- Accounting Alerts
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- 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- BOA Repealed Resolutions on FS Compilation Services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
- 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...
- 2018 2018
Navigating the Changes to IFRS for CFOs
This publication is designed to give Chief Financial Officers a high-level awareness of recent changes to International Financial Reporting Standards (IFRS) that will affect companies' future financial reporting. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.
What's new in the 2016 edition
The December 2016 edition of the publication has been updated for changes to IFRS that have been published between December 1, 2015 and November 30, 2016. In particular this edition covers the new leasing Standard – IFRS 16, for the first time.
The publication now covers March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016 and March 31, 2017 financial year ends.
Table of contents
The table of contents on page 2 lists all the changes covered in the publication, their effective dates, and the page in the publication on which the appropriate summary can be found.
How to use the publication
Identifying the changes that will affect you
The table of contents has been color coded to help entities planning for a specific financial reporting year end, and identifies:
- changes mandatorily effective for the first time
- changes not yet effective
- changes already in effect
Where a change is not yet mandatorily effective for a particular year end, it may still be possible for an entity to adopt it early (depending on local legislation and the requirements of the particular change in concern).
Where a change has been made but an entity is yet to apply it, certain disclosures are required to be made under IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. Disclosures required include the fact that the new or amended Standard or Interpretation is in issue but has not yet been applied, and known or reasonably estimable information relevant to assessing its possible impact on the financial statements in the period of initial application.
Identifying the commercial signiﬁcance of the changes in the publication
For each change covered in the publication, we have included a box on its commercial implications. These sections focus on two questions:
- How many entities will be affected?
- What will be the impact on affected entities?
A traffic light system indicates our assessment of the answers to these questions.
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.