From the letter of the BIR Chief Kim Henares to EmelinoTMaestro, it can be read and understood that she allowed you to use the generally accepted accounting principles or the Philippine Financial Reporting Standards in preparing your financial statements but for taxation purposes, the same principles and standards can't be used because she admitted that you need to reconcile the said principles and standards to the tax accounting rules and in the case of disparity, the TAX ACCOUNTING RULES shall prevail over them. THIS IS SO CUMBERSOME to you because you should be knowledgeable to the said principles and standards and the tax accounting rules to discharge your alleged (additional) obligation that is to reconcile both of them. Not only this will eat much of your time and effort but most importantly, is so costly and unnecessary. THINK ABOUT WHAT HARDSHIP IT WOULD BRING TO YOU OF THE IDEA BEING PROPAGATED BY THE BIR.
September 22-23, 20152-5 pm, University Hotel, UP Campus, Quezon City
FREE TAX ACCOUNTING
SEMINAR WORKSHOP
SEMINAR WORKSHOP
Limited seats only.
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439 3918 or 921 6107
FREE FRANCHISINGBOOKKEEPING AGENCY
GOVERNMENT ERRAND AGENCY
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