New Opportunity for Philippine Connectivity
The digitalization in the Philippines has been ongoing for transformation. Yet, the main problem lies in our internet connectivity, especially the part concerning the “speed” that Filipinos experience. Indeed, having a better internet connection is a good call, and the laws have been currently in favor of the same! With the recent approval and signing […]
Understanding the BIR Assessment (LOA, PAN, FAN-FLD)
For many business owners, nothing feels more worrisome than receiving a Letter of Authority from the Bureau of Internal Revenue (BIR). Indeed, technical terms like tax deficiency, assessments, and penalties arise, and the panic will ensue, even if businesses are compliant. But, here’s a myth we will debunk: A BIR Audit does not mean you […]
Global Non-Profit Sector Gets Its First Dedicated Accounting Standard
For the non-profit sector, a significant step was taken — the International Non-Profit Reporting Foundation (INPRF) has officially published the first-ever global accounting standard tailored explicitly for non-profit organizations, known as the International Non-Profit Accounting Standard (INPAS). The new standard was developed through years of collaborative effort, promising to reshape how charitable institutions, NGOs, and […]
SEC Pushes for More Transparency in Beneficial Ownership
The Securities and Exchange Commission (SEC) is moving toward much better corporate transparency with the proposed “Revised Guidelines on Beneficial Ownership Disclosure and Transparency,” issued on October 10, 2025. A Better Corporate Accountability The drafted guideline aims to reinforce and strengthen the disclosure process for those individuals who own, benefit from, or control such corporations […]
Near-the-Future Money: CBDC in the Philippines
Digitalization has been popular nowadays, with cashless payment options such as GCash and Maya. Likewise, the Philippines’ journey to transform the peso into a digital currency is at a crucial stage. The Bangko Sentral ng Pilipinas (BSP) has announced that banks and financial institutions will implement a wholesale CBDC, dubbed Project Agila, within the next […]
Taxation on Go-Bags: Are Emergency Kits Subject to Levies?
Preparedness Meets Compliance With the recent events the Philippines has faced — floods, frequent earthquakes, and volcanic eruptions, it underscores the importance of being prepared for such disasters. Hence, “Go-bags” are highly encouraged for households, survival kits containing food, water, supplies, and other essentials in case of an emergency. Yet, beyond the importance of preparedness, […]
AI and the Data Privacy Act: A Gap in Confidentiality
Recently, when OpenAI CEO Sam Altman emphasized that conversations with ChatGPT might need to be “produced” and easily given if authorities demanded it, a renewed discussion was started on one of today’s most pressing problems: how confidential are our interactions with AI systems? Altman’s discussion highlights a reality often underestimated by everyday users and even […]
Insights from ACPAPP: How CPAs Can Lead Through Technology
The accounting profession is at crossroads — where tradition meets technological transformation. With the new generations’ technology, such as automation, AI, and sustainable practices, businesses need to reshape their operations. Nowadays, CPAs are not just safeguarding ledgers but also serving as strategists, innovators, and catalysts. The abovementioned was strongly highlighted in this year’s ACPAPP 25th […]
Capitalization of Borrowing Cost from Interest-Free Advances
When a company receives an interest-free advance from a related party, an accounting question arises: can the borrower capitalize any borrowing cost related to that advance? Under the accounting standards, specifically PAS 23 – only borrowing costs actually incurred by the entity can be capitalized as part of a qualifying asset. In other words, unless […]
The Blockchain Bill: Can it Fix the Corruption?
When was the last time you checked where your taxes really went? — Ghost projects, delayed infrastructure or projects, contracts that vanished into thin air. Corruption in the Philippine governance is truly an old, deeply-rooted enemy of the public, draining the trust and hopes of the people. We have seen numerous reforms and promises, yet […]