The depreciation for PPE acquired as of December 31, 2014 was understated by P980,000.00

Erroneous computation of the depreciation expense.

Incorrect application of the allowed alternative treatment for Loans Payable.

understatement of the Interest Expense account by P4,251,455.07 and overstatement of the Loans Payable account and Accumulated Surplus/Deficit account by P13,335,059.89 and P3,549,532.59, respectively

The Land and Office Building accounts were understated by undetermined amount

The Loans Payable account balance of P18,014,504.00 was classified in the Statement of Financial Position for as of December 31, 2017 as current liability.

Paragraph 70 of PPSAS 1 states that "An entity shall present current and non-current assets, and current and non-current liabilities, as separate classifications on the face of its statement of financial position...except when a presentation based on liquidity provides information that is reliable and is more relevant..."

Presenting the total amount of P18,014,504.00 as current liability gives the impression to readers of the financial statements that the whole amount is due to be settled within 12 months after the reporting date or within the ensuing year.

the loan amortization of P7,518,420.00 and loans balance of P10,496,084.00 were presented under the same classification