JK&C LIBRARYSEC Memorandum Circular No. 4, s. 2006
Overview
SEC Memorandum Circular No. 4, Series of 2006 concerns the adoption of Philippine Financial Reporting Standards (PFRS) and related standards and amendments approved by the Accounting Standards Council (ASC).
The circular was adopted by the Securities and Exchange Commission on February 23, 2006. The SEC’s issuance database lists the circular under its Financial Reporting issuances. The Supreme Court E-Library also records the circular under the National Administrative Register and identifies its title as “Philippine Financial Reporting Standards.”
The standards adopted through this issuance included, among others, PFRS 6, PFRS 7, amendments to PAS 39, amendments to PAS 1, and amendments to PAS 39 and PFRS 4. Contemporary reporting on the SEC issuance identifies the relevant effective dates as 2006 and 2007, depending on the particular standard or amendment.
Full Text
Overview
SEC Memorandum Circular No. 4, Series of 2006 concerns the adoption of Philippine Financial Reporting Standards (PFRS) and related standards and amendments approved by the Accounting Standards Council (ASC). The circular was adopted by the Securities and Exchange Commission on February 23, 2006. The SEC's issuance database lists the circular under its Financial Reporting issuances. The Supreme Court E-Library also records the circular under the National Administrative Register and identifies its title as “Philippine Financial Reporting Standards.” The standards adopted through this issuance included, among others, PFRS 6, PFRS 7, amendments to PAS 39, amendments to PAS 1, and amendments to PAS 39 and PFRS 4. Contemporary reporting on the SEC issuance identifies the relevant effective dates as 2006 and 2007, depending on the particular standard or amendment.
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. 4
Series of 2006
SUBJECT: PHILIPPINE FINANCIAL REPORTING STANDARDS
The Commission, in its Resolution No. 114 , Series of 2006, approved the adoption in 'its rules and regulations of the following accounting standards, as approved by the Accounting Standards Council:
Philippine Financial Reporting Standards (PFRS)1
PFRS |
'FRS |
Title |
Effectivity Date |
Supersedes |
PFRS 6 |
IFRS 6 |
Exploration for and Evaluation of Mineral Resources |
1/1/06 |
|
PFRS 7 |
'FRS 7 |
Financial Instruments: Disclosures |
1/1/07 |
PAS 30 & 32(in part) |
Amendments to
Philippine Accounting Standards (PAS)2
Title |
Effectivity Date |
Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup Transactions |
1/1/06 |
Amendments to PAS 39: The Fair Value Option |
1/1 /06 |
Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts |
1/1/06 |
Amendment to PAS 1: Capital Disclosures |
1/1/07 |
The above-mentioned effectivity date refers to annual periods beginning on or after the effectivity date indicated.
1 Philippine Financial Reporting Standards correspond to the adopted International Financial Reporting Standards (IFRS).
2 Philippine Accounting Standards correspond to the adopted International Accounting Standards (IAS).
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 23rd day of February 2006 at EDSA, Greenhills, Mandaluyong
FE B.BARIN
Chairperson
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Source
Official Source: Securities and Exchange Commission
Official URL: https://www.sec.gov.ph/mc-2006/sec-memorandum-circular-no-04-8/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 4, s. 2006, SEC Memorandum Circular No. 4, s. 2006, 2006-02-23
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Source
Securities and Exchange Commission Official source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 4, s. 2006, SEC Memorandum Circular No. 4, s. 2006, 2006-02-23