December 31, 2011
PHILIPPINE FINANCIAL REPORTING STANDARDS
(ADOPTED BY SEC AS OF DECEMBER 31, 2011)
Philippine Financial Reporting | Title | Effective | Brief Description | ||
Standards (PFRS)/Philippine | Date | ||||
Accounting Standards (PAS) | |||||
| Framework for the | Conceptual Framework | 07/01/11 | The Conceptual Framework creates a sound foundation for | ||
| Preparation and Presentation | Phase A: Objectives and | future accounting standards that are principles-based, | |||
| of Financial Statements | qualitative characteristics | internally consistent and internationally converged. | |||
| The Conceptual Framework deals with: | |||||
| a) | the objective of financial reporting; | ||||
| b) | the qualitative characteristics of useful financial | ||||
| information; | |||||
| c) | the definition, recognition and measurement of the | ||||
| elements from which financial statements are | |||||
| constructed; and | |||||
| d) | concepts of capital and capital maintenance. | ||||
| Improvements to PFRSs 2010 | Improvements to PFRSs 2010 | 01/01/11 | The annual improvements process aims to make necessary, | ||
| (A Collection of | but non-urgent, amendments to IFRSs that will not be | ||||
| Amendments to Seven | included as part of a major project. The latest...
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