Client Advisory Letters

A publication about developments in Philippine taxation. The contents usually include latest Republic Acts, Bureau of Internal Revenue issuances, Customs regulations, Court decisions, BSP circulars, SEC circulars, Department of Justice opinions and Executive Orders relevant to Tax practice.


Latest issue

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”.

 

Complete issues

New rules: accounting for ‘bearer’ plants (CAL June 2015)

Accounting for investments in other entities in separate FS (CAL May 2015)

Accounting for leave credits: A deeper understanding of (PAS) 19 – Employee Benefits (CAL April 2015)

A closer look at IFRIC 21 - Levies (CAL March 2015)

Shift of global economic power to emerging economies set to continue (CAL February 2015)

Added de minimis benefits (CAL January 2015)

Year-end tax reminders for 2014 (CAL December 2014)

 

For previous Client Advisory Letters issues, please contact:

Lyn Golez, Tax services