PFRS PAS Summary of Standards Revised

Effective PFRS

PFRS 1

PFRS 1 (Revised)

Title First-time Adoption of Philippine Financial Reporting Standards[superseded Standards [superseded by PFRS 1 (Revised)] 

1/1/2005

Amendments to PFRS 1 and PAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate

1 /1 /2 0 0 9

First-time Adoption of Philippine Financial Reporting Standards Amendments to PFRS 1: Additional Exemptions for Firsttime Adopters Amendment to PFRS 1: Limited Exemption from Comparative PFRS 7 Disclosures for First-time Adopters Amendments to PFRS 1: Severe Hyperinflation and Removal of Fixed Date for First-time Adopters

PFRS 2

PFRS 3 PFRS 3 (Revised)

Date

Share-based Payment Amendments to PFRS 2: Vesting Conditions and Cancellations Amendments to PFRS 2: Group Cash-settled Sharebased Payment Transactions Business Combinations[superseded Combinations[superseded by PFRS 3  (Revised)] 

7/1/2009 1/1/2010

7/1/2010 07/01/11* 1 /1 /2 0 0 5 1/1/2009 1 / 1 /2 0 1 0 1/1/2005

Business Combinations

7/1/2009 1 /1 /2 0 0 5 1 /1 /2 0 0 6

PFRS 5

Insurance Contracts Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts Non-current Assets Held for Sale and Discontinued Operations

PFRS 6

Exploration for and Evaluation of Mineral Resources

1/1/2006

PFRS 7

Financial Instruments: Disclosures

1/1/2007

Amendments to PFRS 7: Transition Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets

1/1/2007

PFRS 4

1 /1 /2 0 0 5

7/1/2008

Amendments to PAS 39 and PFRS 7: Reclassification of Fi Financi cia al Ass Asse ets - Ef Effect ctiive Da Date an and Tra Tran nsition Amendments to PFRS 7: Improving Disclosures about Financial Instruments Amendments to PFRS 7: Disclosures - Transfers of Financial Assets Amendments to PFRS 7: Disclosures - Offsetting Financial Assets and Financial Liabilities

01/01/13*

Amendments to PFRS 9 and PFRS 7: Mandatory Effe Ef fect ctiv ive e Dat Date e of of PFR PFRS S 9 and and Tr Tran ansi siti tion on Di Disc sclo losu sure res s

01/0 01 /01/ 1/15 15**

PFRS 8

Operating Segments

1/1/2009

PFRS 9

Financial Instruments

1 /1 /2 0 1 5

Amendments to PFRS 9 and PFRS 7: Mandatory Effe Ef fect ctiv ive e Dat Date e of of PFR PFRS S 9 and and Tr Tran ansi siti tion on Di Disc sclo losu sure res s

01/0 01 /01/ 1/15 15**

7 / 1 /2 0 0 8 1 /1 /2 0 0 9 7 / 1 /2 0 1 1

PFRS 10

Consolidated Financial Statements

01/01/13*

PFRS 11

Joint Arrangements

01/01/13*

PFRS 12

Disclosure of Interests in Other Entities

01/01/13*

PFRS 13

Fair Value Measurement

01/01/13*

Philippine Accounting Standards (PASs) Effective PAS

PAS 1 PAS 1 (Revised)

PAS 2 PAS 7 PAS 8

Date

Title

Presentation of Financial Statements [superseded by  PAS 1 (Revised)] 

1/1/2005

Amendment to PAS 1: Capital Disclosures

1 /1 /2 0 0 7

Presentation of Financial Statements

1 / 1 /2 0 0 9

Amendments to PAS 32 and PAS 1: Puttable Financial Inst In stru rume ment nts s an and d Ob Obli liga gattio ions ns Ar Aris isin ing g on Li Liqu quid idat atio ion n Amendments to PAS 1: Presentation of Items of Other Comprehensive Income

07/01/12*

Inventories

1/1/2005 1

Cash Flow Statements Accounting Policies, Changes in Accounting Estimates and Errors 2

1/1/ 1/ 1/20 2009 09

1/1/2005 1 / 1 /2 0 0 5

P A S 10

Events after the Balance Sheet Date

P A S 11

Construction Contracts

1 / 1 /2 0 0 5

P A S 12

Income Taxes Amendment to PAS 12 - Deferred Tax: Recovery of Underlying Assets

1 /1 /2 0 0 5 01/01/12*

PAS 14

Segment Reporting[superseded Reporting [superseded by PFRS 8] 

1/1/2005

P A S 16

Property, Plant and Equipment

1 /1 / 2 0 0 5

P A S 17

Leases

1 /1 /2 0 0 5

P A S 18

Revenue

1/1/2005

P A S 19

Employee Benefits Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and Disclosures

1/1/2005

PAS 19 (Amended)

1/1/2005

1/1/2006 01/01/13*

PAS 20

Employee Benefits Accounting for Government Grants and Disclosure of Government Assistance

P A S 21

The Effects of Changes in Foreign Exchange Rates

1 /1 /2 0 0 5

Amen Am endm dmen entt: Net Net Inv nves esttme ment nt in a For Forei eign gn Ope pera rati tion on

1/1/ 1/ 1/20 2006 06

Borrowing Costs[superseded Costs[superseded by PAS 23 (Revised)] 

1/1/2005

Borrowing Costs Related Party Disclosures[superseded Disclosures [superseded by PAS 24  (Revised)] 

1/1/2009

PAS 23 PAS 23 (Revised) PAS 24

1/1/2005

1/1/2005

PAS 24 (Revised)

Related Party Disclosures

1/1/2011

Accounting and Reporting by Retirement Benefit Plans Consolidated and Separate Financial Statements[superseded Statements [superseded by PAS 27 (revised)] 

1 /1 / 2 0 0 5

Consolidated and Separate Financial Statements

7/1/2009

Amendments to PFRS 1 and PAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate

1 /1 /2 0 0 9

Separate Financial Statements

01/01/13*

P A S 28 PAS 28 (Amended)

Investments in Associates

1 / 1 /2 0 0 5

Investments in Associates and Joint Ventures

01/01/13*

P A S 29

Financial Reporting in Hyperinflationary Economies

1/1/2005

PAS 30

Disclosures in the Financial Statements of Banks and Similar Financial Institutions [superseded by PFRS 7] 

1/1/2005

P A S 31

Interests in Joint Ventures

1/1/2005

P A S 32

Financial Instruments: Disclosure and Presentation

1 /1 /2 0 0 5

Financial Instruments: Presentation

1/1/2007

Amendments to PAS 32 and PAS 1: Puttable Financial Inst In stru rume ment nts s an and d Ob Obli liga gattio ions ns Ar Aris isin ing g on Li Liqu quid idat atio ion n

1/1/ 1/ 1/20 2009 09

P A S 26 PAS 27 PAS 27 (Revised)

PAS 27 (Amended)

1/1/2005

Amendmen Amend mentt to to PAS PAS 32: Cl Class assif ifica icati tion on of Ri Righ ghts ts Is Issue sues s Amendments to PAS 32: Offsetting Financial Assets and Financial Liabilities

01/01/14*

P A S 33

Earnings per Share

1/1/2005

P A S 34

Interim Financial Reporting

1 / 1 /2 0 0 5

P A S 36

Impairment of Assets

1/1/2005

P A S 37

Prov oviisi sio ons, Contingent Li Liab abiilities and Contingent Ass sse ets

1 / 1 /2 0 0 5

P A S 38

Intangible Assets

1/1/2005

P A S 39

Financial Instruments: Recognition and Measurement

1 /1 /2 0 0 5

Amendments to PAS 39: Transition and Initial Recogni Reco gnitio tion n of Fin Financi ancial al Asset Assets s and and Finan Financial cial Lia Liabil biliti ities es Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup Transactions Amendments to PAS 39: The Fair Value Option Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets – Effective Date and Transition  Amendments to Philippine Interpretation IFRIC–9 IFRIC–9 and PAS 39: Embedded Derivatives

2/1/ 2/ 1/20 2010 10

1/1/20 1/1 /2005 05 1/1/2006 1/1/2006 1 /1 /2 0 0 6 7/1/2008

7/1/2008 6/30/2009

Amendment to PAS 39: Eligible Hedged Items

7/1/2009

P A S 40

Investment Property

1 /1 / 2 0 0 5

P A S 41

Agriculture

1 /1 /2 0 0 5

PAS 101

Financial Reporting Standards for Non-publicly Accountable Entities[superseded Entities [superseded by PFRS for SMEs] 

1/1/2005

Ame men ndme men nt to to PAS PAS 10 101 1: Ch Change in in Ef Effec ecttive Da Date

1 /1 / 2 0 0 5

1

As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 7 was changed toStatement to Statement of Cash Flows. 2

As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 10 was changed toEvents to Events after the Reporting Period . Period .

Annual Improvements to PFRSs

Effective Date

Improvements to PFRSs (Approved in 2008) 28, PAS 29, PAS 31, PAS 36, PAS 38, PAS 39, PAS 40, PAS 41

1/1/2009

Amendments to PFRS 5

7/1/2009

Improvements to PFRSs (Approved in 2009) Philippine Interpretation IFRIC–16

7/1/2009

39

1/1/2010

Amendment to PAS 18, Appendix

(N/A)

Improvements to PFRSs (Approved in 2010) PAS 21, PAS 28 and PAS 31 made as a result of PAS 27 (Revised)

7/1/2010

Interpretation IFRIC–13

1/1/2011

*

For BOA/PRC Approval