Accounting standards in the Philippines are adopted by the Philippines Financial Reporting Standards Council (PFRSC) and approved by the Securities and Exchange Commission (SEC). # Name Issued IAS 1 Presentation of Financial Statements 2007* IAS 2 Inventories … [IAS 1.122]. [IAS 1.106A], The following amounts may also be presented on the face of the statement of changes in equity, or they may be presented in the notes: [IAS 1.107], Notes are presented in a systematic manner and cross-referenced from the face of the financial statements to the relevant note. That information, along with other information in the notes, assists users of financial statements in predicting the entity's future cash flows and, in particular, their timing and certainty. Accounting Standards Update No. Copyright 2007. lessonko.com. Total comprehensive income is defined as "the change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners". Philippine Accounting Standards Title Effect ive Date Presentation of Financial Statements [superseded by PAS 1 (Revised)] 01/01/ 05 Amendment to PAS 1: Capital Disclosures 01/01/ 07 Presentation of Financial Statements 01/01/ 09 Amendments to PAS 32 and PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation 01/01/ 09 Effecti ve Date. Construction contracts (IFRS 15 as of jan 1, 2018) PAS 12. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows. ACCOUNTING 2 PHILIPPINE ACCOUNTING STANDARDS (PAS) Set of accounting principles that are uniformly applied in the Philippines Outlines the provisions and requirements in preparing and presenting financial statements; applies to all businesses regardless of their form of organization and nature of operation INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) – set common rules to … Excerpts from the Notes to Financial Statements (ADA Corporation) Corporate/Company Information: The firm was incorporated under the laws of the Republic of the Philippines and registered with the Philippine Securities and Exchange Commission (SEC) on July 22, 1966. The FRSC’s main function is to establish generally accepted accounting principles in the Philippines. IFRS - standards that are promulgated by the International Accounting Standards Board (IASB) which is based in London, UK. [IAS 1.2]General purpose financial statements are those intended to serve users who do not have the authority to demand financial reports tailored for their own needs. (Supersedes IAS 1 (1975), IAS 5, and IAS 13 (1979)), When an entity presents subtotals, those subtotals shall be comprised of line items made up of amounts recognised and measured in accordance with IFRS; be presented and labelled in a clear and understandable manner; be consistent from period to period; and not be displayed with more prominence than the required subtotals and totals. Excerpts from the Notes to Financial Statements (ADA Corporation) Corporate/Company Information: The firm was incorporated under the laws of the Republic of the Philippines and registered with the Philippine Securities and Exchange Commission (SEC) on July 22, 1966. : (02) 723 0691 IAS 1 was reissued in September 2007 and applies to annual periods beginning on or after 1 January 2009. [IAS 1.125] These disclosures do not involve disclosing budgets or forecasts. the amount of dividends proposed or declared before the financial statements were authorised for issue but which were not recognised as a distribution to owners during the period, and the related amount per share. The statement must show: [IAS 1.106], * An analysis of other comprehensive income by item is required to be presented either in the statement or in the notes. This board superseded Accounting Standards Council (ASC), the board who created International Accounting Standards (IAS) originally, in 1970's with the hope to achieving greater consitency and comparability among accounting standards in the world. If management has significant concerns about the entity's ability to continue as a going concern, the uncertainties must be disclosed. New PFRS standards effective after 1 January 2018 Under paragraph 30 of PAS 8, entities need to disclose any new PFRSs that are issued but not yet effective and that are likely to impact the entity. 01/01/ 09. Comparative information is provided for narrative and descriptive where it is relevant to understanding the financial statements of the current period. PHILIPPINE ACCOUNTING STANDARDS 1 PRESENTATION OF FINANCIAL STATEMENTS Objective of PAS 1 The objective of IAS 1 (revised 1997) is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity's financial statements of [IAS 1.55A]*, This site uses cookies to provide you with a more responsive and personalised service. Standards for recognising, meas… PAS 2. A complete set of financial statements includes: [IAS 1.10], An entity may use titles for the statements other than those stated above. This summary includes all new standards and amendments issued before 31 December 2017 with an effective date beginning on or after 1 January 2018. IAS 1 was reissued in September 2007 and applies to annual periods beginning on or after 1 January 2009. Thus, it has approved two Statement of Financial Accounting To meet that objective, financial statements provide information about an entity's: [IAS 1.9]. Credit Losses The amendments in this Update amend the mandatory effective dates Credit Losses for all entities as follows: PHILIPPINE ACCOUNTING STANDARDS 1 PRESENTATION OF FINANCIAL STATEMENTS Objective of PAS 1 The objective of IAS 1 (revised 1997) is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity's financial statements of [IAS 1.2], General purpose financial statements are those intended to serve users who are not in a position to require financial reports tailored to their particular information needs. [IAS 1.38], An entity is required to present at least two of each of the following primary financial statements: [IAS 1.38A], * A third statement of financial position is required to be presented if the entity retrospectively applies an accounting policy, restates items, or reclassifies items, and those adjustments had a material effect on the information in the statement of financial position at the beginning of the comparative period. Accounting Standards (AS 1~32) are issued/ amended by the Accounting Standards Board of ICAI, to establish uniform standards for preparation of financial statements, in accordance with Indian GAAP (Generally Accepted Accounting Practices), for better understanding of the users. Composition of the Financial Reporting Standards Council . Standards for recognising, measuring, and disclosing specific transactions are addressed in other Standards and Interpretations. All items of income and expense recognised in a period must be included in profit or loss unless a Standard or an Interpretation requires otherwise. Philippine Financial Reporting Standards 9 Financial Instruments . Please read, International Financial Reporting Standards, IAS 1 — Presentation of Financial Statements, IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors, IAS 10 — Events After the Reporting Period, IAS 15 — Information Reflecting the Effects of Changing Prices (Withdrawn), IAS 19 — Employee Benefits (1998) (superseded), IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance, IAS 21 — The Effects of Changes in Foreign Exchange Rates, IAS 22 — Business Combinations (Superseded), IAS 26 — Accounting and Reporting by Retirement Benefit Plans, IAS 27 — Separate Financial Statements (2011), IAS 27 — Consolidated and Separate Financial Statements (2008), IAS 28 — Investments in Associates and Joint Ventures (2011), IAS 28 — Investments in Associates (2003), IAS 29 — Financial Reporting in Hyperinflationary Economies, IAS 30 — Disclosures in the Financial Statements of Banks and Similar Financial Institutions, IAS 32 — Financial Instruments: Presentation, IAS 35 — Discontinuing Operations (Superseded), IAS 37 — Provisions, Contingent Liabilities and Contingent Assets, IAS 39 — Financial Instruments: Recognition and Measurement, Disclosure initiative — Accounting policies, Classification of liabilities — Effective date, Disclosure initiative — Principles of disclosure, Model financial statements and checklists, Educational material on applying IFRSs to climate-related matters, ESMA announces enforcement priorities for 2020 financial statements, We comment on the IASB’s exposure draft on general presentation and disclosures, IASB defers effective date of IAS 1 amendments, EFRAG endorsement status report 6 November 2020, Deloitte comment letter on general presentation and disclosures, EFRAG endorsement status report 28 August 2020, Effective date of IAS 1 amendments on classification, IFRS Practice Statement 'Making Materiality Judgements', SIC-8 — First-time Application of IASs as the Primary Basis of Accounting, SIC-18 — Consistency – Alternative Methods, SIC-27 — Evaluating the Substance of Transactions in the Legal Form of a Lease, SIC-29 — Service Concession Arrangements: Disclosures, Operative for periods beginning on or after 1 January 1975, Operative for periods beginning on or after 1 January 1981, Operative for periods beginning on or after 1 July 1998, Effective for annual periods beginning on or after 1 January 2005, Effective for annual periods beginning on or after 1 January 2007, Effective for annual periods beginning on or after 1 January 2009, Effective for annual reporting periods beginning on or after 1 January 2009, Effective for annual periods beginning on or after 1 January 2010, Effective for annual periods beginning on or after 1 January 2011, Effective for annual periods beginning on or after 1 July 2012, Effective for annual periods beginning on or after 1 January 2013, Effective for annual periods beginning on or after 1 January 2016, Effective for annual periods beginning on or after 1 January 2020, Effective for annual periods beginning on or after 1 January 2022, The new effective ate of the January 2020 amendments is now 1 January 2023, financial assets (excluding amounts shown under (e), (h), and (i)), investments accounted for using the equity method, financial liabilities (excluding amounts shown under (k) and (l)), current tax liabilities and current tax assets, as defined in, deferred tax liabilities and deferred tax assets, as defined in, non-controlling interests, presented within equity. [IAS 1.82A]*. whether, in substance, particular sales of goods are financing arrangements and therefore do not give rise to revenue. IAS 1 sets out the overall framework and responsibilities for the presentation of financial statements, guidelines for their structure and minimum requirements for the content of the financial statements. Assets can be presented current then non-current, or vice versa, and liabilities and equity can be presented current then non-current then equity, or vice versa. If the annual reporting period changes and financial statements are prepared for a different period, the entity must disclose the reason for the change and state that amounts are not entirely comparable. reconciliations between the carrying amounts at the beginning and the end of the period for each component of equity, separately disclosing: transactions with owners, showing separately contributions by and distributions to owners and changes in ownership interests in subsidiaries that do not result in a loss of control, amount of dividends recognised as distributions, present information about the basis of preparation of the financial statements and the specific accounting policies used, disclose any information required by IFRSs that is not presented elsewhere in the financial statements and, provide additional information that is not presented elsewhere in the financial statements but is relevant to an understanding of any of them, a summary of significant accounting policies applied, including: [IAS 1.117], the measurement basis (or bases) used in preparing the financial statements, the other accounting policies used that are relevant to an understanding of the financial statements, supporting information for items presented on the face of the statement of financial position (balance sheet), statement(s) of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows, in the order in which each statement and each line item is presented, contingent liabilities (see IAS 37) and unrecognised contractual commitments, non-financial disclosures, such as the entity's financial risk management objectives and policies (see, when substantially all the significant risks and rewards of ownership of financial assets and lease assets are transferred to other entities. IAS 1 sets out the overall framework and responsibilities for the presentation of financial statements, guidelines for their structure and minimum requirements for the content of the financial statements. In July 2009, the International Accounting Standards Board (IASB) published a five-year project, titled “International Financial Reporting Standards for Small and Medium-sized Entities” (IFRS for SMEs). The Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS) are the new set of Generally Accepted Accounting Principles (GAAP) issued by the Accounting Standards Council (ASC) to govern the preparation of financial statements (Table 1). For example, an entity may use the term 'net income' to describe profit or loss." 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (Hedging) Accounting Standards Update No. [IAS 1.74] However, the liability is classified as non-current if the lender agreed by the reporting date to provide a period of grace ending at least 12 months after the end of the reporting period, within which the entity can rectify the breach and during which the lender cannot demand immediate repayment. Reports that are presented outside of the financial statements – including financial reviews by management, environmental reports, and value added statements – are outside the scope of IFRSs. related notes for each of the above items. Statement of cash flows. Events after the reporting period. This Commission Yes. The FRSC was established under the Implementing Rules and Regulations of the Philippine Accountancy Act of 2004 to assist the BOA in carrying out its power and function to promulgate accounting standards in the Philippines. These words serve as exceptions. The IASB will also reissue standards in this series where it considers it appropriate. Income and expenses, including gains and losses. [IAS 1.7], The objective of general purpose financial statements is to provide information about the financial position, financial performance, and cash flows of an entity that is useful to a wide range of users in making economic decisions. THE REVISED CHART OF ACCOUNTS AND THE PHILIPPINE PUBLIC SECTOR ACCOUNTING STANDARDS LOURDES M. CASTILLO Assistant Commissioner Government Accountancy Sector Lecture Delivered at the PAGBA Convention September 04, 2014 L’Fisher Hotel, Bacolod City The chairman must have an experience or is currently a senior accounting practitioner. Standards for recognising, measuring, and disclosing specific transactions are addressed in other Standards and Interpretations.ScopeApplies to all general purpose financial statements based on International Financial Reporting Standards. Philippine Accounting Standards. 1 – from the Board of Accountancy Philippine Accounting Standards PAS Title Effective Date PAS 1 Presentation of Financial Statements [superseded by PAS 1 (Revised The application of IFRSs, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation. Title. The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. [IAS 1.76B], The line items to be included on the face of the statement of financial position are: [IAS 1.54], Additional line items, headings and subtotals may be needed to fairly present the entity's financial position. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. the level of rounding used (e.g. IFRS - standards that are promulgated by the International Accounting Standards Board (IASB) which is based in London, UK. Unaccompanied IFRSs may be if it has not complied, the consequences of such non-compliance. A compilation of Philippine Accounting Standards (PAS) Philippine Financial Reporting Standards (PFRS) Philippine interpretations (PI) Philippine Standard on Auditing (PSA) Philippine Standards on Review Engagements (PSREs) Philippine Standards on Assurance Engagements (PSAEs) Philippine Standards on Related Services (PSRSs) Philippine Standards on Quality Control (PSQCs) Philippine … [IAS 1.80-80A], Concepts of profit or loss and comprehensive income, Profit or loss is defined as "the total of income less expenses, excluding the components of other comprehensive income". PAS 10 Events after the Balance Sheet Date Changes in revaluation surplus where the revaluation method is used under, Remeasurements of a net defined benefit liability or asset recognised in accordance with, Exchange differences from translating functional currencies into presentation currency in accordance with, Gains and losses on remeasuring available-for-sale financial assets in accordance with, The effective portion of gains and losses on hedging instruments in a cash flow hedge under IAS 39 or, Gains and losses on remeasuring an investment in equity instruments where the entity has elected to present them in other comprehensive income in accordance with IFRS 9. In such a case, the entity is required to depart from the IFRS requirement, with detailed disclosure of the nature, reasons, and impact of the departure. IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. thousands, millions). A compilation of Philippine Accounting Standards (PAS) Philippine Financial Reporting Standards (PFRS) Philippine interpretations (PI) Philippine Standard on Auditing (PSA) Philippine Standards on Review Engagements (PSREs) Philippine Standards on Assurance Engagements (PSAEs) Philippine Standards on Related Services (PSRSs) Philippine Standards on Quality Control (PSQCs) Philippine … [IAS 1.7]*, Each material class of similar items must be presented separately in the financial statements. Accounting Standards (AS 1~32) are issued/ amended by the Accounting Standards Board of ICAI, to establish uniform standards for preparation of financial statements, in accordance with Indian GAAP (Generally Accepted Accounting Practices), for better understanding of the users. Thus, it has approved two Statement of Financial Accounting 7 Philippine Stock Exchange Monthly Report, December 2004. Shaw Boulevard, Mandaluyong City. Presentation of financial statements. It is important to note that Philippine Accounting Standards Council (ASC) started the move to adopt IAS in 1995. Page 4 PFRS 15: An Overview §International Financial Reporting Standard (IFRS) 15, Revenue from contract with customers, was issued in May 2014 by the International Accounting Standards Board (IASB) §IFRS 15 was adopted by the FRSC in 2016 as PFRS 15 §PFRS 15 replaces PAS 18, Revenue, PAS 11, Construction Contracts, and related interpretations effective January 1, 2018 ADA is The World Bank review is part of the ROSC (Reports on the Obser- vance of Standards and Codes) exercise. International Accounting Standards (IASs) were issued by the antecedent International Accounting Standards Council (IASC), and endorsed and amended by the International Accounting Standards Board (IASB). Philippine Accounting Standards Friday, March 30, 2007. The long-term financing approach used in UK and elsewhere – fixed assets + current assets - short term payables = long-term debt plus equity – is also acceptable. [IAS 1.3]Objective of Financial StatementsThe objective of general purpose financial statements is to provide information about the financial position, financial performance, and cash flows of an entity that is useful to a wide range of users in making economic decisions. Inventories. PHILIPPINE ACCOUNTING STANDARDS 1 PRESENTATION OF FINANCIAL STATEMENTS Objective of PAS 1 The objective of IAS 1 (revised 1997) is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities. Each word should be on a separate line. The effects of changes in the credit risk of a financial liability designated as at fair value through profit and loss under IFRS 9. a single statement of profit or loss and other comprehensive income, with profit or loss and other comprehensive income presented in two sections, or, a statement of comprehensive income, immediately following the statement of profit or loss and beginning with profit or loss [IAS 1.10A]. Generally Acceptable (Implicit) This means that the principle has gained general acceptance due to practice over time and has been proven to be most useful. Hierarchy of Reporting Standards. [IAS 1.73], If a liability has become payable on demand because an entity has breached an undertaking under a long-term loan agreement on or before the reporting date, the liability is current, even if the lender has agreed, after the reporting date and before the authorisation of the financial statements for issue, not to demand payment as a consequence of the breach. 1 – from the Board of Accountancy Page 4 PFRS 15: An Overview §International Financial Reporting Standard (IFRS) 15, Revenue from contract with customers, was issued in May 2014 by the International Accounting Standards Board (IASB) §IFRS 15 was adopted by the FRSC in 2016 as PFRS 15 §PFRS 15 replaces PAS 18, Revenue, PAS 11, Construction Contracts, and related interpretations effective January 1, 2018 Preface to International Standards and Philippine Standards PSA 120 - Framework of Philippine Standards on Auditing PSA 200 (Revised and Redrafted) - Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing for which the entity does not have the right at the end of the reporting period to defer settlement beyond 12 months. summary quantitative data about the amount classified as equity, the entity's objectives, policies and processes for managing its obligation to repurchase or redeem the instruments when required to do so by the instrument holders, including any changes from the previous period, the expected cash outflow on redemption or repurchase of that class of financial instruments and. 1. The chairman must have an experience or is currently a senior accounting practitioner. Auditing references such as PSA, PSRE, PSRS, PSQC, PAPS and other standards issued by the Auditing and Assurance Standards Council (AASC) in the Philippines [IAS 1.30A-31]. Philippine Financial Reporting Standards 9 Financial Instruments . Unaccompanied IFRSs may be Assets and liabilities, and income and expenses, may not be offset unless required or permitted by an IFRS. Bucket 1 (no significant increase in credit risk) Bucket 3 (impaired) Bucket 2 (with significant PHILIPPINE ACCOUNTING STANDARDS 1PRESENTATION OF FINANCIAL STATEMENTSObjective of PAS 1The objective of IAS 1 (revised 1997) is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities. disaggregation of inventories in accordance with, disaggregation of provisions into employee benefits and other items, numbers of shares authorised, issued and fully paid, and issued but not fully paid, par value (or that shares do not have a par value), a reconciliation of the number of shares outstanding at the beginning and the end of the period, description of rights, preferences, and restrictions, treasury shares, including shares held by subsidiaries and associates, shares reserved for issuance under options and contracts. 1 Chapter 1 INTRODUCTION Recent developments brought about by the Philippine Public Financial Management Reforms and significant changes in the field of accounting prompted the harmonization of the existing accounting standards with the international accounting standards. 01/01/ 07. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. a description of the nature and purpose of each reserve within equity. Financial statements cannot be described as complying with IFRSs unless they comply with all the requirements of IFRSs (which includes International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations and SIC Interpretations). 1 Chapter 1 INTRODUCTION Recent developments brought about by the Philippine Public Financial Management Reforms and significant changes in the field of accounting prompted the harmonization of the existing accounting standards with the international accounting standards. Further sub-classifications of line items presented are made in the statement or in the notes, for example: [IAS 1.77-78]: IAS 1 does not prescribe the format of the statement of financial position. PFRSs 2. IAS 1 requires an entity to present a separate statement of changes in equity. Applies to all general purpose financial statements based on International Financial Reporting Standards. Regarding issued share capital and reserves, the following disclosures are required: [IAS 1.79], Additional disclosures are required in respect of entities without share capital and where an entity has reclassified puttable financial instruments. An entity must disclose, in the summary of significant accounting policies or other notes, the judgements, apart from those involving estimations, that management has made in the process of applying the entity's accounting policies that have the most significant effect on the amounts recognised in the financial statements. Consequential amendments were made at that time to all of the other existing IFRSs, and the new terminology has been used in subsequent IFRSs including amendments. General Standards 1. Other comprehensive income is defined as comprising "items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs". Principally, to issue implementation guidance on Philippine Accounting Standards (PAS), Philippine Financial Reporting Standards (PFRS) and related Interpretations (collectively referred to as PFRS) adopted by the Financial Reporting Standards Council (FRSC) from accounting pronouncements issued by the International Accounting Standards Board. A net asset presentation (assets minus liabilities) is allowed. Philippine Accounting Standards (PASs) c. Interpretations. There are 15 members that composed the Financial Reporting Standards Council. PHILIPPINE ACCOUNTING STANDARDS 1 PRESENTATION OF FINANCIAL STATEMENTS Objective of PAS 1The objective of IAS 1 (revised 1997) is to prescribe the basis for presentation of general-purpose financial statements, to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities. [IAS 1.88] Some IFRSs require or permit that some components to be excluded from profit or loss and instead to be included in other comprehensive income. Once entered, they are only The objective of IAS 1 (2007) is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities. [IAS 1.40A], Where comparative amounts are changed or reclassified, various disclosures are required. [IAS 1.87], Certain items must be disclosed separately either in the statement of comprehensive income or in the notes, if material, including: [IAS 1.98]. [IAS 1.55]. Examples cited in IAS 1.123 include management's judgements in determining: An entity must also disclose, in the notes, information about the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Impact classification IAS 8 ), effective 1 January and ends on 31 December with... Auditor must have an experience or is currently a senior Accounting practitioner the presentation of financial statements superseded! For narrative and descriptive where it considers it appropriate of goods are financing arrangements therefore. As 'extraordinary items ' in the Philippines begins on 1 January 2016 ( Hedging Accounting... Arising on Liquidation, UK Settlement beyond 12 months 2017-12, Derivatives and (... Permitted by an IFRS the end of the nature and purpose of each within... Members or representatives must come from the Board of Accountancy Philippine Accounting Standards that composed the financial statements are to... Codes ) exercise 15 members that composed the financial statements, which issues implementation guidance on PFRSs issued 31. 7 Philippine Stock Exchange Monthly Report, December 2004 IAS 1.3 ] Accounting Rules Tax the... Class of similar items must be disclosed entity may use the term 'net income ' to describe profit loss... 'S ability to continue as a going concern, the consequences of such non-compliance new Standards and.. The entity 's ability to continue philippine accounting standards 1 a going concern, the uncertainties be! Various disclosures are required to be presented with equal prominence from other information in a published.! 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