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Official Publication of PICPA- Cebu | “Level up, build the future.”

MEET OUR NEW PICPA CEBU OFFICERS

CEBU 4

SUMMIT

PICPA TH

inside:

JULY-SEPTEMBER 2016 VOLUME 2 ISSUE No. 1

MAJOR THROWBACK

PAST PRESIDENTS’ NIGHT relive the greatness on PICBOOK

ACCOUNTANCY WEEK on JUNIORS’ CORNER

CATCH ‘EM ALL!

Dear PICPAns,

Leading a large and dynamic organization like

PICPA - Cebu Chapter is truly a big challenge.

Nevertheless, I have accepted this challenge

because I know that I am not alone in doing the

necessary work. Aside from the hardworking

secretariat of PICPA-Cebu, I can also count on the

unwavering support of my fellow officers, past

presidents and members who have unselfishly been

serving PICPA without counting the cost.

PICPA’s theme for this year is

LEVEL UP “ ”

Although PICPA is already a great organization, the

theme suggests that there is still much that can be

done to move the organization to a higher level,

amidst the new regulations and many changes in the

business environment. In line with the theme, we

ought to be proactive and forward-looking in the

way we do things for the organization. We shall be

responsive to the needs of our members, and

undertake programs that will continue to benefit

them even beyond the term of incumbent officers.

EL PRESIDENTE

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WENDELL D. GANHINHIN VP Professional Development

WILLIAM C. ACOSTA Sectoral Dir. – Public Practice

ROSEMARIE V. JACALAN Sectoral Dir. – Education

DEXTER JOSEPH B. CUEVAS PRO

MARIA ASUNCION A. BENLOT VP Administration

MARISSA M. BALDECIR Assistant Secretary

KATHERINE MAE S. MIGRIÑO Assistant Treasurer

GERALD B. SAGARINO President Elect

EDLENNE FATIMA D. ALVEZ Secretary

VENENCIO A. OYANGOREN, JR Treasurer

CONCEPCION R. RACAZA VP Membership Development

DOMINGO DENNIS A. MENDOZA, JR. Sectoral Dir. – Commerce & Industry

CEDRIC VAL R. NARANJO Sectoral Dir. – Government

MA. DOLORES P. TAMPUS Auditor

FY 2016-2017 PICPA CEBU OFFICERS

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DR. EDGAR R. DETOYA President, PICPA Cebu Chapter

“It is our goal to have more involved and more

informed members”

(continued from page 1)

Since the well-attended PICPA-Cebu Summit last July 2016, PICPA-Cebu has already

organized several seminars to serve the professional development needs of the members, and to

enable them to meet the accreditation requirements. While most participants in these seminars

are from Public Practice and Commerce and Industry, we endeavor to reach out to more

accountants in the Government and Education sectors. We shall establish some schemes to engage

more members of PICPA-Cebu in all sectors. We shall also help ensure that everyone is always

apprised of any recent pronouncement, regulation or development affecting the Accountancy

profession. So please do not wonder if you have been receiving more emails from PICPA this year.

Last September 2, 2016, we launched the Good Governance

Advocacy Cooperative (GGAC) whose goal is to promote cooperativism,

good governance and social entrepreneurship among PICPAns. And on

October 22, 2016, we started a basketball tournament involving the

participation of teams from different accounting firms and companies.

Aside from the health benefit that the sport provides, it also promotes

teamwork and camaraderie among the participants.

In the coming months, we shall continue our work to engage more

members not just in meetings and seminars, but also in the other

worthwhile activities of PICPA. Let us all be involved with PICPA if we truly

want to level up.

“Embracing Changes,

Pursuing Excellence”

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4TH PICPA CEBU SUMMIT

by EDGARDO B. ABREGANA, JR.

H eraclitus once said that the only thing that is constant is change. Just recently, we frequently hear the phrase “change is coming”. A compelling question therefore arises:

Are CPAs ready for change? Are CPAs ready for the future?

Change is the core idea of the 4th PICPA-

Cebu Summit successfully held at Radisson Blu Hotel last July 22, 2016 with the theme: “Embracing Changes, Pursuing Excellence”. Participants of the Summit earned an 8 CPD units-certification, a bag full of give-aways, and edifying insights from distinguished resource speakers.

The keynote speaker was no less than Cebu

Vice-Governor Agnes Magpale, who notably arrived quite early on that day. She enjoins all PICPAns to support and embrace the changes under the current government administration. She pointed out that CPAs are particularly affected and should help support the institution of “Tax Reform” which is one of the 10-point socioeconomic agenda of President Rodrigo R. Duterte. She re-echoes the President’s order to cut the bureaucratic red-tape which is a fertile area for CPAs working in the government to improve. The Vice governor’s speech ended with praise for PICPA-Cebu’s willingness to embrace changes affecting the profession.

Prominent speakers from different

accountancy sectors were invited to share their thoughts on the roadmap while embracing changes and excellence in the accountancy profession. Dean Estelita Aguirre (President, Asian Institute of Taxation), Atty. Lindeza Gavino (SEC Cebu Director), Mr. Raymund Java (MEPZ Information Officer), Mr. Christian Lauron (Partner, SGV) Atty. Neri Yu (Chief BIR 13 Legal Division), Dean Jonathan Capanas (USJ-R School of Law), Atty. Euney Mata - Perez (Managing Partner, Mata-Perez and Francisco), BOA Chairman Joel Tan-Torres and Ms. Phoebe Kaye Fernandez (ABS-CBN host and talent) were among those invited.

One of the highlights of the 4th PICPA-

Cebu Summit was the induction of the new set of board of directors for the fiscal year 2016-2017. Immediate Past President Lourdes Cambonga presented a video clip of the unforgettable moments during her term of office. She prided over her projects which include the reactivation of scholarship program, professionalization of PICPA-Cebu Office and the reactivation of PICPA’s newsletter named “PICPAGram”. A ceremonial turn-over of gavel of leadership ensued. A leadership award was presented to Cambonga by new PICPA President Edgar Detoya. The new President aims to achieve, during his term, the accreditation of local resource speakers in Cebu, activation of local chapter of ACPAE, enhancing linkage with local accountants in the government sector, and the creation of Good Governance Advocacy Cooperative (GGAC).

The 4th PICPA-Cebu Summit culminated with an exciting raffle for prizes comprising of perishable goods, appliances and overnight stay in hotels, among others

.

SEC Cebu City Extension Office with Dir. Lindeza R. Rogero-Gavino.

COURTESY CALLS

PICPA-Cebu Officers with Gov. Hilario P.

Davide III at the Cebu Provincial Capitol. PICPA-Cebu officers at the office of

Cebu City Mayor, Hon. Tomas Osmeña.

Mr. William C. Acosta, PICPA Cebu’s Sectoral Director for Public Practice goes for a strike

during the PICPA Bowling Competition.

Resource Speaker, Mr. Elirie Aranas during the seminar on 2016 PFRS

Updates.

Dr. Edgar Detoya to the Chapter’s Past Presidents during the Past President’s

Night held at the Casino Español de Cebu last August 12, 2016.

Induction of the PICPA Cebu Foundation Officers and Board of Trustees

Chairpersons of the different committees sworn to oath during the induction Ceremony of PICPA-Cebu Chapter Committee Chairpersons

last August 12, 2016 held at the Casino Espanol de Cebu.

Dean Estelita receives her token as one of the resource speakers during the 4th PICPA Cebu Summit last July 22, 2016. (L-R) Ms. Odette

Cambonga, Dean Estelita C. Aguirre, Mr. Edgar Detoya.

Dean Estelita Aguirre with PICPA Cebu officers during the seminar on How to become a

Successful Agent and Tax Update conducted last September 2, 2016.

Mr. Marco L. Ng, Resource speaker on the Financial Statements Compilation Engagements, receives his token and

Certificate of Appreciation.

PICPA Cebu Officers and delegation from Minerva & Company

CPAs posed during the PICPA Bowling Competition

Scintillating Dance Presentation from the

2016 Accountancy Week Dance Palabas Champion during the 4th PICPA Cebu Summit at the Radisson

Blu Hotel held on July 22, 2016.

PICPANs convene for the 4th PICPA Cebu Summit held at the

Radisson Blu Hotel

Managing Tax Assessment and Collection Seminar held last September 16, 2016 (L-R) Ms. Rosanna Arcenas, Ms. Sheena

Dano, Atty. Cha Mandap-De Veyra, Mr. Wendell Gahinhin, and Mr. Edgar Detoya.

PICPA CEBU PRESIDENTS THROUGH THE YEARS

JUNIORS’ CORNER

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The accountancy week celebration is

considered one of the most sought-after events among

students and professionals. It kicked off with a grand

opening parade from Fuente Osmeña to Cebu Coliseum

last July 17, 2016. The opening salvo was well attended

by different JPIAn students composing the Cebu

Federation – Junior Philippine Institute of Accountants.

Their outcry was

“DASIG CF JPIA: Advocating Excellence,

Surpassing Barriers”.

CPAs in different sectors were equally represented.

Participating guests were welcomed with a

Zumba dance routine which hyped the entire coliseum.

A Eucharistic celebration was also offered on that same

day. Tribal music filled the coliseum as everyone

rejoiced during the opening salvo.

Guests were welcomed by the new president of

PICPA – Cebu, Dr. Edgar R. Detoya. The Accountancy

Week 2016 was formally opened by Sugar B. Sagarino,

the overall chair of the accountancy week celebration.

The long week celebration showcased different

activities such as Inter-school Exam Challenges and

Speechfest, annual accounting quizbowls, bowling

tournaments, PICPA – Cebu Courtesy call to various

government offices, 4th PICPA – Cebu Summit and

community outreach program in Brgy. Bon-Bon, Cebu

City.

The closing and awarding ceremonies were held

in University of San Carlos last July 23, 2016.

CF JPIA is composed of 14 different local

chapters namely, AMA Computer Learning Center,

Benedicto College, Cebu Institute of Technology-

University, Cebu Roosevelt Memorial College, Lyceum

of Cebu, St. Theresa’s College, Southwestern

University, University of Cebu – Main, Univesity of

Cebu – Banilad, University of Cebu – Lapu-lapu and

Mandaue, University of San Carlos, University of San

Jose- Recoletos, University of Southern Philippines

Foundation and University of the Visayas.

ACCOUNTANCY

WEEK 2016

by PRETTI ALBERTO

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school pride! school pride! school pride!

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accountancy week opening

Amendment on Mandatory Documentary Requirements for One-Time Transactions

involving Transfer of Real Property Tuesday, November 8, 2016

Revenue Memorandum Order (RMO) 15-2003 prescribes the

guidelines, procedures and checklist of requirements for one-time

transactions (ONETT) and the issuance of Certificate Authorizing

Registrations (CARs). A CAR is a proof that taxes due on transfers of

real property have been correctly paid.

Later, the Bureau of Internal Revenue (BIR) issued, Revenue

Memorandum Circular (RMC) 76-2007 mandating as an additional

requirement the certified true copy of the original CAR (copy of the

Registry of Deeds) pertaining to the transfer of property preceding the

current sale or transfer.

Recently, the BIR issued RMC 105-2016 providing that this previous

CAR when the property was originally acquired shall no longer be

required in processing ONETTs involving transfer of real property and

the issuance of eCARs.

Please be guided accordingly.

Source:

P&A Grant Thornton Certified Public Accountants

Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd.

Revised General Information Sheet (GIS) and

Notification Update Form (NUF)

Tuesday, November 8, 2016

Corporations will be required to use the revised GIS and NUF beginning

January 2017. The following are the revisions on the said forms:

1. In the GIS, the Tax Identification Number (TIN) of the Board of Directors/Trustees, Officers and Stockholders of domestic corporations and Resident Agent and Officers in the Philippines of foreign corporations shall be indicated in a separate sheet designated as the TIN Page;

2. In the NUF for foreign corporations, the TIN of Officers shall be accomplished in a separate sheet designated as the TIN Page;

3. The residential addresses of the Directors/Trustees, Officers and Stockholders on page 3 and 4 of the GIS for stock and non-stock corporations and Resident Agent and Officers in the NUF for foreign corporations shall likewise be indicated in the TIN Page; and

4. The Corporate Secretary’s certification of the GIS for stock and non-stock corporations, aside from the penalty of perjury and revocation for failure to file GIS, shall now include a statement that the persons indicated as members of the board of directors/trustees and officers of the corporation had consented to be nominated and elected.

BENEFITS OF GOOD GOVERNANCE | 8 CPD Units, Thematic Area 3 Mr. Jesse Rey L. Meneses | 8:00 – 5:00 pm | Cebu Parklane International Hotel OCT 5

OCT 6 WORKSHOP ON INTERNAL CONTROL | 8 CPD Units, Thematic Area 2

Mr. Jesse Rey L. Menees | 8:00 – 5:00 pm | Cebu Parklane International Hotel

OCT 15 VGAO LEADERSHIP TRAINING Mr. Jovenir Bataican | Cebu Parklane International Hotel

OCT 21 MANAGING COST EFFECTIVELY | 8 CPD Units, Thematic Area 4 Dr. Cesar A. Mansibang | 8:00 – 5:00 pm | Cebu Parklane International Hotel

OCT 22 PICPA CEBU BASKETBALL TOURNAMENT OPENING AND TUNE-UP GAME

3:00 – 5:00 pm | USP-F Gym

OCT 28 MANAGING WORKPLACE CONFLICT | 8 CPD Units, Thematic Area 5 Dean Danny A. Cabulay | 8:00 – 5:00 pm | Cebu Parklane International Hotel

NOV 9 BOA UPDATES/PROFESSIONAL ETIQUETTE | 6&2 CPD Units, Thematic Areas 1&5 respectively

Mr. Eric J. Magcale | 8:00-5:00 pm | Cebu Parklane International Hotel

NOV 10 PHILIPPINE STANDARDS ON AUDITING UPDATES | 8 CPD Units, Thematic Area 2 Mr. Eric J. Magcale | 8:00 – 5:00 pm | Cebu Parklane International Hotel

NOV 16-18 COOPERATIVE EXTERNAL AUDITORS ACCREDITATION | 24 CPD Units, Thematic Area 4 Ms. Fe Caingles, Ms. Nonie Hernandez, Ms. Ma. Elma Ame | 8:00-5:00 pm | Cebu Parklane International Hotel

NOV 19 FS ANALYSIS/INTERPRETATION AND DIFFERENCES BETWEEN US GAAP & IFRS | 8 CPD Units, Thematic Area 2

Mr. Edman Flores, Mr. Hilario Tan | 8:00 – 5:00 pm | Diamond Suites Hotel

NOV 21 OATHTAKING AND INDUCTION OF NEW CPAs

3:00-10:00 pm | City Sports Club

NOV 24-26 71st ANNUAL NATIONAL CONVENTION | DAVAO CITY

DEC 2 PROBLEM SOLVING AND CREATIVE DECISION MAKING FOR PROFESSIONALS | 8 CPD Units, Thematic Area 5

Prof. Maria Theresa Requilman | 8:00-5:00 pm | Cebu Parklane International Hotel

DEC 9 WORKSHOP ON VOLUNTARY QUALITY ASSURANCE REVIEW PROGRAM MODULES | 8 CPD Units, Thematic Area 3

Mr. Elirie S. Aranas | 8:00 – 5:00 pm | Cebu Parklane International Hotel

DEC 13 MAYOR’S PERMIT, SSS, PHILHEALTH, PAG-IBIG AND YEAR-END TAX UPDATES, CHRISTMAS PARTY

1:00-9:00 pm | Cebu Parklane International Hotel

PUBLICATIONS COMMITTEE

EDITORIAL CONSULTANTS

EDGAR R. DETOYA

LOURDES O. CAMBONGA

GERALD B. SAGARINO

EDITORIAL BOARD

DEXTER JOSEPH B. CUEVAS

Editor-in-Chief

Members:

DOMINGO DENNIS A. MENDOZA, JR.

Commerce and Industry

ROSEMARIE V. JACALAN

Education

CEDRIC VAL R. NARANJO

Government

WILLIAM C. ACOSTA

Public Practice

Staff:

Jamilah A. Panantaon Deputy Editor

Jesfil U. Paraz Deputy Writer

Charlene E. de Castro Graphic/Layout Editor &

Deputy Writer

Richelle Eve B. Baquerfo Graphic/Layout Editor