Accounting Alerts

Illustrative 2006 Financial Statements

18 Feb 2007

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

17 Jan 2007

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

17 Jan 2007

The Monetary Board (MB) approved on January 11, 2007 specific ceilings on a bank’s/quasi-bank’s lending to its subsidiaries and affiliates.