SEC List of Standards and Interpretations Effective as of December 31, 2012

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SEC release an update on the Financial Reporting Bulettin, which is Financial Reporting Bulletin No. 16 on List of Effective Standards and Interpretations (as of December 31, 2012), dated January 24, 2013.

Under paragraph 4(J) of SRC Rule 68, as amended, large and/or publicly-accountable entities are required to submit with their audited financial statements a schedule, in table format, showing in the first column a list of all the effective standards and interpretations under the PFRS as of year-end, and an indication opposite each in the second column on whether it is “Adopted”, “Not adopted” or “Not applicable”.

To comply with the said requirement, the following list must be accomplished, audited by the company’s external auditor and submitted with annual financial statements:

COMPANY NAME

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PHILIPPINE FINANCIAL REPORTING STANDARDS AND INTERPRETATIONS

Effective as of December 31, 2012

Adopted

Not Adopted

Not Applicable

Framework for the Preparation and Presentation of Financial Statements

Conceptual Framework Phase A: Objectives and qualitative characteristics

     
PFRSs Practice Statement Management Commentary      
Philippine Financial Reporting Standards
PFRS 1 (Revised) First-time Adoption of Philippine Financial Reporting Standards
Amendments to PFRS 1 and PAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
Amendments to PFRS 1: Additional Exemptions for First-time Adopters
Amendment to PFRS 1: Limited Exemption from Comparative PFRS 7 Disclosures for First-time Adopters
Amendments to PFRS 1: Severe Hyperinflation and Removal of Fixed Date for First-time Adopters
Amendments to PFRS 1: Government Loans
PFRS 2 Share-based Payment
Amendments to PFRS 2: Vesting Conditions and Cancellations
Amendments to PFRS 2: Group Cash-settled Share-based Payment Transactions
PFRS 3 (Revised) Business Combinations
PFRS 4 Insurance Contracts
Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts
PFRS 5 Non-current Assets Held for Sale and Discontinued Operations
PFRS 6 Exploration for and Evaluation of Mineral Resources
PFRS 7 Financial Instruments: Disclosures
Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets
Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets – Effective Date and Transition
Amendments to PFRS 7: Improving Disclosures about Financial Instruments
Amendments to PFRS 7: Disclosures – Transfers of Financial Assets
Amendments to PFRS 7: Disclosures – Offsetting Financial Assets and Financial Liabilities
Amendments to PFRS 7: Mandatory Effective Date of PFRS 9 and Transition Disclosures
PFRS 8 Operating Segments
PFRS 9* Financial Instruments
Amendments to PFRS 9: Mandatory Effective Date of PFRS 9 and Transition Disclosures
PFRS 10* Consolidated Financial Statements
PFRS 11* Joint Arrangements
PFRS 12* Disclosure of Interests in Other Entities
PFRS 13* Fair Value Measurement
Philippine Accounting Standards
PAS 1 (Revised) Presentation of Financial Statements
Amendment to PAS 1: Capital Disclosures
Amendments to PAS 32 and PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation

Amendments to PAS 1: Presentation of Items of Other Comprehensive Income

PAS 2 Inventories
PAS 7 Statement of Cash Flows
PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
PAS 10 Events after the Reporting Period
PAS 11 Construction Contracts
PAS 12 Income Taxes
Amendment to PAS 12 – Deferred Tax: Recovery of Underlying Assets
PAS 16 Property, Plant and Equipment
PAS 17 Leases
PAS 18 Revenue
PAS 19 Employee Benefits
Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and Disclosures
PAS 19(Amended)* Employee Benefits
PAS 20 Accounting for Government Grants and Disclosure of Government Assistance
PAS 21 The Effects of Changes in Foreign Exchange Rates
Amendment: Net Investment in a Foreign Operation
PAS 23 (Revised) Borrowing Costs
PAS 24 (Revised) Related Party Disclosures
PAS 26 Accounting and Reporting by Retirement Benefit Plans
PAS 27 Consolidated and Separate Financial Statements

 

PAS 27 (Amended)* Separate Financial Statements
PAS 28 Investments in Associates
PAS 28 (Amended)* Investments in Associates and Joint Ventures
PAS 29 Financial Reporting in Hyperinflationary Economies
PAS 31 Interests in Joint Ventures
PAS 32 Financial Instruments: Disclosure and Presentation
Amendments to PAS 32 and PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation
Amendment to PAS 32: Classification of Rights Issues
Amendments to PAS 32: Offsetting Financial Assets and Financial Liabilities
PAS 33 Earnings per Share
PAS 34 Interim Financial Reporting
PAS 36 Impairment of Assets
PAS 37 Provisions, Contingent Liabilities and Contingent Assets
PAS 38 Intangible Assets
PAS 39 Financial Instruments: Recognition and Measurement
Amendments to PAS 39: Transition and Initial Recognition of Financial Assets and Financial Liabilities
Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup Transactions
Amendments to PAS 39: The Fair Value Option
Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts
Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets
Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets – Effective Date and Transition
Amendments to Philippine Interpretation IFRIC–9 and PAS 39: Embedded Derivatives
Amendment to PAS 39: Eligible Hedged Items
PAS 40 Investment Property
PAS 41 Agriculture
Philippine Interpretations
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
IFRIC 2 Members’ Share in Co-operative Entities and Similar Instruments
IFRIC 4 Determining Whether an Arrangement Contains a Lease
IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
IFRIC 6 Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment
IFRIC 7 Applying the Restatement Approach under PAS 29 Financial Reporting in Hyperinflationary Economies
IFRIC 8 Scope of PFRS 2
IFRIC 9 Reassessment of Embedded Derivatives
Amendments to Philippine Interpretation IFRIC–9 and PAS 39: Embedded Derivatives
IFRIC 10 Interim Financial Reporting and Impairment
IFRIC 11 PFRS 2- Group and Treasury Share Transactions
IFRIC 12 Service Concession Arrangements
IFRIC 13 Customer Loyalty Programmes
IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
Amendments to Philippine Interpretations IFRIC- 14, Prepayments of a Minimum Funding Requirement
IFRIC 16 Hedges of a Net Investment in a Foreign Operation
IFRIC 17 Distributions of Non-cash Assets to Owners
IFRIC 18 Transfers of Assets from Customers
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
SIC-7 Introduction of the Euro
SIC-10 Government Assistance – No Specific Relation to Operating Activities
SIC-12 Consolidation – Special Purpose Entities
Amendment to SIC – 12: Scope of SIC 12
SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers
SIC-15 Operating Leases – Incentives
SIC-21 Income Taxes – Recovery of Revalued Non-Depreciable Assets
SIC-25 Income Taxes – Changes in the Tax Status of an Entity or its Shareholders
SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease
SIC-29 Service Concession Arrangements: Disclosures.
SIC-31 Revenue – Barter Transactions Involving Advertising Services
SIC-32 Intangible Assets – Web Site Costs

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Disclaimer: Opinions expressed in this article are that of the author and information provided are for general conceptual guidance for public information and are not substitute for expert advice. Contact support@philcpa.org for more information and if you want to avail professional services. Find us on Facebook!



Orlando Calundan is a CPA who has exposures in FS audit of entities in various industries such as real estate, food/restaurants, manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements.

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