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A Statement of Assets, Liabilities, and Net Worth (SALN) [1] [2] is an annual document that all de jure government workers in the Philippines, whether regular or temporary, must complete and submit attesting under oath to their total assets and liabilities, including businesses and financial interests, that make up their net worth. [3]
That is, the mark-down in value of the asset should be recognised as an expense in the income statement every accounting period throughout the asset's useful life. [1] The useful life of the asset is determined by taking into account expected usage, physical wear and tear, technical or commercial obsolescence arising from changes in production ...
The Philippines government requested observer status with respect to the Government Procurement Agreement on 6 May 2019 and its request was accepted by the WTO Committee on Government Procurement on 26 June 2019, the Philippines confirming that "its government was ... taking steps to create a transparent, open and fair procurement system ...
The Anti–Money Laundering Council (AMLC) is the agency of the Government of the Philippines that is tasked to implement the provisions of Republic Act No. 9160, also known as the Anti–Money Laundering Act of 2001 (AMLA), as amended, and Republic Act No. 10168, also known as the “Terrorism Financing Prevention and Suppression Act of 2012” (TFPSA).
The basis value is the price of the fixed asset. Tax on recapture is calculated by = (BookValue – BasisValue) x TR Capital gains tax = (BasisValue – Salvage Value) x TR/2 Disposal tax effect (DTE) = (tax on recapture + Capital gains tax) If a company sells an asset for less than the tax basis this causes a loss in capital. This means that ...
A fixed asset register (FAR) is a list of fixed assets that belong to an entity. [1] Traditionally the fixed asset register was maintained in written form by a bookkeeper using a book that was set aside specifically for that purpose. Nowadays, it is more often held in electronic format in an accounting system.
The Philippines' Bureau of Fisheries and Aquatic Resources (Filipino: Kawanihan ng Pangisdaan at Yamang-tubig, [2] abbreviated as BFAR), is an agency of the Philippine government under the Department of Agriculture responsible for the development, improvement, law enforcement, management and conservation of the Philippines' fisheries and aquatic resources.
For the past 25 years, BCDA has already disposed a total of Php90.32 billion worth of assets. Since 1992, BCDA has generated Php57.215 billion in disposition proceeds from the sale, lease and/or joint venture development of former Metro Manila camps and their transformation into new premier mix-use economic districts.