SEC MEMORANDUM CIRCULAR NO. 19, S. 2004

: It approves the adoption of the Philippine Financial Reporting Standards (PFRS) in the Commission's rules and regulations, aligning Philippine accounting standards with international standards.
: The Accounting Standards Council approved the Philippine Financial Reporting Standards.
: PAS are adopted International Accounting Standards (IASs) issued by the International Accounting Standards Committee (IASC), renamed from Statements of Financial Reporting Standards to correspond with IASs.
: They became effective for annual financial reporting periods beginning January 1, 2005.
: IAS 19 (Employee Benefits), IAS 29 (Financial Reporting in Hyperinflationary Economies), IAS 30 (Disclosures in the Financial Statements of Banks), and IAS 41 (Agriculture).
: They include IFRS 1 to 5, covering topics such as First-time Adoption of PFRS, Share Based Payment, Business Combinations, Insurance Contracts, and Non-current Assets Held for Sale and Discontinued Operations.
: Interim or quarterly reports must begin following these standards starting January 1, 2006.
: Comparative information for prior years is optional, and companies must discuss their conversion plans in the 2005 interim or quarterly reports.
: Copies are available at the offices of the Philippine Institute of Certified Public Accountants (PICPA).
: It took effect fifteen days following its publication in a newspaper of general circulation.