Transition to New and Effective Standards Effective January 1, 2013


The Securities and Exchange Commission issued SEC Memorandum Circular No. 6, Series of 2013 which allow covered corporations to present the prescribed information and to recognize the impact of 8 standards in their interim financial statements starting with the period ended June 30,2013.  This was approved by the Commission En Banc in its meeting April 22, 2013.  Following are the standards covered:

  1. PAS 27 (Amended), Separate Financial Statements
  2. PAS 28 (Amended), Investments in Associates and Joint Ventures
  3. Amendments to PFRS 1, Government Loans
  4. Amendments to PFRS 7, Disclosures – Offsetting Financial Assets and Financial Liabilities
  5. PFRS 10, Consolidated Financial Statements
  6. PFRS 11, Joint Arrangements
  7. PFRS 12, Disclosure of Interests in Other Entities
  8. PFRS 13, Fair Value Measurements

The interim financial statements as of March 30, 2013 shall contain the following disclosures:

  1. Whether or not the above standards are applicable to the company; and
  2. If yes, whether or not the company is currently evaluating the impact based on audited figures as of December 31, 2012.

To read the full text of the SEC Memorandum Circular No. 6, Series of 2013Click Here!

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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 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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