerism.
The PICPA 70th Annual National Convention in
Palawan chaired and co-chaired by Ms. Ma.
Elma L. Ilagan–Ame and Ms. Annabelle
Pastrana-Ong respectively, posted a net
income after tax of P3.5 million. Gross receipts
totaled P16.5 million and disbursements
amounted to P11.4 million.
As an offshoot of the BoA Resolutions, PICPA
has offered series of seminars including
packages on top of those we are offering on a
regular basis. A total of P4.2 million was
generated for the month of February alone. We
have concluded Batch I, while Batch II is
ongoing. Batch III and IV are slated last week of
April and half of May. The latter batch is
intended for Accounting Teachers. An
additional P2.8 million revenues are expected
upon completion of these packages.
Another direct impact is on the membership
dues wherein the Sustaining Life Membership
(SLM) program became the most preferred
option. As of the time of writing it has ballooned
to P5,521,550 coming from P111,630 or
tantamount to an increase of P5.4 million. Our
members from the Commerce and Industry and
the Academe have likewise increased their
membership in good standing, in addition to
those members from the Public Practice.
Operational Effectiveness and Efficiency
The training reservation, which was done
manually in the past, is now computerized and
on-line thru the Doxcheck Security and
Management System. Our members are now
doing their reservations at their own convenient
time and place for as long as they have the
internet facility. This computerized system is
capable of generating printouts of the list of
enrolled participants which would facilitate the
validation of attendance. Stricter control on the
issuance of certificate of attendance is now in
place with the authentication provided by
Doxcheck. Shortly it will be linked to the
existing CPD program developed by the joint
PRC-PICPA CPD council, then to the
membership system. The on-line payment is
also on its way as the next step to complete the
computerization. We also managed to
maximize our operations with the Website
development with Content Management
System (CMS) and Technical set up and
installation.
We have tapped the services of a banking
institution for automated payroll processing
which included a biometrics system which they
gave for free. We aim to upgrade by using the
Cloud Accounting System which would not
entail investment on software and hardware as
offered by a reputable system provider. As a
result, we have improved productivity and
efficiency in front-line services, strengthened
internal controls and resources management,
and empowered our personnel and boosted
their performance. Thus, we were able to focus
on our core competence.
Aside from these, we also enhanced our
connectivity by upgrading from 5mbps to 25
mbps to send substantially more data between
devices in less time.
Despite the injunction order on holding the
implementation of the Quality Assurance
Review (QAR) resolutions, the Voluntary
Quality Assurance Review Committee (VQAR)
headed by Mr. Danilo T. Alas has completed
the three (3) phases of the VQAR Program as
follows: Phase I – Guide on Quality Control for
the Review of the Financial Statements; Phase
II- General Peer Review Checklist; Phase III-
Adoption of the PICPA QAR Manual and
SMET. The PICPA QAR seminars have
successfully rolled out in Baguio, Pampanga,
Batangas and other Chapters of PICPA.
Likewise, they have started the QAR with two
(2) volunteers, as of this writing.
In general, there is noticeable robust
improvement on people, process, organization
and technology in the Institute through the
leadership of the new ED and Finance and
Administrative Manager teams along with the
full support of our group.
At this juncture, please allow me to extend my
heartfelt thanks to the following who painstak-
ingly shared their precious time, efforts and
resources: Executive Officers; National Board
of Directors; Chairs/Co- Chairs of different
Committees; Chapter officers and Staff from the
National Office.
We are therefore inviting you to continue to
share success beyond borders to better serve
our beloved members and sustain our
accomplishments. With the guidance of our
Almighty Father, we can make things happen.
The Accountancy Profession was conferred and awarded the following three (3) major and distinct awards by the Institute for Solidarity in Asia (ISA) after a Performance Governance System (PGS) Revalida in a Public Forum held last March 29, 2016 at the AIM Conference Center, Makati City, making it the first and only Profession among the 42 Professions in the Philippines, to be awarded the following:
PGS INSTITUTIONALIZED Award GOLD TRAILBLAZER Award
ISLANDS OF GOOD GOVERNANCE Award
ISA a non-stock, non-profit, non-government organization that advocates good corporate governance reforms and believes in making governance a shared responsibility.
The PGS is a governance framework that utilizes a balanced scorecard as a tool to incorporate good governance, best practices and principles into running organizations, or specifically of the Accountancy profession in its commitment to good governance in its members’ professional practice and responsible citizenship. It is all about the Profession's pursuit of adopting a good governance reform program as its contribution to the country’s national development.
Because of its significance to the Philippine economy, the Accountancy Profession was one of the professions that ISA involved in developing the Roadmap for the Professions. The Roadmap specifies for the professions the broad strategy outlined for the Philippines 2030 Roadmap, which consists of a strategy to develop the Philippines into a national community of responsible citizens in a generation's time. The Accountancy Profession is one of these sectors represented in this initiative together with local government units (cities, municipalities and provinces), business, media, youth, academe, church and the professions. The Philippines 2030 Roadmap represents the institutionalized efforts of all these sectors towards national development and responsible citizenship.
The Philippines 2030 Roadmap as developed touches on six (6) perspectives, strategies and objectives, which revolve around sense of community, shared values and sense of prosperity and progress. Among these strategic objectives, two are most relevant to the professions: professional and ethical standards aligned with global standards, and social responsibility programs spread to all sectors of society.
In 2002, The PRC during the leadership of Chairman Antonieta Fortuna – Ibe from 2001 made good governance as the flagship program and priority of the Commission. PRC's good governance projects covered a review of ethical and professional practices in the different profes-sions, to ensure that these were aligned with global best practices and the principles of good governance and responsible citizenship.
In June 2002, with then ISA President Jesus Estanislao's help, the PRC Officials and employees adopted a Good Governance Code of Ethics, and all the 42 Professional Regulatory Boards, which included the Board of Accountancy
and the 42 Accredited Professional Organizations, (APO) which included the Philippine Institute of Certified Public Accountants (PICPA), formally pledged to a Code of Good Governance for the Professions. On June, 23, 2003, Executive Order No. 22, “Adopting the Code of Good Governance for the Professions” was approved by then President Gloria Macapagal Arroyo.
The PGS has institutionalized the Accountancy Profession’s actions, plans, strategies and targets. Its adherence to the PGS has enabled it to become more directed and focused in its performance resulting to the attainment of significant milestones for the Profession.
The 2015 PGS ROADMAP FOR THE INSTITUTIONALIZATION OF PGS in the ACCOUNTANCY PROFESSION is a joint and flagship project of the Professional Regulation Commission - Board of Accountancy and the Accredited Professional Organization of the Accountancy Profession which is the Philippine Institute of Certified Public Accountants (PICPA) together with the four (4) sectoral organizations of the Accountancy Profession – Government Association of Certified Public Accountants (GACPA), Association of Certified Public Accountants in Public Practice (ACPAPP), Association of Certified Public Accountants in Commerce and Industry (ACPACI) and National Association of Certified Public Accountants in Education (nACPAE) under the guidance of ISA.
The 2015 PGS Roadmap of the Accountancy Profession embodies its:
VISION: A dynamic force towards national prosperity and excellence with a global perspective.
MISSION: The Accountancy Profession,
March 2016 Accounting Times Vol. 66 No. 3 3
P G S C O R N E R
THE PGS JOURNEY OF THE ACCOUNTANCY PROFESSION
by: Ms. Normita A. Lansang-Villaruz
being in the forefront of all activities related to the economic growth and development of the country and attainment of national growth and objectives, commits to implement the Code of Good Governance for the Professions in the Philippines.
Towards this end, the Accountancy Profession shall endeavor to:
Build a growing pool of accountants who are dynamic, proactive, responsive and innovative leaders in the advancement of knowledge and the improvement of the quality of life;
Direct the Accountants toward a higher level of competence in their field of work and strict adherence to the code of conduct, and in this regard, have ethical commitment, ethical awareness and ethical competency; and
Provide a culture of excellence so that accountants could develop strong values of commitment, rationality, expertise and responsibility.
CORE VALUES: Service to Others, Integrity, Professional Excellence/Competence, Innovation, Solidarity and Teamwork, and Spirituality.
There are four (4) stages in the PGS Pathway of Good Governance. They are the Initiated, Compliant, Proficient and Institutionalized Stages.
In 2007, ISA recognized that the Profession has responded to the call to come up and adopt a Roadmap for the Profession. ISA awarded the Initiated and Compliant stages in 2008 and in 2009 the Profession was conferred the Proficiency level recognition.
In 2013, the Profession had undergone a Strategy Refresh and the sectoral organizations and other stakeholders were called upon for support and cooperation and had implemented accomplishment of Breakthrough results in its targets in its Strategies Scorecard.
Institutionalization in the Accountancy Profession not only means the achievement of the Profession’s Strategic Breakthroughs. PGS INSTITUTIONALIZATION also means cultural transformation in the professional practice and sustainable good governance for the CPAs as a dynamic force in nation-building.
4 Accounting Times Vol. 66 No. 3 March 2016
C O N T I N U I N G P R O F E S S I O N A L D E V E L O P M E N T
BOA also released its Questions and Answers
(Q&A) pertaining to the Resolution, which can
be accessed at: http://boa.com.ph/latest-
version-of-qa-on-certification-compilation-rules-
released/
Queries on the implementation of this resolution
can be emailed to [email protected]
Visit the Facebook page: Professional
Regulatory Board of Accountancy for updated
announcements.
Deadline for BOA Accreditation of
Accounting Educators Set The BoA is giving an opportunity for accounting
teachers to file their application for accreditation
with the PRC and its regional offices with an
incentive to defer the compliance of the
required Continuing Professional Development
units until July 31, 2016. By accomplishing an
affidavit of undertaking, the accounting
teachers will be given sufficient time to comply
with their obligations of accreditation.
In the CHED Memorandum Order (CMO)
3-2007, Section 22 provides that all faculty
teaching accounting and managerial finance
courses should be CPAs in the Philippines.
PRC BOA Resolution No. 59-2012 provides
that accounting teachers should be accredited
with the PRC/BoA following the procedures
prescribed in the implementing rules and
regulations of the Accountancy Law. The
accounting schools are also expected to
observe these requirements in hiring their
accounting teachers.
The BoA has requested the assistance of the
Commission on Higher Education in reminding
the accounting schools and accounting
teachers to comply with the requirements of the
law and the CMO.
For the full copy of the BOA Resolution: http://
boa.com.ph/wp-content/uploads/2016/02/BOA-
RES.-01-2016-1-accounting-teachers.pdf
Visit the Facebook page: Professional
Regulatory Board of Accountancy for updated
announcements.
Looking for Seminars and
Training? When you need to undergo training in different
topics and thematic areas for Accreditation
purposes and life-long learning, visit the PICPA
website for our schedule of seminars held at
the PICPA National Office, Regions, Chapters
and Geographic Area Offices (GAO).
For National Office Training, please go to:
http://schedule.doxcheck.com/
For PICPA Chapters, Regions and GAOs:
http://www.picpa.com.ph/article-seminars-
various-chapters-regions-gao
or Visit your chapters, their websites and Face-
book pages. Go to the Directory: http://
www.p icpa.com.ph/2015 -2016-chaper -
presidents.
Is CPD Only Earned by Attending
Seminars? No! Continuing Professional Development (CPD)
credit units are earned in a variety of ways, as
prescribed by PRC Resolution 774-2013.
Aside from seminars and training, CPAs and
other professionals under PRC may earn CPD
through graduate and post-graduate studies,
authorship of books and articles, researches,
inventions, speaking engagements and others.
For the list of allowed CPD, pls go to: http://
www.picpa.com.ph/article-how-earn-cpd-credit-
units
Reminders to Seminar Participants
at National Seminars For your own convenience, we enjoin all
seminar registrants to reserve thru our online
r e g i s t r a t i o n f a c i l i t y a t h t t p : / /
schedule.doxcheck.com/. This way we can
avoid the long line of registrants at the start of
the seminar. “Walk-in” or not pre-registering is
highly discouraged and those who do this shall
be penalized by receiving their seminar
materials after the seminar.
As we have limited parking slots in the parking
area, we highly encourage car pooling, com-
muting or drop off for the members going to
PICPA for seminars or other concerns. Let’s do
our share to ease traffic and congestion in our
building.
Proxy Attendance in PICPA
Seminars is Strictly Prohibited Needless to say, proxy attendance or letting
another person to attend for a registrant is
cheating. CPD cannot and shall not be earned
for another person. Sanctions shall be applied
for erring members.
For Your Comments: Draft BOA
Resolution Increasing CPD Units
from 60 to 210 All PICPA members and interested parties are
invited to comment on the draft Board of Ac-
countancy Resolution to increase the continu-
ing professional development (CPD) require-
ments from 60 to 120 units over the next three
(3) years and other provisions. A copy of the
draft can be accessed at the PICPA website:
www. picpa.com.ph.
Comments can be emailed to :
or
PICPA Speakers Wanted PICPA members and non-CPAs who are
interested to join the roster of PICPA Speakers
are invited to the demo teaching regularly held
at the PICPA House (National Office). If you
are a PICPA member in good standing (for
CPAs), with teaching experience of at least five
(5) years, and professional practice relevant to
subject matter of at least seven (7) years, and
with a ready module for conduct (Accounting,
Auditing, Taxation, Quality Assurance Review,
Financ ial Management , Informat ion
Technology, Communication and other soft
skills, you are welcome to submit your
application with the copy of your CV, certificate/
s of employment and transcript of records to:
or thru snail mail (photocopies only, don't send
originals) to:
E.V. Villaceran
2/F PICPA, 700 Shaw Blvd.
Mandaluyong City 1552
The invitation is open to all qualified CPAs and
other professional lecturers all over the country.
We will pre-screen applicants and send notice
of individual schedule to those who are
qualified to undergo demo teaching.
Note: Walk-in applicants are discouraged
Share your expertise and help uplift our
Profession.
BOA Accreditation of CPAs in C&I
Enforced Issuers of financial statements with annual
gross sales or revenues exceeding ten million
pesos are now required to file a Certificate of
Compilation Service, in pursuance to BOA
Resolution 3-2016. This is effective for the
annual statutory financial statements ending
June 30, 2016 and thereafter, for submission to
the BIR and SEC. The Certificate shall be
signed by the CPA employed by the Issuer, or
by another CPA engaged in Public Practice
who is not its own employee and external
auditor. In both instances, the signing CPA
should be accredited by the Board of
Accountancy. Such certificate being
prescribed states the specific task and
responsibility that the CPA must faithfully
comply with in the course of the preparation of
the FS.
Deadline for submission of application for
Accreditation for CPAs signing the Certificate is
on April 30, 2016. However, those who lack the
minimum required 60 CPD units shall sign an
Affidavit of Undertaking that he shall fulfill the
CPD needed on or before June 30, 2016.
For a full copy of BOA Resolution 3-2016,
please go to: http://boa.com.ph/wp-content/
uploads/2016/01/Reso-requiring-certificate-by-
the-CPA.pdf
March 2016 Accounting Times Vol. 66 No. 3 5
The Board of Accountancy has formulated
a six-point strategy for the accountancy
profession. The strategic plan as linked to
the Expanding Horizons initiatives are
defined below:
1. Institute quality and governance
measures
Projects: Performance Governance
System Institutionalization, Enhancement
of the Continuing Professional Develop-
ment and Accreditation Programs,
implementation of ASEAN Mutual Recog-
nition Arrangement, updated Code of
Ethics, Award for Most Outstanding
Expanding Horizon Organization, Netizens
Search of of Outstanding CPAs, AtTEST
Student Competition, ACCA partnership,
partnership with Integrity Initiative Inc.,
Governance reform and oversight over the
APO and sectoral organizations, Prepara-
tion of Manuals, Inspection of schools,
Internship Program, Stress Management
Project for the CPA examinees, adoption
of the CAPA Maturity Model, WB Public
Expenditure of Financial Accountability
Tool, UNCTAD ISAR Accounting Develop-
ment Tool, ACPA Assessment Tool,
introduction of the Doctoral Program in
Accountancy, setting up an e-library,
Accounting cases development project,
ISO Certification of CPAs, Support for the
Educational Scholarships and Training of
Accounting Teachers during the K to 12
Transition Period, Pursuit of Accountability
Now.
2. Effectively regulate the profession
Projects : QAR implementation, Pro-
active campaign against erring CPAs,
Coordination with other regulators,
Streamlining of administrative investiga-
tion process, Posting of list of CPAs in
public practice, promoting Cyber Security
over accountancy platforms, Prescribing
Schedule of fines and penalties,
Prescribing Quality Accreditation
Checklist, Office verification requirement,
the Certificate of compilation services on
the Financial Statements, Engagement
reporting of accredited CPAs in public
practice, Delegation of the signing of
accreditation papers, Accreditation of
CPAs in commerce and industry,
Accreditation of CPA partners and staff,
Whistleblower program.
3. Enhance image and reputation of
the accounting professional
Projects: Project ACCT, News Ledger
magazine, Highest Standards Technical
Journal, Debit Credit column in the
Business Mirror, Annual Report and Year-
book, Champion CPAs coffee table book,
Testimonial for the Pioneers of and Pillars
of the Profession, Project ABC on
Accountancy atbp, CSR project,
Accountancy Museum, Building for
Accountancy, Accountancy Jingle, Partici-
pation in the 75th Anniversary Celebration
of ASEAN.
4. Enhance stakeholders’ involvement
and cooperation
Projects : Holding of Accountancy Stake-
holders Forum, dialogue with Affiliated
Accountancy Certification Bodies, tie up
with Developmental Partners, intervention
in government accountants issues and
requirements, involvement in the Council
of Accreditation Regulators, Academic
Industry linkages, CPA for CPA (Revenue
audit of BOC) Project, Providing feedback
on K to 12, TESDA and Cooperative
Development Authority on accountancy
matters, Assistance in implementing the
Tax Academy Law, Meetings with
Accountancy Regulators of other
countries, Pursue membership or
interaction in UNCTAD ISAR, IFIAR,
B O A R D O F A C C O U N T A N C Y
BOA Chair Joel L. Tan-Torres..
SIX (6) POINT EH STRATEGIC PLAN
V.5 April 2016
AOSSG, AARG, IFAC, AICPA, PCAOB
and UN.
5. Institute structural changes
Projects: Review of Accountancy Law,
amend Audit Threshold rules, strengthen-
ing the SMP, WB Review of the Standards
and Codes, Revision of Accountancy
Curriculum and Board Examination
Syllabi, improvement in the procedures for
CPA oath taking and Accountancy Week
celebration, Streamlining of administration
and preparation of CPA Board Examina-
tion and the new CPA oath taking,
Prescribing deadlines for completion of FS
preparation and audit cycle, Rationalizing
the Accreditation of Regulatory offices.
6. Provide communication and assist -
ance mechanisms
Projects: Website, Facebook, Twitter,
Sectoral and Career Tracking Surveys,
Volunteer Program, Information
Technology System Project, Notification
system, formation of the Technical and
Secretariat Office, organization of a
Special Project Office, Strengthen Sector
Organization’s Chapters, Propagation of
e-Working Papers for SMPs.
6 Accounting Times Vol. 66 No. 3 March 2016
P I C P A a n d I T ’S C H A P T E R S A T W O R K
19th AFA Conference
Meeting with Asian Development Bank
Representatives
World Bank assisted Quality Assurance
Review Activities
Phil. Army, Courtesy Call & Tax Briefing
CENTRAL LUZON PICPA PAMPANGA CHAPTER, Inauguration of New PICPA Pampanga Build-ing, Greenfields Square, Sindalan, San Fernando, Pampanga.
BICOL PICPA Albay Chapter and Luzon GAO, 2nd LGAO Conference in Legaspi City, Albay.
REGIONS and CHAPTERS:
SOUTHERN TAGALOG PICPA Lipa City Chapter’s Plant-a-Tree Project, in coordination with the Office of the City Agriculturist in Marawoy, Lipa City, Batangas.
METRO MANILA PICPA Eastern Metro Manila Chapter’s Christmas Gift Giving at Maybunga Pasig, in cooperation with The Camera Philippines Inc.
NORTHERN LUZON PICPA Pangasinan Chapter’s ‘Tulong Eskwela Activity”, Bacayao Sur
EASTERN VISAYAS
PICPA Cebu Chapter’s “ Gift Giving at Tanibag Elementary School.
WESTERN VISAYAS
PICPA Negros Occidental Chapter, Oath-Taking and Induction Ceremonies
for New CPAs, O Hotel, Negros Occidental.
NORTHERN MINDANAO
PICPA Cagayan De Oro-Misamis Oriental Chapter in cooperation with
Baconga Patriana & Company, Gift-Giving Activity, Workers of the PICPA
CDO-Misamis Oriental Chapter Building,
SOUTHERN MINDANAO PICPA Davao Chapter
Gift Giving and Feeding Program, Archdiocese Fatima Parish.
RR No. 14-2015
Amends Section 2 of Revenue Regulations
(RR) No. 12-2015 in relation to RR No. 10-2015
“use of non-thermal paper for all Cash Register
Machines/Point-of-Sales Machines and other
invoice/receipt generating machine/software”
RR No. 15-2015
Amends Sections 4.109-1 (B)(1)(s), (t) and (u)
of RR No. 16-2005, as amended, relative to
sale, importation or lease of passenger or cargo
vessels and aircraft, including engine,
equipment and spare parts thereof for domestic
or international transport operations
RR No. 1-2016
Amends certain provisions of Revenue
Regulations No. 3-2005 “requiring timely and
complete payment of taxes as a pre-condition
for entering into and as a continuing obligation
in contracts with government”
RR No. 2-2016
Prescribes the guidelines and procedures in the
issuance of Authority to Release Imported
Goods (ATRIGs) for imported automobiles
already released from customs custody
RR No. 3-2016
Prescribes the policies and guidelines on the
adoption of credit/debit/prepaid card payments
as additional modes of payment of internal
revenue taxes.
RMO No. 22-2015
Amends certain portions of RMO No. 11-2014
relative to the policies, guidelines and
procedures in the periodic clean-up of Accounts
Receivable/Delinquent Accounts
RMO No. 25-2015
Prescribes the policies, guidelines and
procedures relative to the determination of
compensation for services of Authorized Agent
Banks under the Treasury Single Account
RMO No. 26-2015
Amends the pertinent provisions of RMO No.
25-2011 more particularly on the remittance of
proceeds from sale of loose documentary
stamps collected by the designated/authorized
Revenue Collection Officers, Special Revenue
Collection Officers and other collecting agents
RMO No. 1-2016
Implements the centralized processing of
Authority to Release Imported Goods (ATRIG)
for excisable products
RMO No. 4-2016
Amends pertinent provisions of RMO No.
20-2007 on the simplified processing of
applications for compromise settlement and
abatement cases by concerned Regional
Offices
RMO No. 7-2016
Prescribes the policies and procedures in the
decentralization of processing and issuance of
certifications on internal revenue tax payments
to all concerned revenue offices
RMO No. 8-2016
Amends the provisions of RMO No. 83-2010 by
centralizing at the National Office the custody
and safekeeping of all original documentary
proofs of ownership by the government on
absolutely forfeited assets
RMO No. 9-2016
Reiterates and clarifies the duties and
responsibilities of personnel holding position in
an Officer-In-Charged (OIC) capacity
RMC No. 70-2015
Reiterates the tax treatment of certain persons
engaged in the business of land transportation
RMC No. 71-2015
Allows taxpayers who are mandated to file their
tax returns thru Electronic Filing and Payment
System and Electronic BIR Forms in areas
affected by Typhoon Lando to temporarily file
their tax returns and pay their taxes manually
RMC No. 72-2015
Announces the entry into force, effectivity and
applicability of the Philippines-Qatar Double
Taxation Agreement
RMC No. 77-2015
Clarifies the procedures in the processing of
Estate Tax returns for agricultural properties
covered by the Comprehensive Agrarian
Reform Program
RMC No. 79-2015
Informs all internal revenue officials and
employees of the new BIR Mission and Vision
Statements, and Core Values
RMC No. 9-2016
Clarifies the taxability of Non-Stock Savings
and Loan Associations for purposes of Income
Tax, Gross Receipts Tax and Documentary
Stamp Tax
RMC No. 15-2016
Announces the entry into force, effectivity and
applicability of the renegotiated Philippines-
Germany Tax Treaty
RMC No. 19-2016
Clarifies the tax treatment of the Monthly
Provisional Allowance and Officer's Allowance
given to military personnel/officers under the
March 2016 Accounting Times Vol. 66 No. 3 7
recently signed Executive Order, entitled
"Modifying the Salary Schedule for Civilian
Government Personnel and Authorizing the
Grant of Additional Benefits for Both Civilian
and Military and Uniformed Personnel"
RMC No. 21-2016
Circularizes the Professional Regulatory Board
of Accountancy Resolution No. 03, Series of
2016 entitled "Requiring the Submission of
Certificate by the Responsible Certified Public
Accountants on the Compilation Services for
the Preparation of Financial Statements and
Notes Thereto"
RMC No. 24-2016
Reiterates the Department of Finance Order
No. 149-95 for non-stock non-profit educational
institutions
RMC No. 25-2016
Circularizes the prescribed processing fees on
applications for certification on tax payments
RMC No. 26-2016
Informs revenue officials, employees and
others concerned on the acceptance of tax
returns/payments of internal revenue taxes by
Authorized Agent Banks on two Saturdays prior
to April 15, 2016
RMC No. 30-2016
Reminds candidates of the May 9, 2016
National and Local Elections of their tax
obligations
RMC No. 31-2016
Announces the entry into force, effectivity and
applicability of the Philippines-Turkey Double
Taxation Agreement
RMC No. 32-2016
Announces the entry into force, effectivity and
applicability of the Protocol amending the
Philippines-New Zealand Tax Treaty
RMC No. 35-2016
Announces the availability of eBIRForms
Package Version 6.0 and other concerns
RMC No. 36-2016
Clarifies the effectivity of the submission of
certificate by the responsible Certified Public
Accountants on the compilation services for the
preparation of financial statements and notes
thereto
RMC No. 37-2016
Updates the list of documentary requirements
for the registration of each type of application
under Annex A of RR No. 7-2012, as amended
by RMC No. 70-2013
U P D A T E S f r o m t h e B U R E A U O F I N T E R N A L R E V E N U E
( With comparative figures February 28, 2015 & June 30, 2015)
UnauditedFebruary 29 February 28 June 30
2016 2015 2015
REVENUES
CPE Seminar fees 13,036,108Php 7,447,211Php 12,047,919Php
Membership dues 6,666,654 4,842,804 7,578,402
AWC receipts 1,369,982 2,346,370 2,484,495
Rental Income 1,310,872 1,435,717 2,184,787
Entrace and other fees 1,074,839 455,109 638,222
PICPA ANC Share 1,050,000 1,000,000 1,000,000
Rental and seminar share from chapters 722,810 1,109,462 1,546,502
Activities and committees income 565,065 173,354 39,729
Interest and dividends 334,037 497,529 942,453
Donations and solicitations 140,470 82,500 220,500
Sale of books 93,450 6,150 10,659
Total Revenues 26,364,289Php 19,396,206Php 28,693,668Php
EXPENSES
CPE seminar expenses 5,176,767Php 3,077,981Php 5,278,514Php
Salaries and employees' benefits 4,618,258 4,848,221 7,496,617
Meetings, conferences & other activities 3,674,954 4,716,017 6,046,844
Depreciation 2,298,340 2,655,114 3,955,801
IFAC membership 1,067,579 826,563 1,678,583
Communication, light and water 1,117,500 1,241,364 2,134,939
Outside services 936,238 845,822 1,464,027
Board Expenses 777,765 1,025,056 1,590,391
Supplies 384,729 159,566 1,109,947
Taxes and licenses 301,537 295,433 444,707
Insurance 284,451 253,732 417,433
CAPA membership 173,406 173,406 173,406
SSS, PhilHealth, HDMF and other contribution 188,298 197,567 286,796
Accreditation Fee 147,000 140,150 189,180
Repairs and maintenance 180,284 180,360 261,709
Transportation and travel 97,669 140,386 185,700
Advertising 40,568 15,528 21,528
AFA membership 41,920 41,920 41,920
Presidents' Expenses - 238,041 360,548
Training and Development - - 72,820
Miscellaneous 278,372 121,674 72,832
Total Expenses 21,785,635Php 21,193,901Php 33,284,240Php Excess of (Expenses over revenues) Revenues
over expenses before income tax 4,578,654Php (1,797,695)Php (4,590,572)Php
Audited
PHILIPPINE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
(A Non-stock, Non-profit Organization)
STATEMENT OF REVENUE AND EXPENSES
PICPA National Office Only
For eight month period ended February 29, 2016