Services

Technical Training for Accountants

PART A: ACCOUNTING CONCEPTS

Accounting concepts refer to the basic assumptions, rules, and principles which work as the basis of recording of business transactions and preparing accounts. This concept assumes that, for accounting purposes, the business enterprise and its owners are two separate independent entities.

PART B: IFRS UPDATES

The Philippines moved from US Generally Accepted Accounting Principles [GAAP] to the International Financial Reporting Standards in the year 2005. The International Accounting Standards Board (Board) issued the revised Conceptual Framework for Financial Reporting (Conceptual Framework), a comprehensive set of concepts for financial reporting, in March 2018. The revision resulted   to a lot of changes, among others, even the meaning of assets and liabilities.

 Lecture with practice-based examples, Interactive discussion and WORKSHOP on the Revised Conceptual Framework.

At the end of the training, participants shall learn how to

a.       enhance their comprehension of basic accounting concepts as applied to the world of business today.

b.       comprehensively link part A to part B of the training program

c.       acquire basic knowledge on the preparation of an “IFRS manual” as the output of Part B of the training program.

PART A ACCOUNTING CONCEPTS 

                                             I.            Business entity

                                          II.            Money Measurement

                                         III.            Stable monetary unit

                                        IV.            Going Concern

                                          V.            Historical Cost

                                        VI.            Prudence/conservatism

                                       VII.            Materiality

                                     VIII.            Objectivity

                                         IX.            Consistency

                                           X.            Accruals

                                         XI.            Matching

                                       XII.            Realization

                                     XIII.            Uniformity

                                     XIV.            Disclosure

                                      XV.            Relevance

PART B: IFRS UPDATES:

                                     XVI.            General purpose financial reporting

                                   XVII.            Qualitative characteristics of useful financial information

                                 XVIII.            Financial statements and the reporting entity

                                     XIX.            The elements of financial statements            

                                       XX.            Recognition and derecognition

                                     XXI.            Measurement

                                   XXII.            Presentation and disclosure

                                 XXIII.            Concepts of capital and capital maintenance

                                 XXIV.            Appendix—Defined Terms

Accounting is the language of business. The accounting cycle is a standard practice in financial accounting that allows an entity to record and calculate its financial activities. The cycle consists of a number of steps, each of which relies on earlier steps to collect data and organize it in a meaningful way.

The steps of the accounting cycle guide the person recording transactions to produce financial records in a uniform manner with built-in checks and balances. Following the accounting cycle will help you keep your records up-to-date. Up-to-date financial records are an invaluable tool to help business owners together with accountants make financial decisions about the entity [be they for profit or not.

The highlight of this session is the confidence level on the part of the participants in the preparation of four financial statements -statement of financial position, statement of performance, statement of changes in equity as well as the statement of cash flows using the zero-based accounting technique and reinforced by the practice-based accounting cycle

Lecture, starts with the   zero-based accounting& accounting cycle  workshop 

At the end of the training-workshop, participants shall increase their confidence level how to

  1. analyze transactions
  2. journalize transactions
  3. transfer journal entries to the general ledger
  4. prepare the trial balance
  5. prepare adjusting entries
  6. prepare and post adjusting entries
  7. prepare adjusted trial balance
  8. prepare financial statements
  9. prepare and post-closing entries
  10. prepare a post-closing trial balance

Introduction
Definition of Terms
PART A: Zero-Based Accounting Technique

  1. transaction analysis

Financial statements

2.statement of Income/statement of performance

3.statement of equity

4.statement of financial position

5.statement of cash flows

6.vertical analysis

IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows. IAS 7 is on the Statement of Cash Flows, IAS 8 is on Accounting Policies, Changes in Accounting Estimates and Errors.

Lecture, interactive discussion, Workshop

Participants shall be exposed to

  1. the provisions of IAS 1 Preparation of Financial Statements
  2. the provisions of IAS 7 Statement of Cash Flows
  3. the relevant provisions of IAS 8 on Accounting Policies, Estimates and Errors
  4. a workshop on the preparation and presentation of IFRS/PFRS-based financial statements
  5. an interactive discussion of workshop outputs.
  6. realize after the day-long session that the seminar workshop is a combination of Competence Areas A of 3 units and Competence B on skills of 5 units
  1. Introduction
  2. Analytics of Discussion of IAS 1, 7, 8 & 10
  3. Practice-based approach of the topic under discussion
  4. Workshop on the Roadmap to preparation of IFRS financial statements
  5. Workshop on the Roadmap to presentation of financial statements
  6. Discussion of Workshop Outputs
  7. Lessons Learned
  8. Conclusion

Events after the reporting period are those events, both favorable and unfavorable, that occur between the reporting date and the date on which the financial statements are authorized for issue.

This training workshop focuses on the accounting and reporting of events that occur between the end of the reporting period and the date on which the financial statements are authorized for issue.

Lecture, interactive discussion, Workshop

Participants should

  1. know the financial reporting requirements for events that occur between the end of the reporting period and the date when the financial statements are authorized for issue in accordance with the provisions of IAS 10 Events after Reporting Date.
  2. determine the date on which the financial statements are authorized for issue
  3. differentiate between adjusting and non-adjusting events after the end of the reporting period
  4. identify and account for adjusting events after the end of the reporting period in the financial statements
  5. identify and disclose non-adjusting events after the end of the reporting period in the financial statements
  6. demonstrate an understanding of the significant judgements that are required in accounting for events after the end of the reporting period.
  1. Introduction
  2. Scope Principle
  3. Recognition Principle
  4. Measurement Principle
  5. Adjusting Events
  6. Non-adjusting events
  7. Dividends
  8. Going Concern
  9. Workshop
  10. Conclusion
  11.  

This is a practice-based training program on IFRS Financial Statements Analysis with accompanying technical approaches used in the business world. This seminar-workshop will use actual financial statements of an entity submitted to regulatory bodies. This seminar includes as well, among others, a structured decision-making strategy for accountants [IPOORE] as well as discussion as to how to report the results of analysis/analytics.

Lecture with practice-based examples, Interactive discussion and WORKSHOP on financial statement analysis using  actual financial statements

At the end of the training, participants shall learn how to

  1. appreciate the changes in the field of analysis as well as analytics
  2. use financial tools introduced in the training-workshop sessions
  3. learn basic as well as practice-based approaches to decision making [IPOORE]
  4. prepare reports sent to management
  1. Introduction
  2. Actual Financial Statements
  3. Equation Analysis
  4. Classified Equation Analysis
  5. Articulation Analysis
  6. Fiscal Fitness Analysis
  7. VII. Vertical, Horizontal, Trend Analysis
  8. VIII.     Micro Analytical Tools
  9. Workshops
  10. Effect Analysis & Interactive Discussion
  11. Suggestions to improve operations
    a. Sale
    b. Buyback
    c. Financial Restructuring
  12. Lessons learned
  13. Conclusion

IAS 16 establishes principles for recognizing property, plant and equipment as assets, measuring their carrying amounts, and measuring the depreciation charges and impairment losses to be recognized in relation to them.

Adjusting entries are required at the end of each fiscal period to align revenues and expenses to the “right period”. For PPE, adjusting entries are done for a portion of the cost allocated to one reporting period called depreciation.

Accruals refers to adjustments that must be made before financial statements are issued. Accruals involve the following types of business transactions:

  1. expenses, losses, and liabilities that have been incurred but are not yet recorded in the accounts, and
  2. revenues and assets that have been earned but are not yet recorded in the accounts

Lecture, interactive discussion, Workshop

Participants after this training should be able to

  1. distinguish items of property, plant and equipment [PPE] from other assets of the entity
  2. identify when items of PPE qualify for recognition in the financial statements
  3. measure items of PPE on initial recognition and subsequently.
  4. identify when an item of PPE is to be derecognize or transfer to another account and account for the derecognition or transfer.
  5. demonstrate an understanding of the significant judgments that are required in accounting for f PPE
  6. enhance knowledge of accruals
  1. Introduction
  2. Definition of Terms
  3. Scope Principle
  4. Recognition Principle
  5. Measurement Principle
  6. Presentation Principle
  7. Disclosure Principle
  8. Derecognition Principle
  9. Impairment
  10. Accruals
  11.  

Financial Instruments Presentation outlines the accounting requirements for the presentation of financial instruments, particularly as to the classification of such instruments into financial assets, financial liabilities and equity instruments. The standards also provide guidance on the classification of related interest, dividends and gains/losses, and when financial assets and financial liabilities can be offset, among others.

Lecture, interactive discussion, Workshop

Participants after this training should be able to

  1. explain and apply standard-relevant definition of terms
  2. prepare journal entries to
    1. recognize initial transactions
    2. measure subsequent transactions
    3. derecognize transactions
    4. record Impairment
  3. present standard-relevant completed transactions
  4. be aware of relevant disclosure requirements
  5. appreciate illustrative examples in practice
  6. explain other issues and concerns and how they matter
  1. Introduction
  2. Definition of Terms
  3. Scope Principle
  4. Recognition Principle
  5. Measurement Principle
  6. Presentation Principle
  7. Disclosure Principle
  8. Derecognition Principle
  9. Impairment
  10. Workshop
  11. Conclusion

IAS 27 Separate Financial Statements (as amended in 2011) outlines the accounting and disclosure requirements for ‘separate financial statements’, which are financial statements prepared by a parent, or an investor in a joint venture or associate, where those investments are accounted for either at cost or in accordance with IFRS 9 Financial Instruments. The standard also outlines the accounting requirements for dividends and contains numerous disclosure requirements

IAS 28 Investments in Associates and Joint Ventures (as amended in 2011) outlines how to apply, with certain limited exceptions, the equity method to investments in associates and joint ventures. The standard also defines an associate by reference to the concept of “significant influence”, which requires power to participate in financial and operating policy decisions of an investee (but not joint control or control of those polices)

IFRS 10 Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee.

Bank Reconciliation is a very important  task that should be done regularly. Confidence on the audited financial statements rely first and foremost  on the right amount of cash & cash equivalents on  a daily basis. An entity without a bank reconciliation statement is an entity with fraud 80% of the time.

Lecture, interactive discussion, Workshop

Participants after this training should be able to

  1. understand the link of IAS 27, 28, and IFRS 10 principles
  2. discuss standard-relevant definition of terms
  3. apply the recognition principle
  4. apply the measurement principle
  5. apply the presentation principle
  6. understand basic control, significant influence, joint control & control
  7. be aware of the basic procedure for consolidation.
  8. prepare a bank reconciliation statement
  1. Introduction
  2. Definition of Terms
  3. Control, Significant influence, joint control Elements
  4. Basic consolidation procedures
  5. Other issues and concerns
    1. Non-controlling interests (NCIs)
    2. Changes in ownership interests
    3. Parent loses control of a subsidiary
    4. Investment entities
    5. Consolidation exemption
  6. Bank Reconciliation Workshop
  7. Conclusion
  8.  

IFRS 15 specifies how and when an entity will recognize revenue as well as requiring such entities to provide users of financial statements with more informative and relevant disclosures. The standard provides a single, principles- based five-step model to be applied to all contracts with customers. IFRS 15 replaces the following standards and interpretations: IAS 11, IAS 18, IFRIC 13, IFRIC 15, IFRIC 18, SIC 31

Receivables Accounting, Management & Control. Receivable management incorporates is all about ensuring that customers pay their invoices. Good receivables management helps prevent overdue payment or non-payment. It is therefore a quick and effective way to strengthen the company’s financial or liquidity position. Deep-Dive Receivables is an innovation  in the field of Receivables Accounting, Management and Control.

Lecture, interactive discussion, Workshop

Participants after this training should be able to

  1. explain and apply standard-relevant definition of terms
  2. be aware of the scope of the standard
  3. learn how to identify contracts
  4. identify the performance obligations in the contract
  5. determine the transaction price
  6. allocate the transaction price to the performance obligations in the contracts
  7. recognize revenue when (or as) the entity satisfies a performance obligation
  8. present the results of revenue transactions in the financial statements
  9. be aware of receivables accounting, management & control

PART A: IFRS 15 Revenue from Contract Customers

  1. Introduction
  2. Definition of Terms
  3. Scope Principle
  4. The five-step model framework
  5. Presentation Principle
  6. Disclosure Principle
  7. Workshop
  8. Conclusion

 

PART B: Receivables Accounting, Management & Control
Deep Dive Receivables

    1. Introduction
    2. Definition of Terms
    3. The Process Flow
    4. Effect Analysis

IFRS 16 specifies how an IFRS reporter will recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17.

IFRS 16 replaces the following standards and interpretations:

  1. IAS 17 Leases IFRIC 4 Determining whether an Arrangement contains a Lease
  2. SIC-15 Operating Leases – Incentives
  3. SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease

Liabilities are present obligations as of reporting date, the payment of which results to reduction of economic resources. There is no way to avoid payment.

Lecture, interactive discussion, Workshop

Participants after this training should be able to

  1. explain and apply standard-relevant definition of terms
  2. be aware of the scope of the standard as well as understand  liabilities of an entity
  3. apply principles for the recognition, measurement, presentation, and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that faithfully represents those transactions.
  4. consider recognition exemptions
  5. identify lease contracts, its components and the lease term
  6. prepare transaction-based journal entries as well as presentation in the financial statements
  7. prepare journal entries

Part A: IFRS 16 Leases

  1. Introduction
  2. Definition of Terms
  3. Scope Principle
  4. Recognition Principle
  5. Measurement Principle
  6. Presentation Principle
  7. Disclosure Principle
  8. Workshop
  9. Conclusion

Part B : Liabilities

  1. Introduction
  2. Definition of Terms
  3. Classification
  4. Recognition Principle
  5. Measurement Principle
  6. Presentation Principle
  7. Disclosure Principle
  8. Workshop
  9. Conclusion

IFRS 13 Fair Value Measurement applies to IFRSs that require or permit fair value measurements or disclosures and provides a single IFRS framework for measuring fair value and requires disclosures about fair value measurement. The Standard defines fair value on the basis of an ‘exit price’ notion and uses a ‘fair value hierarchy’, which results in a market-based, rather than entity-specific, measurement.

IFRS 13 was originally issued in May 2011 and applies to annual periods beginning on or after 1 January 2013.

Lecture, interactive discussion, Workshop

Participants after this training should be able to

  1. explain and apply standard-relevant definition of terms
  2. be aware of the scope of the standard
  3. know what a ‘fair value hierarchy’ is
  4. discuss the fair value management approach
  5. be aware of disclosure requirements
  1. Introduction
  2. Definition of Terms
  3. Scope Principle
  4. Recognition Principle
  5. Measurement Principle: the guidance on fair value measurement
  6. Asset Wheel
    1. Inventory
    2. Property Plant & Equipment
    3. Investment Property
    4. Intangible Assets
    5. Financial Assets

            –Cash & Cash Equivalent

            -Receivables

            -Equity Instruments

             -Debt Instruments

  1. Liability Wheel
    1. Financial Liabilities
    2. Leases
    3. Defined Benefit Plan
  2. Disclosure Principle & Workshop
  3. Conclusion

Taxes on corporate income. A domestic corporation is subject to tax on its worldwide income. On the other hand, a foreign corporation is subject to tax only on income from Philippine sources.

 

IAS 12 Income Taxes implements a so-called ‘comprehensive balance sheet method’ of accounting for income taxes which recognizes both the current tax consequences of transactions and events and the future tax consequences of the future recovery or settlement of the carrying amount of an entity’s assets and liabilities. Differences between the carrying amount and tax base of assets and liabilities, and carried forward tax losses and credits, are recognized, with limited exceptions, as deferred tax liabilities or deferred tax assets.

Lecture, interactive discussion

Participants after this training should be able to

  1. apply knowledge during the day long session
  2. participate by asking questions relevant to the training
  3. apply the IAS 12

Introduction

A. COMPUTATION OF TAXABLE INCOME

  1. Taxable Income Defined
  2. Gross Income
  3. Exclusions from Gross Income
  4. Corporate Income Tax Rates
  5. Minimum Corporate Income Tax
  6. Preferential Income Tax

B. DEDUCTIONS FROM GROSS INCOME

  1. Expenses
  2. Interest
  3. Taxes
  4. Losses
  5. Bad Debts
  6. Depreciation
  7. Depletion
  8. Charitable and Other Contributions
  9. Research and Development
  10. Pension Trusts
  11. Additional Requirements for Deductibility of Certain Payments
  12. Optional Standard Deduction
  13. Non-Deductible Items

C. CAPITAL GAINS AND LOSSES

  1. On shares of stocks
  2. On Real Properties

D. RETURNS AND PAYMENTS OF TAX

  1. What to File
  2. When to File
  3. Where to File

E. IAS 12 INCOME TAX

  1. Tax Base
  2. Temporary Differences
  3. Taxable Temporary Differences
  4. Deductible temporary Differences
  5. Deferred Tax Liabilities
  6. Deferred Tax Assets

F. Conclusion

IAS 26 Accounting and Reporting by Re­tire­ment Benefit Plans outlines the re­quire­ments for the prepa­ra­tion of financial state­ments of re­tire­ment benefit plans. It outlines the financial state­ments required and discusses the mea­sure­ment of various line items.

IAS 19(2011) sets the disclosure objectives in relation to defined benefit plans [IAS 19(2011).135]:

an explanation of the characteristics of an entity’s defined benefit plans, and the associated risks identification and explanation of the amounts arising in the financial statements from defined benefit plans a description of how defined benefit plans may affect the amount, timing and uncertainty of the entity’s future cash flows.

Lecture, interactive discussion

Participants after this training should be able to

  1. be aware of the measurement and disclosure principles for the reports of retirement benefit plans
  2. understand the statement of changes in net assets available for benefits
  3. be aware of the significant accounting policies, description of the plan, and the effect of any changes in the plan during the period.
  1. Introduction
  2. Definition of Terms
    1. Retirement Benefit Plans
    2. Defined Contribution Plan
    3. Defined Benefit Plan
  3. Measurement Principle
  4. Valuation of Plan Assets
  5. Disclosure Principle
  6. Conclusion

The price of satisfying customer demand can be substantial and yet entities do not have a full grasp on the matter. One reason is that accounting systems are busy with monitoring product costs instead of customer costs. Logistics activity is not only a cost center but also a profit center through the provision of availability.  Ergo, it is crucial to comprehend the profit impact of logistics and supply chain management.

The Seminar will consist of the following:

  1. Lecture on related standards on logistics accounting (discussion of theories)
  2. Group Dynamics: Participants will be divided into sub-groups to brain storm on how to solve certain problem scenario presented by the speaker (application of theories discussed)
  3. Class Sharing: Awareness of the best practices, best in class through group reporting and facilitation

After the seminar, the participants are expected to:

  1. Understand logistics accounting
  2. Measure logistics costs and performance

A, Logistics and the bottom line

  1. ROI (return on investment)
  2. Balance sheet

B. Logistics and shareholder value

  1. Drivers of shareholder value
  2. Role of cash flow in creating shareholder value

C. Logistics cost analysis

D. The concept of total cost analysis

  1. Stages in the order-to-collection cycle
  2. Total cost of a distribution network

E. Principles of logistics costing

  1. Logistics mission that cut across functional boundaries
  2. Program budget
  3. The cost of holding inventory

F. Customer profitability analysis

  1. Customer profit and loss account (attributable costs only)
  2. Avarage customer
  3. Basic model
  4. Analysis of revenue and cost for a specific customer
  5. Customer profitability matrix

G. Direct product profitability

H. Cost drivers and activity-based costing

In order to ensure the reliability of corporate disclosure, it is necessary to seriously consider a measure to enhance the internal control over financial reporting and how to audit thereof.  This enhancement will bring various benefits to the entity through the improvement of adequacy and efficiency of business operations, improvement of reliability of overall disclosure, etc.

The Seminar will consist of the following:

  1. Lecture on related standards on logistics accounting (discussion of theories)
  2. Group Dynamics: Participants will be divided into sub-groups to brain storm on how to solve certain problem scenario presented by the speaker (application of theories discussed)
  3. Class Sharing: Awareness of the best practices, best in class through group reporting and facilitation

After the seminar, the participants are expected to:

  1. Understand COSO internal control
  2. Review internal control over financial reporting (ICFR)
  3. Learn how to conduct ICFR internal audit

A. COSO Internal Control Framework

B. Internal Control Objectives

  1. Reliability of financial reporting
  2. Effectiveness and efficiency of business operations
  3. Compliance to applicable laws and regulations
  4. Safeguarding of assets

C. Basic components of internal control

  1. Control environment
  2. Risk assessment and response
  3. Control activities
  4. Information ad communication
  5. Monitoring
  6. Response to IT Risks

D. Limitations of Internal Control

E. Roles and responsibilities of internal control

F. Establishing internal control over financial reporting (ICFR)

G. Assessment and report on internal control over financial reporting (ICFR)

  1. Process-level controls over business processes (PLC)
  2. IT general controls (ITGC)

H. Types of deficiencies

  1. Design
  2. Operational

I. ICFR Internal Audit Cycle

  1. Prepare audit plan
  2. Design check
  3. Operation audit
  4. Remediate
  5. Report results

J. Working papers

  1. Audit plan
  2. Design checklist
  3. Operation audit test plan and result
  4. Corrective action request
  5. Audit report

The Tax Reform for Acceleration and Inclusion (TRAIN) Law, ( Republic Act No. 10963), is the initial package of the Comprehensive Tax Reform Program signed into law by President Rodrigo Duterte on December 19, 2017. The TRAIN Act is the first of four packages of tax reforms to the National Internal Revenue Code of 1997, or the Tax Code, as amended. This package introduced changes in personal income tax (PIT), estate tax, donor’s tax, value added tax (VAT), documentary stamp tax (DST) and the excise tax of tobacco products, petroleum products, mineral products, automobiles, sweetened beverages, and cosmetic procedures.

Lecture and workshop 

At the end of the training-workshop, participants will be able to:

  1. Understand the implementation of TRAIN Law
  2. Identify and understand the changes in tax management brought about by TRAIN Law
  3. Understand the new tax rates
  4. Understand the effect of TRAIN Law in individuals and companies
  5. Understand benefit under TRAIN Law

l.Tax Reform for Acceleration and Inclusion Act (TRAIN)
A. House of Representative version
B. Senate of the Philippines version
C. Signing of the Bill into Law
 
II. Income Tax Rates for Taxable Income of Individuals
A. Who are covered
B. Applicable Rates and Tax Base
C. Personal and Additional Exemptions
 
III. Effect of TRAIN on the Bank Secrecy Law
 
IV. Personal Income Tax (PIT) for:

–          Updated graduated Tax Table

–          The 8% Optional PIT

–          Deductions for PIT

–          Exemptions on PIT

–          Taxation for (SAE) Special Alien Employee

–          Filing of Individual ITR

–          Passive Incomes and Taxation

–          Compensation Income Earners (CIEs

–          Self-Employed and Professionals (SEPs)

–           

V. Illustrative example on PIT under TRAIN

VI. Value Added Tax

          -2018 VAT Threshold

          -Zero-rated and Exempt Transactions

          -VAT Refund Policy

          -2018 Percentage Tax Rate

          -VAT Exemptions


VII.Expansion of Tax Base of VAT
 
VIII.Reduction of the Estate and Donors Tax

 

ESTATE TAX

a) Elimination of old Tax Table and introduction of 6% rate

b) Deductions as amended and modify formally

c) Requirement for CPA Certificate

d) FWT on Bank Cash Withdrawals

e) Date of filing the return

f) Preparation for Installment Payment of Estate Tax

 

IX. DONOR’S TAX

a) Expunction of Donor’s Tax Table and introduction of 6% rate

b) Treatment of Donation to unknown

c) Amendment to Exempt Donations

d) Transfer for less than adequate consideration

e) Sec.99 Political Contributions shall be governed by the Election Code

 

X. Expanded Withholding Tax & Final Withholding Tax (Based on TRAIN LAW)

      -Professional and Talent Fees

      – Seminar and Training Fees

      -Rentals

      -Computation of EWT

      -Nature of Withholding tax

 

Xl. Excise Tax on:
A. Petroleum

     – New Rates for 2018, 2019, 2020
B. Automobiles
C. Sugar Sweetened Beverages (SSBs)

     -Rates

     – Sweetened Beverages covered by SBT

     – Exclusions from SBT

D. Cosmetic Procedure

E. Other excise tax matter

Xll. Social Benefit under TRAIN
 lX. Use of Revenues Earned from TRAIN
XIV. Implementing Rules and Regulation

PART A: ACCOUNTING CONCEPTS
Business fraud is a form of business dispute wherein a person gains something of value, in most cases money or property, illegally. It knowingly makes a misrepresentation of a matter of fact.

Generally fraud exists in a business transaction in which there are either material false statements or intentional omissions of material facts. Business fraud often happens in transactions involving the purchase and sale, sales transactions, collections, contracts and many others.

In an organization, there are different processes and procedures wherein possible fraud and occur. Businesses focus on red flags to ensure alignment of processes so that applicable techniques may be incorporated.

Examples of different types of fraud are cited to better understand the rationale as to how and why such circumstances happens in an organization or business.

Lecture with practice-based examples, Interactive discussion and WORKSHOP.

At the end of the training, participants shall learn how to

  1. Understand the definition and classification of fraud
  2. Identify the types of fraud
  3. Identify the fraud red flags in an organization
  4. Identify applicable techniques for fraud detection
  5. Plan preventive measures
  6. Handle and report fraud accordingly

I. Introduction

II. Fraud Definition

III. Fraud Universe

IV. Fraud Classification

V. Fraud Red Flags

VI. Commandments and techniques for fraud Detection

VII. Fraud Prevention Measures

VII. Reporting Fraud

IX. Part II: Fraud Statistics – USA

The bureau (BIR) aims to  achieve its goal in terms of  collection and compliance of taxpayers. There are several measures were applied to achieve respective goals. On the other hand, taxpayers like proprietors or corporations are in constant threat for possible tax exposure which entails a huge amount of money and unfortunately, some of existing companies were forced to cease operations or dissolve their corporations because they can no longer settle their outstanding tax liabilities with the BIR.

It is important that taxpayers should know how the tax assessment are done to avoid findings.

At the end of the training-workshop, participants will be able to

  1. know the basic principles of tax Laws
  2. learn the basic types of audit notices
  3. learn the basic assessment process
  4. To know the common findings of the BIR
  5. To be able to invoke the rights and remedies available to a taxpayer.

OUTLINE

  1. Assign or hire a tax accountant
  2. BIR’s direction and issuances
  3. Assessments Rules and Stages
  4. BIR’s Rights and Remedies
  5. Taxpayer’s Right and Remedies
  6. Common BIR Audit techniques
  7. BIR’s Common Audit Findings
  8. Taxpayers’ Pre-Audit Techniques and Preparations
  9. Tax Planning and Compliance

The Secrets in Winning BIR Audit will equip accountants and taxpayers in complying with the BIR rules and regulations. It also intends to teach accounting professionals handle the process of tax preparation and preaper for tax audit.

The key to compliance is understanding of the regulations of BIR and familiarization with the process and procedure.

 It is an advantage to have information on common audit findings so that proper preparation and techniques will be adopted for full compliance.

Lecture and workshop 

At the end of the training-workshop, participants will be able to
1. Understand the tax process
2. Prepare for tax audit
3. Understand the process in the assessment stages
4. Understand the BIR audit procedure
5. Learn from the common audit findings
6. Learn to use tax audit tools

The Secrets in Winning BIR Audit Day 1- Winning Statutory Tax Audits (BIR and Other Regulatory Bodies-SEC, PEZA & LGU)

  1. Accounting-Tax Process
  2. The Secrets
  3. Be prepared
  4. Tax Accountant
  5. Assessment Stages
  6. Taxpayers Right and Remedies
  7. BIR Rights and Remedies
  8. BIR Audit Procedures
  9. BIR Common Audit Findings

Question and Answer Portion

 

The Secrets in Winning BIR Audit Day 2- Tax Planning

  1. Taxpayer’s Pre-Audit Preparations and Techniques
  2. Tax Planning and Compliance Procedures
  3. Building Relations and Automation
  4. BIR Audit Process and Tax Audit Tools
  5. Workshop/Question and Answer

Income statement is prepared under the accrual basis of accounting, and the revenues reported may possibly be scheduled for collection. On the other hand, the expenses reported on the income statement might not have been paid. Cash flow management will render all that information.

Cash Flow Management and Forecasting will cover tips on how to set up cash flow forecast and avoid bad debts.  

Lecture and workshop 

At the end of the training-workshop, participants will be able to

  1. Define cash and cash flow
  2. Understand benefits of cash flow
  3. Learn the tips and techniques in setting up a cash flow forecast
  4. Learn the steps in creating cash flow forecast

I. Cash Flow and its contents

  1. Definition of cash and cash flow
  2. Contents of cash flow
  3. Computing cash flow

II. Understanding the benefits of having a cash flow

  1. Enumerating the benefits

III. The cash flow forecast

  1. Importance of cash flow forecast
  2. General tips in setting up cash flow forecast
  3. Avoiding bad debts

IV. Steps in creating cash flow forecast 

  1. Matching your bank statements
  2. Forecasting your sales
  3. Know your cash cycle
  4. Prepare three versions
  5. Forecasting your costs
  6. Monitoring your costs
  7. Your working capital
  8. Avoiding a cash flow crisis
  9. Improving your cash position

V. Exercise in making cash flow forecast

Message Us

Address

U-2003A West Tower, Philippine Stock Exchange, Exchange Road, Ortigas Center, Pasig City

Contacts

687-6649 loc 118,

© 2019, i4one, Inc. All rights reserved.

NEIL U. SISON

CPA, CIA, CISA, CDM, CREB, CREA, RFA, MFA
Managing Partner

Mr. Neil U. Sison is known as The Professional-in-Pajamas, a.k.a Accountant-in-Pajamas.

He is an anti-fraud expert, entrepreneur, best-selling authors and speaker.

He (together with his wife) is the founder of SJC Group of Companies and Sison Corillo Parone & Co. ( SCP & Co . / www.scp-ph.com), now one of the top accounting firms in the Philippines.

He is the author of the best-selling books Pass the CPA Board Exam 10x the Probability, Hero Accountants, Sole Proprietors & Professional Taxes Made Easy, Grow Your Career 10X Faster 10X Higher, and other technical and inspirational books. He has written 12 books to date and counting.

He considers himself as Entrepreneur by Intentional Accident. He has established over 12 successful companies, providing employment to over 600 people.

He has become one of the sought after and in-demand inspirational speaker who talks from an intelligent heart. He was trained in Dale Carnegie School of Communications and Guthrie-Jensen programs.

As an Anti-Fraud Expert, he received one of the highest awards in the biggest accounting firm in the Philippines for uncovering a billion-peso management fraud, which saved the firm from embarrassment.

He is a Certified Fraud Examiner (CFE), Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA), and a Certified Public Accountant (CPA). He holds a total of 16 certifications for various expertise.

His mission: Extraordinary Professional. Heroic Professional

He is an Anti-Fraud Expert, Changemaker and Heromaker.

ALINA CORILLO-SISON

CPA, CIA, CRB, RFA
Co-Managing Partner

Ms. Sison established SCP together with Mr. Neil Sison in 2001. She has over 23 years of extensive experience in operations, organizational leadership, finance, accounting, controllership, taxation, internal and external audit, human resources management, and general business administration. She established the Firm’s services in internal audit outsourcing, finance and accounting outsourcing, tax, and business registrations.

Prior to setting-up SCP, she worked for 5 years in the Audit and Assurance Division of one of the Big 4 accounting firm in the country. She also worked as Accounting and Audit Manager of the top Convenience Store in the country and in a German multinational company as Finance and Administration Manager.

Together with Mr. Sison she also established, owned and manages other businesses engaged in Information Technology, Management and Consulting Services, Sales and Marketing, Food and Construction. Likewise, she holds positions as Director and President/CEO in other companies.

She is a Certified Public Accountant (CPA), internationally (US-based) Certified as Internal Auditor, Certified Real Estate Broker, Registered Financial Advisor, and a Microsoft Certified Professional. She is a graduate of the University of the Philippines.