PICPAgram July-sept 2015 Edition

8/18/2019 PICPAgram July-sept 2015 Edition

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Accountancy Week 2015 Forging Excellence through Healthy Compet

By Jamilah A. Panantaon

PRESIDENT BUSINESS

The Accounting community has always lookedforward to the annual Accountancy Week Celebrationwhen the frolic gets in the way and the demand of theaccounting studies, profession and everything else isput aside. With the theme: “Sharing succes s. Beyondborders.”, the Cebu Federation JPIAns exemplifiedtheir holistic and well-rounded selves through theweek-long activities. The wide array of undertakingsinstalled for them held enthusiasm and excitementthrough the six-day activity.

Several interschool academic and non-academiccompetitions were held, for one, testing theaccounting niche of exemplary students in the PSAChallenge, BLT Challenge, and of course in the most

anticipated brain showdown in the Accounting QuizBowl, and likewise, challenging their artistic andcreative facets in the scintillating Interschool DancePalabas Competiton, Mr. and Ms. CF JPIA, JPIA GotTalent and etc., and thus stirring up the intensifiedheat of friendly competition.

The games dubbed. Some schools asserted theirdominance and emerged triumphant over others.Relatively, for the main events of the week, the USCmade their presence known as they clinched the top-spot in the most anticipated Dance Palabas, JPIA Got

Talent, Ms. CF JPIA and surge to ascendancy in tcompetitive, academic, interscholastic 2015Accounting Quiz Bowl championing both level 1and level 2.

Moreover, the USJR secured the lead in the event’sstandard-based challenges such us the individualPAS/PFRS and PSA Challenge along with their JPGot Talent victory. Likewise, the University of Cshelled brilliance and was awarded the top placesin the individual and group Business Law andTaxation Challenge. Ultimately, across the week-long event, the USC contingent shone the brighteas they were declared the 2015 over-all championas they bagged myriad top awards in both the

academic and non-academic competitions.

The event came to a close in the trajectory ofexcellence and success whilst allowing theatmosphere of congeniality to pervade the saidaffair. Nonetheless, the Accountancy week hadbeen a success in its goal of somehow exposingfuture accountants in the real world of accountingThe expanded horizons and extended frontierscoupled with every JPIAN’s burning fervor andpersistence holds hope of a bright and prosperousfuture for the Accountancy Profession.

THIS ISSUE:

VISIT US @ OUR NEW OFFICE in unit 1508, 15th Floor, Keppel C

Take a peek inside the minds of ourCPA youngsters in pp. 4 as they shareeir views on politics, religion, and current

vents

CLICK! CLICK! CLICK!Check out photos of recent PICPA– Cebuactivities on our PICBOOK page!– pp. 6

PICPA Past Presidents Reunited– pp. 3

SAY HELLO TOOUR NEW

PICPA

PRESIDENT!pp.2

JULY-SEPTEMBER 2

#PICPAgram Official Publication of PICPA- Cebu | “Sharing success beyond borders.”


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Ms. Lourdes O. Cambonga

President, PICPA-Cebu Chapter

M E E T O U R N E W

P R E S I D E N T| PICPA– Cebu Chapter

The thriving professional community ofertified Public Accountants in Cebu, PICPA-Cebuhapter, is delighted to welcome a familiar woman

nd contributor to the organization, Ms. Lourdes. Cambonga , as its new president for the year015-2016. By profession, Ms. Lourdes Cambonga

a Certified Public Accountant and is currently theusiness and Administration Manager andorporate Affairs, and Administration Manager ofrinity Management Ventures, Incorporated and

P Kelco Philippines Incorporated respectively.ikewise, she is presently a Consulate Officer in theffice Management and Administration for the

oyal Danish Consulate – Cebu . Her experience inhe industry is unparalleled –an active participant

o countless seminars and conventions locally andnternationally, she is also adept in the fields of

Human Resources, Finance and Administration.

Under her leadership, we are sure that the

rganization shall remain a forefront and highly-apable, competitive and relevant amidst the ever-hanging environment. With her controlling theudder, we are assured that the community of

ertified Public Accountants, be it in the academe,overnment, or in the private and public sector,hall be inspired and driven to be in a pursuit of

he continuing professional excellence with shareduccesses extending beyond borders .

FISCALYEAR

2015-

2016

Ma. Asuncion A. BenlotTreasurer

Rocel B. Becera Assistant Treasurer

Marissa M. BaldecirVP – Professional

Development & Research

Domingo DennisMendoza, Jr.

VP- MembershipDevelopment

Edgar R. DetoyaPresident – Elect (F.Y. 2016- 2017)

Katherine MaeS. MigriñoSecretary

Gerald “Sugar”B. Sagarino

VP- Administration

PICPA – CebuOfficers

in action >>

2

Jonas B. Ab Audito

by Jesfil U. Paraz

Wendell D. GanhinhinP.R.O.

Maria Dolores P. Tampus Commerce and Industry

Concepcion R. RacazaEducation

Edlenne FatimaD. Alvez

Assistant Secretary

Newly induc– Cebu officduring their

Call last July

S E C TO R I A L D I R E C TO R S

Cedric Val R. NaranjoGovernment

VenencOyangorePublic Pr

OFFICERS

&

DIRECTORS


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Past PICPA chieftains rode to a trip down memoreminisce the nostalgic times of the yore during tPresident's Night Gala. The event was graced byPICPA president (center).

Newly inducted CPAs enthusiastically struck a pose with Mr. ConcordioQuisaot during their Oathtaking and Induction Ceremonies held at the

Sinulog Grand Ballroom of the Cebu City Sports Club.

SHANGHAI ROLES:

PICPA PRESIDENTS’ NIGHT

More than just a test, the CPA Board Examination is also aite of passage for the profession. To welcome its newest

members, The Philippine Institute of Certified PublicAccountants (PICPA) - Cebu Chapter held their CPAOathtaking Ceremony at the Sinulog Grand Ballroom of theCebu City Sports Club last July 9, a long-gown event thatwas attended by notable persons in the professionncluding Board of Accountancy(BOA) member, Hon.

Concordio S. Quisaot, CPA, who led the inductioneremony. Hon. Quisaot took the place of BOA Chairmanoel Tan-Torres, not being in the pinkest of his health tottend the programme, and delivered Mr. Tan- Torres’acket of advice for the new CPAs.

by Jesfil U. Paraz

The Philippine Institute ofCertified Public AccountantsPICPA) Cebu Chapter held itsast Presidents’ Night withnduction Ceremonies for therganization’s committees, andICPA foundation’s officers and

Board of Trustees altogether athe New White Gold House last

August 07, in a ‘ShanghaiNights’ -inspired event.

The programme was openedy the President-Elect of theICPA Cebu Chapter, Dr. Edgar

Detoya in his welcome remarks.

The Vice Governor of therovince of Cebu, Hon. Agnes

Magpale graced the night ashe event’s keynote speakerelivering an inspiring andrateful speech on theollaboration of the accountingrofessionals with the

government in the goal tofinancial and economic growthand nation building. She alsoled the induction of the officersand Board of trustees for thePICPA Cebu Foundation.

On one hand, for the inductionof PICPA Cebu committeechairpersons, the former PICPANational President, Tita Caluyatook them to oath.

One of the highlights for thenight’s event was the PastPresident’s night where formerPICPA Cebu presidents werehonored and given duerecognition for theircontribution to the organizationand to the profession as awhole. The occasion was mademore special by the presence of1965 president Rosario CharingAlfaro.

Ms. Lourdes O. Cambonga was also present to open theevent, along with . Dr. Edgar Detoya, CPA, who presented

the new CPAs for induction, while Regional Director ofPICPA-Eastern Visayas Region, Mr. Elmer P. Minerva, CPAassisted Atty. Roselyn M. Soria in the distribution ofcertificates and PRC IDs.

The evening’s highlights included Mr. John Lester J.Lastimosa, CPA, remarkable story of how he placed top 9 inlast May 2015's CPA board exam, imparted by no otherthan Mr. Lastimosa himself, and the tribute to the parentsof the new CPAs for their ro le in raising such hardworkingand persistent individuals.

Former PICPA President, Tita A. Caluya, concluded theevening with no less pleasure by sharing light-heartedlaughters with the attendees through her witty closingremarks with a side of practical advice.

7 Cebu graduatessecured top spots in theMay 2015 CPA LicensurExamination: Shaun Go photo)– 2nd place, JacelleDy– 3rd, Jamaica Marjada– 4th, Odessa Allera,Rieland Cuevas, JohnLester Lastimosa, BridgeDiaz– 10th.

A tribute to the PastPresidents was presentedwhere everyone present took astroll down memory lane with aslideshow of photographs of

PICPA presidents through theyears. The night ended with amessage from Past PresidentNoe Quinanola, RegionalDirector for PICPA National.

PICPA CEBU

INDUCTS NEW

CPAS

by Charlene E. de Castro

2,132 out of 5,959examinees passed theCPA Licensure Examinatadministered by theBoard of Accountancy la

May 2015


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CURRENT EVENTS

Q: What’s your stand on same -sexmarriage and how would you explain it tothe kids when asked?

Francoise: I’m a very liberal -minded person. Forme, marriage should not only be exclusive to theopposite sexes because I understand where the

LGBT community is coming from. I understandthat they are fighting for marriage not on itsreligious context but rather on the right and thebenefit that it gives to the married couple. And Ithink this is where the disagreement comes frombecause those who are as per se, dislike the samesex marriage thing, I fully understand thembecause what they are rooting on is on theirreligious beliefs, but when it comes to this LGBTpeople, what they are rooting on is the legalcontext of the same sex marriage. So it’s reallyvery hard to reconcile two paradigms. I think it isvery hard because in the first place we li ve in asociety wherein there is a social stigma tosomething that is not coherent with the socialnorms. I think it really is a hard thing to explainthat to a young child, but I believe the safestparadigm would be to let your kid, as early as thatage, to realize that no matter who you are —blackor white, gay or straight, at the end of the day, weshare the same human right, that we have thisintrinsic worth of life that no matter howdifferent we are, we have the same value as aperson, we have the same rights just like anybodyelse.

Earl: I’m fine with it in a way because it gives boththe parties what the other spouse can give. Buthonestly I don’t know how I would explain it to thekids. Kids are very innocent. If I explain i t to them,they might be misguided on how the world works.It’s a very sensitive issue that needs a lot ofunderstanding. I don’t want to impose on them myown beliefs. I would want them to form their ownbeliefs or understanding in life.

Bret: I’m pro -samesex marriage. You don’t think of

parents as men and women, you think of parentsbecause they care for you. Being a parent isshowing unconditional love. It’s about time to getrid of the norm that this is man for a woman,woman for a man. It’s human being for anotherhuman being all sharing that same love. To a s implechild, I would tell them about human love, whatlove is, in the most basic sense. Like if you dosomething bad, I’d reprimand you because I wantyou to grow. I’m here for you, I’ll care for you andthen bring it to the context of being a parent. Whatmakes it the parent is not the gender they have, butit’s that love, the love that person has shown untoyou.

BRET ALFONSO J. BALBUENA

USC JPIA PRESIDENT,

2015-2016

PERSONAL BELIEFS

Q: If given the power, would you legalizeabortion for rape victims in thePhilippines?

Earl: No. I believe it’s the father’s sin. It’snot moral and aligned with my principle.Everyone has a choice and I believe thechild should also be given the choice to live.

Francoise: No, because at the end of theday, it would really be unfair to that personinside the womb. That child never didsomething. It’s so heartbreaking to knowthat just because that child cameunplanned then you deprive that child ofthe most basic right of experiencing thegoodness of life. If you are a rape victim, forsure, you will always condemn the rapistfor what he has done to you. The momentyou commit that abortion, then can’t you

ask yourself what makes you different fromthe person whom you loathe so much?

Bret: I’m a type of person who thinksoutside of the box. Yes, that is life. Thereare so many factors that you need toconsider like for example, the life of thatrape victim is still life. They’re imposing itto her because of the negativecircumstances that happened to her life.You just can’t take her life away from her.It’s very personal because of the standards,or the norm or what the culture tells us todo. I’ve always been an advocate for pro -

life but because of my close encounter withthese people, I am more inclined tolegalizing it. But it should be very strict. Itshould be qualified that someone is really arape victim. It’s a very thin line that is whyI’m 51% for it.

It’s about time to get rid of the norm

that this is man for a woman,woman for a man.

It’s human being for anotherhuman being all sharing that

same love.

-Bret

The Young Minds’ Perspectives

We may be crossing different paths today butas accounting professionals, we have all beenthere. We have all been through or probablymight have shared the same experiencewithin the corners of the four-walledinstitution where we all thrived in order toget where we are right now. We rememberhow we were molded and how we wereuniquely fashioned for greatness. However,we may wonder how the accounting students,our future colleagues from this generationare all doing.

The youth of today are practically dauntless.That does not excuse the current accountancystudents whom we know are all wrapped upwith their books right now in pursuit of theiraccounting dream. Even way years before, wealready know how accountancy students areperceived as book-worms. But amidst thisstereotype, we might still wonder how theyoung minds of today actually think. Wewonder how sophisticated or culturedenough the generation of today is to wraptheir heads amongst the most controversialissues. We want to know how the youngminds work. We want to know how theythink, how they perceive the world and howthey navigate their lives as early as college.

Despite the busy school life, are thesestudents still keeping an eye on what ishappening beyond the school? Or are they alljust about books and passing all the examsand creating uneventful moments packaged

in the most mundane wrappings?

We went ahead and tackled about the mostrandom things you could ever imagine tothree accountancy student leaders. Ourrespondents Earl N. Minerva (RF7 JPIAPresident,2014-2015) Francoise Dale C. Fua (RF JPIA President, 2015-2016) and Bret Alfonso J. Balbuena (USC JPIA President2015-2016) shared their opinions on issuesat the local, national and worldwide level andon politics, and religion.

Corner Juniors’

by Jamilah A. Panantaon


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LET’S GET PERSONAL

Q: Who is your personal influence?

Earl: My father. He inspires me to do betterdespite the pressure. But I believe thepressure he gives me is a good pressure. Itgives me that gist I need to get the job doneand I don’t think I would be me, if it weren’tfor him. Although he’s taking the lead ineverything I do, I’m always a few stepsbehind watching his back. And someday Iknow I would take the lead when the timeis right.

Francoise: My brother. He is now agraduating accountancy student in USJR.One of my greatest frustrations personallyin life is not being able to experience therole of being a kuya. Because I’ve alwaysseen in him a picture of someone who is socaring, someone who always makes surethat I am well, and I always have that highrespect for him even if our age gap is only ayear and a half. That’s the very thing I’vealways wished and prayed that hopefully Ican also experience how it feels to be akuya. And that was what pushed me tobecome a student leader.

Bret: Fr. Ernald Andal. He was my spiritualmentor ever since highschool. He was still abrother then and we really journeyedtogether until he became a priest. I look upto him because he has strong moral sense.

EARL N. MINERVA

RF7 JPIA President,2014-2015

As representations of the new breed of futureaccountants, it is safe to assure the continued excellencethat awaits the field of accountancy considering theideologies shared and how the conversations went wellabove. We know these students do not just live the goodenough life to give up the best for. These studentsclearly do not patronize mediocrity. We can’t all beaccounting geniuses but they apparently are on their

GOING LOCAL

Q: Do you agree with Mayor Mike Ramain his plan to remove the concreteislands in between the national road inMabolo to ease traffic?

Earl: For me, there are other alternatives totraffic management. It just so happens thatFilipino politicians and governmentofficials are not very educated on howtraffic management works. And cuttingtrees, I’m not saying this because ofenvironmental concern but rather there areother alternatives that they can do. Whenyou remove the concrete islands, it will beprone to jaywalking, accidents, prone to U-turns. You’re not creating the benefit thatyou’ve been wanting. You could only becreating something even worse than whathas already been done.

Francoise: There are a lot of things toconsider — the traffic, environmentalconcerns. I think it will always boil down tothinking of solutions that if ever there aredamages, it will be on the paradigm wherethe damages will be most mitigated and atthe same time, maximizing the benefits toall stakeholders concerned. I think there’ssuch thing as technology as earth-balling — you have to uproot the trees and you get totransfer it into another area. That’s wha tthey did to CICC before when they were in ahurry to finish it in time for the ASEANsummit. Probably our leaders in Cebu areconsidering that solution. And I think that’sthe best paradigm because of traffic, andwith traffic, there will always be aneconomic loss — every second wasted,there will always be some part in oureconomy at a loss.

POLITICS

Q: If it is true that Mayor Dutertepromotes killings for criminals, wouldyou vote for him if he ever runs for the2016 Presidential elections? Why?

Earl: Duterte alone, I believe he is a goodcandidate in the sense that he has donewell in his own city. But the thing is, this isgoing to b e on a national scale and I’m notsure if it is going to work. Plus, I’m afraid heis going to abuse his power. I don’t knowhow his mind works. I would say I’m notreally pro Duterte, but I’m still waiting if hehas still anything to offer in the table.

Francoise: I will always go back to the veryfundamental concept of a leader- that agood leader is a true follower. That’s whywe have laws, ordinances, regulations. Atthe end of the day, no matter how powerfulyou are, you can never be above the law.The moment, if he really does it, why wouldI entrust the future of my nation tosomeone who does not respect the law ofmy nation?

Bret: Yes, but not because he kills people.

What he does, he scares these people, hissystem of threatening them. I admire himfor he has the courage to fight off thesedrug dealers. This is a question of factbecause morality is very relative. What he’sdoing is creating an impact to a hundredmillion Filipinos. If he runs, I’d vote for himbut not because he kills people but becausehe has made the difference compared toother possible contenders. Look at Davaonow, look at the level of competence theyhave.

FRANCOISE DALE C. FUA RF JPIA President,

2015-2016

At the end of the day, no matter how powerful you are, you can never be

above the law.

- Francoise

..someday I know I would take the leadwhen the time is right.

- Earl

journey to excellence. It is very comforting andinspiring to know that the future of the professionis secured as a new batch of well-rounded leadersand thinkers is set to join the professional arena.And what is more comforting is the thought ofwelcoming them in the next few years!


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ove: PICPA Cebu Chapter

elcomes newly elected officersthe induction held during thePICPA Cebu Summit at

adisson Blu HotelJuly 17, 2015.

Smiles and thumbs ups for the 3rd PICPA CebuSummit’s success where induction of new officers is

also held at Radisson Blu Hotel on July 17, 2015.

L-R: Ms. Jean Tan, PICPA Cebu Chapter President LourdesCambonga, Dean Estelitta Aguirre, Past PresidentRosanna Angela Arcenas, Ms. Marichu Benlot& Past President Fidel Abalos.

countancy Week kicks off with Fun Walk starting from Fuente Circle (shown right),n celebrates the Holy Mass, get amazed with Dance Palabas, and welcomes Mr andCFJPIA 2015 Candidates at Cebu Coliseum on July 12, 2015.

Snaps from the2015 ACCOUNTANCY WEEKACCOUNTING QUIZBOWLheld @ the Ayala Activity Centerlast July 15, 2015


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S

New Submission of InventoryLists and Other ReportingRequirementsy Christine Marie Uy

n line with the BIR’s objective to expand andmprove the reporting of reliable accountingnformation, it issued Revenue Memorandumircular (RMC) No. 57-2015 on September 16, 2015,

equiring all taxpayers with tangible asset-richalance sheet with at least 50% of their total assetsn working capital assets, (e.g. accounts receivablend inventory) to submit, in addition to the annualnventory list , the schedules/lists prescribed in theollowing Annexes of the Revenue Memorandumircular (RMC) No. 57-2015:

1. Annex A: For Manufacturing/Merchandising orRetail Company – Inventory ofMerchandise/Raw Materials/Goods inProcess/Finished Goods

2. Annexes B: For Real Estate Company – Inventory of Saleable Units with CorrespondingCost Per Project

3. Annex B-1: For Real Estate Company – Inventory of Saleable Units Per Project withthe Corresponding Trade Accounts ReceivableReconciliation

4. Annex C: For Construction Company – Schedule of Outstanding Receivables(Beginning and Ending) and Realized GrossProfit Per Project

IFRS Seminar Part 1Professors from various universities in Cebu discuss IFRSwith Metropolitan Cebu Water District (MCWD) FinancePersonnel on August 14, 2015.

Left Photo:Professor Joram Deogracias, CPA (second from left) oUniversity of San Carlos

Right Photo: Prof. Marjure Lourince E. Zanoria, CPA (second from land Prof. Melissa S. Guillemer-Cotoner, CPA (third frle t from Universit of San Jose - Recoletos

EDITORIAL CONSULTANT:

Lourdes O. Cambonga

EDITORIAL BOARD

Wendell GanhinhinEditor-in-Chief

Members:

Domingo Dennis Mendoza Jr.Commerce and Industry

Edgar R. DetoyaEducation

Cedric Val R. NaranjoGovernment

Venencio Oyangoren Jr.Public Practice

Staff:

Jamilah A. PanantaonDeputy Editor

Jesfil U. ParazDeputy Writer

Charlene E. de CastroGraphic/Layout Editor &

Deputy Writer

Graymark J. AlberandoPhotojournalist

FRS Seminar Part 2

ft Photo:he IFRS Seminar/Workshop part 2 invites Prof.endell K. Ang, CPA (first from right) of University ofn Carlos to share his knowledge to MCWD Financersonnel regarding IFRS on August 28, 2015.

ght Photo:ofessor Ritchie Z. Tejana, CPA (third from right) parts IFRS insights during the Seminar/Workshoprt 2 on August 28, 2015.

PUBLICATIONS

COMMITTEETaxpayers not belonging to the aforementionedindustries shall adopt from any of the above formatthe most applicable for their existing inventory.

The information contained in the schedule/listsshould be reconciled with the amount declared inthe financial statements and annual incomereturns.

The initial filing is due on or before September 30,2015 covering ending inventory as of December 31,2014 . Thereafter, the report is due every 30th dayfollowing the close of the taxable year . Thereports shall be submitted in hard and soft copiesto the district office where the taxpayer isregistered. The soft copies shall be saved in a Disk-Recordable (DVD-R) and properly labelled andsubmitted together with a notarized certification,duly signed by the authorized representative of thetaxpayer certifying that the data or informationcontained in the DVD-R are true and correct, asshown in Annex D of the RMC.

Failure to file is subject to penalty of P1,000 perreport. Provided, that the aggregate amount to beimposed for such failures during a calendar yearshall not exceed P25,000. The submission of theschedules and inventory lists that do not conformto the prescribed format shall be deemed notreceived and shall be considered as grounds forimposition of penalties.

However, per Revenue Memorandum Circular No.61-2015, the September 30 deadline for theenhanced inventory list has been extended toOctober 31.

Please be guided accordingly.(Source: Punongbayan & Araullo)

Documents

PICPAgram July-sept 2015 Edition