Philippine Taxation

Current issues

Client Advisory Letter

New rules: accounting for ‘bearer’ plants (CAL June 2015)
Prior to 2014, IAS 41, Agriculture, required all ‘bearer’ biological assets and the produce growing on the bearer plant (or ‘consumable’) related to agricultural activity to be measured generally at fair value less cost to sell. This is based on the principle that the biological transformation of biological assets is best reflected by fair value measurement. IAS 41 further defines biological transformation as “the processes of growth, degeneration, production, and procreation that cause qualitative or quantitative changes in a biological asset”.

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Taxwise or Otherwise

The sound of silence (Taxwise, 30 July 2015)
For people who know each other well, non-verbal communication may transcend the limits of words. One can choose to be silent, and still be understood. This, however, may not hold true for all occasions. Sometimes, we need to speak up in order to be heard and understood.

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Tax Alerts

Tax Alert No. 34 (1 July 2015)
Availability of eBIRForms Package Version 5.0

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Other tax books