3_module_3_-_notes_to_financial_statements_ae_17_intermediate_accounting_3(2) (1)

COLLEGE OF COMMERCE BACHELOR OF SCIENCE IN ACCOUNTANCY

MODULE 3 PACKET AE 17 - INTERMEDIATE ACCOUNTING 3 NOTES TO FINANCIAL STATEMENTS Welcome to Module 3 In this module, we will discuss the nature, purpose and relevance of the disclosures (known as the notes to the financial statements) as a basic component of the complete of the financial statements. During the discussion, you should be able to actively participate by identifying the required disclosures and how these should be presented in the notes to the financial statements. You will also be required to determine the breakdown of the components of the financial statements that should be presented including the correct computations in the notes to the financial statements. When you see this symbol that is shown across the printed discussion, this represents an important point for discussion or appreciation/appraisal to be rendered by the student. At the end of this module, you will be answering multiple choice questions and straight problems focusing on the requirements to be disclosed in the notes to the financial statements.

CONSULTATION HOURS: Virtual time: During your class schedule (either Monday or Tuesday) Phone or Messenger: Every Thursday from 8am to 11am and 1pm to 4pm

LEARNING OUTCOMES: By the end of this module, the students will be able to: 1. Discuss the nature, relevance and importance of the notes to financial statements to users. 2. Identify in its proper sequence or order and discuss the different required disclosures in the notes to financial statements. 3. Discuss an appreciation of the notes to the financial statements of a given business entity.

ASSESSMENT PLAN: 1. Graded recitation through interactive participation in a question and answer format during discussion 2. Problem solving games (points awarded to the first 5 students who can submit the correct answer and solution) 3. Individual Submission and discussion of homework or learning tasks through research online 4. Summative examinations in multiple choice question format

LEARNING PLAN/SCHEDULE OF ACTIVITIES ACTIVITIES A. Assigned Reading  Read 1. Conceptual Framework on Statement of

STRATEGIES/DESCRIPTION/TOPICS/ COURSE CONTENT 1. Read the definition and the required disclosures in the notes to financial statements 2. Discuss your understanding of the nature, relevance and purpose of the notes to the financial statements to financial statement

2020-2021 Module Packets for AE 15 and ELEC 1 (Intermediate Accounting) | College of Commerce | University of San Agustin, Iloilo City, 5000, Philippines

TIME TO COMPLETE 0.5 hours 2.0 hours

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BACHELOR OF SCIENCE IN ACCOUNTANCY Financial Position & Recognition Concepts 2. Basic Accounting on Components of Statement of Financial Position 3. Intermediate Accounting on Line Items Required for Statement of Financial Position B. Lecture discussion 1. Read Chapter 2 of IA3 2. Watch Video 3. Interactive participation thru Q&A 4. Graded recitation

C. Synthesize the main points  Graded recitation

users 3. Enumerate the proper order or sequence of the required disclosures in the notes to the financial statements. 4. Give examples of the requirements of financial statements users for the notes to financial statements, related party transactions and subsequent adjusting and non-adjusting events 5. Determine the reason why related party transactions are required to be disclosed in the notes to financial statements 1. 2.

Definition of notes to financial statements Discuss the purpose and relevance of the notes to financial statements to statement users 3. Discuss the order of presenting notes 4. Define what is the nature of related parties and transactions involved 5. Determine the reason for the disclosure related of related party transactions 6. Distinguish related parties with unrelated parties 7. Identify the required related party disclosures 8. Determine what are events after reporting period that are required for disclosure in the notes to the financial statements 9. Discuss the requirements for the authorization of issuance of the financial statements 10. Enumerate and discuss the development stage entity 11. Examples of notes to financial statements 1. Teacher summarizes the main points discussed. 2. Students will be required to recite by sharing their understanding/learnings specifically pointing out the important aspects that have just been discussed regarding the disclosures that are to be included in the notes to financial statements as well as the importance of the related party transactions and illustrate subsequent events that are considered adjusting and non-adjusting. 3. This will validate the achievement of learning outcomes.

2020-2021 Module Packets for AE 17 (Intermediate Accounting 3) | College of Commerce | University of San Agustin, Iloilo City, 5000, Philippines

0.5 hours 5.1 hours 1.0 hour 2.0 hours 1.5 hours

1.5 hours 1.0 hour

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BACHELOR OF SCIENCE IN ACCOUNTANCY D. Assignment

E. Summative Quiz

1. Search for a complete set of financial statements of business entity(ies) that include the notes to financial statements. 2. Identify the important notes that are disclosed based on the requirements as discussed. 3. Create a set of your own notes to financial statements disclosing the important transactions that should be included. 4. Give examples of related party transactions and adjusting & non-adjusting subsequent events. 5. Answer all questions and solve all problems from the textbook. 1. Take multiple question quiz for (to be announced)

2.0 hours

1 hour

REFERENCES 1. Valix, C. T., Peralta, J. F. & Valix, C. A. M. (2019). Conceptual framework and accounting standards. 2019 edition. Manila : GIC Enterprises & Co., Inc. FIL 657.0218 V173c 2019 2. Valix, C. T., Peralta, J. F. & Valix, C. A. M. (2019). Intermediate accounting : volume one. 2019 revised edition. Manila : GIC Enterprises & Co., Inc. FIL 657.044 V173c 2019 v. 1 3. Valix, C. T., Peralta, J. F. & Valix, C. A. M. (2019). Intermediate accounting : volume two. 2019 revised edition. Manila : GIC Enterprises & Co., Inc. FIL 657.044 V173c 2019 v. 2 4. Valix, C. T., Peralta, J. F. & Valix, C. A. M. (2019). Intermediate accounting : volume three. 2019 revised edition. Manila : GIC Enterprises & Co., Inc. FIL 657.044 V173c 2019 v. 3 5. Cabrera, M. E. B. & Cabrera, G. A. B. (2019). Financial accounting and reporting fundamentals. 2019-2020 edition. FIL 657.48 C117f 2019 6. Millan, Zeus Vernon B. Intermediate Financial Accounting III. Baguio City: Bandolin Enterprise 2016

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BACHELOR OF SCIENCE IN ACCOUNTANCY COURSE CONTENT DISCUSSION 5.1 NOTES TO FINANCIAL STATEMENTS  What are notes to financial statements ?  While the notes to financial statements is a compliance requirement for necessary disclosures under the Philippine Financial Reporting Standards, they provide a narrative description or disaggregation of items presented in the financial statements and information about items that do not qualify for recognition.  Why do we need to include a description in the financial statements?  The financial statements show accounts and amounts that may not be immediately understandable to users of general financial reports.  The notes provide such clarification by narrating the events or important information that affected the accounts and their respective presentation.  Why do we need to disaggregate?  If you observe, the components of the financial statements show you the consolidated amounts based on the classification of the accounts.  In order to understand these components, the breakdown is shown in the notes to the financial statements.  Therefore, the notes report additional information in order to enhance the understandability and clarity of the components or items that are presented in the financial statements. 

How should the notes to the financial statements be presented?  PAS 1, paragraph 113, provides that an entity shall, as far as practicable, present notes in the systematic manner.  In short, there should be a proper sequence or order of presentation referencing to the items that are presented in the financial statements.

 Why do we need the notes to be included in the financial statements?  PAS 1, paragraph 112, provides that the notes to financial statements shall: 1. present information about the basis of preparation of the financial statements and the specific accounting policies 2. disclose the information required by the Philippine Financial Reporting Standards that is not presented in the financial statements 3. provide additional information which is not presented in the financial statements but is relevant to an understanding of the financial statements 

 How is the ‘systematic manner’ applied in the notes to financial statements?  PAS 1, paragraph 114, provides that an entity normally presents notes in the following order to assist users understand the financial statements and to compare them with financial statements of other entities: 1. statement of compliance with PFRS 2. summary of significant accounting policies used 3. supporting information or computation for line items presented in the financial statements

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BACHELOR OF SCIENCE IN ACCOUNTANCY 4. other disclosures, such as  contingent liabilities, unrecognized contractual commitments and nonfinancial disclosure

 Should this order be strictly followed?  In some circumstances, it may be necessary or desirable to vary the order of a specific items within the notes.  However, the entity must retain the systematic presentation and structure of the notes as far as practicable.

 How does compliance with PFRS be disclosed in the notes to financial statements?  PAS 1, paragraph 16, provides that an entity whose financial statements comply with the financial reporting standards shall make an explicit and unreserved statement of such compliance in the notes.  An entity shall not describe financial statements as complying with PFRS unless they comply with all the requirements of each applicable Philippine Financial Reporting Standard.

 How accounting policies should be disclosed in the notes to financial statements?  What are accounting policies?  Accounting policies are defined as the specific principles, methods, practices, rules, bases and conventions adapted by an entity in preparing and presenting financial statements.  Accounting standards set out the required recognition and measurement principles that an entity shall follow in preparing its financial statements, and shall often prescribe the accounting policy to be adopted.  What should be included in the summary of significant accounting policies to be disclosed in the notes to financial statements? 1. The measurement basis used 2. The accounting policies used  How should the disclosure of measurement basis be presented in the notes to financial statements?

 The measurement bases are historical cost and current value.  The basis on which the entity prepares the financial statements significantly affects the users’ analysis hence disclosure is required. What comprises current value? a. Fair Value b. Value In Use c. Fulfilment Value d. Current Cost  When should disclosure of accounting policies be included in the summary of significant accounting policies?  Management shall consider whether the disclosure would assist users in an understanding of how transactions, other events and conditions are reflected in the financial statements especially when those policies are selected from alternatives allowed in Philippine Financial Reporting Standards.  When should disclosure of judgment be included in the summary of significant accounting policies?



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BACHELOR OF SCIENCE IN ACCOUNTANCY  When such judgments made by management in the process of applying accounting policies result in a significant effect on the amounts recognized in the financial statements.

 What is an example of a judgment that requires disclosure in the notes to financial statement?  Management makes judgment in determining the following: a. whether the financial assets are to be measured at fair value or at amortized cost b. whether in substance particularly sales of goods are product financing arrangement and therefore do not give rise to revenue  When should disclosure of estimation uncertainty be disclosed in the notes to financial statements?  An entity shall disclose information about the assumptions it makes about the future, and other major sources of uncertainty at the end of reporting period that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year  With respect to those assets and liabilities, the notes shall include the nature and carrying amount of the assets and liabilities at the end of the reporting period

 What are the other disclosures required to be included in the notes to financial statements  PAS 1 paragraph 138, provides  that an entity shall disclose the following: a. b. c. d. e.

the domicile and legal form of the entity,  it's country of incorporation and the address of the registered office or principal place of business a description of the nature of the entity's operations and its principal activities the name of the parent and the ultimate parent of the group the amount of dividends proposed or declared before the financial statements were authorized for issue but not recognized as distribution during the period and the related amount per share the amount of any cumulative preference dividends not recognized

 ILLUSTRATIVE EXAMPLE OF NOTES TO FINANCIAL STATEMENTS Example of notes to financial statements (amounts are assumed) Note 1 -  Compliance with PFRS The financial statements have been prepared in compliance with the Philippine Financial Reporting Standards and rules and regulations of the Philippines Securities And Exchange Commission. The accounting policies adopted in the preparation of financial statements have been applied on a consistent basis. Note 2 -  Significant accounting policies Measurement basis -  The financial statements have been prepared on the basis of historical cost , and except where stated , do not take into account changing prices and current cost of noncurrent assets. Inventories -  Inventories are measured at the lower of FIFO cost and net realizable value. Store opening cost -  Such costs are charged to expense in the year incurred. 2020-2021 Module Packets for AE 17 (Intermediate Accounting 3) | College of Commerce | University of San Agustin, Iloilo City, 5000, Philippines

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BACHELOR OF SCIENCE IN ACCOUNTANCY Property, plant and equipment -  Property, plant and equipment are recorded at cost. The straight line method is used in recording depreciation on the basis of the estimated useful life of the assets. Capital expenditures -  Expenditures incurred subsequent to the acquisition of property, plant and equipment are expensed outright if the amounts are P5,000 and below.   Such expenditures amounted to P100,000 in 2018 and P30,000 in 2017 on the aggregate. Cash equivalents -  The entity considers all highly liquid investments with maturities of three months or less when purchased as cash equivalents. Intangible assets -  Goodwill represents the difference between the purchase price of an acquired and the related fair values of net assets acquired . Goodwill is not amortized but tested for impairment annually. The cost of patents, copyrights and other intangible assets are amortized over their estimated useful life . The straight-line method is used for amortization. Research and development -  All expenditures for research and development are charged to expense in the year incurred. Income taxes -  Income taxes include deferred income taxes that result from all taxable and deductible temporary differences between carrying amount for financial reporting and tax base for tax reporting of assets and liabilities. Earnings per share -  Earnings per share amounts are based on the weighted average number of ordinary shares outstanding after recognition of preference dividends . Potential ordinary shares are not material.  Note 3 -  Inventories   The components of year and inventories are as follows: Finished Goods Goods In Process Raw Materials Manufacturing Supplies Allowance For Inventory Write Down

December 31, 2020 P 3,000,000 2,000,000 1,500,000 400,000 (700,000) P 6,200,000

December 31, 2019 P 2,500,000 1,800,000 1,200,000 300,000 (500,000) P 5,300,000

Note 4 -  Property, plant and equipment On February 1, 2020, the entity entered into a contract with a contractor for the construction of an office building. The fixed contract price is P 8,000,000.   The building is expected to be completed in 12 months.

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 Land  Buildings  Machinery and equipment  Furniture and fixtures  Patterns, molds, dies and tools  Total  Accumulated depreciation  Carrying amount

December 31, 2020 P 5,000,000 20,000,000 4,000,000 2,000,000 1,000,000 32,000,000 (14,000,000) P18,000,000

December 31, 2019 P 5,000,000 20,000,000 2,000,000 1,500,000 800,000 29,300,000 (12,300,000) P17,000,000

Note 5 -  Contingent liability The entity is a defendant in a patent infringement suit seeking damages of P2,000,000. The suit is still pending in the entity's legal counsel firmly believed that the case will not prosper. Note 6 -  Long-term debt The bonds payable of P 5,000,000 matures on December 31, 2024, pays semi-annual interest at 12% on June 30 and December 31. The bonds require sinking fund deposit of P 1,000,000 annually, starting December 31, 2021. Note 7 -  Shareholders’ equity Preference share capital - P 100  par value, 100,000 shares authorized, issued and outstanding at both December 31, 2020 and December 31, 2019. The preference share is cumulative and there are no dividends in arrears. Ordinary share capital - P 50 par, 1,000,000 shares authorized, and 800,000 shares issued at both December 31, 2020 and December 31, 2019 at which 50,000 shares are held in treasury and recorded at cost at P 3,000,000. Retained earnings are appropriated to the extent of the cost of the treasury shares. The balance of retained earnings represents and restricted amount legally available for dividends. Note 8 -  Share options On December 1, 2020, the shareholders of the entity approved the share option plan which provides for granting of options to purchase 50,000 ordinary shares at 100% of fair value at the date of grant. The options are exercisable immediately. 5.2 RELATED PARTIES  When does a related party transactions arise? 2020-2021 Module Packets for AE 17 (Intermediate Accounting 3) | College of Commerce | University of San Agustin, Iloilo City, 5000, Philippines

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BACHELOR OF SCIENCE IN ACCOUNTANCY  Related parties arise if one party has:  a. the ability to control the other party b. the ability to exercise significant influence over the other party c. joint control over the entity

 What is control?  Control is the power over the investee or the power to govern the financial and operating policies of an entity so as to obtain benefits.

 Control is ownership directly or indirectly through subsidiaries of more than half of the voting power of an entity.

 What is significant influence?  It is the power to participate in the financial and operating policy decision of an entity, but not control of those policies.

 Significant influence may be gained by share ownership of 20% or more.  If an investor holds, directly or indirectly through subsidiaries, 20% or more of the voting power of the investee, it is presumed that the investor has significant influence, unless it can be clearly demonstrated that this is not the case.  Beyond the mere 20% threshold of ownership, the existence of significant influence is usually evidenced by the following factors: a. representation in the board of directors b. participation in policy making process c. material transactions between the investor and the investee d. interchange of managerial personnel e. provision of essential technical information  What is joint control?  It is the contractually agreed sharing of control over an economic activity.

 What are examples of related parties? 1. Entities that directly or indirectly through one or more intermediaries, control or are controlled 2. 3. 4. 5.

6.

by or under common control with the reporting entity such as affiliates, meaning the parent, the subsidiary and fellow subsidiaries. Associates  These are entities over which one party exercises significant influence.  The term associate includes the subsidiary or subsidiaries of the associate. Venturer in a joint venture  A joint venture includes the subsidiary or subsidiaries of the joint venture Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any executive director or non-executive director Close family members of an individual are those family members who may be expected to influence or be influenced by the individual in their dealings with the entity to include: a. the individual's spouse and children b. children of the individual’s spouse c. dependence of the individual or the  individuals spouse Individuals owning directly or indirectly an interest in the voting power of the reporting entity that gives them significant influence over the entity, and close family members of such individuals

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BACHELOR OF SCIENCE IN ACCOUNTANCY 7. Postemployment benefit plans

for the benefit of employees of an entity, or of any entity

that is related to that entity    What is a related party transaction?  A related party transaction is a transfer of resources or obligations between related parties, regardless of whether a price is charged.  What are the examples of related party transactions? 1. purchase and sale of goods 2. purchase and sale of property and other assets 3. rendering or receiving services 4. Leases 5. transfer of research and development 6. license agreement 7. finance arrangements , including loans and equity contributions in cash or in kind 8. guarantee and collateral 9. settlement of liabilities on behalf of the entity or by the entity on behalf of another party

 When should the required related party transactions be disclosed?  PAS 24 paragraph 12 requires disclosure of related party relationships or control exists irrespective of whether there have been transactions between the related parties  In other words, relationships between parents and subsidiaries shall be disclosed regardless of whether there have been transactions between those related parties.

 What are the general guidelines in related party disclosures?  An entity shall disclose the name of the entity's parent and if different, the ultimate controlling party.

 If neither the entity's parent nor the ultimate controlling party produces financial statements available for public use, the name of the next most senior parent that does so, shall also be disclosed.

 What are the required disclosures of related party transactions?  PAS 24 paragraph 17 provides that if there have been transactions between related parties, an entity shall disclose the nature of the related party relationship as well as information about the transactions and outstanding balances necessary for an understanding of the financial statements.  As a minimum, the disclosures of related party transaction shall include: 1. The amount of the transaction 2. The amount of outstanding balance , terms and conditions , whether secured or unsecured, and  the nature of consideration to be provided in settlement 3. The allowance for doubtful accounts related to the outstanding balance 4. The expense recognized during the period in respect of doubtful accounts due from related parties

 What are the required disclosures on key management personnel compensation?  PAS 24 paragraph 16 provides that an entity shall disclose key management personnel compensation in total and for each of the following categories:

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BACHELOR OF SCIENCE IN ACCOUNTANCY 1. 2. 3. 4. 5.

Short term employee benefits Postemployment benefits, for example, retirement pensions Other long term benefits Termination benefits Share-based payment transactions, for example, share option

 What are considered as unrelated parties? 1. Two entities that are sharing or having common director or key management personnel in the organization

2. Financing service providers, trade unions, public utilities and government agencies in the course of their normal dealings with an entity by virtue only of those dealings

3. A single customer, supplier, franchisor or general agent with whom an entity transact a significant volume of business merely by virtue of the resulting economic dependence 4. Two venturers simply because they share joint control over a joint venture

 Are entities required to disclose transactions with government-related entities?  A reporting entity is exempted from providing the normal disclosures for transactions with: a. A government that has control, joint control or significant influence over the entity b. Other entities controlled, jointly controlled or significantly influenced by the same government

 What is the requirement for disclosure when transactions with government entities are exempt?  The reporting entity is required to disclose only the following: a. the name of the government and the nature of the relationship with the reporting entity b. the information on the nature and amount of each “individually” significant transactions with the government

 When are related party disclosures not required?  While disclosure of related party transactions and outstanding balances in the separate financial statements of a parent, subsidiary, associate or venture are required, intra-group related party transactions and outstanding balances are eliminated in the preparation of the consolidated financial statements of the group.

 What should be the general guideline in establishing pricing policies under related party transactions?  Accounting recognition of a transfer of resources is normally based on the price agreed upon between the parties.    There may be a degree of flexibility in the price setting process between related parties.  Between unrelated parties, the price is an arm's length price.  Price setting between unrelated parties is based on marketing policies and strategies adopted by the entity.

 What are the different pricing methods used to price transactions between related parties? a. Uncontrolled price method

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BACHELOR OF SCIENCE IN ACCOUNTANCY

b.   c. d.

 This sets the price by reference to comparable goods sold in an economically comparable market to a buyer unrelated to the seller. Resale price method This method is often used where goods are transferred between related parties before a sale to an independent party is made.   This reduces the resale price by a margin, representing an amount from which the reseller would seek to recover costs and make an appropriate profit. Cost plus method  This method seeks to add an appropriate mark-up to the supplier’s cost. No price method  Literally, no price is charged , as in the case of free provision of management services and the extension of free credit on a debt

5.3 EVENTS AFTER REPORTING PERIOD  What are events after reporting period?  PAS 10 Paragraph 3 defines events after the reporting period also knows as subsequent events as those events, whether favorable or unfavourable, that occur between the end of reporting period and the date on which the financial statements are authorized for issue.     What is the accounting treatment for events after the reporting period?  These may require either an adjustment or disclosure.

 What are types of events after the reporting period? a. ADJUSTING EVENTS after the reporting period are those that provide evidence of conditions that exist at the end of the reporting period b. NON ADJUSTING EVENTS after the reporting period are those that are indicative of conditions that arise after the end of the reporting period

 What is the accounting treatment for adjusting events?  An adjustment of the amounts in the financial statements is required for all events that offer clarity concerning the conditions that existed at the end of the reporting period and that occur prior to the date the financial statements are authorized for issue

 What is the accounting treatment for non adjusting events?  An entity does not recognize events after the reporting period that relate to conditions that only arose after the reporting period.

 The entity is required only to disclose significant non-adjusting events.  What are examples of adjusting events? a. Settlement after the reporting period of a court case because it confirms that the entity already had a present obligation at the end of the reporting period. b. Bankruptcy of a customer which occurs after the reporting period. c. Sale of inventories after the reporting period may give evidence about the net realizable value at reporting date. d. The determination after the reporting period of the cost of assets purchased or proceeds from assets sold before the end of the reporting period. 2020-2021 Module Packets for AE 17 (Intermediate Accounting 3) | College of Commerce | University of San Agustin, Iloilo City, 5000, Philippines

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BACHELOR OF SCIENCE IN ACCOUNTANCY e. The determination after the reporting period of the profit sharing or bonus payment if the entity has the present obligation at the end of the reporting period to make such payment. f. The discovery of fraud or errors that show the financial statements were incorrect.

 What are examples of non-adjusting events Business combination after the reporting period Plan to discontinue an operation Major purchase and disposal of asset or expropriation of major asset by government Destruction of a major production plant by a fire after the reporting period Major ordinary share transactions and potential ordinary share transactions after the reporting period f. Announcing or commencing the implementation of a major restructuring g. Abnormally large changes after the reporting period in asset prices or foreign exchange rates h. Entering into significant commitments or contingent liabilities for example by issuing guarantees i. Commencing major litigation arising solely from events that occurred after the reporting period j. Change in tax rate and knotted or announced after the end of reporting period that has a significant effect on current and deferred tax asset and liability a. b. c. d. e.

5.4 FINANCIAL STATEMENT AUTHORIZED FOR ISSUE  When should the financial statements be authorized for issuance?  Financial statements are authorized for issue when the board of directors reviews the financial statements and authorizes them for issue.  In some cases, an entity's required to submit the financial statements to the shareholders for approval after the financial statements have been issued.  In such cases, the financial statements are authorized for issue on the date of issue by the board of directors and not on the date when shareholders approve the financial statements

 When should the disclosure of authorization for issue be dated?  Pas 10 paragraph 17 provides that an entity shall disclose the date when the financial statements are authorized for issue and who gave the authorization.

 If the entity’s owners or others have the power to amend the financial statements after issue, the entity shall disclose such a fact.

 It is important for users to know when the financial statements are authorized for issue because the financial statements do not reflect events after this date.

 Illustration  The management of an entity completed draft a financial statements for the year ended december 31, 2019 on February 1, 2020.

 On March 1 , 2020 , the board of directors review the financial statements and authorized them for issue.

 The entity announced the profit and selected financial information on March 15, 2020.  The financial statements were made available to shareholders on April 1, 2020. 2020-2021 Module Packets for AE 17 (Intermediate Accounting 3) | College of Commerce | University of San Agustin, Iloilo City, 5000, Philippines

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BACHELOR OF SCIENCE IN ACCOUNTANCY  The shareholders approved the financial statements annual stockholders meeting on April 10, 2020.

 The approved financial statements were then filed with SEC on April 15, 2020.  The financial statements are authorized for issue on March 1, 2020, the date of the board authorization for issue.

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