Browsing Tag:accounting

Companies and Their HMOs Must Comply with Accounting Standards

The Philippine Star reported that the Insurance Commission (IC) released a circular requiring Health Maintenance Organizations (HMOs) to issue contracts compliant with Philippine accounting standards. The circular, which was intended for transparency purposes, shall apply to the annual as well as quarterly reporting periods beginning January 1, 2020. Companies should then make sure that by that time next year, HMOs contracts are compliant with the law. One of the principles that must be followed are contained in the Philippine Financial…