Accounting Alerts

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Auditors' report modified effective Dec. 31, 2006

20 Dec 2006

In February 2006, the Auditing & Assurance Standards Council (AASC) approved the adoption of Philippine Standard on Auditing (PSA) 700 (Revised), The Independent Auditor’s Report on a Complete Set of General Purpose Financial Statements.

SEC extends deadline for FS filing

04 Apr 2006

The Securities and Exchange Commission (SEC) has extended the deadline for the submission of the audited financial statements for the year ended December 31, 2005 from April 17, 2006 to May 2, 2006.  The extension was granted to provide companies more time to prepare their financial statements in accordance with Philippine Financial Reporting Standards which are being applied for the first time in the 2005 financial statements.   The extension covers public companies, issuers of registered/unlisted securities and companies listed with the Philippine Stock Exchange (PSE), brokers and dealers and investment houses.  The due dates for the submission of audited financial statements for all other companies shall remain the same which is also on May 2, 2006.

2005 Illustrative Separate PFRS FS

23 Mar 2006

This Accounting Alert is issued to provide an illustrative set of financial statements (Illustrative FS), prepared in accordance with generally accepted accounting principles in the Philippines as set forth in Philippine Financial Reporting Standards (PFRSs), for a fictional manufacturing and distribution company of semiconductor products (ABC Manufacturing Company, “ABC” or the “Company”).

SEC issued notice to Pre-need Companies

03 Mar 2006

On its meeting dated February 7, 2006, the Securities and Exchange Commission (SEC) issued a notice to Pre-need companies, mentioning the requirements to be submitted by the latter.

Guidelines on the Filing of Functional Currency FS

19 Jan 2006

In its meeting dated January 10, 2006, the Philippine Securities and Exchange Commission (SEC) resolved to issue SEC Memorandum Circular No. 1, Series 2006, to guide companies whose functional currency (i.e., the currency of the primary economic environment in which the company operates) is other than the Philippine peso.

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