Amendments to the National Internal Revenue Code of 1997

In 1997, the Philippine Government passed into law Republic Act 8424 which was otherwise known as the National Internal Revenue Code of 1997. It was short-titled: “Tax Reform Act of 1997”.

Through the years, several amendments were also made to the Act especially the provisions affecting value-added tax (VAT), excise tax, documentary stamp tax, and income tax.

Hereunder is the summary of the amendments made to RA 8424:

Why You Need Accounting

In the previous post, we said that accounting is the process of keeping financial records of the business. But is it really important to do accounting on your business operation? Even for the small and medium enterprises (SMEs)?

There are actually many reasons why accounting is important to your business.

  

1.       To know how your business has performed 

2.       To raise money for expansion by taking new investors 

3.       To raise money through borrowings
4.       To project your future performance

GACPA 34th Annual National Convention

This is to inform all CPAs in the government that the Government Association of Certified Public Accountants (GACPA) will hold its 34th Annual National Convention from May 16 to 18, 2012 at the Grand Ballroom, Punta Villa Resort, Sto. Niño Sur, Arevalo, Iloilo City. 

This year's theme is "Enhancing the Culture of Integrity, Accountability and Transparency.  

The convention/conference shall entitle government CPAs at least 15 credit units in the Continuing Professional Education (CPE) requirements.

Registration fee is P3,600.00 per participant.  Interested participants need to register not later than April 30, 2012 otherwise, you will be considered as walk-in participant and will not be prioritized in the issuance of the convention kits.

What is Accounting?

Before anything else, let us first define what is accounting.

According to the American Institute of Certified Public Accountants (AICPA), "Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are in part at least, of a financial character, and interpreting the results thereof."

Now, that's hard to comprehend at one reading. I'm sure, so many "how's" and so many "what's" are floating in your mind just to understand this definition.   

Allow me to explain what is accounting through the story below.

Welcome to Pinoy Accounting

Welcome to Pinoy Accounting. 


I will help you understand accounting in its simplest terms, meaning, no technical terms, and provide you with free information about accounting, business and more!

So even if you are a non-accountant, or a business owner with no accounting background, you will be able to comprehend and learn how to understand your finances, and run your business better.

I encourage you to explore this site so you can enjoy all of the articles and resources I've put together for you. Bookmark this page so you can come back again. Join our newsletter so I can keep you updated as I keep adding more accounting and business related articles.