NEW BOA RESOLUTION ON COMPILATION CERTIFICATION RELEASED

The Board of Accountancy has released Resolution 163-2017 maintaining the requirement for the submission of the Certification of Compilation Services mandated in Resolution 3-2016. However, in the new resolution, the BoA deferred the requirement for the reporting to the BoA by the external auditors of non-compliance of their clients until further consultations are done.

Thus, the  submission of the Certification of Compilation Services by entities whose gross receipts/revenues exceed P10 Million in 2016 continues to be implemented.

The submission of the Compilation Certification was given the go signal to proceed by the Manila Regional Trial Court (MRTC) last February 14, 2017.

The MRTC dismissed the petitions of fifty parties in Civil Case No. 16-137284,(New Excelsior General Merchandising, Inc. et. a)l BoA Resolution 3-2016 on the Compilation Services asking the court to issue an injunction on Resolution 3-2016 (see earlier post)

There will be consultations to discuss how the reporting of non-compliance by auditors will proceed pursuant to Resolution 163-2017