SEC NOTICE, October 23, 2003
DISCLOSURE OF FUTURE CHANGE IN ACCOUNTING POLICY
Notice is hereby given that the Commission, in its meeting of October
23, 2003, resolved to approve the amendment of SRC Rules 68, As
amended, through the inclusion of the following paragraph in Section 2
(a) thereof:
“2(a) (iv). When an enterprise has not adopted a new Statement of
Financial Accounting Standard which has been published by the Accounting
Standards Council but which has not yet come into effect, the
enterprise should disclose the nature of the future change in accounting
policy and an estimate of the effect of the future change on its net
income or loss and financial position.”
The foregoing shall become
effective for audited financial statements beginning January 2003.
Adopted: 23 Oct. 2003
For the Commission:
(Sgd.) LILIA R. BAUTISTA
Chairperson