JK&C LIBRARYSEC Memorandum Circular No. 19, s. 2004
Overview
SEC Memorandum Circular No. 19, Series of 2004, adopts Philippine Financial Reporting Standards (PFRS) approved by the Accounting Standards Council. The SEC approved the adoption through Resolution No. 662, Series of 2004. The standards include the final batch of Philippine Accounting Standards (PAS), revised International Accounting Standards (IASs), and Philippine Financial Reporting Standards (PFRSs) based on international accounting standards.
The circular provides that the adopted accounting standards apply to annual financial reporting periods beginning January 1, 2005, while the requirements for interim or quarterly reports begin January 1, 2006. It also provides specific transitional treatment for PAS/IAS No. 39 on Financial Instruments: Recognition and Measurement, including optional comparative information for prior years and disclosure of the covered companies’ conversion plans in their 2005 interim or quarterly reports.
The SEC’s current issuances listing identifies MC No. 19, s. 2004 under the Financial Reporting category and records it as a December 4, 2004 issuance. The Supreme Court E-Library copy, however, identifies the circular as dated and adopted December 22, 2004.
Full Text
Overview
SEC Memorandum Circular No. 19, Series of 2004, adopts Philippine Financial Reporting Standards (PFRS) approved by the Accounting Standards Council. The SEC approved the adoption through Resolution No. 662, Series of 2004. The standards include the final batch of Philippine Accounting Standards (PAS), revised International Accounting Standards (IASs), and Philippine Financial Reporting Standards (PFRSs) based on international accounting standards. The circular provides that the adopted accounting standards apply to annual financial reporting periods beginning January 1, 2005, while the requirements for interim or quarterly reports begin January 1, 2006. It also provides specific transitional treatment for PAS/IAS No. 39 on Financial Instruments: Recognition and Measurement, including optional comparative information for prior years and disclosure of the covered companies' conversion plans in their 2005 interim or quarterly reports. The SEC's current issuances listing identifies MC No. 19, s. 2004 under the Financial Reporting category and records it as a December 4, 2004 issuance. The Supreme Court E-Library copy, however, identifies the circular as dated and adopted December 22, 2004.
Short Title / Subject
Philippine Financial Reporting Standards
Full Text
REPUBLIC OF THE PHILIPPINES
SECURITIES AND EXCHANGE COMMISSION
SEC Building, EDSA, Greenhills, Mandaluyong City
SEC MEMORANDUM CIRCULAR NO. 19
Series of 2004
SUBJECT: PHILIPPINE FINANCIAL REPORTING STANDARDS
The Commission, in its Resolution No. 662, Series of 2004, approved the adoption in its rules and regulations of the following Philippine Financial Reporting Standardsl (PFRS), as approved by the Accounting Standards Council:
Last Batch of IASs2
PAS3 |
IAS |
Title |
This will supersede |
PAS 19 |
IAS 19 |
Employee Benefits |
SFAS 24 |
PAS 29 |
IAS 29 |
Financial Reporting in Hyperinflationary Economies |
|
PAS 30 |
IAS 30 |
Disclosures in the Financial Statements of Banks and Similar Financial Institutions |
SFAS 19 |
PAS 41 |
IAS 41 |
Agriculture |
|
2. International Accounting Standards (IASs), As Revised In 2003
PAS |
IAS |
|
This will supersede |
PAS 1 |
IAS 1 |
Presentation of Financial Statements |
SFAS 1 (rev) |
PAS 2 |
IAS 2 |
Inventories |
SFAS 4 (rev) |
PAS 8 |
IAS 8 |
Accounting Policies, Changes in Accounting Estimates and Errors |
SFAS 13 (rev) |
PAS 10 |
IAS 10 |
Events after the Balance Sheet Date |
SFAS IO/IASIO |
PAS 16 |
IAS 16 |
Property, Plant and Equipment |
SFAS 16/1AS 16 |
PAS 17 |
IAS 17 |
Leases |
SFAS 17/1AS 17 |
PAS 21 |
IAS 21 |
The Effects of Changes in ForeignExchange Rates |
SFAS 21/1AS 21 |
1 Consisting of Philippine Accounting Standards 1 to 41 [these are adopted International Accounting Standards (IASs) as issued by the International Accounting Standards Committee (IASC)I; Philippine Financial Reporting Standards 1 to 5 [adopted International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB); and interpretations thereof.
2 International Accounting Standards as issued by the IASC, the predecessor of the IASB. The adoption of this last batch of IASs (Nos. 19, 29, 30 and 41), completes the Philippines' transition to international-based accounting standards.
3 Philippine Accounting Standards as re-named from Statements of Financial Reporting Standards (SFASs) by ASC to correspond better with the IASs issuance by the IASC.
International Accounting Standards (IASs), As Revised1
PAS |
IAS |
Title |
This will supersede |
PAS 24 |
IAS 24 |
Related Party Disclosures |
SFAS 24/1AS 24 |
PAS 27 |
IAS 27 |
Consolidated and Separate Financial Statements |
SFAS 27/1AS 27 |
PAS 28 |
IAS 28 |
Investments in Associates |
SFAS 28/1AS 28 |
PAS 31 |
IAS 31 |
Interests in Joint Ventures |
SFAS 31/1AS 31 |
PAS 32 |
IAS 32 |
Financial Instruments: Disclosures and Presentation |
|
PAS 33 |
IAS 33 |
Earnings per Share |
SFAS 29 |
PAS 36 |
IAS 36 |
impairment of Assets |
SFAS 36/1AS 36 |
PAS 38 |
IAS 38 |
Intangible Assets |
SFAS 38/1AS 38 |
PAS 39 |
IAS 39 |
Financial Instruments: Recognition andMeasurement |
SFAS 10 & 19A |
PAS 40 |
IAS 40 |
Investment Property |
|
3. International Financial Reporting Standards (IFRSs)
PFRS |
FRS |
Title |
This will supersede |
PFRS I |
IFRS I |
First-time Adoption of Philippine Financial Reporting Standards |
|
PFRS 2 |
IFRS 2 |
Share Based Payment |
|
PFRS 3 |
FRS 3 |
Business Combinations |
SFAS 22/1AS 22 |
PFRS 4 |
IFRS 4 |
Insurance Contracts |
|
|
|
FRS 5 |
Non-current Assets Held for Sale and Discontinued Operations |
SFAS 35/1AS 35 |
The foregoing accounting standards shall be effective for annual financial reporting periods beginning January 1, 2005 and for interim or quarterly reports beginning January 1, 2006.
For purposes of PAS/IAS No. 39 on Financial Instruments: Recognition and Measurement:
1) Comparative information for prior years is optional; and
2) Status of conversion plan by the covered companies concerned must be discussed in their 2005 interim/quarterly reports.
Copies of these new/revised accounting standards will be available at the offices of the Philippine Institute of Certified Public Accountants (PICPA).
This Memorandum Circular shall take effect fifteen (15) days following its publication in a newspaper of general circulation.
Issued this 22nd day of December 2004 at EDSA, Greenhills, Mandaluyong City.
FE B. BARIN
Chairperson
As revised in year. 2003 except IASs 36 and 38 which were revised in 2004.
Official PDF
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Source
Official Source: Securities and Exchange Commission
Official URL: https://www.sec.gov.ph/mc-2004/sec-memorandum-circular-no-19-3/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 19, s. 2004, SEC Memorandum Circular No. 19, s. 2004, 2004-12-22
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Source
Securities and Exchange Commission Official source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 19, s. 2004, SEC Memorandum Circular No. 19, s. 2004, 2004-12-22