Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS)

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Question-and-answer flashcards summarizing the subject matter of each listed PFRS and PAS.

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48 Terms

1
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What does PFRS 2 deal with?

Share-based Payment.

2
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PFRS 1 (R)

First-time adoption of PFRS

3
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Which standard covers Business Combinations?

PFRS 3 (Revised).

4
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Which PFRS addresses Insurance Contracts (interim standard)?

PFRS 4.

5
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Which standard discusses Non-current Assets Held for Sale and Discontinued Operations?

PFRS 5.

6
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Exploration for and evaluation of mineral resources is covered by which PFRS?

PFRS 6.

7
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Which standard provides requirements for Financial Instruments: Disclosures?

PFRS 7.

8
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Operating Segments are the focus of which PFRS?

PFRS 8.

9
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Which standard is the principal guidance on Financial Instruments (classification and measurement, impairment, hedge accounting)?

PFRS 9 (2014).

10
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Consolidated Financial Statements are governed by which PFRS?

PFRS 10.

11
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Joint Arrangements are covered under which PFRS?

PFRS 11.

12
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Which standard sets the disclosure requirements for Interests in Other Entities?

PFRS 12.

13
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Fair Value Measurement guidance is found in which PFRS?

PFRS 13.

14
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Regulatory Deferral Accounts are addressed by which PFRS?

PFRS 14.

15
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Revenue from Contracts with Customers is governed by which standard?

PFRS 15.

16
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Which PFRS replaced PAS 17 for Leases?

PFRS 16.

17
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Which new PFRS provides comprehensive guidance on Insurance Contracts?

PFRS 17.

18
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Presentation and Disclosure in Financial Statements

PFRS 18 (‘27).

19
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Subsidiaries without Public Accountability: Dislosures

PFRS 19.

20
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General Requirments for Sustainability Disclosure Standards

IFRS S1.

21
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Climate-based Dislosures

IFRS S2.

22
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Biodiversity and Nature-related Risks

IFRS S3.

23
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Presentation of Financial Statements

PAS 1.

24
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Inventories are dealt with in which PAS?

PAS 2.

25
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Which PAS covers the Statement of Cash Flows?

PAS 7.

26
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Accounting Policies, Changes in Accounting Estimates and Errors are explained in which standard?

PAS 8.

27
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Events after the Reporting Period are covered by which PAS?

PAS 10.

28
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Which PAS deals with Income Taxes?

PAS 12.

29
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Property, Plant and Equipment is the topic of which PAS?

PAS 16.

30
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Leases were originally governed by which PAS (now superseded by PFRS 16)?

PAS 17.

31
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Employee Benefits are discussed in which PAS?

PAS 19 (Revised).

32
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Accounting for Government Grants and Disclosure of Government Assistance is covered by which PAS?

PAS 20.

33
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Which PAS addresses the Effects of Changes in Foreign Exchange Rates?

PAS 21.

34
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Borrowing Costs are covered by which PAS?

PAS 23 (Revised).

35
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Which PAS requires Related-Party Disclosures?

PAS 24 (Revised).

36
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Accounting and Reporting by Retirement Benefit Plans

PAS 26

37
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Separate Financial Statements are prepared under which PAS?

PAS 27 (Revised).

38
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Investments in Associates and Joint Ventures are discussed in which PAS?

PAS 28 (Revised).

39
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Which PAS covers Financial Reporting in Hyperinflationary Economies?

PAS 29.

40
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Financial Instruments: Presentation is governed by which PAS?

PAS 32.

41
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Earnings per Share are calculated in accordance with which PAS?

PAS 33.

42
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Interim Financial Reporting is addressed by which PAS?

PAS 34.

43
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Which PAS sets out rules for Impairment of Assets?

PAS 36.

44
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Provisions, Contingent Liabilities and Contingent Assets are covered by which PAS?

PAS 37.

45
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Intangible Assets are discussed in which PAS?

PAS 38.

46
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Financial Instruments: Recognition and Measurement is the focus of which PAS?

PAS 39.

47
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Investment Property is addressed by which PAS?

PAS 40.

48
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Agriculture is the subject of which PAS?

PAS 41.