Category: Finance

Finance is not just about the management of money. It covers broader subjects that include, accounting, taxation , investments, analysis, etc.

The Ridiculously Exaggerated and Overrated YNAB Savings

April 4, 2019 / / 0 Comments

With Dropbox gone the 3-Device Limit route, I needed to re-evaluate my YNAB Classic use.

YNAB has obviously abandoned the classic app in favor of its online, subscription-based platform. But the YNAB classic, at least the mobile app, only supports Dropbox for its cloud sync option — no Google Drive, no OneDrive.

Looking at my options, though, I came across the YNAB pricing, and the page suggests a ridiculously exaggerated savings of US$6,000 — that’s only in the first year, the YNAB culture can bring you:If you’re a common Filipino earning in Philippine Pesos, the $6,000 would probably be more than what you’ll ever earn in a year. If it ain’t ridiculous, tell me what that is.

Yet, if you’re an upper-middle class Filipino earning way more than that, the $84 per year fee is still not worth it. There ought to be a better free alternative.

TRAIN and Pick-up Trucks

January 8, 2018 / / 0 Comments

Top Gear Philippines posted the new 2018 price list of the Toyota cars line-up, after the effectivity of the TRAIN (Tax Reform for Acceleration and Inclusion) law. Yes, as expected, expensive and/or luxury cars either retained or even decreased their selling prices. But the more interesting observation is how pick-up trucks, i.e., the Hilux lineup, saw decreased prices as well, regardless of the original price.

I still can’t surmise why pick-ups have to benefit from this law? Please, someone, explain it to me.

How would you like to be an ACPA?

March 3, 2016 / / 0 Comments

If you are a Philippine CPA, did you know that you may now apply for the ACPA (Asean Chartered Professional Accountant) title? Jun Cuaresma writes, in The Manila Times article, “And the Asean CPA is born . . .”

To get the ACPA title, the provisions of the recognition agreement state that Filipino CPAs have to undergo initial qualification and eligibility screenings through the local Board of Accountancy (BoA) and/or the Philippine Institute of CPAs and then the ACPA Coordinating Committee would make the final approval.

Upon successful approval, the Filipino CPA will acquire the ACPA title and be accorded as a Registered Foreign Professional Accountant (RFPA) who then can, in all other nine Asean member states: (1) work as consultant or employee of commercial, industrial or educational entities, or (2) work as external auditor but in collaboration with designated external auditing firms in the host country.

Currently, Filipino CPAs can already work as accountants, auditors, consultants, etc., in countries among the Asean member countries and beyond, even without the ACPA title. Thus, I can’t imagine how this title can enhance one’s résumé.

So, unless a new and separate governing body is tasked to conduct qualifying exams (board exams) in lieu of the PRC (Professional Regulation Commission), I can’t see how else Filipino accountants will flock to acquire this title.

The (almost) two decades old graduated tax table that defies inflation

September 22, 2015 / / 0 Comments

Back in 2008 (7 years ago!), I called for a major revamp of the ‘then’ decade old and obsolete tax law, specifically for the part pertaining to individual income taxes. Since then, minor revisions were made, like the exemption of minimum wage earners and adjusting the 13th month pay and other benefits ceiling excluded from the computation of gross income.

[Read: Rappler—Aquino signs law raising tax exemption cap for bonuses.]

NIRC of 1997

National Internal Revenue Code of 1997 book July 2009 Edition by Danilo A. Duncano. This book may need revisions, but not as much as that of the law itself.

Yet, the gist of individual income taxation remains, that is — the (almost) two decades old graduated tax table that defies inflation. Continue reading

Deception

November 20, 2011 / / 0 Comments

The life of an accountant[1. In this context, we will refer to all accountants in different fields/practices as accountants, including general accountants, auditors, tax practitioners, finance, etc. ] is boring. Let me tell you why:

We have seen blockbuster movies telling stories about the lives of lawyers, doctors, military and police personnel, sales people, and even stock brokers. But how many movies have you seen that feature the main character playing the role of an accountant?

Not too many, right? That is, if you can remember one at all. The life of an accountant is so dull that scriptwriters can hardly think of an interesting storyline about it.

However, in the 2008 movie, “Deception“, starring Ewan McGregor (as Jonathan McQuarry), Hugh Jackman (as Wyatt Bose), and Michelle Williams (as S):

An accountant is introduced to a mysterious sex club known as The List by his lawyer friend. But in this new world, he soon becomes the prime suspect in a woman’s disappearance and a multi-million dollar heist.

Source: IMDB

Ewan McGregor played the role of an Audit Manager for a fictional accounting firm “Worth & Berman”. Yet, the movie paints a typical accountant/auditor as living a boring life, working late most of the times, zero social life, and a monotonous home-work-home routine. I believe the movie even portrays accounting as not-so-lucrative profession. Continue reading

Timing

October 19, 2011 / / 0 Comments

4,066 out of the total 8,525 candidates passed the recent CPA Licensure Examinations (October 2011). That’s a whopping 47.7% passing percentage — compared to that during our time ten years ago, which was around 17-18% only.

Okay, so now I’m making a bold statement here. But this is just my opinion, and this is my blog.

I personally believe that passing the CPA board exams is not a matter of whether you pass or fail. It’s not you versus the exams per se. Instead, it’s you versus the other candidates to make it to the top whatever percent the examiners wish to pass.

That’s why I find it rather unfair that they only allowed a really small percentage of examinees — less than 20% — to pass during our time. I’m sure some many of our contemporaries would have otherwise made it if they took the exams today, and thus enjoy the status as such — a licensed CPA. Statistics, by itself, does not necessarily mean the candidates of our time in general are any less intelligent/brilliant than the candidates of today.

Announcement: There are No Solutions Manual Here

July 10, 2009 / / 0 Comments

This blog has lately been bombarded with the request for a copy of the solutions manual of the reviewer book of Atty. Conrado Valix on Financial Accounting. I have confirmed that the commenter, Maria Luz, is offering a copy of the answer keys FOR A FEE.

This site is not a market place, and I don’t think I can allow that to happen. All comments requesting for the manual will now be deleted, and future comments ignored. All comments that are clearly out of topic will find themselves in the trash.

So everybody is requested to refrain from posting comments regarding the solution manual.

Implementing Rules and Regulations – RA 9504

September 25, 2008 / / 2 Comments

At long last, the BIR has issued the final IRR (Implementing Rules and Regulations) of Republic Act No. 9504, an Act Amending Sections 22, 24, 34,35, 51 and 79 of Republic Act no. 8424. It’a available for download from the BIR website. Thanks to Nora for the heads up.

For sure, a lot of people who have long been waiting for this release will deluge in the website and may bring their server down. I already downloaded a copy (including annexes) and compiled them myself.

It’ll be available for download here.