PRC BOARD OF ACCOUNTANCY RESOLUTION NO. 23, S. OF 2000, July 19, 2000
ADOPTION OF THE FRAMEWORK FOR THE PREPARATION AND PRESENTATIONS OF FINANCIAL STATEMENTS AS PART OF THE RULES AND REGULATIONS FOR THE PRACTICE OF ACCOUNTANCY
held their meeting to discuss matters relative to the issuances of
Statements of Financial Accounting Standards (SFAS) to adopt rules and
regulations of the Board for the practice of the accountancy profession.
WHEREAS, the Accounting Standards Council (ASC), on January 26, 2000
approved the Framework for the Preparation and Presentation of
Financial Statements, copy of which was submitted to the Board on June
19, 2000.
WHEREAS, after a judicious study and review of the Framework for the
Preparation of Financial Statements approved by the Accounting
Standards Council, the Board finds well-taken it being issued as part of
ASC’s pronouncements on existing Statements of Financial Accounting
Standards with ASC’s counterpart International Accounting Standards
issued by the International Accounting Standards Committee.
WHEREFORE, the Board resolved as it hereby resolves to adopt the
document entitled “Framework for the Preparation and Presentation of
Financial Statements” marked as Annex A* (Text Available at Office of the National Administrative Register) ” and made as part of its rules and regulations for the practice of accountancy.
This Resolution and its Annex “A” shall take effect fifteen (15)
days following their publication in the Official gazette or in a
newspaper of general circulation in the Philippines, whichever is
earlier.
Adopted: 19 July 2000
|
(SGD.) ANTONIETA FORTUNA-IBE |
|
|
(SGD.) EUGENE T. MATEO |
|
|
(SGD.) MA. VIOLETA V. VICENTE |
(SGD.) RUPERTO P. SOMERA |
|
(SGD.) LIWAYWAY F. GENER |
(SGD.) SOLITA V. DELANTAR |
|
(SGD.) JOHN S. BALA |
|
|
Attested: |
|
|
(SGD.) CARLOS G. ALMELOR |
|
|
Approved: |
|
|
(SGD.) HERMOGENES P. POBRE |
|
|
(SGD.) ALFONSO G. ABAD |
(SGD.) AVELINA DE LA REA TAN |