It is amazing how time flies – 2019 is here and a whole lot of things just keep on getting faster and faster. In the business world, where everything is on a fast pace, “survival of the fittest” does not apply; “survival of the quickest” does.
It has been a norm that the requirements for business operations should always be ready as early as possible. Here in the Philippines, one of the most prepared-upon government requirements for business operations is the Audited Financial Statement (AFS). The deadline for this annual requirement is set on the 15th of April every year, thus, majority of companies here in the country, starts to prepare as early as the last quarter of the year before the next submission of their AFS.
The National Internal Revenue Code of 1997 as last amended by Republic Act No. 10653 Section 6(E) partially states that the Commissioner shall, upon consultation with competent appraisers, both private and public sectors, determine the fair market value of real properties, thus, to simplify the process. As the 4th quarter begins, almost all companies seek assistance with their financial reporting requirements particular to valuation of their assets. As we all know, the AFS is a formal record of the financial activities and position of a business, person, or other entity – which is determined mostly by the value of assets they own.
The depreciating or appreciating value of different types of assets from time to time makes it even more difficult for companies to determine their financial status in the economy. That is why time is of the essence, and because of the fines that are charged for every violation committed by the filer, TIME IS MONEY INDEED!
In our #BeatApril15 Campaign, you will learn about the process of filing an Audited Financial Statement and how Valuation is key to a stress-free Financial Reporting. We will also reveal the penalties corresponding different types of violations when it comes to submitting your Audited Financial Statement, so tune in!
