Adoption of SFAS 17/IAS 17 on Leases

Adoption of SFAS 17/IAS 17 on Leases

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Title Supreme Court: Adoption of SFAS 17/IAS 17 on Leases

Law: Prc Board Of Accountancy No. 80, S. 2002

Decision Date: Oct 28, 2002

The PRC Board of Accountancy officially adopts SFAS 17/IAS 17 on "Leases" as part of the generally accepted accounting principles in the Philippines, enhancing financial reporting standards.

accounting standards

financial accounting

generally accepted

Nature and role in GAAP

The resolution adopts SFAS 17 / IAS 17 (“Leases”) as part of Generally Accepted Accounting Principles in the Philippines.
The adoption establishes SFAS 17 / IAS 17 (“Leases”) as the governing lease accounting standard within Philippine GAAP for the purposes of compliance with the resolution.

Effectivity and publication

The resolution is effective upon adoption on October 28, 2002, subject to its publication in the Official Gazette or a newspaper of general circulation (publication requirement and transitory implementation follow applicable administrative rule principles on effectivity).

Governing standard adopted

SFAS 17 / IAS 17 (“Leases”) is adopted specifically for accounting for leases.
The adopted standard is integrated into the body of GAAP applicable in the Philippines by virtue of the resolution’s adoption act.

Signatures, attestation, and approval

The resolution bears the signatures of the Board of Accountancy officials.
The resolution is attested by the Secretary, Professional Regulatory Board.
The resolution is approved by the Chairperson and Commissioners of the Professional Regulation Commission, completing its adoption and administrative processing.

END