All IAS have been adopted or proposed in the Philippines

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17 Dec 2003

With the recent issuance of two exposure drafts by the Philippine Accounting Standards Council, every existing International Accounting Standard has now either been adopted virtually word for word or proposed for adoption in the Philippines.

The last two exposure draft are the equivalents of IAS 30 (disclosures by financial institutions) and IAS 41 (agriculture). In addition to these two, the Philippine exposure drafts of the following standards have not yet been issued as final Statements of Financial Accounting Standards: IAS 12 (income taxes), IAS 19 (employee benefits), IAS 26 (employee benefit plans), IAS 29 (hyperinflation), IAS 32 and IAS 39 (financial instruments), and IAS 40 (investment property).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.