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SEC Memorandum Circular
No.11
Series of 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:
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IAS No. |
Title |
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Framework
|
- |
Framework for the Preparation
and Presentation of Financial Statements |
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SFAS No. 1 (Revised)
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1 |
Presentation
of Financial Statements |
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SFAS No. 4 (Revised)
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2 |
Inventories |
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SFAS No. 22 (Revised)
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7 |
Cash Flow Statements |
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SFAS No. 13 (Revised)
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8 |
Net Profit or Loss for the Period, Fundamental Errors and Changes in
Accounting Policies |
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SFAS No. 31
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14 |
Segment Reporting |
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SFAS No. 30
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34 |
Interim Financial Reporting |
This
Memorandum Circular becomes effective for audited financial statements covering
the period beginning January 1, 2001 and for interim financial statements
starting 2002. 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 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 17th day of September 2001 at EDSA, Mandaluyong City
(Original
Signed)
LILIA
R. BAUTISTA
Chairperson
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