PRC BOARD OF ACCOUNTANCY RESOLUTION NO. 21, S. OF 2000, July 19, 2000
ADOPTION OF THE AMENDMENT OF THE ACCOUNTING STANDARDS COUNCIL (ASC) TO THE STATEMENT OF FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 4 — REVISED 2000 (RE: INVENTORIES) AS PART OF T…
the document entitled “Statement of Financial Accounting Standards No.
4” as part of the 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 amendments of ASC SFAS No. 4 (revised 2000) embodied in a
document entitled “Inventories”, copy of which was submitted to the
Board on June 19, 2000.
WHEREAS, after a judicious study and review of the amendments to the
provisions of ASC SFAS No. 4, embodied in ASC SFAS No. 4 (revised 2000)
approved by the Accounting Standards Council, the Board finds the
amendments well-taken it being issued as part of ASC’s project intended
to replace 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 “Inventories” marked as Annex “A*” (Text Available at Office of the National Administrative Register)
and made a part hereof, which amends certain provisions of ASC SFAS No.
4 as part of its rules and regulations for the practice of accountancy.
This Resolution and its Annex “A” shall take effect after 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
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(SGD.) ANTONIETA FORTUNA-IBE |
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(SGD.) EUGENE T. MATEO |
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(SGD.) MA. VIOLETA V. VICENTE |
(SGD.) RUPERTO P. SOMERA |
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(SGD.) LIWAYWAY F. GENER |
(SGD.) SOLITA V. DELANTAR |
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(SGD.) JOHN S. BALA |
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Attested: |
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(SGD.) CARLOS G. ALMELOR |
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Approved: |
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(SGD.) HERMOGENES P. POBRE |
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(SGD.) ALFONSO G. ABAD |
(SGD.) AVELINA DE LA REA TAN |