Question & AnswerQ&A (PRC BOARD OF ACCOUNTANCY Resolution NO. 80, S. 2002)
The main subject is the adoption of the Statement of Financial Accounting Standards (SFAS) 17 / International Accounting Standard (IAS) 17 "Leases" as part of the generally accepted accounting principles in the Philippines.
It was adopted on October 28, 2002.
It adopts SFAS 17 (Statement of Financial Accounting Standards 17) and IAS 17 (International Accounting Standard 17) related to leases.
The adoption means that the provisions and guidelines under SFAS 17/IAS 17 become part of the generally accepted accounting principles (GAAP) to be followed by accountants in the Philippines.
Eugene Mateo signed as Chairman.
It standardizes the recognition, measurement, and disclosure of leases in financial statements according to accepted international and national accounting standards.
The resolution text does not specify penalties or enforcement but focuses on the adoption of accounting standards.
The text is available at the Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.
Carlos G. Almelor attested as Secretary.
The resolution was approved by Antoniéta Fortuna-Ibe (Chairperson), Alfonso G. Abad (Commissioner), and Avelina De La Rea-Tan (Commissioner).
SFAS 17 is the Philippine adaptation of the international standard IAS 17, both dealing with accounting for leases.