In 2014, the International Accounting Standards Board (IASB) issued the completed version of the financial instruments standard, otherwise known as International Financial Reporting Standard (IFRS) 9, Financial Instruments, which was locally adopted as Philippine Financial Reporting Standard (PFRS) 9.
We are in the midst of a global “data evolution and revolution.” Data has been growing exponentially in volume and type. The abundance of data in the corporate world, on social media and the Internet of Things have made information very accessible with just a few clicks. What’s more, new actors such as “machine learning” heavily rely on data to learn and execute actions on its own.
Upon observing the opportunity gap between social classes in South Africa while spending his holiday break there, PwC Philippines Chairman and Senior Partner Alex Cabrera shares a concept where private companies can do something about it while still growing their business.
One of the major changes introduced in the TRAIN law was mandatory e-invoicing. Under the law, taxpayers engaged in the export of goods and services, e-commerce, and those considered Large Taxpayers, are required to issue electronic invoices/receipts and to report their sales data to the Bureau of Internal Revenue (BIR) at the point of sale within five years from the effectivity of the TRAIN law, i.e., on or before Jan. 1, 2023. This measure is contingent on the establishment of a system capable of storing and processing the required data.
