Accounting in a world reshaped by COVID-19
April 16, 2021 | 8:05 am
Special Features Writer
There are few things in history that have caused a titanic upheaval to modern society like the coronavirus disease 2019 (COVID-19). Aside from plunging the world economy into the worst global recession since the Second World War, according to the World Bank, the pandemic has also exacerbated the risks associated with a decade-long wave of global debt accumulation, as well as steepening the long-expected slowdown in potential growth over the next decade.
In his foreword to this year’s
Global Economic Prospects report, World Bank Group President David R. Malpass noted that “making the right investments now is vital both to support the recovery when it is urgently needed and foster resilience. Our response to the pandemic crisis today will shape our common future for years to come. We should seize the opportunity to lay the foundations for a durable, equitable, and sustainable global ec
BusinessWorld
February 28, 2021 | 8:34 pm
By Auresana B. Ines
COVID-19 (coronavirus disease 2019) has taken the world by storm, with the pandemic requiring unprecedented community quarantines, lockdowns, and business disruption.
With the objective of reducing costs and tempering negative operating results, taxpayers have been reevaluating discrepancies between forecast and actual operating results and reviewed contractual arrangements and supply chain processes. Particularly for taxpayers engaged in related-party transactions, it was imperative to review the current business model, allocation of risks, and cost reimbursement or sharing arrangements.
Because of this, taxpayers who are engaged in related party transactions (RPTs) were taken aback when Revenue Regulations (RR) 19-2020 were issued. RR 19-2020 requires the submission of BIR Form 1709 (or the RPT Form) and supporting documents which include contemporaneous transfer pricing documentation (TPD). Taxpay
Published December 22, 2020, 5:30 AM
The Securities and Exchange Commission (SEC) is giving real estate companies more time to assess implementation issues amid the COVID-19 pandemic by further deferring the application of certain accounting rules until 2023.
The Commission said it decided to defer the application of Philippine Interpretation Committee Question and Answer (PIC Q&A) No. 2018-12 with respect to the accounting for significant financing component and the exclusion of land in the calculation of the percentage of completion.
The real estate industry will likewise have three more years to comply with the International Financial Reporting Standards (IFRS) Interpretations Committee’s Agenda Decision on over time transfers of constructed goods under Philippine Accounting Standards (PAS) 23-Borrowing Cost.
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