Technical Alerts
2005 Illustrative Separate PFRS FS
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
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
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.
Recent Releases on Financial Reporting
Recently, new requirements and proposed regulations affecting financial statements (FS) for the year ended December 31, 2005 of companies have been released.
PAS 32 & 39: Financial Instruments
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.