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Complex Request for Opinion and/or Clarification on Accounting Matters

To clarify and/or interpret the following rules and guidelines for effective implementation and compliance:

  ● Revised SRC Rule 68;

  ● Philippine Financial Reporting Standards (PFRS)/ PFRS for Small and Medium Entities (SMEs) /PFRS for Small Entities (SEs) and interpretations;

  ● Philippine Standards on Auditing and related standards;

  ● Related rules of the Commission in financial reporting and audit;

  ● Guidelines; and

  ● Any subsequent official pronouncements, interpretations and rulings on accounting and reporting matters, which may be issued by the Commission from time to time.

Classification: Complex
Type of Transaction: G2C – Government to Citizen
G2B – Government to Business
G2G – Government to Government
Who may avail: All
Request letter for Opinion (one original, two photocopy) Applicant
Supporting documents, if any. (one original, two photocopy) Applicant


1. Presents letter-request for Opinion and supporting document 1. Prepares Payment Assessment Form (PAF) and instructs applicant to proceed to the Cashier None 10 minutes Executive Assistant
Office of the General Accountant
2. Presents the PAF at the Cashier and settles the required fee 2. Processes payment and issues O.R. PHP 25,000.00 (per issue and per company) 10 minutes Cashier
Financial Management Department (FMD)
3. Submits the machine- validated PAF to the OGA with the application and its supporting documents, if any 3. Inputs Letter-Request for Opinion or Memorandum referred by the Operating Department to Index Tracking System and forwards the same to the Assistant Director for assignment. None 5 minutes Executive Assistant
    3.1. Forwards document to assigned personnel   5 minutes Assistant Director
    3.2. Evaluates the request.   5 days Assigned Personnel
Office of the General Accountant
      3.2.1. In case of complex case and/or additional documents or further research are needed, prepares Advisement Letter to requesting party that the subject matter is under evaluation and may require submission of additional requirements.      
    3.3. Reviews Advisement Letter or Memorandum for presentation to Commission en Banc.   1 day Assistant Director
    3.4. Reviews and signs Advisement Letter or Memorandum.   4 hours General Accountant
      3.4.1. If there is a submission of additional documents, GO TO STEP 3.2.   30 minutes Assigned personnel
Office of the General Accountant
    3.5. Logs/Updates Index Tracking System   10 minutes Index Tracking Personnel
Office of the General Accountant
TOTAL   PHP25,000.00 (per issue and per company) 7 days  

Notes: The above processing time commences upon actual receipt of documents and payment of processing fee. It excludes the response period to comment and extension.