THERE is a difference between documentation that proves a requirement was met and one that helps someone understand the business. In transfer pricing, that difference can become significant when the tax authority starts asking questions. That gap matters more this year. The Bureau of Internal Revenue opened 2026 with Revenue Memorandum Order 1-2026, which moved audit selection toward a system-assisted, risk-based approach. Several of its indicators point straight at related

THE weakening of the Philippine peso against the US dollar has become a concern for many Filipinos. When the peso loses value, the prices of imported goods, fuel and other products become more expensive. For businesses, however, the effects go beyond higher operating costs. A weaker peso can reduce reported profits, increase the peso value of foreign currency debts, and affect the financial statements of companies dealing with overseas suppliers and customers. What make

RECENT reports within Philippine business and professional circles have described incidents in which audited financial statements (AFS) were circulated using the name, signature and accreditation details of legitimate certified public accountants (CPA), even though the CPA concerned did not accept the engagement, perform the audit, or sign the report. This is not simply an unlicensed person pretending to be a CPA. It is more dangerous. The CPA may be real. The Professiona

AS accountants, we are trained to produce a trial balance — one where debits and credits match perfectly, down to the last centavo. We do spend hours hunting for that stubborn one peso discrepancy, refusing to rest until the trial balance finally comes together. Naturally, many of us carry this same mindset into our personal lives, striving for what we’ve long been told is the ideal: “work-life balance.” Precision is our instinct; balance is our goal. For years, “work-lif

WE often think of an asset as something that adds value to a business. A company buys a building, a machine or another business because it expects to benefit from it for many years. But owning an asset does not mean that its value stays the same forever. A machine that was once highly productive may become outdated. A busy branch may start losing customers. New technology may change the way an industry operates. A business acquired with high expectations may eventually fa

A CLIENT once came to a CPA carrying the usual financial statements and supporting documents. Today, that same client may arrive with an AI-generated financial analysis, business recommendations, and even a draft report already prepared. But instead of asking the CPA to produce the analysis, the client may ask a different question: “Can you validate this?” That question captures how artificial intelligence is changing the accounting profession. The CPA’s role is shifting