Latest Bookkeeping & Accounting Updates Philippines | May 2026
Published Date: May 13, 2026
Published By: Jac Cantos, Upcloud Accounting
New Rules, Deadlines & Compliance You Must Know
The second quarter of 2026 brings major changes every business and accountant must follow, from BIR digital mandates, SEC threshold adjustments, new reporting standards, and extended deadlines, plus how inflation impacts your records. Here’s everything you need to stay compliant and avoid penalties.
✅ BIR Update: All Books of Accounts Now Registered via ORUS
Under RMC No. 004-2026, all businesses, manual, loose-leaf, computerized, must register books online through the BIR ORUS system. No more manual walk-ins unless system is down.
Loose-leaf: Submit digital record + attach QR code on bound books
Computerized: Keep QR proof in records
Penalties apply for unregistered books; mandatory for all taxpayers
✅ SEC Simplifies Compliance: ₱3M Audit Exemption Threshold
Under SEC MC No. 4-2026, corporations with assets/liabilities ≤ ₱3,000,000 no longer need audited AFS. Submit unaudited + Statement of Management Responsibility (SMR) only, saves you cost & time!
Covers OPCs, domestic & foreign firms
Effective for FY 2025 filings (due May 15–June 15, 2026)
Above ₱3M = still required audited financials
✅ Extended Deadlines: AFS, AITR & More
BIR AITR: extended to May 15, 2026 (RMC 30-2026)
SEC AFS: standard corps → June 15, 2026; listed/brokers → May 15, 2026
BSP Financials: extended to June 30, 2026 for banks & financial firms
Don’t wait — late filings = fines & clearance blocks
✅ New Reporting Rules: PFRS 18 & Sustainability Standards
PFRS 18 (effective 2027): replaces PAS 1, changes how you present income, expenses & performance; start preparing now
PFRS S1/S2: mandatory sustainability/climate reporting, phased rollout starting 2026 for large listed firms
PAS 1 amendment: disclose material accounting policies, not just “significant” ones
✅ Economic Impact: How Inflation & Peso Weakness Affect Your Books
Rising fuel, transport & input costs = reclassify expenses & update cost allocations
Peso at ₱60+ = track FX gains/losses & adjust inventory/asset valuations
Slow collections = update bad debt provisions & cashflow tracking
Best practice: monthly review vs quarterly only
Upcloud Accounting: Virtual Outsourced Accounting and Bookkeeping Services in the Philippines
Upcloud Accounting offers accounting, bookkeeping, tax compliance, and business licensing services specializing with startups and SMEs in the Philippines.
Our goal is to increase efficiency, automation, and transparency across the accounting and finance functions of our clients with our cutting-edge technology. If you want to move your company’s finance function online, contact our Team of Expert Accountants and Bookkeepers directly via [email protected] or visit www.upcloudaccounting.comto learn more about how Upcloud Accounting accounting services can support your PH business!
Disclaimer: This article or blog is only for general knowledge and guidance and is not a substitute for an expert opinion. For technical advice, please consult your tax / legal advisor for your specific business concerns. For comments, suggestions, and feedback, feel free to email us at [email protected].
