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Simple 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 &
Office of the General Accountant (OGA) – Accounting and Audit Policy Division
Classification: Simple (3 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
1. Request letter for Opinion (one original) Applicant
2. Supporting documents, if any. (one original) Applicant
1. Presents letter-request for Opinion and supporting document or send via email to 1. Prepares Payment Assessment Form (PAF) and instructs applicant to process payment and present 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. PHP10,000.00 (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 wills 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.   2 days Assigned personnel
     3.2.1. In case of the simple case and/or no additional documents are needed for the evaluation, prepare an Advertisement Letter or Memorandum containing the results of the evaluation.      
    3.3. Reviews Advisement Letter or Memorandum for presentation to Commission en Banc.   3 hours Supervising Accountant
    3.4. Reviews and discuss Advisement Letter or Memorandum. If the Letter/Memorandum is satisfactory, endorse the same to the General Accountant.   2 hours Assistant Director
    3.5. Reviews and signs Advisement Letter or Memorandum.   2 hours General Accountant
     3.5.1. If there is a submission of additional documents, GO TO STEP 3.2.   15 minutes Assigned Personnel
    3.6. Logs/Updates Index Tracking System   10 minutes Index Tracking Personnel
TOTAL   PHP10,000.00 (per issue and per company) 3 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.