This document provides guidance for practitioners in the Philippines on compilation reports required by BOA Resolution 03-2016. It discusses that a practitioner who provides compilation services for an entity's financial statements should issue a report that meets the requirements of PSRS 4410, including an assertion that the practitioner complied with the standard. The report date should be the same as the date management or TCWG approved the financial statements. An illustrative compilation report that could be used is provided in an appendix.
Provisions of companies act 2013 for accounting, books of accounts, financial statements, appointment of auditor, rotation of auditor, liabilities of auditors etc
The Companies Act, 2013 has introduced some new requirements relating to audits and
reporting by the statutory auditors of companies. One of these requirements is given under
Section 143(3)(i) of the Act which requires the statutory auditor to state in his audit report
whether the company has adequate internal financial controls system in place and the operating
effectiveness of such controls. Here is Brief and simple explanation about IFC.
Provisions of companies act 2013 for accounting, books of accounts, financial statements, appointment of auditor, rotation of auditor, liabilities of auditors etc
The Companies Act, 2013 has introduced some new requirements relating to audits and
reporting by the statutory auditors of companies. One of these requirements is given under
Section 143(3)(i) of the Act which requires the statutory auditor to state in his audit report
whether the company has adequate internal financial controls system in place and the operating
effectiveness of such controls. Here is Brief and simple explanation about IFC.
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Tilman Brück, Negar Habibi, Charles Martin-Shields,
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EY's latest newsletter summarizes SEC developments in the last quarter. This issue highlights the remarks made by SEC staff members at the recent AICPA National Conference on Current SEC and PCAOB Developments related to SEC reporting implications of new accounting standards, non-GAAP financial measures and management’s discussions and analysis disclosure considerations for income taxes. We also discuss the SEC's progress on rulemaking and other initiatives, as well as significant personnel changes.
Indian Financial Reporting series:
Presentation by CA Varun Sethi at ICAI certificate course on IFRS/ IndAS - 2015
Covered IFRS 1/ IndAS 101, IAS/ IndAS 1, 7, 8, 10.
Contains
1. Comparison to ICDS, AS, IAS and references to Companies Act, 2013, SEBI regulations
2. Updates from IASB - Disclosure initiative on IAS 7
3. Practical questions, problems and solutions by regulators, FRRB, practices as evolved etc
Indian Financial Reporting series:
Presentation by CA Varun Sethi at ICAI certificate course on IFRS/ IndAS - 2015
Covered IFRS 1/ IndAS 101, IAS/ IndAS 1, 7, 8, 10.
Contains
1. Comparison to ICDS, AS, IAS and references to Companies Act, 2013, SEBI regulations
2. Updates from IASB - Disclosure initiative on IAS 7
3. Practical questions, problems and solutions by regulators, FRRB, practices as evolved etc
this latest edition of out quarterly publication summarizes SEC developments in the last quarter. Highlights include SEC staff guidance on tax reform, remarks by SEC Chairman Jay Clayton and members of the SEC staff at the recent AICPA Conference on Current SEC and PCAOB Developments on the new accounting standards, critical audit matters and cybersecurity, and a discussion of Mr. Clayton’s concerns about initial coin offerings. We also discuss recent SEC rulemaking activities, SEC staff guidance updates and significant personnel changes.
Rodel S. Navarro; Business and Management Consultant and Director; RODEL SY NAVARRO BUSINESS CONSULTANCY SERVICES (RSNBCS); Tel / Mobile: +63-0917-7333563; Email: rsnbcs@gmail.com http://www.slideshare.net/RSNBCS; (About Business Laws compilation): http://www.slideshare.net/BUSINESSLAWSPH Email: businesslawsph@gmail.com; https://www.slideshare.net/FREEPDFBOOKSPH; freepdfbooksph@gmail.com; www.slideshare.net/IFRS_IAS_COMPILED; ifrs.ias.compiled@gmail.com; https://www.slideshare.net/PH_STANDARDSONAUDITING_COMPILED; psauditing.compiled@gmail.com
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
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𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
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Aasc alert qa on compilation reports required by boa resolution 3-2016
1. AASC Alert
Series 002 of 2017 February 2017
Questions and Answers on Compilation Reports Required by
Resolution 03-2016 of the Professional Regulatory Board of
Accountancy (BOA)
This Alert has been prepared by the Auditing and Assurance Standard Council (AASC) to provide guidance to
practitioners in the Philippines in applying the requirements of BOA Resolution 03-2016, Requiring the Submission
of Certification by the Responsible Certified Public Accountants on the Compilation Services for the Preparation of
Financial Statements and Notes thereto.
This Alert has been discussed with and agreed by the BOA and that the necessary BOA written confirmation on this is
forthcoming.
Background
BOA Resolution No. 03-2016, dated January 19, 2016, requires that the financial statements and
notes thereto of an entity shall be prepared either by:
(1) the certified public accountant (CPA) employed by the organizations or
(2) the CPA contracted by the organizations to perform the compilation services.
Resolution 03-2016 also requires the CPA who prepared the financial statements to prepare and
sign a certificate on the preparation of financial statements in accordance with an applicable
financial reporting framework. This certificate shall be attached to the audited financial
statements that are submitted to the regulatory offices. The format of the certificate is prescribed
in Annex A of the resolution.
In another resolution, Resolution No. 70-2016, the BOA adopted, among other standards,
Philippine Standard on Related Services (PSRS) 4410 (Revised), Compilation Engagements.
PSRS 4410 (Revised) deals with the responsibilities of a practitioner (defined as a professional
accountant in public practice) when engaged to:
(1) assist management with the preparation and presentation of historical financial
information without obtaining any assurance on that information and
(2) report on the engagement in accordance with this PSRS.
2. Questions
1. What form of report should a practitioner issue in connection with the requirements
of BOA Resolution 03-2016?
When a practitioner is engaged to provide compilation services to an entity, the
practitioner’s association with the financial statements under PSRS 4410 (Revised) is
communicated through a report in writing that includes the elements set forth in
paragraph 40 of this PSRS. The report should contain an explicit assertion of the
practitioner’s compliance with this PSRS. This report shall be attached to the audited
financial statements that will be filed with the regulatory offices.
An illustrative practitioner’s report for an engagement to compile financial statements
using a general purpose financial reporting framework is provided in the Appendix of this
AASC Alert.
The Certificate in Annex A of BOA Resolution No. 03-2016 applies only to CPAs in
commerce and industry who compiled the financial statements of their employer
organization. This Certificate is not applicable to practitioners who were engaged to
provide compilation services in accordance with PSRS 4410 since CPAs in public
practice are bound to comply with the reporting requirements of the standards on audit,
review, other assurance and related services engagements.
2. When should the compilation report be dated?
Paragraph 41 of PSRS 4410 (Revised) states that the practitioner shall date the report on
the date the practitioner has completed the compilation engagement. Paragraph A62 of
PSRS 4410 (Revised) explains that when completing the compilation engagement, the
practitioner should appropriately consider the process that exists within the entity for the
approval of the financial statements by management, or by those charged with
governance (TCWG). In our jurisdiction, there is an established process that
management or TCWG are required to follow for the preparation and finalization of the
financial statements of the entity. Therefore, the completion of the compilation
engagement should not be earlier than the date of approval of the financial statements by
management.
Accordingly, the compilation report date should be the same as the approval date of the
financial statements by management or TCWG.
3. APPENDIX
Practitioner's report for an engagement to compile financial statements using a general
purpose financial reporting framework
PRACTITIONER'S COMPILATION REPORT
[To Management of ABC Company]
We have compiled the accompanying financial statements of ABC Company based on
information you have provided. These financial statements comprise the statement of financial
position of ABC Company as at December 31, 20X1, the statement of comprehensive income,
statement of changes in equity and statement of cash flows for the year then ended, and a
summary of significant accounting policies and other explanatory information.
We performed this compilation engagement in accordance with Philippine Standard on Related
Services 4410 (Revised), Compilation Engagements.
We have applied our expertise in accounting and financial reporting to assist you in the
preparation and presentation of these financial statements in accordance with Philippine Financial
Reporting Standard for Small and Medium-sized Entities (PFRS for SMEs). We have complied
with relevant ethical requirements, including principles of integrity, objectivity, professional
competence and due care.
These financial statements and the accuracy and completeness of the information used to compile
them are your responsibility.
Since a compilation engagement is not an assurance engagement, we are not required to verify the
accuracy or completeness of the information you provided to us to compile these financial
statements. Accordingly, we do not express an audit opinion or a review conclusion on whether
these financial statements are prepared in accordance with PFRS for SMEs.
[Practitioner's signature]
[Date of practitioner's report]
[Practitioner's address]