SEC Memorandum Circular No. 11, s. 2001 – Adoption of Statements of Financial Accounting Standards
SEC Memorandum Circular No. 11, s. 2001 adopts certain Statements of Financial Accounting Standards approved by the Accounting Standards Council into SEC rules and regulations.
SEC MEMORANDUM CIRCULARS
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SEC Memorandum Circular No. 11, s. 2001
Adoption of Statements of Financial Accounting Standards Approved by the Accounting Standards Council
Document Number: SEC Memorandum Circular No. 11, s. 2001
Date Issued: September 17, 2001
Issuing Agency: Securities and Exchange Commission (SEC)
Overview
SEC Memorandum Circular No. 11, s. 2001 adopts into SEC rules and regulations certain Statements of Financial Accounting Standards approved by the Accounting Standards Council. These standards relate to financial statement presentation, inventories, contingencies, foreign exchange, intangible assets, investments, income recognition, stockholders’ equity, banking, business combinations, cash flow statements, income taxes, retirement benefit costs, borrowing costs, construction contracts, nonlife insurance, revenue, earnings per share, interim reporting, segment reporting, property, plant and equipment, related party disclosures, consolidated financial statements, investments in associates, joint ventures, discontinuing operations, and impairment of assets.
Full Text
SEC MEMORANDUM CIRCULAR NO. 11, s. 2001
The Commission, in its Resolution No. 283 Series of 2001, dated September 13, 2001, approved the adoption in its rules and regulations the following Statements of Financial Accounting Standards, as approved by the Accounting Standards Council:
Framework for the Preparation and Presentation of Financial Statements
SFAS 1 / IAS 01 — Presentation of Financial Statements (revised 2000)
SFAS 4 / IAS 02 — Inventories (revised 2000)
SFAS 7 — Contingencies and Subsequent Events
SFAS 8 — Accounting for Effects of Changes in Foreign Exchange Rates
SFAS 9 — Summary of Generally Accepted Accounting Principles on Intangible Assets
SFAS 10 — Summary of Generally Accepted Accounting Principles on Investment
SFAS 13 / IAS 08 — Net Income or Loss for the Period, Fundamental Errors and Changes in Accounting Policies
SFAS 18 — Summary of Generally Accepted Accounting Principles on Stockholders’ Equity
SFAS 19 — Summary of Generally Accepted Accounting Principles on Banking Industry
SFAS 19A — Accounting for Investments in Debt and Marketable Securities of Banks (an amendment of SFAS 19)
SFAS 20 — Accounting for Business Combinations
SFAS 22 / IAS 07 — Cash Flow Statements (revised 2000)
SFAS 23 — Accounting for Income Taxes
SFAS 24 — Retirement Benefit Costs
SFAS 25 / IAS 23 — Borrowing Costs
SFAS 26 / IAS 11 — Construction Contracts
SFAS 27 — Accounting and Reporting for the Nonlife Insurance Industry
SFAS 28 / IAS 18 — Revenue
SFAS 29 / IAS 33 — Earnings Per Share
SFAS 30 / IAS 34 — Interim Financial Reporting
SFAS 31 / IAS 14 — Segment Reporting
Based on new format:
SFAS 16 / IAS 16 — Property, Plant and Equipment
SFAS 24 / IAS 24 — Related Party Disclosures
SFAS 27 / IAS 27 — Consolidated Financial Statements and Accounting for Investments in Subsidiaries
SFAS 28 / IAS 28 — Accounting for Investments in Associates
SFAS 31 / IAS 31 — Financial Reporting of Interests in Joint Ventures
SFAS 35 / IAS 35 — Discounting Operations
SFAS 36 / IAS 36 — Impairment of Assets
Source
Official Source: Securities and Exchange Commission
Reference URL:
https://appointment.sec.gov.ph/mc-2001/sec-memorandum-circular-no-11-10/
Additional verification source: Supreme Court E-Library, SEC Notice on Amendments of SRC Rule 68
Citation:
Securities and Exchange Commission. SEC Memorandum Circular No. 11, s. 2001, September 17, 2001.