Conceptual Framework and Accounting Standards What Are Financial Markets?
Conceptual Framework and Accounting Standards What Are Financial Markets?
Conceptual Framework and Accounting Standards What Are Financial Markets?
INTRODUCTION
I. Financial Information
The IFRS Foundation is a not-for-profit, public interest organization with the following objective:
1. To develop a single set of high-quality, understandable, enforceable and globally accepted
accounting standards—IFRS Standards—and
2. To promote and facilitate adoption of the standards.
MISSION:
1. Bring Transparency
2. Strengthen Accountability
3. Contribute to economic Efficiency
1. Agenda consultation
Every five years, the Board conducts a comprehensive review and consultation to define
international standard-setting priorities and develop its project work plan.
The Board can also add topics to its work plan if necessary between agenda consultations.
This can include topics following Post-implementation Reviews of Standards; the IFRS
Interpretations Committee may also request the Board review an issue.
2. Research programme
We begin most projects with research—explore the issues, identify possible solutions and
decide whether standard-setting is required. Often, we set out our ideas in a discussion
paper and seek public comment.
3. Standard-setting programme
If the Board decides to amend a Standard or issue a new one, we generally review the
research, including comments on the discussion paper, and propose amendments or
Standards to resolve issues identified through research and consultation.
The Board analyses feedback and refines proposals before the new Standard, or an
amendment to a Standard, is issued.
4. Maintenance programme
Our work doesn’t stop once a Standard is issued. We also support implementation of the
Standards and we make sure we maintain them.
5. Post-implementation Reviews
After a new Standard has been in use for a few years, the Board carries out research
through a Post-implementation Review to assess whether the Standard is achieving its
objective and, if not, whether any amendments should be considered. As a result of the
Post-implementation Review, the Board may start a new research project. Find out more
about PIRs here.
Its main function is to establish and improve accounting standards that will be
generally accepted in the Philippines.
*Philippine Accounting Standards (PAS) and Philippine Financial Reporting Standards (PFRS)
are approved statements of the FRSC
FRSC members:
Chairman 1
Board of Accountancy (BOA) 1
Bangko Sentral ng Pilipinas (BSP) 1
Bureau of Internal Revenue (BIR) 1
Commission on Audit (COA) 1
Financial Executives Institute of the Philippines (FINEX) 1
Securities and Exchange Commission (SEC) 1
Accredited national professional organization of CPAs:
Pubic practice 2
Commerce and Industry 2
Academe or Education 2
Government 2
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4. Registration with the BOA and receive a Certificate of Registration therefrom. BOA
and PRC shall then issue a professional identification card.
5. CPAs in Public Practice (External Auditors) must renew their Certificate of
Accreditation and professional identification card every 3 years with the BOA and
PRC and comply with continuing professional development (CPD) requirements
(at 120 CPD Units)**
*CPA of at least 65 years of age is exempt from CPD requirements insofar as renewing the CPA
licence
**No corporation is allowed by the SEC to practice public accountancy