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

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”.

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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

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 2Share-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 4Insurance Contracts
Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts
PFRS 5Non-current Assets Held for Sale and Discontinued Operations
PFRS 6Exploration for and Evaluation of Mineral Resources
PFRS 7Financial 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 8Operating 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 2Inventories
PAS 7Statement of Cash Flows
PAS 8Accounting Policies, Changes in Accounting Estimates and Errors
PAS 10Events after the Reporting Period
PAS 11Construction Contracts
PAS 12Income Taxes
Amendment to PAS 12 – Deferred Tax: Recovery of Underlying Assets
PAS 16Property, Plant and Equipment
PAS 17Leases
PAS 18Revenue
PAS 19Employee Benefits
Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and Disclosures
PAS 19(Amended)*Employee Benefits
PAS 20Accounting for Government Grants and Disclosure of Government Assistance
PAS 21The 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 26Accounting and Reporting by Retirement Benefit Plans
PAS 27Consolidated and Separate Financial Statements

 

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

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