JAG Accounting FIRM

Stay safe and dry, Philippines.💪🏻☔️🇵🇭

BIR Revenue Memorandum Circular (RMC) 089-2026, issued today August 10, 2026🕰️🇵🇭 EXTENSION of the tax filing and payment deadlines in areas affected by the Southwest Moonsoon. 👇🏻👇🏻

SEC Memorandum Circular No. 22, Series of 2026 (MC-22-2026)🇵🇭 Adoption of the Philippine Financial Reporting Standards (PFRSs) and Philippine Interpretations Committee Questions and Answers (PIC Q&As).👇🏻

On July 14, 2026, the SEC has adopted the following sixteen (16) new pronouncements as part of its rules and regulations on financial reporting:

1)PIC Q&A No. 2024-01 Accounting for Experience Refund or No-claims Bonus.
2) Adoption of IFRS S1, General Requirements for the Disclosure of Sustainability-related and Financial Information and IFRS S2, Climate-related Disclosures as endorsed by the Philippine Sustainability Reporting Committee (PSRC).
3) PFRS 18 Presentation and Disclosures of Financial Statements.
4) PIC Q&A 2024-03: Allocation of Transaction Price for Bundled Contracts under PFRS 15.
5) Amendments to PFRS 9 and PFRS 7, Amendments to the Classification and Measurement of Financial Instruments.
6) PFRS 19, Subsidiaries without Public Accountability; Disclosures.
7) Financial Reporting Guidance as of June 2024.
8 ) Compilation of PIC Q&As as of June 2024.
9) PIC Q&A No. 2024-02; Conforming Changes to PIC Q&As-Cycle 2024.
10) Annual Improvements to PFRS Accounting Standards-Volume 11.
11) PIC Q&A 2025-01: Timing of recognition for the cost of plastic packaging diversion activities under the Extended Producer Responsibility Act of 2022.
12) Amendments to PFRS 9 and PFRS 7, Contracts Referencing Nature-dependent Electricity.
13) Amendment to PFRS 17, Date of Initial Application.
14) PIC Q&A 2025-03: Accounting for cash received/paid via electronic transfer as settlement for a financial asset/liability.
15) Revised IFRS Practice Statement 1, Management Commentary.
16) Amendments to IFRS 19, Subsidiaries without Public Accountability: Disclosure.

Copy of MC 22-2026, here👇🏻👇🏻
https://www.sec.gov.ph/wp-content/uploads/2026/07/2026MC_SEC-MC-No.-22-S.-of-2026-Adoption-of-PFRSs-and-PIC-QAs.pdf

www.sec.gov.ph

Revenue Memo Order (RMO) No. 1-2026 Highlights : "For purposes of regular tax audit/investigation, only one (1) electronic Letter of Authority (eLOA) will be issued by BIR in one (1) given taxable year. [2028 AWC🇵🇭PICPA-MMR Day]

2026 Accountancy Week Celebration (AWC)🇵🇭🌏 July 12-18, 2026* led by the Philippine Institute of Certified Public Accountants (PICPA).🏯

Stay alert! Better safe than sorry.💪🏻

The Philippines has officially transitioned to upper-middle-income status (from lower-middle-income) in the global economy classification by the World Bank, effective Jul 1/26; with the country's Gross National Income per capita of $4,850.?🤔

HARBOR compliance is EXTENDED up to July 31, 2026.💪🏻

📢 𝗡𝗢𝗧𝗜𝗖𝗘: 𝗘𝘅𝘁𝗲𝗻𝘀𝗶𝗼𝗻 𝗼𝗳 𝘁𝗵𝗲 𝗧𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗨𝘀𝗲 𝗼𝗳 𝘁𝗵𝗲 𝟮𝟬𝟮𝟬 𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗦𝗵𝗲𝗲𝘁 (𝗚𝗜𝗦) 𝗙𝗼𝗿𝗺 𝗳𝗼𝗿 𝗚𝗜𝗦 𝗮𝗻𝗱 𝗕𝗲𝗻𝗲𝗳𝗶𝗰𝗶𝗮𝗹 𝗢𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗗𝗲𝗰𝗹𝗮𝗿𝗮𝘁𝗶𝗼𝗻 (𝗕𝗢𝗗) 𝗣𝗮𝗴𝗲 𝗙𝗶𝗹𝗶𝗻𝗴 𝗧𝗵𝗿𝗼𝘂𝗴𝗵 𝗲𝗙𝗔𝗦𝗧 𝗨𝗻𝘁𝗶𝗹 𝟯𝟭 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟲

The Securities and Exchange Commission (SEC) informs all corporations and other concerned stakeholders that the transitional use of the 2020 General Information Sheet (GIS) Form, which includes the Beneficial Ownership Declaration (BOD) Page, is extended until 31 July 2026.

During the extension period, corporations may continue to file their GIS and BOD Page through eFAST using the 2020 GIS Form without being redirected to the Hierarchical and Applicable Relations and Beneficial Ownership Registry (HARBOR).

This extension is intended to facilitate a smooth transition to HARBOR while the Commission continues to address technical issues affecting the filing process.

For inquiries and technical assistance:
📞 Dial 1-4SEC (1-4732).
💬 Visit the SEC iMessage portal at https://imessage.sec.gov.ph/

Read the full notice here: https://www.sec.gov.ph/notices/extension-of-the-transitional-use-of-the-2020-general-information-sheet-gis-form-for-gis-and-beneficial-ownership-declaration-bod-page-filing-through-efast-until-31-july-2026/

‼️⏰Bangko Sentral ng Pilipinas🇵🇭 (BSP) Security Tips👀

: Nakatanggap ng link para mag-download ng app? Mag-ingat!

✔ Huwag mag-click ng kahina-hinalang links. Kasama dito ang mga link na nagpapa-download ng apps mula sa unofficial sources.
✔ Download apps only from official app stores.

Babala lalo na sa mga Android users dahil sa tinatawag na APK (Android Package Kit) scam. Sa scam na ito, maaaring malinlang ang users na mag-download at mag-install ng apps mula sa unofficial sources. Gayunpaman, dapat ding maging mapagmatyag ang iOS users laban sa mga kahina-hinalang links at app downloads.

Gawin ang o para sa mas ligtas at secure na transaksyon. 👍🏼