A CPA’s views on accounting entries

JOE SAMILIN, who also reacted to my previous column on SBS Philippines Corp., identifies himself as a former auditor. To give the public the other views on the subject, which is basically the interpretation of accounting entries, I am yielding this space to him. Coming from a CPA, Mr. Samilin’s thoughts on the subject of retained earnings and other accounting entries would be enlightening to the readers of The Manila Times who also find time to read Due Diligencer.

This piece may be a bit long but readers of Due Diligencer would find it instructive. His comments on financial reports, with some portions deleted to fit this space, follow: