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PwC's Needles in a haystack

True intentions

Political or not, it would be good to revisit how donations should be accounted for local statutory reporting. When we look at the local accounting standards in the Philippines or the Philippine Financial Reporting Standards (PFRS), we don’t see any explicit discussion about accounting for donations. However, we can apply the general guidance in accounting for assets, receipts/income and expenses under PFRS, which provides an accounting treatment that is aligned with the US GAAP guidance on accounting for donations.

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as easy as ABC


Can mere mortals always blame a supreme force on unfortunate events that can be attributed as "Acts of God"? PwC Philippines Chairman and Senior Partner Alex Cabrera has several answers to this question in his article "Aftershocks".

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