EXECUTIVE ORDER NO. 313

: The main subject is the deferral of the mandatory application of IFRIC Interpretation No. 15 on Agreements for the Construction of Real Estate until January 1, 2012.
: The SEC Commission En Banc resolved to defer the application on November 6, 2008.
: The mandatory application was deferred for three years starting January 1, 2009.
: IFRIC 15 must be applied for annual periods beginning on or after January 1, 2012.
: Yes, earlier implementation before January 1, 2012 is permitted if an entity chooses to do so.
: An entity must disclose the fact that it applied IFRIC 15 earlier than the mandatory date.
: Changes in accounting policy must be accounted for retrospectively according to PAS No. 8.
: It must apply IFRIC 15 for annual periods beginning on or after January 1, 2009.
: The Financial Reporting Standards Council adopted the deferral on November 17, 2008.