Two deferrals from IFRS equivalents in Philippines
Apr 27, 2006
As reported in January 2006, Philippines has adopted all IASs and IFRSs in full as Philippines GAAP. Two transition deferrals have now been adopted:
- Pre-need insurance companies, which otherwise would have been required to use the Philippines IFRS equivalents in full in 2005, have been exempted by the Securities and Exchange Commission (which is the regulatory body for insurance entities) from applying the Philippines equivalents of IAS 32, IAS 39, and IFRS 4 for 2005. They are however, required to submit financial statements fully adopting all the standards by August 31, 2006. Click for SEC Announcement (PDF 23k).
- As reported in January 2006, non publicly accountable entities (NPAEs, sometimes called SMEs) have been given a two-year deferral (2005 to 2007) from the transition to IFRS equivalents. Instead, they are permitted to use Philippines accounting standards that were in effect in 2004. Click for SEC Announcement (PDF 151k).