JK&C LIBRARYSEC Memorandum Circular No. 1, s. 2003
Overview
SEC Memorandum Circular No. 1, Series of 2003 adopts several Statements of Financial Accounting Standards (SFAS/IAS) into the rules and regulations of the Securities and Exchange Commission. The adoption was approved through SEC Resolution No. 51, Series of 2003, dated February 13, 2003, and covers standards concerning foreign exchange differences, events after the balance sheet date, government grants, business combinations, provisions and contingent liabilities, and intangible assets.
The circular provides that the standards apply to audited financial statements covering periods beginning January 1, 2003, while interim financial statements would follow beginning in 2004. It also requires information to be presented or restated in accordance with the new accounting standards to ensure comparability.
Full Text
Overview
SEC Memorandum Circular No. 1, Series of 2003 adopts several Statements of Financial Accounting Standards (SFAS/IAS) into the rules and regulations of the Securities and Exchange Commission. The adoption was approved through SEC Resolution No. 51, Series of 2003, dated February 13, 2003, and covers standards concerning foreign exchange differences, events after the balance sheet date, government grants, business combinations, provisions and contingent liabilities, and intangible assets. The circular provides that the standards apply to audited financial statements covering periods beginning January 1, 2003, while interim financial statements would follow beginning in 2004. It also requires information to be presented or restated in accordance with the new accounting standards to ensure comparability.
Short Title / Subject
Adoption of Statements of Financial Accounting Standards
Full Text
SEC MEMORANDUM CIRCULAR NO. 1
Series of 2003
The Commission, in its Resolution No. 51 Series of 2003 dated February 13, 2003, approved the adoption in its rules and regulations of the following Statements of Financial Accounting Standards (SFAS), as approved by Accounting Standards Council (ASC), Board of Accountancy (BOA) and Professional Regulation Commission (PRC):
| SFAS/IAS No. | Title |
| 8A | Deferral of Foreign Exchange Differences |
| 10 | Events After the Balance Sheet Date |
| 20 | Accounting For Government Grants and Disclosure of Government Assistance |
| 22 | Business Combinations |
| 37 | Provisions, Contingent Liabilities & Contingent Assets |
| 38 | Intangible Assets |
This Memorandum Circular becomes effective for audited financial statements covering the period beginning January 1, 2003 and for interim financial statements starting 2004. All data/information shall be presented or restated to conform with the provisions of the aforementioned new accounting standards for comparability. Copies thereof are available at the offices of the Philippine Institute of Certified Public Accountants (PICPA) except for SFAS/IAS No. 22 and 38 which are still in the process of printing.
This Memorandum Circular shall take effect fifteen (15) days following its publication in a newspaper of general circulation.
Issued this 13 day of February 2003 at EDSA, Greenhills, Mandaluyong City.
(Original Signed)
LILIA R. BAUTISTA
Chairperson
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Source
Official URL: https://www.sec.gov.ph/mc-2003/sec-memorandum-circular-no-01-10/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 1, s. 2003, SEC Memorandum Circular No. 1, s. 2003, 2003-02-13
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Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 1, s. 2003, SEC Memorandum Circular No. 1, s. 2003, 2003-02-13