(NAR) VOL. 16 NO. 3 / JULY - SEPTEMBER 2005
WHEREAS, the Accounting Standards Council (ASC) had approved the PREFACE TO PHILIPPINE FINANCIAL REPORTING STANDARDS and submitted it to the Board of Accountancy (Board) for approval;
WHEREAS, after a study and review of the provisions of the document entitled PREFACE TO PHILIPPINE FINANCIAL REPORTING STANDARDS as adopted by the ASC, the Board finds the same to be well-taken and instructive for compliance by practicing Certified Public Accountants;
WHEREOF, the Board resolved, as it hereby resolves, to adopt the document entitled PREFACE TO PHILIPPINE FINANCIAL REPORTING STANDARDS as part of the Generally Accepted Accounting Principles in the Philippines;
RESOLVED, FURTHER, that this Resolution and the document entitled PREFACE TO PHILIPPINE FINANCIAL REPORTING STANDARDS shall be effective for annual financial reporting periods beginning on or after January 1, 2005.
Adopted: 28 Dec. 2004
(SGD.) EUGENE T. MATEO | |
Chairman | |
(SGD.) JOHN S. BALA | |
Vice Chairman | |
(SGD.) SOLITA V. DELANTAR | (SGD.) LUCILA C. TARRIELA |
Member | Member |
(SGD.) MA. ELENITA B. CABRERA | |
Member | |
Attested by: | |
(SGD.) CARLOS G. ALMELOR | |
Secretary, Professional Regulatory Boards | |
Approved: | |
(SGD.) AVELINA A. DE LA REA | |
Commissioner | |
(SGD.) LEONOR T. ROSERO | |
Commissioner |