Monday, June 15, 2015

FINANCIAL REPORT FORMAT FOR CO-OPS





The Cooperative Development Authority (CDA) announced that it will finally, err, again present and discuss the Philippine Financial Reporting Format for Cooperatives, during the CDA Forum with its CDA-accredited External Auditors.


If only to know what this "thing" is and how it will affect the financial reporting of your cooperative in the near future, you must attend this CDA event, or send a concerned/appropriate representative.


This will be on July 10-11, 2015 at the Subic Travellers Hotel, Subic Freeport Zone, Subic, Olongapo.


Also invited are not only CDA-accredited external auditors, but also Certified Public Accountants, accountants, even bookkeepers of cooperatives.  That is how important it is, I think.


This Philippine Financial Reporting Format for Cooperatives has been talked about for at least 3 years, if I remember correctly.  Experts are saying that cooperatives, due to the peculiar nature of their business, concepts, and principles, among other things, do not fit in the PFRS SME, Full PFRS, or other such similar formats.  Hence, the need for a PFRFormat for Cooperatives.


If I recall correctly, the "exposure draft" of this financial reporting format was first presented and discussed during the Luzon Convergence held in San Juan City, during the time of then CDA Chairman, Dr. Emmanuel Santiaguel.


Since then, it was reported to have been finalized.  Now, CDA "treathens" to present and discuss this again, albeit now in its final stages?  Let's find out.  I mean, you find out.


Anyway, attendance has additional sweetener, other than the substantive portion of the forum itself.  It was reported that CPAs who will attend will be credited with 16 hours of training, a requirement for the issuance by CDA of accreditation to co-op external auditor.


The forum also lists the following learning opportunies, such as: how to strengthen cooperative audit system; improve financial reporting system for cooperatives; and address issues on audit for cooperatives, among other things.

For more info on how to join, pls. visit www.cda.gov.ph

(END).


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