COVER SHEET

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(Companys Full Name)

Business Address: No. Street City/Town/ProvinceC

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Cashier

JEREMIAS C. GARCIA
Certified Public Accountant
Board Certificate No. 0027698
408-C Cerin Bldg. Maharlika Hi-way
Dicarma, Cabanatuan City
INDEPENDENT AUDITORS REPORT
___________________________________
___________________________________
___________________________________
I have audited the accompanying financial statements of ______________________________________ which comprise the
comparative statement of financial condition as of December 31, 2014 and 2013 and the statement of operations,
statement of changes in equity and cash flows for the years then ended, and a summary of significant accounting
policies and other explanatory notes,.
Managements Responsibilities for the Financial Statements
Management is responsible for the preparation and the fair presentation of these financial statements in
accordance with the Philippine Financial Reporting Standards for Small and Medium-sized Entities. This
responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and
fair presentation of statement that are free from material misstatement, whether due to fraud or error; selecting
and applying appropriate accounting policies; and making accounting estimates that are reasonable in the
circumstances.
Auditors Responsibility
My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audit
in accordance with Philippine Standards on Auditing. Those standards require that I comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors judgment, including the assessment of the
risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessment, the auditor considers internal control relevant to the entitys preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion of the effectiveness of the entitys internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit
opinion.
Opinion
In my opinion, the financial statements present fairly, in all material respects, the financial position of
_____________________________ as of December 31, 2013 and its financial performance for the year then ended in
accordance with Philippine Financial Reporting Standards for Small and Medium-sized Entities.
Report on Other Legal Regulatory Requirements
The supplementary information on taxes and licenses in Note to the financial statements is presented for purposes
of filing with the Bureau of Internal Revenue and is not a required part of the basic financial statements.

JEREMIAS C. GARCIA
Independent Auditor
TIN: 139-135-693
CPA Certificate No. 0027698
PTR No.CBN-0642063 1-5-2015, Cab. City
PRC BOA Accreditation No. 2943, September 19, 2012 to expire on December 31, 2015
CDA Reg, No. CEA 0486 dated December 20, 2013 to expire on December 19, 2016
BIR Accreditation No. 04-005239-1-2014, Issued January 13, 2014 to expire on January 13, 2017

________________________
Attached Financial Statements
Not Valid without
Auditors Dry Seal

JEREMIAS C. GARCIA

Certified Public Accountant

Board Certificate No. 0027698
408-C Cerin Bldg. Maharlika Hi-way
Dicarma, Cabanatuan City

TO THE SECURITIES AND EXCHANGE COMMISSION:

In
connection
with
my
examination
of
the
financial
statements
of
_________________________ which are to be submitted to the Commission, I hereby
represent the following:
1. That I am in the active practice of the accounting profession and duly
registered with the Board of Accountancy (BOA);
2. That financial statement are presented in conformity with Philippine Financial
Reporting Standard for Small and Medium-sized Entities in all cases where I shall
express an unqualified opinion; Except that in case of any departure from such
principles, I shall indicate the nature of departure, the effects thereof, and the
reason why compliance with the principles would result in a misleading statement, if
such in a fact;
3. That I shall fully meet the requirements of independence as provided under the code
of Professional Ethics for CPAs;
4. That in the conduct of the audit, I shall comply with Philippine Financial Reporting
Standard for Small and Medium-Sized Entities. promulgated by the Board of
Accountancy; in case any departure from such standards or any limitation in the
scope of my examination, I shall indicate the nature of my departure and the extent
of the limitation, the reasons therefore and the effects thereof on the expression of
my opinion or which may necessitate the negation of the expression of an opinion.
5. That I shall comply with the applicable rules and regulation of the
Securities and Exchange Commission in the preparation and submission of
financial statement; and
6. That related to the expression of my opinion on the said financial statements, I shall
not commit ant acts discreditable to the profession as provided under Code of
Professional Ethics for CPAs.

As a CPA engaged in public practice, I make these representations in my individual

capacity and as an individual practitioner.
JEREMIAS C. GARCIA
Independent Auditor
TIN: 139-135-693
CPA Certificate No. 0027698
PTR No.CBN-0642063 1-5-2015, Cab. City
PRC BOA Accreditation No. 2943, September 19, 2012 to expire on December 31, 2015
CDA Reg, No. CEA 0486 dated December 20, 2013 to expire on December 19, 2016
BIR Accreditation No. 04-005239-1-2014, Issued January 13, 2014 to expire on January 13, 2017
_________________________
Attached Financial Statements
Not Valid without
Auditors Dry Seal

NOTES TO FINANCIAL STATEMENTS

1. CORPORATE INFORMATION
_________________________________ is registered with
Commission as a non-stock, non-profit corporation.
The registered address of its main campus,
__________________________________________.

the

the

Security

and

Exchange

____________________________

is

The Board of Trustees of the corporation has authorized the issuance of the financial
statements as of December 31, 2014.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES/OTHER SIGNIFICANT
ACTIVITIES
The financial statements have been prepared in accordance with Philippine
Financial Reporting Standards for SMEs.
Considering that the corporation is a non-stock, non-profit organization, the
results of its annual operation is being reported in a statement of activities which
presents the excess of revenue over the expenses.
2.1 REVENUE RECOGNITION
Revenues consist principally of receipts from tuition fee and miscellaneous fees
from academic activities and donations from donors and benefactor. Tuition fees
and miscellaneous fees are recorded on accrual basis. Gifts, endowment and
grants are recorded in the books of accounts upon their receipts. Revenues
received from non-academic are recognized on an accrual basis. Expenses are
likewise recorded when incurred.

3. TAX EXEMPTION
As a non-stock non-profit corporation, enjoys the constitutional guarantee of being tax
exempt under Section 30 (E) of the National Internal Revenue Code (RA 84). This tax
exemption status covers internal revenue taxes and customs duties on all its revenues on
related activities. Income however from trade, business and other activities, which are not
related to the exercise of its tax exempt purpose is subject to internal revenue taxes.
Supplementary Information required by Bureau of Internal Revenues Revenue
Regulation (RR) No. 15-2010]
On November 25, 2010 the Bureau of Internal Revenue issued Revenue Regulations
(RR) no 15-2010 which prescribes additional procedural and/or documentary
requirements in connection with the preparation and submission of financial
statements accompanying the tax returns. Under the said RR, companies are
required to disclose, in addition to the disclosures mandated under PFRSs and such
other standards and/or conventions that may hereof be adopted, in the Notes to the
Financial Statements, information on taxes, duties and license fees paid or accrued
during the taxable year. Following is the required information under RR no. 15-2010
for the year ended December 31, 2014:

in

A. Value Added Tax

1. Output VAT
Non VAT
2. Input VAT
Non VAT
B. Withholding tax
1.Tax on Compensation and benefits
.
.
2.Expanded Withholding Taxes
.
.
3.Final withholding on Interest on Bank Deposits .
Sub-total
.
.
.
.
.
.

.
.
.
.

.
.
.
.

P -0-0_ - 0 -____
P -0-

C. All other taxes

Other taxes paid during the year recognized under Taxes and licenses account in
profit or Loss
1. Real estate tax .
.
.
.
.
.
.
.
-02. Buyback shares sales tax
.
.
.
.
.
.
.
-03. Licenses
3.1 (Mayors Permit)
.
.
.
.
.
.
.
000
4. Building Permits .
.
.
.
.
.
.
.
-05. National
.
.
.
.
.
.
.
.
-06. Local Tax
6.1 Community Tax Certificate for Corporation.
.
.
.
.
00
7. Others
7.1 Fire Certificate Fee .
.
.
.
.
.
.
-07.2 Annual Registration Fee.
.
.
.
.
.
.
00
7.2 Computer Tax.
.
.
.
.
.
.
.
-0Sub-Total
.
.
.
.
.
.
.
. P
-0TOTAL
.
.
.
.
.
.
P 0.00
D. Tax Assessment
None

___________________________________ is a non stock, non-profit and no part of its net income

goes to any members of the Corporation or the Board of Trustees, therefore tax exempt under
Section 30 (E) of the National Internal Revenue Code (RA 84).
To facilitate the understanding of the financial statements, the more significant accounting
policies and practices of the company are summarized as follows:
Basis of Preparation/Adoption of new Philippine Accounting Standards
The financial statements have been prepared in conformity with accounting principles
generally accepted in the Philippines, using historical cost basis, except for revaluation of
certain financial assets, property, plant and equipment. The measurement basis are more
fully described in the accounting policies. The accounting principles followed and used
include PAS 101 (as a non-publicly accountable entity and by the following revised
Philippine Accounting Standards (PAS)/ Philippine Financial Reporting Standards (PFRS):
PAS 1 PRESENTATION OF FINANCIAL STATEMENTS
PAS 7- CASH FLOW STATEMENT
PAS 8- ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS
PAS 10- EVENTS AFTER BALANCE SHEET
PAS 16- PROPERTY, PLANT AND EQUIPMENT

PAS 18- REVENUE

PAS 19/IAS 19 - EMPLOYEE BENEFITS
PAS 32-FINANCIAL INSTRUMENTS: DISCLOSURE AND PRESENTATION
PAS 36- IMPAIRMENT OF ASSETS
PAS 1 PRESENTATION OF FINANCIAL STATEMENTS
It provides a framework within which an entity assesses how to present fairly the effects of
transactions and other events. It provides the criteria for classifying liabilities as current or
non-current, prohibits the presentation of items of income and expense as extra ordinary
items, specifies disclosures about the judgments made by management in accounting
policies, estimates uncertainty at the balance sheet date that have significant risks.
PAS 7- CASH FLOW STATEMENT
It provides the users of financial statements with a basis to assess the ability of the company
to generate cash and equivalents and the needs of the entity to utilize those cash flows. The
economic decisions that are taken by users require an evaluation of the ability of a company
to generate cash and cash equivalents and the timing and certainty of their generation. It
provides provision of information about the historical changes in cash and cash equivalents of
the company, classifies cash flows during the period from operating investing and financing
activities.
PAS 8- ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS
It prescribes the criteria for selecting and changing accounting policies, together with the
accounting treatment and disclosure of changes in accounting policies, changes in accounting
estimates and correction errors. It is intended to enhance the relevance and reliability of a
companys financial statements and the comparability of those financial statements over time
with the financial statements of other companies.
The standard is applied in selecting and applying accounting policies and accounting for
changes in accounting policies, changes in accounting estimates and correction of prior period
errors.
PAS 10- EVENTS AFTER BALANCE SHEET
It prescribes when the company should adjust its financial statements for events after balance
sheet date and disclosures that a company should give about the date when the financial
statements were authorized for issue and about events after the balance sheet date. It also
requires the company to not prepare its financial statements on a going concern basis if
events after the balance date indicate that the going concern assumption is not appropriate.
The standard is applied in the accounting for and disclosure of events after balance sheet
date.
PAS 16- PROPERTY, PLANT AND EQUIPMENT
It provides additional guidance and clarification on recognition and measurement of property,
plant and equipment; required capitalization of the cost of asset dismantling, removal or
restoration; and requires measurement of an item of property and equipment acquired in
exchange for a non-monetary asset or a combination of monetary and non-monetary assets at
fair value unless the exchange transaction lacks commercial substance. The standard also
provides guidelines for de-recognition.

PAS 18- REVENUE

It prescribes the accounting treatment of revenue arising from certain types of transactions
and events. It guides the company when to recognize revenue. Revenue is recognized when it
is probable and that future economic benefits will flow to the company and these benefits can
be measured reliably. Revenue is measured at the fair value of the consideration received or
receivable.
PAS 19/IAS 19 - EMPLOYEE BENEFITS
Prescribes the accounting and disclosure for employee benefits, including short-term benefits
(wages, annual leave, sick leave, annual profit-sharing bonuses, and non-monetary benefits);
pension, post-employment life insurance and medical benefits other long-term employee
benefits (long-service lease, disability, deferred compensation, long term profit sharing and
bonuses, and equity compensation).
PAS 32-FINANCIAL INSTRUMENTS: DISCLOSURE AND PRESENTATION
It enhances financial statement users understanding of the significance of financial
instruments to a companys financial position, performance and cash flows.
PAS 36- IMPAIRMENT OF ASSETS
It prescribes the procedures that the company applies to ensure that its assets are carried at
no more than their receivable amount. An asset is carried at more than its recoverable
amount if its carrying amount exceeds the amount to be recovered through use or sale of the
asset. If this is in case, the asset is described impaired and requires to recognize an
impairment loss. The company reverses an impairment loss.
It is applied in accounting for the impairment of all assets, other than inventories, assets
arising from construction contracts, deferred tax assets, assets arising from employee
benefits, financial assets, investment property that is measured at fair value, biological assets
related to agricultural activity that are measured at fair value less estimated point-of-sale
costs, deferred acquisition costs, and intangible assets, arising from insurers contractual
rights under insurance contracts and non-current assets (or disposal groups) classified as held
for sale.
CASH AND CASH EQUIVALENT
Cash and Cash Equivalents are carried in the balance sheet at face value. For purposes of the
cash flow statement, cash consist of cash on hand and deposits held at call with banks. (PAS 1
& 32)
ACCOUNTS PAYABLE
A financial instrument is any contract the give rise to a financial liability or equity instrument
of another entity.
The company recognized the financial instrument as financial liability under current liabilities
if the obligation is payable within twelve months after the balance sheet date. Non- current if
it is payable for a period more than twelve months after the balance sheet date or if the
lender agreed
the balance sheet date to provide a period of grace ending at least twelve
months after the balance sheet date (PAS 1& 32)
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENT

Estimates and judgments are continually evaluated and are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable
under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition seldom equal the related actual results.
The preparation of financial statements in conformity with PFRS requires the use of estimates
and assumptions that affect the reported amounts assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Although these estimates are
based on mana gements best knowledge of current events and actions, actual result
ultimately differ from those estimates.
The estimates and underlying assumptions are reviewed on a on going basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period or in the period of revision and future periods if the revision
affects both current and future periods. (PAS 1).