Adoption of Standards and Interpretations

October 10, 2008SEC NOTICENotice is hereby given that the Commission En Banc in its meeting of October 9, 2008, resolved to adopt the following standards and interpretations: aSCHcAStandard/  Title Effectivity Brief DescriptionInterpretations   Date           Improvements 1/01/09 The amendments are the result of   to PFRSs   conclusions the International      Accounting Standards Board      (IASB) reached on proposals made      in its annual improvement projects.      These are presented in two parts:      (1) those that involved accounting      changes for presentation,      recognition or measurement      purposes; and (2) those involving      terminology or editorial changes      with minimal effect on accounting.         Amendments 1/01/09 The amendments respond to  on Cost of an   concerns that retrospectively  Investment    determining cost and applying  under PFRS 1   the cost method in accordance with  and PAS 27   IAS 27 on first-time adoption of      IFRSs cannot, in some      circumstances, be achieved without      undue cost and effort. The      amendments address the issue: (1)      by allowing first-time adopters to      use a deemed cost of either fair      value or the carrying amount under      previous accounting practice to      measure the initial cost of      investments in subsidiaries, jointly      ...