Accounting Alerts

27 Feb 2017

Under Control—Applying IFRS 10, Consolidated Financial Statements Assessing when one entity controls another (in other words, when a parent-subsidiary relationship exists) is essential to the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS). The control assessment determines which entities are consolidated in a parent's financial statements and therefore affects a group's reported results, cash flows and financial position. Under IFRS, this control assessment is accounted for in accordance with IFRS 10, Consolidated Financial Statements. IFRS 10 redefines 'control' IFRS 10 was issued in May 2011, and was part of a package of changes addressing different levels of involvement with other entities. IFRS 10 redefines 'control' and provides extensive guidance on applying the definition. It is unusual for IFRS 10 to affect the scope of consolidation in simple situations involving control through ownership of a majority of the voting power in an investee. However, more complex and borderline control assessments need to be reviewed carefully. Consistent application of IFRS We have gained extensive insights into the application of IFRS 10 and we have developed general guidance that supports the commitment to high quality, consistent application of IFRS. We are pleased to share these insights by publishing 'Under Control? A practical guide to applying IFRS 10, Consolidated Financial Statements.' The guide has been written to assist management in applying IFRS 10. More specifically it aims to assist in: understanding IFRS 10's requirements identifying situations in which IFRS 10 can impact control assessments identifying and addressing the key practical application issues and judgments See attached copy of this publication for details. ​P&A Accounting Alerts are issued to keep our clients updated with the latest developments in financial reporting. These are not intended to be a substitute for professional advise. If you would like to unsubscribe, or add a colleague or a friend to our mailing list, please let us know by return e-mail. For inquiries and suggestions on how the Accounting Alert may be even more useful to you, e-mail Mabel.Comedia@ph.gt.com or Jerald.Sanchez@ph.gt.com or call 988-2288.​

27 Feb 2017

First Quarter Edition of IFRS News This Accounting Alert is issued to provide quarterly update on all things relating to International Financial Reporting Standards (IFRS). We'll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments. We begin this first edition of 2017 by considering the European Securities and Markets Authority's recent public statement on the implementation of IFRS 9, Financial Instruments. The statement will be of interest to many companies inside and outside Europe as its effective date of January 1, 2018 draws closer. We then move on to look at a number of amendments that the International Accounting Standards Board (IASB) has recently made to its standards and some proposals which are in its pipeline. Further on in the newsletter, you will find IFRS-related news at Grant Thornton and a general round-up of financial reporting developments. We finish with a summary of the implementation dates of newer standards that are not yet mandatory; and a list of IASB publications that are out for comment. See attached copy of the First Quarter Edition of IFRS News. ​P&A Accounting Alerts are issued to keep our clients updated with the latest developments in financial reporting. These are not intended to be a substitute for professional advise. If you would like to unsubscribe, or add a colleague or a friend to our mailing list, please let us know by return e-mail. For inquiries and suggestions on how the Accounting Alert may be even more useful to you, e-mail Mabel.Comedia@ph.gt.com or Jerald.Sanchez@ph.gt.com or call 988-2288.​

20 Feb 2017

This Accounting Alert provides reminders to all entities registered with the Securities and Exchange Commission (SEC or the Commission) in relation to the filing of their 2016 Annual Financial Statements (AFS) and General Information Sheet (GIS).

01 Feb 2017

On January 30, 2017, the Securities and Exchange Commission (SEC) issued a Notice stating that the SEC en Banc resolved to issue Financial Reporting Bulletin (FRB) No. 20, Revised Statement of Management’s Responsibility, on January 26, 2017. The SMR was revised in line with the adoption of the new and revised auditor reporting standards, which are effective for audits of financial statements for periods ended on or after December 31, 2016, hence, shall be used when filing the annual financial statements covering such periods with the SEC.

26 Jan 2017

In December 2016, the Financial Reporting Standards Council (FRSC) approved the adoption of International Financial Reporting Standard (IFRS) 15, Revenue from Contracts with Customers, in the Philippines as Philippine Financial Reporting Standard (PFRS) 15, Revenue from Contracts with Customers, which will be mandatorily effective for annual reporting periods beginning on or after January 1, 2018. PFRS 15 will replace all existing revenue standards and interpretations.