Adoption of ASC SFAS 19A Amendments by BOA

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BOARD OF ACCOUNTANCY PRC Resolution NO. 11, S. OF 2000: Adoption of ASC SFAS 19A Amendments by BOA

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Title Source: Supreme Court: Adoption of ASC SFAS 19A Amendments by BOA

Law: Board Of Accountancy Prc No. 11, S. Of 2000

Decision Date: May 5, 2000

The Board of Accountancy adopts amendments to the Statement of Financial Accounting Standards No. 19, aligning it with the provisions of BSP Circular No. 161 and FASB Statement No. 115, to enhance the accounting practices for investments in debt and marketable equity securities of banks.

Law Summary

Authority and Background

The Accounting Standards Council (ASC) approved the amendments to SFAS No. 19 on December 20, 1999.
The amendments align Philippine accounting standards with the provisions of Bangko Sentral ng Pilipinas (BSP) Circular No. 161.
BSP Circular No. 161 is based on the Financial Accounting Standards Board (FASB) Statement No. 115 issued in the United States.

Scope and Purpose of the Amendments

The amendments specifically concern accounting for investments in debt and marketable equity securities of banks.
The objective is to harmonize national accounting rules with international and BSP standards to ensure consistency and regulatory compliance in financial reporting.

Legal Effect and Implementation

The amended SFAS No. 19A is hereby incorporated into the professional rules governing the practice of accountancy in the Philippines.
The amendments take effect fifteen (15) days after publication in either the Official Gazette or a newspaper of general circulation, whichever occurs first.

Documentation and Accessibility

The full text of SFAS No. 19A is available at the Office of the National Administrative Register, U.P. Law Center, Diliman, Quezon City.

Official Endorsements and Formalities

The resolution was adopted on May 5, 2000, approved and signed by the Chairperson and members of the Board of Accountancy.
It was attested by the Secretary of the Professional Regulatory Boards and approved by the Commission Chairman and Associate Commissioners of the Professional Regulation Commission.

END