|
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 |
Title
No. |
|
16 |
Property,
Plant and Equipment |
|
24 |
Related
Party Disclosures |
|
27 |
Consolidated
Financial Statements and Accounting for Investments in Subsidiaries |
|
28 |
Accounting
for Investments in Associates |
|
31 |
Financial
Reporting of Interests in Joint Ventures |
|
35 |
Discontinuing
Operations |
|
36 |
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
|
