March 26, 2015

ORIENTATION ON BIR UPDATES AND REVIEW OF FINANCIAL REPORTS

On March 26-27, 2015, TSKI conducted an Orientation on BIR Updates and Review of Financial Reports. During this two-day event, discussions were focused on the important updates on financial reporting which are needed to be practiced in the preparation of TSKI’s monthly financial reports. This is to avoid issues/problems that may arise with BIR remittances. Present on the event were the personnel from BIR, Executive Director Angelo B. Solarte, Director for Finance Emma P. Alianza, and Heads and Supervisors from the Finance and Accounting Departments.

Executive Director Angelo B. Solarte gave his opening remarks and the objectives of the orientation. Then the representative from BIR started her lecture. First, she discussed the errors committed in the preparation of Financial Statement (FS). She gave the review of the complete set of Financial Statement and its composition. Her second topic centered on the classification of accounts in the FS. Also taken up were the kind of accounts subject to withholding taxes and how to remit them to BIR. An open forum followed where interesting questions were asked about the errors presently committed by TSKI in recording its transactions. All of these were properly answered and the staffs were clarified.

The orientation was very informative and the participants were refreshed. The orientation was helpful in preparing a correct FS and therefore could avoid penalties and violations in the future.

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