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    Ifrsmaterials9 201033 8572

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    Jeric Israel Licayan
    This document outlines the Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS) that are applicable to all corporations in the Philippines except pre-need companies and those qualified as non-publicly accountable entities. It lists the individual PFRS and PAS standards, providing the title and effective date of each. It also lists the Philippine Interpretations that provide guidance on implementing the standards, along with each interpretation's title and effective date.

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    Ifrsmaterials9 201033 8572

    Uploaded by

    Jeric Israel Licayan
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    This document outlines the Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS) that are applicable to all corporations in the Philippines except pre-need companies and those qualified as non-publicly accountable entities. It lists the individual PFRS and PAS standards, providing the title and effective date of each. It also lists the Philippine Interpretations that provide guidance on implementing the standards, along with each interpretation's title and effective date.

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    This document outlines the Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS) that are applicable to all corporations in the Philippines except pre-need companies and those qualified as non-publicly accountable entities. It lists the individual PFRS and PAS standards, providing the title and effective date of each. It also lists the Philippine Interpretations that provide guidance on implementing the standards, along with each interpretation's title and effective date.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    30 views3 pages

    Ifrsmaterials9 201033 8572

    Uploaded by

    Jeric Israel Licayan
    This document outlines the Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS) that are applicable to all corporations in the Philippines except pre-need companies and those qualified as non-publicly accountable entities. It lists the individual PFRS and PAS standards, providing the title and effective date of each. It also lists the Philippine Interpretations that provide guidance on implementing the standards, along with each interpretation's title and effective date.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    PHILIPPINE FINANCIAL REPORTING STANDARDS

    APPLICABLE TO ALL CORPORATIONS


    EXCEPT PRE-NEED COMPANIES AND THOSE QUALIFIED AS
    NON-PUBLICLY ACCOUNTABLE ENTITIES UNDER PAS 101
    Preface to Philippine Financial Reporting Standards
    Framework for the Preparation and Presentation of Financial Statements
    Philippine Financial Reporting Standards (PFRS)
    PFRS

    Title

    Effective Date

    PFRS 1

    First-time Adoption of Philippine Financial Reporting Standards

    1/1/05

    PFRS 2

    Share Based Payment

    1/1/05

    PFRS 3

    Business Combinations

    1/1/05

    PFRS 4

    Insurance Contracts

    1/1/05

    Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts

    1/1/06

    PFRS 5

    Non-current Assets Held for Sale and Discontinued Operations

    1/1/05

    PFRS 6

    Exploration for and Evaluation of Mineral Resources

    1/1/06

    PFRS 7

    Financial Instruments: Disclosures

    1/1/07

    PFRS 8

    Operating Segments

    1/1/09

    Philippine Accounting Standards (PAS)


    PAS
    PAS 1

    Title
    Presentation of Financial Statements

    1/1/05

    Amendment to PAS 1: Capital Disclosures

    1/1/07

    PAS 2

    Inventories

    1/1/05

    PAS 7

    Cash Flow Statements

    1/1/05

    PAS 8

    Accounting Policies, Changes in Accounting Estimates and Errors

    1/1/05

    PAS 10

    Events after the Balance Sheet Date

    1/1/05

    PAS 11

    Construction Contracts

    1/1/05

    PAS 12

    Income Taxes

    PAS 14

    Segment Reporting

    1/1/05
    1/1/05

    PAS 16

    Property, Plant and Equipment

    1/1/05

    PAS 17

    Leases

    PAS 18

    Revenue

    1/1/05
    1/1/05

    PAS 19

    Employee Benefits
    Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and

    Effective Date

    1/1/05
    1/1/06

    Refers to annual periods beginning on or after the effective date indicated.


    1

    PAS

    Title

    Effective Date

    Disclosures
    PAS 20

    Accounting for Government Grants and Disclosure of Government Assistance

    1/1/05

    PAS 21

    The Effects of Changes in Foreign Exchange Rates

    PAS 23

    Borrowing Costs

    1/1/05
    1/1/05

    PAS 24

    Related Party Disclosures

    PAS 26

    Accounting and Reporting by Retirement Benefit Plans

    1/1/05
    1/1/05

    PAS 27

    Consolidated and Separate Financial Statements

    1/1/05

    PAS 28

    Investments in Associates

    1/1/05

    PAS 29

    Financial Reporting in Hyperinflationary Economies

    1/1/05

    PAS 30

    Disclosures in the Financial Statements of Banks and Similar Financial


    Institutions

    1/1/05

    PAS 31

    Interests in Joint Ventures

    1/1/05

    PAS 32

    Financial Instruments: Presentation

    1/1/05

    PAS 33

    Earnings per Share

    PAS 34

    Interim Financial Reporting

    1/1/05
    1/1/05

    PAS 36

    Impairment of Assets

    PAS 37

    Provisions, Contingent Liabilities and Contingent Assets

    1/1/05
    1/1/05

    PAS 38

    Intangible Assets

    1/1/05

    PAS 39

    Financial Instruments: Recognition and Measurement

    1/1/05

    Amendments to PAS 39: Transition and Initial Recognition of Financial Assets


    and Financial Liabilities

    1/1/05

    Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup


    Transactions

    1/1/06

    Amendments to PAS 39: The Fair Value Option

    1/1/06

    Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts

    1/1/06

    PAS 40

    Investment Property

    1/1/05

    PAS 41

    Agriculture

    1/1/05

    PAS 101

    Financial Reporting Standards for Non-publicly Accountable Entities

    1/1/05

    Amendment to PAS 101: Change in Effective Date


    Note:
    1

    Refers to annual periods beginning on or after the effective date indicated.

    Exemptive relief (from tainting provisions) granted to companies and banks which exchanged their bonds pursuant
    to the Domestic Exchange Offer conducted by the Bureau of Treasury. Mining companies with long-term hedging
    contracts were granted transitional relief from compliance with PAS 39. Based on the records of the SEC, only one
    (1) mining company is entitled to this relief and for the year 2007, said contracts have expired/extinguished.
    2

    Philippine Interpretations
    Interpretation

    Title

    Effective Date

    Interpretation SIC7

    Introduction of the Euro

    1/1/05

    Interpretation SIC10

    Government Assistance No Specific Relation to Operating


    Activities

    1/1/05

    Interpretation SIC12

    Consolidation Special Purpose Entities

    1/1/05

    Amendment to SIC 12: Scope of SIC 12

    1/1/05

    Interpretation SIC13

    Jointly Controlled Entities Non-Monetary Contributions by


    Venturers

    1/1/05

    Interpretation SIC15

    Operating Leases Incentives

    1/1/05

    Interpretation SIC21

    Income Taxes Recovery of Revalued Non-Depreciable Assets

    1/1/05

    Interpretation SIC25

    Income Taxes Changes in Tax Status of an Enterprise or its


    Shareholders

    1/1/05

    Interpretation SIC27

    Evaluating the Substance of Transactions Involving the Legal


    Form of a Lease

    1/1/05

    Interpretation SIC29

    Disclosure Service Concession Arrangements

    1/1/05

    Interpretation SIC31

    Revenue Barter Transactions Involving Advertising Services

    1/1/05

    Interpretation SIC32

    Intangible Assets Web Site Costs

    1/1/05

    Interpretation IFRIC1

    Changes in Existing Decommissioning, Restoration and Similar


    Liabilities

    1/1/05

    Interpretation IFRIC2

    Members Shares in Co-operative Entities and Similar Instruments

    1/1/05

    Interpretation IFRIC4

    Determining Whether an Arrangement Contains a Lease

    1/1/06

    Interpretation IFRIC5

    Rights to Interests arising from Decommissioning, Restoration and


    Environmental Rehabilitation Funds
    Liabilities arising from Participating in a Specific Market - Waste
    Electrical and Electronic Equipment

    1/1/06

    Interpretation IFRIC6

    12/01/05

    Interpretation IFRIC7

    Applying the Restatement Approach under PAS 29 Financial


    Reporting in Hyperinflationary Economies

    3/01/06

    Interpretation IFRIC8

    Scope of PFRS 2

    5/01/06

    Interpretation IFRIC9

    Reassessment of Embedded Derivatives

    6/01/06

    Interpretation IFRIC10

    Interim Financial Reporting and Impairment

    11/1/06

    Interpretation IFRIC11

    Group and Treasury Share Transactions

    03/01/07

    Interpretation IFRIC12

    Service Concession Arrangements

    01/01/08

    Note:
    1

    Refers to annual periods beginning on or after the effective date indicated.

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