8box Solutions Inc.


Contact Number: 09369340340
Email: sales@8box.solutions

REVENUE REGULATIONS NO. 21-2002 issued on November 26, 2002 prescribes the manner of compliance with any documentary and/or procedural requirements in connection with the preparation and submission of financial statements accompanying the tax returns. The Financial Statements with accompanying Auditor’s Certificate attached to the Annual Income Tax Return, or Annual Information Return for the tax-exempt persons, as the case may be, shall present/state the accounts therein in a very descriptive fashion such that the nature of the specific transactions entered in the accounts are known to the reader. The account titles to be used must be specific and completely enumerated in the financial statements. The account tiles, which must not be control accounts, must conform to the rules and requirements of the regulatory agencies that have supervisions over them. The accounts prescribed in the reports required by the Securities and Exchange Commission, Bangko Sentral ng Pilipinas, Insurance Commission and other regulatory bodies shall likewise be the accounts to be used by individual taxpayers who are engaged in business or in the exercise of profession, except for accounts that are peculiar to corporations and other juridical persons. The Profit and Loss Statement/Income Statement shall show separately by segment, with breakdown of the specific accounts, the following: 1) Cost of Goods Sold (for seller of goods)/Cost of Services (for seller of services); 2) Selling and Administrative Expenses; 3) Financial Expenses, if any; 4) Special Deductions, if any; and 5) Deductions under Special Laws, if any. The Financial Statements (whose submission is mandatory even if there is no income, retained earnings, etc.) shall be composed of the following: 1) Balance Sheet; 2) Income Statement/Profit and Loss Statement; 3) Statement of Retained Earnings; 4) Statement of Changes in Financial Position; and 5) Schedules attached to the said statements. All the financial statements filed with accompanying auditor’s certificate as cited above shall show the comparative figures of the current year and the previous year.