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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 |
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| Who may avail: | All | ||
| CHECKLIST OF REQUIREMENTS | WHERE TO SECURE | ||
| Request letter for Opinion (one original, two photocopy) | Applicant | ||
| Supporting documents, if any. (one original, two photocopy) | Applicant | ||
| CLIENT STEPS | AGENCY ACTIONS | FEES TO BE PAID | PROCESSING TIME | PERSON RESPONSIBLE |
| 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 |
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| 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 |
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| 3.5. Logs/Updates Index Tracking System | 10 minutes | Index Tracking Personnel Office of the General Accountant |
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| 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.