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IAS 16 & 38 Amendment – Revenue-based depreciation not appropriate

A variety of depreciation methods can be used to allocate the depreciable amount of an asset on a systematic basis over its useful ...

Equity method of accounting in Separate Financial Statements now allowed

Doesn’t this sounds interesting? Equity method of accounting in the separate financial statements are now allowed which will ...

Amendments to PAS 16 and PAS 41 for bearer plants

The requirement of the existing Philippine Accounting Standards (PAS)* 41 Agriculture, is to measure biological assets and agricultural ...

IFRS 15 Download and Learning Resources

Recently, the International Accounting Standards Board and the Financial Accounting Standards Board of US jointly issued a converged ...

IFRS 15 – Revenue from Contracts with Customers (final revenue standard)

International Financial Reporting Standards (IFRS) 15 specifies how and when an entity will recognize revenue as well as requiring ...

International Integrated Reporting Framework Finally Released

Last September 2013, we brought to you our thoughts on the integrated reporting in our article “Integrated Reporting: The future ...

Integrated Reporting: The future of corporate reporting

Financial reports, sustainability reports, annual reports – these are some amongst the wide variety of corporate reports being published ...

PIC Q&A No. 2012-01: Pooling of interest method on common control business combination

PIC Q&A No. 2012-01: PFRS 3.2 – Application of the Pooling of Interests Method for Business Combinations of Entities under Common ...

PIC Q&A No. 2012-02: Cost of a new building constructed on the site of a previous building

In Year 1, ABC Company acquired a land with a building for a basket price of P100 million and have allocated the cost based on relative ...

Revised PAS 19 (PAS 19R) Employee Benefits Technical Summary

The Revised Philippine Accounting Standards (PAS) 19, Employee Benefits (PAS 19R), has became effective or applicable for financial ...

Getting to Know PFRS 13, Fair Value Measurements

In accounting context, fair value is not an out-of-this-world term.  In fact, we see only few financial statements that do not use ...

IASB publishes Guide for Micro-sized Entities Applying the IFRS for SMEs

On June 27, 2013, the International Accounting Standards Board (IASB) issued a Illustrative Guidance entitled “A Guide for Micro-sized ...

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