Adoption of Preface to PFRS as GAAP in PH

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PRC BOARD OF ACCOUNTANCY Resolution NO. 138, S. 2004: Adoption of Preface to PFRS as GAAP in PH

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Title Source: Supreme Court: Adoption of Preface to PFRS as GAAP in PH

Law: Prc Board Of Accountancy No. 138, S. 2004

Decision Date: Dec 28, 2004

The PRC Board of Accountancy adopts the Preface to Philippine Financial Reporting Standards as part of the Generally Accepted Accounting Principles, effective for financial reporting periods starting January 1, 2005.

Law Summary

Board of Accountancy's Review and Findings

The Board conducted a detailed study and review of the Preface to PFRS.
The Board found the document to be well-taken and instructive.
The document was deemed appropriate for compliance by practicing Certified Public Accountants (CPAs) in the Philippines.

Resolution to Adopt the Preface as Part of Generally Accepted Accounting Principles (GAAP)

The Board resolved to adopt the Preface to Philippine Financial Reporting Standards as part of the Generally Accepted Accounting Principles in the Philippines.
This adoption integrates the Preface to PFRS into the official accounting framework for financial reporting.

Effectivity of the Resolution

The resolution and the Preface to PFRS became effective for annual financial reporting periods beginning on or after January 1, 2005.
This implies mandatory compliance by CPAs and entities for financial reports starting from that date.

Signatories and Official Approvals

The resolution was adopted on December 28, 2004, and signed by the Chairman, Vice Chairman, and Members of the Board.
It was attested by the Secretary of the Professional Regulatory Boards.
The resolution also received official approval from the Commissioners of the Professional Regulation Commission (PRC).

END