The American Institute of Certified Public Accountants (AICPA) is the national professional association for CPAs. A financial statement compilation is a service to assist the management of a business in presenting its financial statements. This presentation involves no activities to obtain any assurance that there are no material modifications needed for the financial statements to be in conformity with the applicable accounting framework (such as GAAP or IFRS). The first and most important question is whether a distribution is really a dividend, and E&P is the measuring stick used in this scenario.
One of the early declarations of the dictator Marcos was to divide the Philippines into regions. Without any consideration for the commonalities of history, geography, national minority status and the like, Marcos divided the Cordillera provinces, including Mountain Province and Benguet along with Abra in Region 1, and Kalinga-Apayao and Ifugao in Region 2. CPA protested this act as a form of political misrepresentation and national oppression, which had the ulterior motive to stop the unification of the indigenous peoples of the Cordillera, especially as the resistance against Chico and Cellophil was raging. This increased introspection and self awareness among the indigenous peoples of the Cordillera paved the way towards a pan-Cordillera mass movement, as it marked the shift from spontaneous reaction to conscious and gra cpa concerted unified action.
GENUINE REGIONAL AUTONOMY AS SELF-DETERMINATION IN THE CORDILLERA
During this period, many of the finest of the sons and daughters of the indigenous communities in the region joined the CPP-NPA. In 1981, the revolutionary movement articulated its program for the Cordillera People’s Democratic Front (CPDF). The 8-point CPDF program included the recognition of the right to ancestral land and regional autonomy as the form of self-determination for the Cordillera. The CPDF was projected as the umbrella organization of all revolutionary forces in the region allied with the National Democratic Front. In truth, it was the revolutionary movement which first articulated the demands of the indigenous peoples for ancestral land and self-determination.
There was disillusionment with the new government that had tried to coopt and corrupt the popular movement for regional autonomy, while excluding its original proponents. There was the sense of betrayal – tayo ang nagtanim, nag-ani, nagbayo at nagluto, tapos iba ang kumain. There was the real threat to life and limb from the CPLA, aside from the great confusion caused by the split.
The income statement provides an overview of revenues, expenses, net income and earnings per share. And last but not least, a compilation can be conducted by a CPA at a substantially lower cost than either a review or an independent audit. A CPA is an accountant who has passed certain examinations and met all other statutory and licensing requirements of a state to be certified by that state. In addition to preparing and reviewing financial statements, CPAs also prepare tax returns for businesses and individuals, sign tax returns, and represent taxpayers before the IRS for audits and other matters. Attest services uniformly include compilations, reviews, audits and agreed-upon procedures under the Uniform Accountancy Act (UUA) and AICPA regulations and may only be performed by licensed CPA firms.
Chico and Cellophil gave a deeper dimension to human rights, going beyond the narrow definition of individual civil and political rights as defined in the Universal Declaration of Human Rights, to the collective human rights of indigenous peoples. Soon after Ferdinand Marcos declared martial law in 1972, he tried to build four huge dams along the Chico river to be funded by the World Bank. At the same time he awarded 200,000 hectares of forest land to the Cellophil Resources Corporation as a logging and paper pulp concession to his crony Herminio Disini. These were so-called priority “development projects” of the Marcos dictatorship throughout the dark years of martial law. In defense of indigenous life, ancestral land and cultural integrity, the Kalinga and Bontok people waged sustained struggles against the construction of the Chico dams, followed soon after by Tinggian opposition to the Cellophil Resources Corporation.
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July 15 is presently celebrated as a government holiday called Cordillera Day in the Cordillera Administrative Region. This is in contra-position to the people’s Cordillera Day, which has been commemorated since 1985 to commemorate the martyrdom of Macliing Dulag, and other Cordillera heroes. Around this time, the Cordillera People’s Liberation Army (CPLA) of Conrado Balweg had split from the Communist Party of the Philippines – New People’s Army in the region. The CPLA was soon coddled by the Aquino government after the much publicized peace talks and sipat held in Mt. Data in September 1986. On June 1-3, 1984 more than three hundred representatives from all over the Cordillera region gathered in a People’s Congress in Bontoc and organized the Cordillera People’s Alliance for the Defense of the Ancestral Domain and for Self-Determination (CPA). Among our founding documents was the seminal paper Towards Defining the Substance and Features of Self-Determination in the Cordillera.
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- Thus, a person engaged in a compilation does not use inquiries, analytical procedures, or review procedures, nor does he need to obtain an understanding of internal controls or engage in other audit procedures.
- When a C corporation makes a non-liquidating distribution of money or property to its stockholders, the question is what does the distribution really represent?
- More concretely, Chico and Cellophil showed the indigenous peoples of the Cordillera that their problems cannot be taken in isolation from the wider Philippine realities, and the incursions of imperialist globalization.
- The business’s demands will sometimes give you a headache, but we have the solutions.
Rather, the S corporation income flows through to the shareholders, and they pay the tax personally at the individual level, on the shareholders individual income tax return. A CPA firm must be licensed in the state in which they are domiciled (physical location) and operate. CPA mobility is a national effort to adopt a uniform system that allows licensed CPA firms to provide services across state lines without being subject to unnecessary burdens that do not protect the public interest. GRA CPA is located and actively licensed in Florida and we adhere to Florida’s Statutes – REGULATION OF PROFESSIONS AND OCCUPATIONS – CHAPTER 473 – PUBLIC ACCOUNTANCY. Furthermore, we became disillusioned with government when the Corazon Aquino regime, which the mass movement had helped install through the anti-dictatorship struggle, soon excluded the CPA because of our Left orientation.
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CPAs also provide review and compilation services, which may be acceptable to some financial statement users. A review provides limited assurance, based primarily on analytical procedures and inquiries, that the CPA is not aware of any material modifications necessary for the financial statements to conform to GAAP. It does not involve gaining an understanding of the company’s internal controls or any testing of the underlying data.
CPA’s main thrust was towards the conscientization, organizing and empowerment of the Cordillera indigenous peoples in the struggle against national oppression and for self-determination. It played a most significant role in popularizing the demand for the rocognition of indigenous people’s rights, not only in the region but even nationally. The accountant must obtain evidence that will provide a reasonable basis for obtaining the limited assurance needed that there are no material modifications that should be made to the financial statements. This evidence is obtained by performing inquiries of management and performing analytical procedures and analyzing the results of those procedures.
- A conjuncture of developments helped in the configuration of the militant national democratic open mass movement in the Cordillera.
- The remaining $20,000 is treated as sale of the shareholder’s stock as a capital gain to the shareholder.
- A compilation refers to a company’s financial statements that have been prepared or compiled by an outside accountant.
- Our in-house professionals at GRA CPA include Certified Public Accountants, IRS-certified Enrolled Agents (EA), and licensed Health and Life Agents (215).
GRA CPA is a leading certified public accounting firm in Orlando, offering tax planning, accounting, and business consulting services. Our dedicated team of licensed professionals ensures personalized and high-quality service to help your business thrive. Essentially, the CPA reviews the financial statements prepared by the company and attaches an accountant’s report to it. Unlike the balance sheet, the income statement covers a range of time, which is a year for annual financial statements and a quarter for quarterly financial statements.
Expectations were high that with a new government installed into power in the aftermath of a popular uprising, indigenous people’s rights would finally be recognized. Chico and Cellophil brought to the fore the fact that the present-day problems of tribal peoples and indigenous communities are much bigger and more complicated than any faced in earlier historical periods. More concretely, Chico and Cellophil showed the indigenous peoples of the Cordillera that their problems cannot be taken in isolation from the wider Philippine realities, and the incursions of imperialist globalization.
Thus, when you make distributions up to the amount of undistributed previously taxed income, they distributions are not taxed any further. This rule applies whether or not the S corporation has E&P from C corporation tax years. GRA CPA, an Orlando CPA firm, is an internationally recognized CPA firm offering proactive solutions for your tax, accounting and business advisory needs.
The large majority of newer customers who have to deal with small company to medium company transactions seemed very pleased. A disconnect may be at work, where new, satisfied clients get to work with a team specially built for them while old customers get a squad less keen to satisfy them. Furthermore, government cannot exclude the Left, whether this is the underground CPP-NPA-NDF or the open democratic Left, especially as it was the Left which first articulated the call for regional autonomy as the form of self determination for the Cordillera. It is time to do away with our anti-communist blinders and red-baiting, and seriously study what the Left has to say. The national minorities continue to suffer national oppression and institutionalized discrimination which make them second class citizens and less equal to the rest of the Filipino people.