ADOPTION OF THE AMENDMENT OF THE ACCOUNTING STANDARDS COUNCIL (ASC) TO THE STATEMENT OF FINANCIAL ACCOUNTING STANDARDS (SFAS) NO. 19 (RE: ACCOUNTING FOR INVESTMENTS IN DEBT AND …

WHEREAS, in Resolution No. 19, Series of 1997, the Board adopted the
document entitled “Statement of Financial Accounting Standards No. 19”
as part of the rules and regulations of the Board for the practice of
the accountancy profession.

WHEREAS, the Accounting Standards Council (ASC), on December 20,
1999 approved the amendments of ASC SFAS No. 19 embodied in a document
entitled “Statement of Financial Accounting Standards No. 19A”, copy of
which was submitted to the Board on January 3, 2000.

WHEREAS, after a judicious study and review of the amendments to the
provisions of ASC SFAS No. 19 embodied in ASC SFAS No. 19A approved by
the Accounting Standards Council, the Board finds the amendments
well-taken in the light of the Council’s decision to “align the
provisions of ASC SFAS No. 19 with the provisions of BSP Circular No.
161 which was based on FASB Statement No. 115, Accounting for
Investments in Debt and Equity Securities issued by the US Financial
Accounting Standards Board”.

WHEREFORE, the Board resolved as it hereby resolves to adopt the
document entitled “Statement of Financial Accounting Standards No. 19A”
marked as Annex “A” (* Text Available at the Office of the National
Administrative Register, U.P. Law Center, Diliman, Quezon City) and made
a part hereof, which amends certain provisions of ASC SFAS No. 19 as
part of its rules and regulations for the practice of accountancy.

Resolved further, that the 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: 05 May 2000

(SGD.) ANTONIETA FORTUNA-IBE Chairman
(SGD.) EUGENE MATEO Vice-Chairman
(SGD.) VIOLETA V. VICENTE Member	(SGD.) RUPERTO P. SOMERA Member
(SGD.) LIWAYWAY F. GENER Member	(SGD.) SOLITA V. DELANTAR Member
(SGD.) JOHN S. BALA Member
ATTESTED:
(SGD.) CARLOS G. ALMELOR Secretary, Professional Regulatory Boards
APPROVED:
(SGD.) HERMOGENES P. POBRE Commission Chairman
(SGD.) ALFONSO G. ABAD Associate Commissioner	(SGD.) AVELINA DE LA REA-TAN Associate Commissioner