ADOPTION OF THE STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS NO. 27, “ACCOUNTING AND REPORTING FOR THE NONLIFE INSURANCE INDUSTRY”
WHEREAS, the Accounting Standards Council submitted to the Board on April 11, 1997 Statements of Financial Accounting Standards:
No. 27, “Accounting and Reporting for the Nonlife Insurance Industry”*
WHEREAS, after thorough and critical review of the standards promulgated under Statements of Financial Accounting Standards No. 27, the Board is of the opinion that they are comprehensive, relevant and adequate for principles of accounting.
WHEREFORE, be it resolved, as it hereby resolves, to adopt the following Statements of Financial Accounting Standards:
No. 27, “Accounting and Reporting for the Nonlife Insurance Industry”
as integral part of this resolution and favorably recommends their approval by the Commission as part of the Rules and Regulations of the Board of Accountancy.
RESOLVED, Further, that these accounting standards shall take effect after approval of this resolution by the Commission and after fifteen (15) days following its publications in the Official Gazette.
Adopted: 20 May 1997
Chairman
(SGD.) JOSE V. RAMOS
(SGD.) VIOLETA J. JOSEF
(SGD.) REYNALDO D. GAMBOA
(SGD.) JOSE A GANGAN
Members
Attested to:
(SGD.) CARLOS G. ALMELOR
Secretary, Professional Regulatory Boards
Approved:
(SGD.) ALFONSO G. ABAD
(SGD.) ROSALINDA DATU-EVANGELISTA
Commission Members
Text Available at Office of the National Administrative Register U.P. Law Complex, Diliman, Quezon City.