(NAR) VOL. 22 NO. 2, APRIL - JUNE 2011
(a) Interim financial statements that shall be submitted in 2011 by covered companies should not yet reflect the impact of the early adoption of either PFRS 9 (2009) or PFRS 9 (2010) unless a complete evaluation has been undertaken by the company and it has already decided to early adopt such standard for interim reporting. In the latter case, there shall be sufficient disclosure of the completion of the said process;
(b) For those which have already adopted PFRS 9 (2009) in their 2010 financial reporting, the interim financial statements for 2011 and succeeding periods shall reflect the application of such standard;
(c) The following information shall be disclosed in the interim financial statements as of
30 June 2011;(i) The company has not yet decided whether or not to early adopt PFRS 9 (2009) or PFRS 9 (2010) for its 2011 financial reporting and therefore, the interim financial statements do not reflect the impact of the said standard unless the circumstances cited in item (a) or (b) above are applicable and therefore, such fact must be disclosed;
(ii) It is currently evaluating the impact of the possible early adoption of either PFRS 9 (2009) or PFRS 9 (2010) in its financial statements;
(iii) As brief discussion of the accounts that are to be affected in case of early adoption.
(d) If the company decides to early adopt either PFRS 9 (2009) or PFRS (2010) for its 2011 annual financial reporting, its interim financial statements as of 30 September 2011 shall contain a qualitative and quantitative discussion of the result of the company’s impact evaluation;
(e) For covered entities that will decide not to early adopt either PFRS 9 (2009) or PRFS 9 (2010) for their 2011 annual financial reporting, each company shall conduct early in 2012 another impact evaluation using the outstanding balances as of 31 December 2011, and shall provide the following information in its interim financial statements as of 30 September 2011;
(i) After consideration of the result of its impact evaluation, the company has decided not to early adopt either PFRS 9 (2009) or PFRS 9 (2010) for its 2011 annual financial reporting;
(ii) It shall conduct in early 2012 another impact evaluation using the outstanding balances of financial statements as of 31 December 2011;
(iii) A statement that the company’s decision whether to early adopt either PFRS 9 (2009) or PFRS (2010) for its 2012 financial reporting shall be disclosed in its interim financial statements as of 31 March 2012. The company shall likewise state that if the decision of the company will be to early adopt the subject standard for its 2012 financial reporting, its interim report as of 31 March 2012 will already reflect the application of the requirements under the said standard and will contain a qualitative and quantitative discussion of the result of the company’s impact evaluation.