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Highly Technical 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.
| Division & Department/Office: |
Office of the General Accountant (OGA) – Accounting and Audit Policy Division | ||
| Classification: | Highly Technical (20 days) | ||
| Type of Transaction: | G2C – Government to Citizen G2B – Government to Business G2G – Government to Government |
||
| Type of Service: | External Service | ||
| Who may avail: | All | ||
| Guidelines During Pandemic: |
No | ||
| CHECKLIST OF REQUIREMENTS | WHERE TO SECURE | ||
| Request letter for Opinion (one original) | Applicant | ||
| Supporting documents, if any. (one original) | Applicant | ||
| CLIENT STEPS | AGENCY ACTIONS | FEES TO BE PAID | PROCESSING TIME | PERSON RESPONSIBLE |
| 1. Presents letter-request for Opinion and supporting document or send via email to secoga@sec.gov.ph | 1. Prepares Payment Assessment Form (PAF) and instructs applicant to process payment and present a copy of O.R. | None | 10 minutes | Executive Assistant |
| 2. Receives the PAF and pays the required fees. | 2. Processes payment and issues O.R. | PHP25,000.00 (per issue and per company) | 10 minutes | |
| The client may choose to pays via Electronic System for Payment to the SEC (eSPAYSEC) or over the counter payments at any Landbank branch nationwide. | If paid via eSPAYSEC, an electronic official receipt is generated which will serve as the official copy of the Client. | eSPAYSEC | ||
| If paid via Landbank branch, the bank will issue a machine-validated onColl Payment slip which will serve as the proof of payment of the Client. | Landbank | |||
| 3. Submits a copy of proof of payment via eSPAYSEC or Landbank 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. | 13 days | Assigned Personnel | ||
| 3.2.1. In case of highly technical cases and/or additional documents or further research are needed, prepare an Advisement Letter to the 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. | 2 days | Supervising Accountant | ||
| 3.4. Reviews and discuss Advisement Letter or Memorandum. If the Letter/Memorandum is satisfactory, endorse the same to the General Accountant. | 1 day | Assistant Director | ||
| 3.5. Reviews and signs Advisement Letter or Memorandum. | 1 day | General Accountant | ||
| 3.5.1. If there is a submission of additional documents, GO TO STEP 3.2. | 1 hour | Assigned personnel | ||
| 3.6. Logs/Updates Index Tracking System | 10 minutes | Index Tracking Personnel | ||
| TOTAL | PHP25,000.00 (per issue and per company) | 20 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