PRC BOARD OF ACCOUNTANCY NO. 138, S. 2004

: It is about the adoption of the Preface to Philippine Financial Reporting Standards as part of the Generally Accepted Accounting Principles in the Philippines.
: It was adopted on December 28, 2004.
: The Accounting Standards Council (ASC) approved the Preface before submission.
: The Board found the Preface to be well-taken and instructive for compliance by practicing Certified Public Accountants.
: The Preface becomes part of the Generally Accepted Accounting Principles (GAAP) in the Philippines.
: It is effective for annual financial reporting periods beginning on or after January 1, 2005.
: Practicing Certified Public Accountants in the Philippines are required to comply.
: The Professional Regulation Commission Board of Accountancy approves the Preface.
: Eugene T. Mateo (Chairman), John S. Bala (Vice Chairman), Solita V. Delantar, Lucila C. Tarriela, and Ma. Elenita B. Cabrera (Members).
: It sets the foundational principles and framework for the application of Philippine Financial Reporting Standards, ensuring uniformity and compliance in financial reporting.