Accounting in the Philippines

Overview by

Accounting System

Accounting Standards
PAS (Philippine Accounting Standards)
Accounting Regulation Bodies
Board of Accountancy
Accounting Law
Philippine Accountancy Act of 2004
Difference Between National and International Standards (IAS/IFRS)
In 2005, PAS/PFRS standards were amended to conform completely with IFRS/IAS standards.
Accounting News
Accounting Times
Accountants Journal

Accounting Practices

Tax Year
The fiscal year begins on 1 January and ends on 31 December of the same year.
Accounting Reports
The general balance sheet and/or the declaration written under oath of the non holding of an annual meeting, and the financial statements.
Publication Requirements
Companies must publish an annual financial report and submit it to the Securities and Exchange Commission (SEC).

Accountancy Profession

The Accounting Standards Council (ASC)
Philippine Institute of Certified Public Accountants (PICPA)
Board of Accountancy
Philippine Securities and Exchange Commission (SEC).
Professional Accountancy Bodies
PICPA, Philippine Institute of Certified Public Accountants
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
The Philippines are members of the ASEAN Federation of Accountants (AFA) and of the Confederation of Asian and Pacific Accountants (CAPA).
Audit Bodies
The accounting framework was established by the Accounting Standards Council (ASC), created by the PICPA in November 1981, in order to establish and improve the general and analytical accounting standards.


The Institute of Internal Auditors – Philippines is the primary association of internal auditors in the Philippines.

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