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
Introduction
Definition of Terms
PART A: Zero-Based Accounting Technique
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
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
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
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:
Lecture, interactive discussion, Workshop
Participants after this training should be able to
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
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
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
PART A: IFRS 15 Revenue from Contract Customers
PART B: Receivables Accounting, Management & Control
Deep Dive Receivables
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:
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
Part A: IFRS 16 Leases
Part B : Liabilities
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
–Cash & Cash Equivalent
-Receivables
-Equity Instruments
-Debt Instruments
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
Introduction
A. COMPUTATION OF TAXABLE INCOME
B. DEDUCTIONS FROM GROSS INCOME
C. CAPITAL GAINS AND LOSSES
D. RETURNS AND PAYMENTS OF TAX
E. IAS 12 INCOME TAX
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
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:
After the seminar, the participants are expected to:
A, Logistics and the bottom line
B. Logistics and shareholder value
C. Logistics cost analysis
D. The concept of total cost analysis
E. Principles of logistics costing
F. Customer profitability analysis
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:
After the seminar, the participants are expected to:
A. COSO Internal Control Framework
B. Internal Control Objectives
C. Basic components of internal control
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)
H. Types of deficiencies
I. ICFR Internal Audit Cycle
J. Working papers
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:
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 Donor’s 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
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
OUTLINE
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)
Question and Answer Portion
The Secrets in Winning BIR Audit Day 2- Tax Planning
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
I. Cash Flow and its contents
II. Understanding the benefits of having a cash flow
III. The cash flow forecast
IV. Steps in creating cash flow forecast
V. Exercise in making cash flow forecast
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.
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.
