Accounting Alerts

PAS 32 & 39: Financial Instruments

31 Aug 2005

Philippine Accounting Standard (PAS) 32, Financial Instruments: Disclosure and Presentation, and PAS 39, Financial Instruments: Recognition and Measurement, are two of the new PASs issued by the Accounting Standards Council that became effective on January 1, 2005.

SEC advisory letter on PAS 39

14 Jun 2005

The Securities and Exchange Commission (SEC) has recently released an advisory letter to provide further guidelines to companies that are required to submit quarterly or interim reports to the Commission (e.g., entities with listed securities, public companies, financing companies, pre-need companies, investment houses, brokers and dealers of securities and universal banks registered as underwriters of securities) (hereinafter referred to as “covered companies”) for transitioning to PAS 39, Financial Instruments: Recognition and Measurement. PAS 39 is one of the new accounting standards issued by the Accounting Standards Council that became effective on January 1, 2005, and which were previously approved by the SEC as part of its rules and regulations under the SEC Memorandum Circular No. 19, Series of 2004.

Accounting Alert - Compliance with New IFRSs

31 Jan 2005

The Accounting Standards Council recently approved 26 new accounting standards that are adopted from new International Financial Reporting Standards (IFRSs) and revised International Accounting Standards (IASs) issued by the International Accounting Standards Board. The new standards are effective in the Philippines beginning January 1, 2005, which is also the time when Philippine companies are required to transition to full IFRSs. The Securities and Exchange Commission and the Bangko Sentral ng Pilipinas have issued rules requiring companies under their jurisdiction to implement and comply with the new standards.