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PFRS for Small Entities (Third Framework)
The Philippine Financial Reporting Standards (PFRS) for Small Entities was developed in response to the feedback of small entities that PFRS for Small and Medium-Sized Entities (PFRS for SMEs) is too complex to apply to small enterprises. By reducing choices for accounting treatment, eliminating topics that are generally not relevant to small entities, simplifying methods for recognition and measurement, and reducing disclosure requirements, the new accounting framework - PFRS for Small Entities allows small enterprises (as defined by Securities Regulation Code Rule 68) to comply with the financial reporting requirements, without undue cost or burden on the business owners, accounting practitioners and other stakeholders.
Some of the key simplifications introduced by the PFRS for SEs affect the following account items - inventories, investment property, leases, equity-settled share-based payment transactions, defined benefit plans, deferred taxes, biological assets, and prior period adjustments.
Revised Corporation Code of the Philippines (RA 11232)
The Revised Corporation Code of the Philippines (RA 11232) will also be discussed, and differences with the Old one (BP 68) be explained.
In line with the changing business and economic environment – nationally and globally, the 40-year old corporation code was revised to promote, among other things ease-of-doing-business and to take advantage of technology in conducting organizational processes more efficiently and effectively.
Some of the key differences include: the introduction of the One-Person-Corporation, the change in number of required minimum number of incorporators, the removal of minimum capital requirements, unlimited corporate life, the use of electronic means to vote and attend corporate meetings, removal of ban from political contributions by domestic corporations.
This is intended for professional accountants in all sectors, with special emphasis on public practice and commerce and industry, in the service to their clients, employers and other stakeholders.
