SEC Memorandum Circular No. 10, s. 2002 – Adoption of Statements of Financial Accounting Standards
SEC Memorandum Circular No. 10, s. 2002 adopts several Statements of Financial Accounting Standards covering property, plant and equipment, related party disclosures, consolidated financial statements, investments, joint ventures, discontinuing operations, and impairment of assets.
SEC MEMORANDUM CIRCULARS
6/25/20262 min read
SEC Memorandum Circular No. 10, s. 2002
Adoption of Statements of Financial Accounting Standards
Date Issued: July 4, 2002
Issuing Agency: Securities and Exchange Commission, Philippines
Overview
Editorial Summary
This overview is an editorial summary only and is not part of the official text of the memorandum circular.
SEC Memorandum Circular No. 10, s. 2002 adopts several Statements of Financial Accounting Standards into the rules and regulations of the Securities and Exchange Commission.
The circular covers accounting standards on property, plant and equipment, related party disclosures, consolidated financial statements, investments in subsidiaries and associates, interests in joint ventures, discontinuing operations, and impairment of assets.
The circular applies to audited financial statements covering periods beginning January 1, 2002 and to interim financial statements starting 2003. It also requires data and information to be presented or restated to conform with the adopted accounting standards for comparability.
Full Text
SEC Memorandum Circular No. 10
Series of 2002
The Commission, in its Resolution No. 264 Series of 2002 dated July 4, 2002, approved the adoption in its rules and regulations of the following Statements of Financial Accounting Standards, as approved in March 2002 by the Professional Regulation Commission through the Board of Accountancy after they were approved by the Accounting Standards Council (ASC).
SFAS / IAS No. 16
Title: Property, Plant and Equipment
SFAS / IAS No. 24
Title: Related Party Disclosures
SFAS / IAS No. 27
Title: Consolidated Financial Statements and Accounting for Investments in Subsidiaries
SFAS / IAS No. 28
Title: Accounting for Investments in Associates
SFAS / IAS No. 31
Title: Financial Reporting of Interests in Joint Ventures
SFAS / IAS No. 35
Title: Discontinuing Operations
SFAS / IAS No. 36
Title: Impairment of Assets
This Memorandum Circular becomes effective for audited financial statements covering the period beginning January 1, 2002 and for interim financial statements starting 2003.
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. 36 which is 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 4th day of July 2002 at EDSA, Greenhills, Mandaluyong City.
(Original Signed)
LILIA R. BAUTISTA
Chairperson
Source
Official Source: Securities and Exchange Commission
Official URL: https://www.sec.gov.ph/
Citation:
SEC Memorandum Circular No. 10, Series of 2002, Adoption of Statements of Financial Accounting Standards, Securities and Exchange Commission, Philippines, July 4, 2002.