GLIMPSE OF A CPA'S MIND

Suspension of the requirement for proprietary educational institutions to be non-profit to be entitled to 1% income tax under RR No. 5-2021 (Revenue Regulations No. 14-2021 issued on July 28, 2021)                                                         (this photo may be subject to a copy right claim) This Tax Alert is issued to inform all concerned on the suspension of certain provisions of Revenue Regulations (RR) No. 5-2021 on the income taxation of proprietary educational institutions.  To ease the burden of taxation among proprietary educational institutions, especially during the time of COVID-19 pandemic, the implementation of the following provisions of RR 5-2021 are suspended pending passage of appropriate legislation:  Section 2 (C) - definition of proprietary educational institutions, insofar as it includes therein the phr...

  Deferring the Implementation of RR No. 9-2021  The Secretary of Finance has issued RR No. 15-2021 deferring the implementation of RR No. 9-2021 dated 9 June 2021 imposing value-added tax (VAT) on certain transactions that were previously considered VAT zero-rated. The same is deferred until the issuance of amendatory revenue regulations. In view of the continuing COVID 19-pandemic and its impact to the export industry, the implementation of RR No. 09-2021 is deferred until issuance of amendatory revenue regulation. RR No. 09-2021 imposed 12% VAT on transactions which used to be zero-rated under Section 106 (A) (2) (a) (3), (4), and (5) and Section 108 (B) (1) and (5) of the Tax Code, as amended. The following transactions will revert to VAT zero-rating: Sale of goods or properties: The sale of raw materials or packaging materials to a non-resident buyer for delivery to a resident local export-oriented enterprise to be used in manufacturing, processing, packing or repacking ...

 Hi Class! For your final examination on Intermediate Accounting, please follow the process below: (1) Please visit  zzi.sh (2) Please enter your assigned PASSWORD (CLASS CODE sent to your group chat) to fully access the exam site. (3) For computational problems, kindly upload your solutions here .

 INSTRUCTION: Class, please provide your legal opinion for each individual cases and upload it on the uploader link provided at the end of this article. I. CASE 1 - A two-year-old child fell on an old water well. (source: GMA News) (1) Are the parents liable for negligence resulting to death of their 2-year-old child? Please provide your legal opinion with legal basis. (2) Is the owner of an old well also liable for negligence resulting to death of a 2-year-old child? Please provide your legal opinion with legal basis. II. CASE 2 - A 7-year-old girl died due to Jellyfish sting at Camarines Sur Resort                                                                                    (source: GMA News) (1) Is the Camarines Sur Resort lia...

INVENTORIES Inventories are items or goods in stocks principally intended for sale to customers. In a layman's terms, these are the goods being sold in a marketplace, malls, groceries, supermarts, convenience stores, and others alike. (source: from Google image search) But what really is the exact definition of inventory? In this blog, I would like to introduce to you the International Accounting Standard No. 2 (IAS 2) which covers the accounting for inventories. IAS 2 contains the requirements on how to account for most types of inventory - whether it is raw material, work in process, finished goods, or merchandise goods. For a more comprehensive discussion of inventory, you may also check the following applicable accounting standards: FOR LARGE/ LISTED ENTITIES FOR SMALL & MEDUIM-SIZED ENTITIES FOR MICRO-ENTITIES PAS 2 – Inventories Section 13 (PFRS for SMEs) – Inventories Section 8 (PFRS for SEs) – Inventories ...

 Dear students, For your midterm examination on Intermediate Accounting, please follow the process below: (1) Please visit  zzi.sh  . (2) Please enter your assigned PASSWORD (CLASS CODE sent to your group chat) to fully access the exam site.

 Hi class! INSTRUCTIONS: Please answer the sets of questions here and upload them to our uploader link posted below. Please use WORD/ PDF format when uploading your answers. TEST I. IDENTIFICATION : Please identify each of the following terms below. 1. _________________ It is a juridical necessity to give, to do, and not to do. 2. _________________ It means that the court may be asked to order the performance of an obligation if the debtor refuses to perform it. 3. _________________ The meeting of the minds between two persons, whereby one binds himself, with respect to the other, to give something or to render some service. 4. _________________ This refers to voluntary administration of the property, business or affairs of another without his consent or authority. 5. _________________ This refers to payment by mistake of an obligation which was not due when paid. It creates the obligation to return the payment. 6. _________________ These are the spontaneous products of the soil an...