DAS LAW OFFICE

NOTES TO FINANCIAL STATEMENTS

1. CORPORATE INFORMATION
DAS Law Office (the Company) was organized under the laws of the Republic of the Philippines and
was registered with the Department of Trade and Industry in February 2009. The primary purpose for
which the Company was organized is to engage in the sales and marketing of diagnostic
consumables, equipment and regeant kits catering to industrial and clinical institutionz.
The Companys principal place of business is located at 901 Medical Plaza, San Miguel Ave. Ortigas
Center, San Antonio Pasig City
The accompanying financial statements were authorized for issue by the Companys management on
April 8, 2014.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation
The financial statements have been prepared on a historical basis and are presented in Philippine Peso
(Peso), which is the Companys functional and presentation currency. All amounts are rounded off to
the nearest Peso unit, except when otherwise indicated.
Statement of Compliance
The financial statements have been prepared in accordance with Philippine Financial Reporting
Standards for Small and Medium-size Entities (PFRS for SMEs).
Cash
Cash includes cash on hand and in banks and petty cash fund. Cash in bank in savings accounts earn
interest at the respective bank deposit rates and these are deposits held at call with banks. Petty cash
funds are intended as working fund for small amount of expenses.
Revenue and Expense Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. The following specific recognition criteria must
also be met before revenue is recognized:
Sale of goods
Revenue from sale of goods is recognized upon delivery, when the significant risks and rewards of
ownership of the goods have passed to the buyer and the amounts of revenue can be measured
reliably. Revenue is measured at the fair value of the consideration receive or receivable, excluding
any trade discounts, prompt payment discounts and volume rebates.
Costs and Expenses
Cost and expenses are recognized in the statement of comprehensive income when decrease in future
economic benefits related to a decrease in an asset or an increase of a liability has arisen that can be
measured reliably.
Income Taxes
Current tax assets and liabilities for the current and prior periods are measured at the amount
expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to
compute the amount are those that are enacted or substantially enacted at the end of the reporting
period.

INFINNOMED ENTERPRISE
Notes to Financial Statements December 31, 2011

Subsequent Events
The Company identifies subsequent events as events that occurred after the reporting period but
before the date when the financial statements were authorized for issue. Any subsequent events that
provide additional information about the Companys financial position at the end of the reporting
period are reflected in the financial statements.
Events that are not adjusting events are disclosed in the notes to the financial statements when
material.
4. CASH
This account consists of savings and current accounts deposits which are unrestricted as to
withdrawal with a local bank.
5. RECEIVABLES
Receivables are non-interest bearing and are generally on a 30-day credit term..
6. OTHER CURRENT ASSETS
This account represents prepayments and carry-forward creditable withholding taxes.
7. PROPERTY AND EQUIPMENT
Movement of this account follows:

PROPERTY AND EQUIPMENT

8.

REVENUE REGULATIONS 19-2011 AND 15-2010

In addition to the disclosures mandated under PFRS, and such other standards and/or conventions as
may be adopted, companies are required by the BIR to provide in the notes to the financial
statements, certain supplementary information for the taxable year. The amounts relating to such
information may not necessarily be the same with those amounts disclosed in the financial
statements which were prepared in accordance with PFRS. The following is the tax information
required for the taxable year ended December 31, 2011:
I.

Based on Revenue Regulation No 19-2011

A. Sales/Receipts/Fees

INFINNOMED ENTERPRISE
Notes to Financial Statements December 31, 2011

The Companys sales subject to the regular tax rate is the same as reported in the statements
of income and expenses

B. Cost of Sales
The Companys cost of sales subject to the regular tax rate is the same as reported in the
statements of income and expenses
C. Itemized Deductions
The Companys itemized deduction subject to regular income tax is the same as reported in
the statement of income and expenses
Information on other income is not applicable since there are no transactions of this nature that
the Company entered into.
II.

Based on Revenue Regulation 15-2010

A. Withholding taxes
Creditable withholding tax

Php 1,604

B. Taxes and Licenses

National
BIR annual registration

Php 6,759
500

Information on VAT output tax declared during the year, the landed cost of imports and amount
of custom duties and tariff fees paid or accrued, the amount of excise taxes and the documentary
stamp tax is not applicable, since the Company did not enter into transactions that resulted to
payment or accrual of such taxes.
As of December 31, 2011, the Company has no pending tax court cases nor has it received tax
assessment notices from BIR.