RajahJun

Today was deadline of the filing of the audited financial statement  for corporations at the SEC Philippines. Our financial statement was still being audited by the commissioned external auditor. The auditor was only able to send a draft and not the final copy. Hoping to beat the deadline, I had to go the SEC to inquire whether they will accept tentative filing of financial statement. When I was at the SEC, they did not receive the tentative financial statement because they simply said that "they only receive audited financial statements once a year and they don't compromise receiving tentative financial statements unlike the BIR where you can make an amended filing". They only accept final audited financial statement and they are very strict on this. I asked what available options do I have?  The SEC staff said that the available option is to make a late filing instead.  But there was the question on penalty. I went to another department regarding the penalty. ...

Accounting is the systematic recording of an enterprise’s economic transactions and activities.  It is also the language of business.  Accounting for a small social enterprise is equally as important for large enterprises.  Reliability and relevance of accounting records is important to effectively manage a small social enterprise.  It helps guide the  entrepreneurs  of  small enterprises  to dispense decisions for the improvement of the enterprise. An unreliable accounting record is detrimental to the  health and well being of the social enterprise. As an analogy, it is difficult for a driver to know where he or she is going if the windshield is dirty.  An accident is bound to happen.  This can be compared to an entrepreneur naively relying on an unreliable accounting record.  Decisions  premised on unreliable accounting records would definitely result in unfavorable consequences.  Accounting  is the langua...

Enterprises, as their beacon to the future, need to craft their visions for the next five years. Unfortunately, change is happening at a blistering pace such as shifts in economy; shifts in local and global market; emerging technologies; climate change; economic upheavals from developed countries affecting developing countries. Furthermore, the internet revolution spawning new business models and replacing obsolete models. These are rather to heady for those who are running social enterprises. Large enterprises, on the other hand can afford to have a team of highly paid and highly educated strategic planners armed with MBAs and PhDs, and probably working with think-tank partner organizations to jointly craft a large enterprise's strategic direction blueprint. Social enterprises, on the other hand, may also be crafting their own strategic direction, but most probably, without the help of highly paid and highly educated specialists on strategic planning.  Social enterprises, more...