c The definition recognition Statements aggregation and measurement of the

C the definition recognition statements aggregation

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(c) The definition, recognition Statements aggregation and measurement of the Comparative information elements from which Offsetting financial statements are constructed, and (d) Concepts of capital and capital maintenance Consistency of presentation As of this writing, the IASB has published the following standards: IFRS 1 First time adoption of International Finance Reporting Standards IFRS 2 Share based payment IFRS 3 Business combination IFRS 4 Insurance contracts
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IFRS In PHILIPPINES Extent of IFRS application Status Additional Information IFRS Standards are required for domestic public companies The Philippines has adopted IFRS Standards as Philippine Financial Reporting Standards (PFRSs), except on the aspect of revenue recognition under IFRS 15 for real estate companies that avail of the relief granted by the SEC. IFRS Standards are permitted but not required for domestic public companies IFRS Standards are required or permitted for listings by foreign companies IFRS Standards adopted as Philippines Financial Reporting Standards (PFRS) are required. The IFRS for SMEs Standard is required or permitted Permitted. Philippines has adopted the IFRS for SMEs Standard as the Philippines Financial Reporting Standard for SMEs (PFRS for SMEs). The IFRS for SMEs Standard is under consideration
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FRSC On November 18, 1981, the Philippine Institute of Public Accountants (PICPA), the national professional body of CPAs in the Philippines, created the Accounting Standard Counsil (ASC) as the accounting standard body in the Philippines, to establish and improve accounting standards that will be generally accepted in the Philippines. Basically, the accounting standards in the Philippines called "Statement of Financial Accounting Standards" (SFAS) were US-based, until the gradual adoption of IAS and IFRS in the Philippines starting in 1997. The decision to fully adopt the IAS was due to the following reasons 1. Increasing globalization of businesses: 2. Recognition of IAS by the global financial institutions such as World Bank, World Trade Organization and Asian Development Bank; and 3. Complete support by the Philippine Regulatory Agencies. (See succeeding discussion In 2004, the Philippine Regulation Commission (PRC) created the Financial Reporting Standard Council (FRSC), replacing the ASC. The FRSC was created to assist the Board of Accountancy (BOA) to carry out its powers and functions provided under Republic Act No. 9.298. the Philippine Accountancy Act of 2004 The approved accounting standards of the FRSC are known as the "Philippine Financial Reporting Standards." PFRS) and "Philippine Accounting Standards" (PAS) which fully took effect on January 1, 2005, The FRSC is the accounting standard setting body created by the Professional Regulation Commission upon recommendation of the Board of Accountancy to assist the Board of Accountancy in carrying out its powers and functions provided under R.A. Act No. 9298.
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  • Spring '10
  • Gleim
  • International Financial Reporting Standards

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