REVENUE REGULATIONS NO. 3-2011 issued on March 7, 2011 provides the policies, guidelines and procedures on the application for change in accounting period under Section 46 of the National Internal Revenue Code (NIRC) of 1997, as amended. If a taxpayer, other than an individual, changes his accounting period from fiscal year to calendar year, from calendar year to fiscal year, or from one fiscal year to another, the net income shall, with the approval of the Bureau of Internal Revenue (BIR), be computed on the basis of such new accounting period. Whenever a taxpayer changes its accounting period, the taxpayer is required to file with the BIR a separate final or adjustment return for the period between the close of the original accounting period and the date designated as the close of the new accounting period. The following are the documentary requirements which must be submitted when seeking approval for change in accounting period: a. Letter Request addressed to the Revenue District Officer having jurisdiction over the place of business of the taxpayer, indicating: a.1 The original accounting period and the proposed new accounting period to be adopted; and a.2 The reasons for desiring to change the accounting period. b. Duly filled-up BIR Form No. 1905; c. Certified true copy of the Securities and Exchange Commission approved Amended ByLaws showing the change in accounting period; d. Sworn certification of “non-forum shopping” stating that such request has not been filed or previously acted upon by the BIR National Office, signed by the taxpayer or duly authorized representative; and e. A sworn undertaking by a responsible officer of the taxpayer, such as a partner, president, general manager, branch manager, treasurer or officer-in-charge, to file a separate final or adjustment return for the period between the close of the original accounting period and the date designated as the close of the new accounting period on or before the 15th day of the fourth month following the end of the period covered by the final/adjustment return. The undertaking shall include a clause stating that failure to comply with such undertaking will result to the invalidation of the approval of the change in accounting period, and will subject the taxpayer to criminal offense for failure to file return, supply correct and accurate information punishable under Section 255 of the NIRC of 1997, as amended. The request for approval of the change in accounting period should be filed at anytime not less than 60 days prior to the beginning of the proposed new accounting period. The procedures for the processing of request for issuance of certificate granting change in accounting period are specified in the Regulations. The certification approving the adoption of a new accounting period must be released within 30 working days from the date of receipt of the complete documentary requirements.