summary-of-accounting-standards-from-cfas-book

Philippine Accounting Standards (PAS)

  • PAS 1: Presentation of Financial Statements - Ensures comparability and defines financial statement elements.

  • PAS 7: Statement of Cash Flows - Governs cash flow presentation, classifying activities into operating, investing, and financing.

  • PAS 8: Accounting Policies, Changes in Accounting Estimates and Errors - Aims to enhance relevance and reliability in financial statements.

  • PAS 10: Events after Reporting Period - Describes adjustments for events that occur after the reporting period.

  • PAS 20: Government Grants - Covers the accounting for government grants and their recognition criteria.

  • PAS 23: Borrowing Costs - Defines interest and related costs associated with acquiring funds.

  • PAS 24: Related Party Disclosures - Ensures the impact of related parties is reflected in financial statements.

  • PAS 26: Retirement Benefit Plans - Covers accounting for retirement plans and disclosures required.

  • PAS 37: Provisions, Contingent Liabilities - Addresses accounting for liabilities with uncertain timing or amount.

  • PAS 38: Intangible Assets - Offers definitions and recognition criteria for intangible assets.

  • PAS 41: Agriculture - Defines and recognizes agricultural produce at fair value.

Philippine Financial Reporting Standards (PFRS)

  • PFRS 1: First-Time Adoption of PFRS - Roadmap for entities adopting IFRSs for the first time.

  • PFRS 8: Operating Segments - Requires disclosures for evaluating economic engagements across segments.

  • PFRS 16: Leases - Prescribes lease recognition and management terms for lessees and lessors.