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(NAR) VOL. 12 NO. 1 / JANUARY - MARCH 2001
[ PRC BOARD OF ACCOUNTANCY RESOLUTION NO. 32, S. 2000, October 20, 2000 ]
ADOPTION OF THE STATEMENT OF FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 30 – INTERIM FINANCIAL REPORTING AS PART OF THE RULES AND REGULATIONS FOR THE PRACTICE OF ACCOUNTANCY
WHEREAS, the Accounting Standards Council (ASC), following its “due process on the issuance of Statements of Financial Accounting Standards (SFAS)” has approved on May 17, 2000 SFAS No. 30, Interim Financial Reporting.
WHEREAS, the Accounting Standards Council (ASC) points out that the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) require companies covered by the reportorial requirements of the Revised Securities Act [Rule 11(a)-1] to file quarterly interim financial reports within forty-five (45) days after the end of the first three (3) quarters and companies covered by the Rules on Commercial Papers and Financing Act to file quarterly Financial Reports within forty-five (45) days after each quarter-end, respectively.
WHEREAS, after a study and review of the standards set by the Accounting Standards Council for the contents and other items to be included in the Interim Financial Report approved by the said Council, the Board finds the same to be well-taken and instructive for compliance by practicing certified public accountants.
WHEREFORE, the Board resolved as it hereby resolves to adopt the documents SFAS No. 30, “Interim Financial Reporting*” including its three (3) appendices as part of its rules and regulations for the practice of accountancy.
RESOLVED FURTHER, that this Resolution and the document SFAS No. 30, Interim Financial Reporting including its three (3) appendices shall take effect after fifteen (15) days following their publication in the Official Gazette or in a newspaper of general circulation in the Philippines, whichever is earlier.
Adopted: 20 Oct. 2000
* Text Available at office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.
WHEREAS, the Accounting Standards Council (ASC) points out that the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) require companies covered by the reportorial requirements of the Revised Securities Act [Rule 11(a)-1] to file quarterly interim financial reports within forty-five (45) days after the end of the first three (3) quarters and companies covered by the Rules on Commercial Papers and Financing Act to file quarterly Financial Reports within forty-five (45) days after each quarter-end, respectively.
WHEREAS, after a study and review of the standards set by the Accounting Standards Council for the contents and other items to be included in the Interim Financial Report approved by the said Council, the Board finds the same to be well-taken and instructive for compliance by practicing certified public accountants.
WHEREFORE, the Board resolved as it hereby resolves to adopt the documents SFAS No. 30, “Interim Financial Reporting*” including its three (3) appendices as part of its rules and regulations for the practice of accountancy.
RESOLVED FURTHER, that this Resolution and the document SFAS No. 30, Interim Financial Reporting including its three (3) appendices shall take effect after fifteen (15) days following their publication in the Official Gazette or in a newspaper of general circulation in the Philippines, whichever is earlier.
Adopted: 20 Oct. 2000
(SGD.) ANTONIETA FORTUNA-IBE Chairman | |
(SGD.) EUGENE T. MATEO Vice-Chairman | |
(SGD.) MA. VIOLETA V. VICENTE Member | (SGD.) SOLITA V. DELANTAR Member |
| (SGD.) JOHN S. BALA Member | |
| Attested: | |
(SGD.) CARLOS G. ALMELOR Secretary, Professional Regulatory Boards | |
(SGD.) HERMOGENES P. POBRE Commission Chairman | |
(SGD.) ALFONSO G. ABAD Associate Commissioner | (SGD.) AVELINA DE LA REA-TAN Associate Commissioner |
* Text Available at office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.