QuestionsQuestions (PRC BOARD OF ACCOUNTANCY Resolution NO. 80, S. 2002)
To adopt SFAS 17/IAS 17 (Leases) as part of the Generally Accepted Accounting Principles (GAAP) in the Philippines.
The Statement of Financial Accounting Standards (SFAS) 17 / International Accounting Standard (IAS) 17 titled “Leases.”
It means the adopted standard becomes an approved and recognized reference for financial reporting consistent with GAAP requirements in the Philippines.
The resolution is signed by Board members: Eugene Mateo (Chairman) and other members, and it is attested by the Secretary of the Professional Regulatory Board and approved by PRC Commissioners as indicated in the document.
It was adopted on October 28, 2002.
It signifies an official regulatory action by the PRC Board of Accountancy to set/recognize accounting standards for practitioners and entities required to follow GAAP.
Because lease accounting affects how assets, liabilities, income, and expenses are recognized and presented in financial statements.
The resolution adopts them jointly as the same subject standard for leases—SFAS 17/IAS 17.
GAAP refers to the body of recognized accounting principles, standards, and practices that define acceptable financial reporting in the jurisdiction.
It signals that the adopted leases standard (SFAS 17/IAS 17) is part of GAAP, so lease accounting should align with that standard.
“Attested” indicates certification by the Secretary of the Professional Regulatory Board, while “Approved” indicates approval by PRC officials (Commissioners/Chairperson) as required for effectivity under the PRC’s internal approval process.
It indicates that the text is officially available/recorded in the NAR, supporting its recognition as a formal administrative issuance.
Whether the entity’s lease accounting policies and disclosures conform to SFAS 17/IAS 17 as part of Philippine GAAP.
An administrative issuance by a PRC regulatory board (a professional regulation body) adopting standards for accounting practice.