Business Outsourcing Solutions & Services - BOSS, Inc.

POSTED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD ON FEBRUARY 27, 2025

The International Accounting Standards Board (IASB) has recently introduced a significant update to the IFRS for SMEs Accounting Standard, which is currently applicable or permitted in 85 jurisdictions. This update seeks to balance the information needs of lenders and other users of SMEs’ financial statements with the available resources of SMEs.

Key updates include:

▶ a revised revenue recognition model;

▶ the consolidation of fair value measurement requirements into a single section; and

▶ updated provisions for business combinations, consolidations, and financial instruments.

The update is effective for annual periods starting on or after January 1, 2027, with early adoption permitted.

Source: IFRS.org Website

https://www.ifrs.org/news-and-events/news/2025/02/iasb-issues-major-update-smes-accounting-standard/?fbclid=IwZXh0bgNhZW0CMTEAAR3ap5yA5HdIhSAPTwgbd8HAxqlhEfVOIufg2Jkt7JeeYNm9kByaA4HHuR8_aem_NwHM1bMoGEYx8e0-e4nyYQ

PDIC UPDATE: New Maximum Deposit Insurance Coverage (MDIC)

The Philippine Deposit Insurance Corporation (PDIC) has raised the Maximum Deposit Insurance Coverage from ₱500,000 to ₱1,000,000 per depositor, per bank, effective March 15, 2025.
For more information about the updated MDIC, visit https://www.pdic.gov.ph/MDIC.



Source: PDIC page

The Bureau of Internal Revenue (BIR) has recently released the following Revenue Regulations (RRs) pertaining to the implementation of Republic Act (RA) No. 12066, also known as the CREATE More Act. For more information on these issuances, please visit the following link:
https://www.bir.gov.ph/create-more

Source: BIR website

BIR update as of January 28, 2025: BIR AUTHORIZED AGENT BANKS

In line with BIR Bank Bulletin (BB) No. 2025-01, all BIR Authorized Agent Banks (AABs) are directed to accept tax payments on April 5, 2025, and April 12, 2025 (Saturdays), and to extend their banking hours until 5 PM from April 1 to April 15, 2025.



Source: BIR website

SEC Update as of March 3, 2025: TAX IDENTIFICATION NUMBER (TIN) VALIDATION FOR SEC ONLINE SYSTEMS

The Securities and Exchange Commission (SEC) has announced that it will soon implement a Tax Identification Number (TIN) validation service across all relevant SEC online systems. This integration will allow for the verification of submitted information by cross-checking it against BIR records, including the following:

▶ For individuals: Name, TIN, date of birth, and s*x
▶ For non-individuals: TIN, company name, and registration date

To prepare for this change and avoid any delays in accessing SEC online systems, affected parties are encouraged to verify and check their TIN through the BIR Online Registration and Update System (ORUS) at https://orus.bir.gov.ph/home.

Source: SEC website

SEC Update as of March 2025:

The Securities and Exchange Commission (SEC) has recently released SEC Memorandum Circular (MC) No. 1, s. 2025, outlining the rules for the 2025 filing of Annual Financial Statements (AFS) and the General Information Sheet (GIS). Key points include:

‣ All corporations, including branch offices, representative offices, regional headquarters, and regional operating headquarters of foreign corporations, whose fiscal year ends on December 31, must file via the SEC’s eFAST system according to the schedule specified in this MC, based on the last numerical digit of their SEC registration or license number.
‣ For corporations with a fiscal year ending on a date other than December 31, the AFS must be submitted within 120 calendar days after the close of their respective fiscal years.
‣ Corporations can submit their AFS before the start of the assigned coding schedule, regardless of the last digit of their SEC registration or license number.
‣ Late filings or submissions after July 11, 2025, will incur penalties.
‣ AFS submissions, except for consolidated financial statements, must be stamped “received” by the Bureau of Internal Revenue (BIR) or its Authorized Agent Banks (AABs). For submissions via BIR’s eAFS, the system-generated Transaction Reference Number or Confirmation Receipt should be included in place of the manual stamp.
‣ GIS must be submitted within 30 calendar days from the date of the annual shareholders’/members’ meeting (for domestic stock/non-stock corporations) or the anniversary of the issuance of the SEC license (for foreign corporations).
‣ For One Person Corporations (OPCs), the appointment of officers must be submitted within 15 days from the issuance of the OPC’s Certificate of Incorporation or within 5 days from when the date appears (per SEC MC No. 7, s. 2019).

Source: SEC website