New Accounting Standards and Income Tax Reporting

New Accounting Standards and Income Tax Reporting: A Study of Differences

In 2005, a substantial number of new and revised PAS and PFRS were introduced, and it was made mandatory for Philippine corporate and other entities to adopt these new standards for financial reporting purposes. 

As has been observed, these new standards further widened the gap between the rules on the recognition of income and expenses for financial reporting and for tax reporting.

In the spirit of thought leadership and in keeping with its commitment to be a partner to its clients and to the government, Punongbayan & Araullo (P&A) took the initiative of putting together its audit and tax expertise to undertake the task of studying the new accounting standards and the corresponding rules for tax reporting, tracking the differences, evaluating the implications of the differences and how to deal with them.

“New Accounting Standards and Income Tax Reporting: A Study of Differences” puts in writing the result of this extensive and in-depth search for answers. The book sums up the changes in the accounting standards, lays down the relevant and existing tax rules, analyzes the differences, and provides recommendations and options on how to deal with the complexities arising from such differences.

For information on how to order copies of the book, please contact:

Fat Torrejos - 886-5511 ext. 501

Marge Antonio - 886-5511 ext. 519