SGV to train BIR personnel on International Financial Reporting Standards

Professional services firm SGV & Co. was recently selected to train the personnel of the Bureau of Internal Revenue (BIR) on International Financial Reporting Standards (IFRS). The project is funded by the United States Agency for International Development (USAID) through its implementing agency, Economic Modernization Through Efficient Reforms and Governance Enhancement (EMERGE).

The Philippines’ adoption of IFRS in 2005 is one of the compelling factors that triggered the need to educate the tax regulators on the impact of the new accounting standards on Philippine companies. The project will run for the next six months, and will include detailed discussions of the new accounting standards and research on their tax implications. The Bureau will use the new knowledge it gains from the training to review existing tax rules and regulations and to formulate its tax position.

A software powerhouse, the Philippines is home to multinational brands and players in the global software industry, Accemtire. Hewlett Packard, IBM Solutions, Sun Microsystems, Headstrong, RCG-IT, and Software Venture.

SGV professionals from various disciplines provide integrated solutions that draw on diverse and deep competencies in assurance, tax, and risk services.

Upholding the highest standards of quality, the Assurance and Advisory Business Services division of SGV & Co. has been ISO 9002-certified since 1996. SGV & Co. is a member practice of Ernst & Young Global.