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Saturday, 1 April 2023

Tags: Accounting Updates

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

Posted on June 30, 2013 by Orlando Calundan | 6 Comments
On June 27, 2013, the International Accounting Standards Board (IASB) issued a Illustrative Guidance entitled “A Guide for Micro-sized Entities Applying the IFRS for SMEs (2009)”, which, by the title itself, provides guidance in applying the International Financial Reporting Standard for Small…
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SEC Defers Implementation of New Accounting Standards (PFRS 9)

Posted on May 31, 2012 by Orlando Calundan | 0 Comments
Source: Daily Tribune (5/31/2012) IMPLEMENTATION of new rules covering corporate financial reporting has been deferred by the Securities and Exchange Commission (SEC). The regulator, following an en banc meeting last May 24, released a memorandum stating that the effectivity date of…
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Definition (application) of undue cost or effort in the context of PFRS for SMEs

Posted on April 10, 2012 by Orlando Calundan | 0 Comments
In applying the provisions of PFRS for SMEs, some uses the “undue cost or effort” as a ground for exemption on complying with the recognition, measurement or disclosure requirements.  But what really is undue cost or effort in the context…
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Revised Statement of Management Responsibility for Financial Statements

Posted on April 2, 2012 by Orlando Calundan | 10 Comments
Relative to the issuance of the amended SRC Rule 68, the Statement of Management Resposibility for Financial Statements now reads as follow:
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PFRS for SMEs: Simplified measurement of defined benefit obligation discounted?

Posted on April 2, 2012 by Orlando Calundan | 0 Comments
With the implementation of PFRS for SMEs to those qualified entities, questions were raised as to whether the simplifications in the measurement of the defined benefit obligation also imply that discounting is no longer necessary.  Different sectors have different interpretations…
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