Summary
RMC No. 16-2017 amends RMC No. 36-2016 and clarifies the requirement of the Professional Regulatory Board of Accountancy (BOA) under BOA Resolution No. 03, Series of 2016.
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Key points
- Implementation date. BOA Resolution No. 03, Series of 2016, circularized in RMC No. 21-2016, requires a certificate from the responsible Certified Public Accountants on compilation services for preparing financial statements and notes. Per BOA Resolution No. 115, Series of 2016, it is implemented on December 31, 2016.
- Documents submitted to the BIR. Only the existing documentary requirements in filing Income Tax Returns are submitted to the BIR.
Who is affected
- Responsible Certified Public Accountants
Deadlines and effectivity
- BOA requirement implemented on December 31, 2016
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.