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PFRS_1_FIRST-TIME_ADOPTION_OF_PFRSs.pptx - PFRS 1...

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PFRS 1 First-time Adoption ofPhilippine Financial ReportingStandardsLearning ObjectivesDescribe who a“first-time adopter”isand what the“first PFRS financialstatements”are.Describe the general requirements ofPFRS 1.Conceptual Framework & Acctg.Standards (by: Zeus Vernon B.Millan)1
First PFRS financial statementsFirst PFRS financial statementsare “the firstannual financial statements in which an entityadoptsPFRSs, by an explicitand unreservedstatement of compliance with PFRSs.” (PFRS1.3)Conceptual Framework & Acctg.Standards (by: Zeus Vernon B.Millan)2
Financial statements are considered “First PFRS financialstatements” if the previous financial statements:
Conceptual Framework & Acctg.

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