- Accounting Alerts
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2021
2021
- Philippine Interpretations Committee Question and Answer 2020-05
- Audit Readiness - Preparing your Annual Reports
- Philippine Interpretations Committee Question and Answer 2020-04
- Philippine Interpretations Committee Question and Answer 2020-03
- Philippine Interpretations Committee Question and Answer 2020-02
- SEC Memorandum Circular No. 35 series of 2020
- SEC Memorandum Circular No. 34 series of 2020
- SEC Memorandum Circular No. 33 series of 2020
- Regulatory Relief on the Non-imposition of Sanction for Breach in Single Borrower's Limit by Certain Foreign Bank Branches
- Guidelines on the Electronic Submission of Report on Reclassification of Debt Securities Out of Fair Value Category
- Revised Guidelines on the Declaration and/or Distribution of Dividends for IC-Regulated Entities
- PIC Q&A 2020-06, Accounting for Payments Between and Among Lessors and Lessees
- PIC Q&A 2020-07, Accounting for the Proposed Changes in Income Tax Rates under the CREATE Bill
- Amendments to the Guidelines on Reclassification of Debt Securities Measured at Fair Value to the Amortized Cost Category
- Guidelines on the Electronic Submission of Requests for Investment Approval, Compliance with Security Deposit Requirements and Filing of Reportorial Requirements for IC-Regulated Entities
- Insights to PFRS 3, Business Combinations
- Navigating the Changes to International Financial Reporting Standards
- COVID-19 Hedge Accounting Insights
- BSP Circular 1110 Rationalization of Prudential Reporting Requirements
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2020
2020
- Extension of Deadline for Submission of Forms/Notices
- Online and Manual Submission of Forms/Notices Pursuant to SEC MC 28-2020
- COVID-19 Accounting Implications for CFOs - Debt Modifications
- Discussion Paper 'Business Combination under Common Control'
- SEC Memorandum Circular No. 32 series of 2020
- SEC Memorandum Circular No. 31 series of 2020
- SEC Memorandum Circular No. 28 series of 2020
- Insights into PFRS 16 - Lease Incentives
- IASB issues Interest Rate Benchmark Reform Phase 2
- IFRIC 23 - Uncertainty Over Income Tax Treatments
- COVID-19 Going Concern Considerations
- Extension of Deadlines and Interim Procedures for the Submission of Printed/Hard Copies of Annual Reports
- IASB Defers the Effective Date of IAS 1 Amendments
- Guidelines on the Electronic Submission of the Annual Report and Audited Financial Statements to BSP
- Filing of Annual Reports During the Temporary Closure of the SEC Main Office until July 26, 2020
- Work Suspension at the SEC Main Office and Extension of Deadlines for Certain Corporations
- Adjustment of Deadlines for Submission of Annual Reports to the SEC and Other Announcements
- Amendments to IFRS 17 and IFRS 4
- Filing of Reports and Other Documents in SEC Main Office during Temporary Closure
- Options for the Submission of Reports, Applications and Other Documents to the SEC During Community Quarantine
- COVID-19 Accounting Considerations for CFOs: Revenue Recognition
- COVID-19 Accounting Considerations for CFOs: Government Grants
- IASB Amends IFRS 16 to Provide Relief for Lessees Accounting for Rent Concessions during the COVID-19 Pandemic
- COVID-19 Accounting for Lease Modifications
- SEC Notice on the Opening of SEC Express System and SEC Express Nationwide Submission
- Insurance Commission Circular Letters: Regulatory Reliefs, Online Submission of Reports, and Deferral of IFRS 17 Implementation
- COVID-19 Accounting Implications for CFOs: Impairment of Intangible Assets and Goodwill
- IASB Issues Narrow Scope Amendments to IFRS Standards
- Procedures in the Filing of Audited Financial Statements and General Information Sheet after the Enhanced Community Quarantine
- Extension of Deadline for the Submission of 2020 Annual and Quarterly Reports and AFS of Companies with Fiscal Year Ended January 31 to April 30, 2020
- Understanding the Impact of COVID-19 on 2020 Deferred Tax Provisions
- IASB Proposes Relief for Rent Concessions During the COVID-19 Pandemic
- Extension of Period to File the General or Special Form for Financial Statements and Guidelines on Submission by Electronic Mail
- Treatment of Net Unrealized Losses in the EFCDU/FCDU Book for Purposes of Determining Compliance with the EFCDU/FCDU Asset Cover Requirement
- Guidelines on Reclassification of Debt Securities Measured at Fair Value to the Amortized Cost Category for Prudential Reporting to the BSP
- Reporting the Impact of COVID-19 to your Business
- Guidelines on Filing SEC Form 17-LC and 17-C Report
- COVID-19: Financial Reporting and Disclosures
- Reduction in Reserve Requirements
- COVID-19 Outbreak: Accounting Implications
- Guidelines for Filing of Reports through Electronic Mail with the SEC during ECQ Period
- Application of IFRS 9 in Light of the Coronavirus Uncertainty
- [UPDATE] Regulatory Relief for Entities Regulated by the Insurance Commission
- Guidelines on Submission by Electronic Mail of Required Forms and Documents and Recognition of Electronic Signature
- Guidelines for the Filing of General Information Sheet (GIS) During the COVID-19 Outbreak and Enhanced Community Quarantine
- Additional Operational Relief for BSFIs Affected by Measures to Manage the Coronavirus Disease (COVID-19) Situation and its Health and Safety Risks
- Alternative Means of Filing Reports, Communications and Other Documents with the SEC
- SEC Relaxes the Requirements for Extension in the Filing of Annual Reports and/or Audited Financial Statements
- Guidelines Covering the Conduct of Business in the Insurance Commission During the Community Quarantine Period
- SEC Issues Guidelines on the Participation in Regular and Special Meetings through Remote Means of Communication
- Regulatory Relief for...
- SEC Extends Deadline for Annual and Quarterly Reports for Companies affected by Covid-19
- Guidelines on Preventative Measures Against...
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2019
2019
- SEC Extends Deadline for Annual and Quarterly Reports for...
- Deferral of IFRIC Agenda Decision on Over Time Transfer of Constructed Goods (PAS 23) for Real Estate Industry
- Implementation of IFRS 17, Insurance Contracts
- Amendments to Regulations on Financial Audit of Banks and Non-Bank Financial Institutions
- Navigating the Changes to IFRS 2020
- SEC Memorandum Circular No. 2 - 2020 Filing of Annual Financial Statements and General Information Sheet
- IASB issues Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
- GTI IFRS News Q4 2019
- Insights into PFRS 3: Definition of a Business
- IASB issues Interest Rate Benchmark Reform
- Insights into PFRS 16: Presentation and Disclosure
- Insights into PFRS 16: Lease Payments
- Insurance Commission's Guidelines on Lease Accounting for Insurance and Reinsurance Companies
- GTI IFRS News Q1 2019
- Application Deferral of PIC Q&A 2018-H and 2018-14
- Sustainability Reporting Guidelines for Publicly-Listed Companies
- Insights into PFRS 16: Sale and Leaseback Accounting
- Insights into PFRS 16: Transition Choices
- Use of the New General Information Sheet (GIS) Form
- 2019 Filing of Annual FS and GIS
- Navigating the Changes to IFRS 18
- Insights into PFRS 3: Definition of a Business
- GTI IFRS News Q2 2019
- Rules on Material Related Party Transactions for Publicly-listed Companies
- BOA Repealed Resolutions on FS Compilation Services
- GTI IFRS News Q3 2019
- 2019
- 2018 2018
- 2017
- 2016
- 2015
- 2014
- 2008
- 2007
- 2006
- 2005
Illustrative 2006 Financial Statements
An Accounting Alert (see attached AA 2007-01) is issued to provide an illustrative set of separate financial statements (FS), including notes to FS, and a set of consolidated basic FS with selected note disclosures that are applicable only to consolidated FS (hereinafter referred to as the Illustrative FS), prepared in accordance with Philippine Financial Reporting Standards (PFRSs), for fictional manufacturing and distribution companies of semiconductor products [i.e., PNA Manufacturing Corporation, “PNA” or the “Company” (for separate FS), and Granthor Holdings Philippines, Inc. and subsidiaries, “Granthor and subsidiaries” or the “Group” (for the consolidated FS with selected notes to FS)].
BSP Exempts Reclassification of Foreign Currency
The Monetary Board approved on January 11, 2007 the guidelines exempting the reclassification of foreign currency denominated National Government (NG)/Bangko Sentral ng Pilipinas (BSP) bonds booked under the Held to Maturity (HTM) category from the tainting rule provided under Circular No. 476 dated February 16, 2005, in view of the increase in risk-weights of said securities under Circular No. 538 dated 4 August 2006, set to take effect on July 1, 2007.
BSP Imposes Specific Ceilings on Bank Lending
The Monetary Board (MB) approved on January 11, 2007 specific ceilings on a bank’s/quasi-bank’s lending to its subsidiaries and affiliates.