Update on adoption of IFRSs in Philippines
22 Oct 2007
We have modified our classification of the adoption of IFRS in Philippines in our table of Use of IFRSs by Jurisdiction.
In her presentation titled Conversion to IFRS: The Philippine Experience at the IASB's recent IFRS Conference in Singapore, Ms Fe Barin, Chairperson of the Philippines Securities and Exchange Commission, explained that IFRSs have been modified in a number of ways when they were adopted as Philippines Financial Reporting Standards (PFRSs). Consequently, entities complying with PFRSs will not necessarily be complying with IFRSs as adopted by the IASB. The following table is based on Ms Barin's Presentation:
Where are we now? ('Transition relief'):
Click for Use of IFRSs by Jurisdiction
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