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Auditing, General, Tax Updates

Reporting on Information Required by Revenue Regulations (RR) 15-2010 (Q&A)

The Auditing and Assurance Standards Council (AASC) has issued AASC Alert Series 002 of 2011, Q&A on RR 15-2010.  This alert was issued to answer common questions on reporting under RR 15-2011 as well as provide illustrative audit report as oppose to financial statement disclosure content. What is RR 15-2010, in the first place?

The Bureau of Internal Revenue (BIR) issued on November 25, 2010 Revenue Regulation (RR) 15-2010, Amending Certain Provisions of Revenue Regulations No. 21-2002, as Amended, Implementing Section 6 (H) of the Tax Code of 1997, Authorizing the Commissioner of Internal Revenue to Prescribe Additional Procedural and/or Documentary Requirements in Connection with the Preparation and Submission of Financial Statements Accompanying Income Tax Returns.

RR 15-2010 required that in addition to the disclosures mandated under the Philippine Financial Reporting Standards and/or Conventions, specific information regarding various taxes (RR 15-2010 Tax Information – see RR 15-2010, Section 2, items 1 to 9) should be included in the Notes to Financial Statements, that will accompany the income tax returns that will be submitted to the BIR.

AASC Alert Series 002 of 2011, Q&A on RR 15-2010 answers the following:

  1. Are RR 15-2010 disclosures required under Philippine Financial Reporting Standards (PFRS)?
  2. How should the disclosures required by RR 15-2010 be presented in the financial statements?
  3. Are the RR 15-2010 disclosures required to be presented in the consolidated financial statements?
  4. How should the auditor report on the RR 15-2010 disclosures?
  5. How would the “Report on the Supplementary Information required under RR 15-2010” be affected if the “Report on the Financial Statements” contains a qualified opinion?
  6. How would the “Report on the Supplementary Information required under RR 15-2010” be affected if the “Report on the Financial Statements” contains an adverse opinion or a disclaimer of opinion?
  7. Would the “Report on the Financial Statements” be affected if the supplementary information required under RR 15-2010 is not presented?

Illustrative Auditors’ Report are also presented under the Appendix of the Alert.

Download:

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About leecpa

Orlando Calundan is a Certified Public Accountant. He has exposures in audit of financial statements of entities in various industries such as real estate, food (quick service restaurants), manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements. http://calundan.co

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