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Seminar on the Amended Philippines Financial Reporting Framework (PFRF) for Cooperatives and the Revised Standard Chart of Accounts (SCA) for Cooperatives at Valenzuela City

Posted on June 15, 2023

The Valenzuela Cooperative Development Office (CDO) in partnership with Valenzuela Cooperative Development Council (CDC) had a successful seminar on the Amended Philippines Financial Reporting Framework (PFRF) for Cooperatives and the Revised Standard Chart of Accounts (SCA) for Cooperatives.  It was conducted at the 3F AVR, Valenzuela Legislative Building, Valenzuela City from May 31 – June 1, 2023.  Their efforts and initiatives benefited 60 officers and members representing more than 30 cooperatives from Valenzuela City.

Mr. Carlos C. Samson, an accredited CDA external auditor was the speaker for the two-day seminar.  He gave an overview of MC 2022-24 (Revised SCA for Cooperatives) and MC 2022-25 (Amended PFRF for Cooperatives) issued by the Cooperative Development Authority (CDA).  Then he went on further to talk about the implications of these MCs to the financial reporting processes and systems as well as how they can adapt to comply with the new requirements.