Volume 8,
Issue 35
Alas Oplas conducts trainings

Alas Oplas & Co., CPAs organized two 8-hour trainings last March 18 and April 21, 2016 at the main office. Both discussions were facilitated by Mark Rey Cabal from the Quality Assurance, Review and Technical Group.

FS Compilation and Preparation

This seminar focuses on the preparation of the financial statements and the Board of Accountancy (BoA)’s latest mandate.

In an interview, Cabal mentioned that this up-to-date “BoA resolution [has] been making a fuss in the accounting world.

All companies with total revenue of 10M and above, is covered by the resolution. It requires them to issue a certificate, together with the financial statement for compilation. After its completion, it can now be submitted to the Securities and Exchange Commission (SEC) and the Bureau of Internal Revenue (BIR).

Cabal mentioned that the financial statements covered by the resolution which took effect last December 31, 2015 were optional during that time.

“But starting financial statements which is ending fiscal year June 30 2016, and succeeding financial statements, it would be mandatory.” Cabal further clarified.

Cabal also prepared a presentation on how to prepare financial statements which the attendees attentively listen to.

The discussion was attended by 24 participants and for chipping in, they would be accumulating 8 out of their required 60 CPD units. 15 of them were from the firm and they are: Joanalyn R. Silverio, Joy C. Mitra, Mary Grace D. Paloyo, Carla V. Flores, Ailen H. Isturis, Anjanelle D. Lagrimas, Richard B. Ortiz, Nenita B. Cambiador, Wenny Mae I. Rano, Kathlene Joyce Margelino, Rose Anne C. Lalo, Yacer Saragon, Rea Gamueda, and Danjilou C. Acosta; while Saragon, Rea Gamueda, and Danjilou C. Acosta; while Evangeline Garcia Portacio, Mary Grace Velandres-Guieb, Rose Ann Angcual, Kathleen E. Pornillosa, Jeanette Pascasio, Soselina Garcia, Edna Barbieto, Angely Balo Corporal, and Maria Christelle Calpito were invited by the firm to join the training.

Code of Ethics for Professional Accountants

This focuses on the latest adaptation of the 2013 version of the ethics code.

During an interview with Cabal, he mentioned that one of the most violated part of the ethics code is the self-review threat.

“This is the portion or subject matter [which points to the] financial statement. Several information [which is in] the financial statement [was] being produced by the auditors themselves and not by the preparer or management,” Cabal shared.

The new amendments were divided into three parts – in general, in public practice and in business.

“It gives specific guidelines to what are you going to perform or do in case there's a breach of the code of ethics,” Cabal explained that previous versions of the code have no specific focus. Now, it emphasizes the preventive measures and damage control if an accountant accidentally commits or already committed breaching of their ethics code.

“[From the] previous editions [of the] code of ethics, [it emphasizes], what is conflict of ethics. Now, what are the circumstances that may impose conflict of interest and what [are you going to] do when you encounter such conflict of interest.” Cabal concluded.

For those who are interested to join the next training schedule, you may contact us at (632) 759-5090 or email for details.

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