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(NAR) VOL. 16 NO. 1 / JANUARY - MARCH 2005

[ SEC MEMORANDUM CIRCULAR NO. 19, S. 2004, December 22, 2004 ]

PHILIPPINE FINANCIAL REPORTING STANDARDS



The Commission, in its Resolution No. 662, Series of 2004, approved the adoption in its rules and regulations of the following Philippine Financial Reporting Standards[1] (PFRS), as approved by the Accounting Standards Council:

1. Last Batch of IASs[2]
    
PAS[3] IAS Title This will supersede
    
PAS19 IAS 19 Employee Benefits SFAS 24
PAS 29 IAS 29Financial Reporting in Hyperinflationary Economies
PAS 30 IAS 30Disclosures in the Financial Statements  
  of Banks and Similar Financial InstitutionsSFAS 19
PAS 41 IAS 41Agriculture
    
2. International Accounting Standards (IASs), As Revised In 2003
    
PAS IASTitle This will supersede
    
PAS 1 IAS 1 Presentation of Financial Statements SFAS 1 (rev)
PAS 2IAS 2 Inventories SFAS 4 (rev)
PAS 8 IAS 8Accounting Policies, Changes in 
  Accounting Estimates and ErrorsSFAS 13 (rev)
PAS 10 IAS 10Events after the Balance Sheet Date SFAS 10/IAS10
PAS 16 IAS 16Property, Plant and Equipment SFAS 16/IAS 16
PAS 17 IAS 17Leases SFAS 17/IAS 17
PAS 21 IAS 21The Effects of Changes in 
  Foreign Exchange Rates SFAS 21/IAS 21
    
International Accounting Standards (IASs), As Revised [1]. . .
    

PAS

IASTitle This will supersede
    
PAS 24 IAS 24Related Party Disclosures SFAS 24/IAS 24
    
PAS 27 IAS 27Consolidated and Separate  
  Financial Statements

SFAS 27/IAS 27

    
PAS 28 IAS 28Investments in Associates

  SFAS 28/IAS 28

    
PAS 31 IAS 31Interests in Joint Ventures

  SFAS 31/IAS 31

    
PAS 32 IAS 32Financial Instruments: 
  Disclosures and Presentation
    
PAS 33 IAS 33Earnings per Share SFAS 29
PAS 36IAS 36Impairment of AssetsSFAS 36/IAS 36
PAS 38 IAS 38Intangible Assets SFAS 38/IAS 38
PAS 39 IAS 39Financial Instruments: 
  Recognition and MeasurementSFAS 10 & 19A
PAS 40 IAS 40Investment Property
    
3. International Financial Reporting Standards (IFRSs)
    
PFRS IFRSTitleThis will supersede
    
PFRS 1 IFRS 1First-time Adoption of Philippine 
  Financial Reporting Standards
PFRS 2 IFRS 2Share Based Payment
PFRS 3 IFRS 3Business CombinationsSFAS 22/IAS 22
PFRS 4 IFRS 4Insurance Contracts
PFRS 5 IFRS 5Non-current Assets Held for Sale 
  and Discontinued OperationsSFAS 35/IAS 35

The foregoing accounting standards shall be effective for annual financial reporting periods beginning January 1, 2005 and for interim or quarterly reports beginning January 1, 2006.

For purposes of PAS/IAS No. 39 on Financial Instruments: Recognition and Measurement:

    1) Comparative information for prior years is optional; and
    2) Status of conversion plan by the covered companies concerned must be discussed in their 2005 interim/quarterly reports.

Copies of these new/revised accounting standards will be available at the offices of the Philippine Institute of Certified Public Accountants (PICPA).

This Memorandum Circular shall take effect fifteen (15) days following its publication in a newspaper of general circulation.

Adopted: 22 Dec. 2004

(SGD.) FE B. BARIN
Chairperson


[1] Consisting of Philippine Accounting Standards 1 to 41 (these are adopted International Accounting Standards (IASs) as issued by the International Standards Committee (IASC); Philippine Financial Reporting Standards 1 to 5 [adopted International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB); and interpretations thereof.

[2] International Accounting Standards as issued by the IASC, the predecessor of the IASB. The adoption of this last batch of IASs (Nos. 19, 29, 30 and 41), completes the Philippines' transition to international-based accounting standards.

[3] Philippine Accounting Standards as re-named from Statements of Financial Reporting Standards (SFASs) by ASC to correspond better with the IASs issuance by the IASC.

[1] As revised in year 2003 except IASs 36 and 38 which were revised in 2004.

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