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SESSION I

A. Introduction
B. Overview of the Accountancy Profession

C. Background of PFRS for Small Entities


D. Covered Entities

E. Recognition, Measurement and Disclosure Requirements of the following accounts and items, as contrasted with PFRS for Small and Medium-sized Entities:
1. Inventory
2. Biological assets
3. Investment Property
4. Employee Benefits
5. Leases
6. Deferred Tax
7. Equity-Based Payments
8. Other Comprehensive Income
9. Simplified Note Disclosures

F. Transition and Disclosure Requirements into PFRS for Small Entities from another Framework

LUNCH BREAK
SESSION II

A. Rationale Behind the Changes

B. Notable Differences Between Old (BP 68) and New Corp. Code (RA 11232)

• The One-Person Corporation (OPC)
• Arbitration agreements embedded in articles of incorporation or bylaws
• Corporations vested with public interest
• Removal of minimum capital stock requirement.
• Indefinite corporate lifespan.
• Revival of corporations whose term had already expired.
• Extended period to commence corporate operations.
• Delinquent corporations.