Regulatory Alerts2018-09-06
SEC Memorandum Circular No. 13 Series of 2018 Adoption of Accounting Standards and Interpretations
The Securities and Exchange Commission adopted recently approved accounting standards and interpretations as part of its financial reporting rules. The circular mandates compliance with specific amendments to PFRS 9 and PAS 28, along with new guidance on materiality judgments and real estate industry implementation issues. It also incorporates various PIC Q&As addressing topics such as capitalization of lease costs, elimination of profits in joint ventures, and accounting for collector's items.
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