PhilippineFinancial Reporting Standards(Adopted bySEC asofDecember 31,!11"PhilippineFinancial Reporting Standards (PFRS"# Philippine Acco$ntingStandards (PAS"%itleEffecti&eDate'rief DescriptionFrame(or)forthePreparation and PresentationofFinancial StatementsConceptual .FrameworkPhaseA:Objectivesandqualitativecharacteristics070!!! %heConcept$al Frame(or)createsaso$nd fo$ndationforf$t$reacco$ntingstandards that are principles*based, internally consistent andinternationally con&erged+%he Concept$al Frame(or) deals (ith ,a" the ob-ecti&e offinancial reporting.b"the /$alitati&e characteristics of$sef$l financialinformation.c" the definition,recognitionandmeas$rement oftheelements from (hichfinancialstatements are constr$cted. andd" concepts of capital and capital maintenance+0mpro&ements to PFRSs !1! "mprovementsto PF#$s%0!0 &ACollection o'Amendmentsto$even"nternationalFinancial #eportin( $tandards)0!0!!! %heann$alimpro&ementsprocessaims toma)enecessary,b$tnon*$rgent,amendmentsto0FRSsthat(illnotbeincl$dedaspartofama-orpro-ect+%helatestsetofimpro&ementsamendssi1standardsandoneinterpretation+'ypresentingtheamendmentsinasingledoc$mentrather thanaseries of piecemealchanges the0AS' aimsto ease theb$rden of changefor all concerned+2nlessother(isespecified,theamendmentsareeffecti&eforann$alperiodsbeginningonorafter3an$ary1,!11,(ithearlierapplicationpermitted+PFRSs Practice Statement4anagement CommentaryPF#$s Practice $tatement*ana(ement Commentar+0,%-!! %he Practice Statement isnot aPFRSand pro&ides abroad,non*binding frame(or)for the presentation of managementcommentary thatrelatestofinancial statementsthatha&ebeen preparedin accordance(ithPFRSs+Conse/$ently,entitiesapplyingPFRSsarenotre/$iredtocomply(iththePracticeStatement+F$rthermore,non*compliance(ith thePracticeStatement (illnotpre&entanentity5sfinancialstatementsfromcomplying (ith PFRSs, ifthey other(ise do so+%he PracticeStatementisapplicabletomanagementcommentarypresentedprospecti&ely starting on 3$ne6,!11+PAS 1 (Re&ised"Presentation of FinancialStatements!1#!1#!6%hisstandardprescribesthebasisforpresentationofgeneralp$rposefinancialstatementsto ens$recomparabilityboth(iththe entity7sfinancialstatementsofpre&io$speriodsand(iththefinancialstatements,g$idelinesfortheirstr$ct$reandminim$mre/$irements for theircontent+%hechangesmade(illre/$ireinformationinfinancialstatementstobeaggregatedonthebasisofsharedcharacteristicsandtointrod$ceastatementofcomprehensi&eincome+%his(illenable readerstoanaly8echangesinacompany5s e/$ityres$ltingfromtransactions(itho(nersintheircapacityaso(ners(s$chasdi&idendsand sharerep$rchases"separatelyfrom9non*o(ner5PhilippineFinancial Reporting Standards (PFRS"# Philippine Acco$ntingStandards (PAS"%itleEffecti&eDate'riefDescriptionchanges(s$chastransactions(iththirdparties"+%here&ised standard gi&espreparersof financialstatementstheoptionof presentingitemsofincome and e1penseand componentsofother comprehensi&e incomeeitherinasinglestatementofcomprehensi&eincome(iths$btotals,orint(oseparatestatements(aseparateincomestatementfollo(edbyastatementofcomprehensi&e income"+%he re&isions incl$de changes in thetitles of someofthe financialstatements toreflecttheirf$nctionmoreclearly(fore1ample,thebalancesheetisrenamedastatementof financial position"+%hene( titles(illbe $sedinacco$ntingstandards,b$tare not mandatoryfor$se in financial statements+%here&isedstandardintrod$cesare/$irement to presentastatement offinancial position at the beginningofthe earliestcomparati&eperiod ina completeset of financial statements(hen the entity appliesanacco$nting policy retrospecti&elyorma)esaretrospecti&e restatement,as defined in PAS :, Acco$nting Policies, Changes inAcco$nting Estimates and Errors, or (hen the entity reclassifies items in the financial statements+Amendment toPAS 1,Capital .isclosures0!0!07 %heAmendmentstoPAS1 addsre/$irementsfor allentitiestodisclosetheentity5sob-ecti&es, policiesand processesformanagingcapital./$antitati&edataabo$t(hattheentityregardsascapital.(hethertheentityhascomplied(ithanycapitalre/$irements. and ifit has not complied, the conse/$ences ofs$ch non*compliance+%hesedisclos$res pro&ideinformationabo$tthele&elofan entity5scapitalandho( itmanages capital,(hich areimportantfactorsfor$sers toconsiderinassessing theris)profileofan entity and its abilityto (ithstand $ne1pected ad&erse e&ents+AmendmentstoPAS 3andPAS 1,P$ttableFinancial0nstr$ments and ;bligationsArisingon (Re&ised" Consolidated and$eparateFinancial $tatements070!0- %hisStandardshall beapplied in thepreparationandpresentationofconsolidated financial statements for a gro$p ofentities $nder the control ofa parent+%here&isedStandards$persedesthee1istingPAS> andiseffecti&e3$ly1, !!6+ Entitiesare permitted to adoptthe re&ised Standards earlier+AmendmentstoPFRS1andPAS>,Costofan0n&estmentin aS$bsidiary,3ointlyControlledEntityorAssociate!1#!1#!6%heamendmentsfordetermining thecost ofanin&estment intheseparatefinancialstatementsrespondtoconcernsthatretrospecti&elydeterminingcostandapplying thecostmethodin accordance (ith PAS > onfirst*time adoption ofPFRSscannot,insomecirc$mstances,be achie&ed (itho$t $nd$e cost oreffort+ %heamendments address thatiss$e,Fbyallo(ingfirst*timeadoptersto$seadeemedcostofeitherfair&al$eorthecarryingamo$nt$nderpre&io$sacco$ntingpracticetomeas$retheinitialcost ofin&estmentsin s$bsidiaries, -ointly controlled entities and associatesinthe separate financial statements. andF by remo&ingthedefinitionof thecostmethodfromPAS> andreplacingit(ithare/$irementtopresentdi&idendsasincomeintheseparatefinancialstatementsofthe in&estor+%heamendmentstoPAS>alsorespondto/$eriesregardingtheinitial.PhilippineFinancial Reporting Standards (PFRS"# Philippine Acco$ntingStandards (PAS"3itleEffecti&eDate'riefDescriptiontheseparate financialstatementsofane(parentformedastheres$lt ofaspecifictypeof reorgani8ation+%heamendmentsre/$irethene( parenttomeas$rethecost ofitsin&estmentin the pre&io$sparent atthe carryingamo$nt ofitsshareofthee/$ity itemsofthe pre&io$sparent at the date ofthe reorgani8ation+PAS >(Amended" $eparate Financial$tatements0!0!!: %hisStandard prescribesthe acco$nting and disclos$rere/$irementsforin&estmentsins$bsidiaries,-oint&ent$resandassociates(henanentitypreparesseparatefinancialstatements+PAS>(asamendedtocontainre/$irementsrelatingonlytoseparatefinancialstatements+%he re&isions re/$irethe ac/$irer toe1pensedirectac/$isitioncostsasinc$rred.tore&al$etofair&al$eanypre*e1istingo(nershipinanac/$iredcompanyatthedateon(hichtheCompanyta)escontrol,andrecordtheres$ltinggainorlossinnetincome.torecordinnetincome ad-$stments tocontingentconsideration(hichocc$rafter completion ofthep$rchasepriceallocation.torecord directlyin e/$itytheeffectoftransactionsafterta)ingcontrolofthe ac/$iree(hich increase ordecrease the Company5sinterest b$tdonotaffectcontrol.tore&al$e $pondi&esting controlanyretained shareholdingin thedi&estedcompanyatfair &al$eand recordtheres$ltinggainorlossinnet income.andto attrib$teto non*controllingshareholderstheir shareofany deficitinthe e/$ityofanon (holly*o(neds$bsidiary+ %heCompany is inthe process of assessing(hetherthere(illbeanymaterialchangestoitsfinancialstatements$pontheir adoption+%heamendedstandardisapplicabletoann$alperiodsbeginningonorafter3an$ary1,!13+ Earlier application is permitted+PAS : "nvestments in Associates 0!0!0/ %hisStandardshall beapplied inacco$ntingforin&estmentsinassociates+=o(e&er,itdoesnot applyto in&estments in associates held by,a"&ent$recapitalorgani8ations, orb"m$t$alf$nds,$nittr$stsandsimilarentitiesincl$dingin&estment*lin)edins$rancef$ndsthat $pon initialrecognition aredesignated as at fair &al$e thro$gh profit orloss orareclassifiedas heldfortradingand acco$nted forinaccordance(ithPAS36Financial0nstr$ments,Recognition and 4eas$rement+S$chin&estmentsshallbemeas$redatfair&al$einaccordance(ithPAS36, (ithchangesinfair&al$erecogni8ed inprofit orlossintheperiodofthechange+Anentityholding s$chanin&estmentshallma)ethedisclos$res re/$iredbyparagraph 3>(f"+PAS :(Amended" "nvestmentsinAssociates and ;oint , Reclassification ofFinancial Assets!>#!1#!:%heamendmentstoPAS36permitanentity to,Freclassify non*deri&ati&e financial assets (other than thosedesignated atfair &al$e thro$ghprofitorlossby theentity$poninitialrecognition"o$tofthefair&al$ethro$gh profit orlosscategoryif thefinancial assetis no longerheldforthep$rpose ofsellingor rep$rchasing it inthe near term inpartic$larcirc$mstances+F transferfrom thea&ailable*for*salecategory totheloansandrecei&ablescategory a financialasset that (o$ldha&e metthe definition ofloansandrecei&ables(ifthefinancialassethadnotbeendesignatedasa&ailableforsale",iftheentityhasthe intentionandabilitytoholdthatfinancial asset for the foreseeable f$t$re+ForPhilippinefinancialreportingp$rposes, theamendmentstoPAS36 areeffecti&efrom 3$ly1,!!:+Entitiesarenotpermittedtoreclassifyfinancialassetsinaccordance(iththeamendmentsbefore3$ly1,!!:+Anyreclassificationofafinancialassetmadeinperiods beginningon orafter Bo&ember 1@,!!:(ill ta)e effect onlyfromthe datethereclassification is made+%heamendmentstoPAS36differfromtheamendmentsto0AS36(hich$sesaBo&ember1,!!: Gc$t*offdate+HSince theFRSConly adoptedthe amendments on;ctober6,!!:,theCo$ncildecidedtochangetheGc$t*offdateHforPhilippinefinancial reporting p$rposes to Bo&ember 1@,!!:+%heBo&ember1@,!!:Gc$t*offdateHappro1imatestheperiodbet(een;ctober13,!!:,thedate(hen0AS'amendments(ereiss$ed,andBo&ember1,!!:+PhilippineFinancial Reporting Standards (PFRS"# Philippine Acco$ntingStandards (PAS"3itleEffecti&eDate'riefDescriptionstatementsinaccordance (ith0FRSs(e+g+, for0P;p$rposes" (o$ld ha&eto $se the Bo&ember 1,!!:Gc$t*off dateH in the 0AS 36amendments to be in compliance (ith 0FRSs+AmendmentstoPAS36andPFRS>, #eclassi'ication o'FinancialAssets>0''ective.ate and 3ransition070!0? ReclassificationofFinancialAssets(Amendmentsto0AS36 and0FRS>",iss$edin;ctober!!:, amendedparagraphs @! andAD:, andaddedparagraphs @!'*@!F+Anentityshall applythose amendmentsfrom 13$ly!!:+ Anentityshallnotreclassifyafinancial assetinaccordance(ith paragraph@!',@!D or @!Ebefore13$ly !!:+Anyreclassificationofafinancialassetmadein periodsbeginningonorafter1Bo&ember!!:shallta)eeffectonlyfrom thedate(henthereclassificationismade+Any reclassificationofafinancial assetinaccordance(ithparagraph@!',@!D or @!E shall notbeappliedretrospecti&elytoreportingperiodsendedbeforetheeffecti&edateseto$tinthisparagraph+AmendmentstoPhilippine0nterpretation0FR0C?6andPAS36,0mbedded.erivatives0,:00- %hereclassificationamendmentallo(sentitiestoreclassifypartic$larfinancialinstr$mentso$tofthe9atfair&al$ethro$ghprofitorloss5categoryinspecificcirc$mstances+%heamendmentsto 0FR0C 6and 0AS36clarifythat on reclassification ofa financial asseto$t ofthe 9at fair&al$e thro$gh profitorloss5categoryallembeddedderi&ati&esha&etobeassessedand,ifnecessary,separatelyacco$ntedforinthefinancial statements+%heamendmentsseto$tinEmbeddedDeri&ati&esapplyretrospecti&elyandarere/$ired to be applied forann$al periods ending on or after 3!3$ne!!6+Amendmentto PAS 36,0li(ible =ed(ed "tems070!0- %he amendment pro&ides additional g$idance on (hat can be designated as a hedged item+%he 0AS'has therefore foc$sed on de&eloping application g$idanceto ill$strate ho( the principles $nderlying hedge acco$nting sho$ld beappliedin those sit$ations+PAS A! "nvestment Propert+ 0!0!0/ %hisStandard prescribesthe acco$ntingtreatment for in&estmentpropertyand relateddisclos$re re/$irements+PAS A1 Agric$lt$re !1#!1#!@ %his Standard prescribes the acco$nting treatment and disclos$res related to agric$lt$ral acti&ity+PhilippineFinancial Reporting Standards (PFRS"# Philippine Acco$ntingStandards (PAS"3itleEffecti&eDate'riefDescriptionPFRS1(Re&ised" First*time AdoptionofPhilippine Financial Reporting Standards!>#!1#!6%his Standardens$resthat an entity7s first PFRS financial statements, and its interim financial reports forpart ofthe period co&ered bythose financial statements, contain high /$ality information that,a" is transparent for$sersand comparable o&er allperiods presented.b" pro&idesas$itable startingpointfor acco$ntinginaccordance(ith0nternationalFinancialPhilippineFinancial Reporting Standards (PFRS"# Philippine Acco$ntingStandards (PAS"3itleEffecti&eDate'riefDescriptionc" can be generatedat a cost that does not e1ceedthe benefits+AmendmentstoPFRS1andPAS>,Costo'an"nvestmentina$ubsidiar+6;ointl+Controlled0ntit+orAssociate0!0!0- %heamendmentsfordetermining thecostofanin&estment intheseparatefinancialstatements respondtoconcernsthatretrospecti&ely determiningcostand applyingthecostmethodinaccordance(ithPAS>onfirst*timeadoptionofPFRSscannot,insomecirc$mstances,beachie&ed(itho$t$nd$ecostoreffort+%heamendments address thatiss$e,Fbyallo(ingfirst*timeadoptersto$seadeemedcostofeitherfair&al$eorthecarryingamo$nt$nderpre&io$sacco$ntingpracticetomeas$retheinitialcost ofin&estmentsin s$bsidiaries,-ointlycontrolledentitiesand associatesinthe separate financial statements. andFbyremo&ing thedefinition of thecost methodfrom PAS> andreplacingit(ithare/$irementtopresentdi&idendsasincomeintheseparatefinancial statementsofthe in&estor+%heamendmentsto PAS>also respondto/$eriesregarding theinitialmeas$rementofcostin theseparate financial statementsof ane( parentformed astheres$lt ofaspecifictypeofreorgani8ation+%heamendmentsre/$irethene(parenttomeas$re thecostofitsin&estmentin the pre&io$sparent at the carrying amo$nt ofitsshare ofthe e/$ity items ofthe pre&io$s parent at the date ofthe reorgani8ation+PFRS 1(re&ised"AmendmentstoPFRS 1,Additional04emptions'orFirst2time Adopters0!0!!0 %he amendments,F e1emptentities$singthef$llcostmethodfrom retrospecti&eapplicationof0FRSsforoil and gas assets+F e1emptentities(ithe1istingleasingcontractsfrom reassessing theclassificationofthosecontractsinaccordance(ith0FR0CADeterminingwhetheranArrangementcontainsaLease(hentheapplicationoftheirnationalacco$ntingre/$irementsprod$cedthe same res$lt+AmendmenttoPFRS 1,7imited04emption'romComparative PF#$7.isclosures'or First2timeAdopters070!!0 %he amendmentrelie&es first*time adopters of 0FRSs from pro&iding the additionaldisclos$resintrod$cedinAmendmentsto0FRS>,ImproingDisclosuresa!outFinancialInstruments+0tthereby ens$resthatfirst*timeadoptersbenefitfromthesametransitionpro&isions that Amendments to 0FRS>pro&idestoc$rrent0FRSpreparers+Additionally,theamendmentto0FRS1clarifiesthe0AS'5sconcl$sionsandintendedAmendmentstoPFRS 1,Se&ere=yperinflationandRemo&alofFi1edDateforFirst*time Adopters!>#!1#11%hefirstamendmentreplacesreferencestoa fi1eddate of1 3an$ary!!A (iththedate of transition to0FRSs,th$s eliminating theneedfor companiesadopting0FRSs for thefirsttimeto restatederecognition transactionsthat occ$rredbefore thedateoftransition to 0FRSs+%hesecondamendment pro&idesg$idanceon ho( anentitysho$ldres$mepresentingfinancialstatementsinaccordance(ith0FRSsafteraperiod(hentheentity(as$nabletocomply(ith0FRSsbeca$seitsf$nctionalc$rrency(ass$b-ecttose&erehyperinflation+PhilippineFinancial Reporting Standards (PFRS"# Philippine Acco$ntingStandards (PAS"3itleEffecti&eDate'riefDescription%he amendments are effecti&e from3$ly1,!11+Earlier application is permitted+PFRS $hare2based Pa+ment 0!0!0/ %hisstandard specifiesthefinancialreportingbyanentity(henit $nderta)esashare*based payment transaction+0npartic$lar,itre/$iresan entitytoreflectinitsprofitorlossandfinancialpositiontheeffectsofshare*basedpaymenttransactions,incl$dinge1pensesassociated(ith transactionsin(hichshareoptionsaregrantedtoemployees+AmendmentstoPFRS ,,ConsolidatedandSeparateFinancialStatements,thatis,itincl$desonlya parent and its s$bsidiaries+%he amendments to PFRSalso incorporate g$idance pre&io$sly incl$ded in 0FR0C :,ScopeofPFRS,and0FR0C11,PFRS*Dro$pand%reas$ryShare%ransactions+Asa res$lt,the 0AS'has(ithdra(n 0FR0C:ABD0FR0C11+Entitiesshallapplytheseamendmentstoallshare*basedpayments (ithin the scopeof PFRS for ann$alperiods beginningonor after13an$ary!1!+ Earlierapplicationis permitted+PFRS3(Re&ised" '$sinessCombinations !>#!1#!6%hisstandardimpro&estherele&ance,reliabilityandcomparabilityoftheinformationthata reportingentitypro&idesinitsfinancialstatementabo$tab$sinesscombinationanditseffects+%oaccomplishthat,thisPFRSestablishesprinciplesandre/$irements forho( the ac/$irer,a" recogni8es and meas$resinits financial statementsthe identifiable assetsac/$ired, theliabilities ass$med andany non*controlling interest in the ac/$iree.b"recogni8esandmeas$res the good(illac/$ired intheb$siness combinationora gainfrom a bargain p$rchase. andc" determines(hat informationtodisclose toenable$sers ofthefinancial statementstoe&al$ate the nat$re and financial effects oftheb$siness combination+%here&isedStandardss$persedethee1istingPFRS3andPAS>, respecti&ely,effecti&e3$ly1,!!6+Entitiesarepermittedto adoptthe re&isedStandardsearlier+PhilippineFinancial Reporting Standards (PFRS"# Philippine Acco$ntingStandards (PAS"3itleEffecti&eDate'riefDescription'$sinesscombinationsarean importantfeat$reofthe capitalmar)ets+;&erthe pastdecadethe a&erageann$al&al$eofcorporateac/$isitions(orld(idehas beenthee/$i&alentof:*1!per cent ofthe total mar)et capitali8ation oflisted sec$rities+%here&isedPFRS3reinforcesthe e1istingPFRS3modelb$t remediesproblemsthat ha&eemerged in its application+PFRSA "nsurance Contracts 0!0!0/ %hisStandardspecifies thefinancial reportingforins$rance contractsbyany entitythatiss$es s$ch contracts(describedinthisPFRSasanins$rer"$ntilthe'oardcompletesthe secondphase ofits pro-ect on ins$rance contracts+ 0n partic$lar, thisPFRSre/$ires,a"limitedimpro&ementstoacco$ntingbyins$rersforins$rancecontracts. andb"disclos$rethatidentifiesande1plainstheamo$ntsinanins$rer7sfinancialstatementsarisingfromins$rancecontractsandhelps$sersofthosefinancialstatements$nderstandtheamo$nt,timingand$ncertaintyoff$t$recashflo(sfromins$rance contracts+AmendmentstoPAS36andPFRSA,Financial8uaranteeContracts0!0!0, %heamendmentsare intended to ens$re that iss$ersoffinancial g$arantee contracts incl$de the res$lting liabilities in their balance sheet+ Some highlights,F Afinancialg$aranteecontract is a 9contractthatre/$ires theiss$er to ma)especified paymentstoreimb$rsetheholderforalossitinc$rsbeca$seaspecifieddebtorfailsto ma)epayment(hend$einaccordance(iththeoriginalor modifiedtermsof a debt instr$ment5+%hesecontractsco$ld ha&e&ario$slegalforms,incl$dingag$arantee,some typesofletterofcredit,oracredit ins$rance contract+F %heamendmentstoPAS 36 re/$irethe iss$er ofa financialg$aranteecontractto meas$rethecontractinitiallyatfair&al$eands$bse/$entlyatthehigherof(a"theamo$ntdeterminedinaccordance(ithPAS3>,Pro&isions,Contingent,%ransition!1#!1#!>PFRS> consolidatesthee1istingdisclos$rere/$irementsof PAS3!, Disclos$resintheFinancialStatementsof'an)sandSimilarFinancial0nstit$tion,andPAS3,Financial0nstr$ments,Disclos$re andPresentationand adds somesignificant and challengingne(disclos$res+Concerns(ereraisedonthere/$irementtopresentcomparati&einformation forthedisclos$res re/$iredbyPFRS>+PFRS> (asappro&edinDecember!!@andiseffecti&eforann$alperiodsbeginningonor after3an$ary1,!!>+ %heCo$ncilac)no(ledgedthatentitiesmaynotha&e s$fficienttimeto gatherthere/$ired information tobepresented forcomparati&ep$rposes+Be(systemsandprocessestocapt$rethere/$ireddatapartic$larlyforsome ofthe more comple1disclos$resmay not yet be inplace, re/$iringmoretime forinformation gathering+0nresponsetotheseconcerns,atransitionrelief(asgi&en(ithrespecttothepresentationof comparati&einformationforthene( ris) disclos$resabo$tthe nat$rePhilippineFinancial Reporting Standards (PFRS"# Philippine Acco$ntingStandards (PAS"3itleEffecti&eDate'riefDescriptionfor ann$alperiodsbeginning on or after 3an$ary1, !!> need notpresentcomparati&e informationforthedisclos$res re/$iredby paragraphs31*A, $nlessthedisclos$re (aspre&io$sly re/$ired $nder PAS 3!orPAS 3+AmendmentstoPAS36andPFRS>, #eclassi'ication o'Financial Assets070!0? %heamendmentstoPAS36permitanentity to,Freclassify non*deri&ati&e financial assets (other thanthosedesignatedatfair &al$e thro$ghprofitorlossby theentity$poninitialrecognition"o$tofthe fair&al$ethro$gh profit orlosscategoryif thefinancial assetis no longerheldforthep$rpose ofselling or rep$rchasing it inthe near term inpartic$larcirc$mstances+F transferfrom thea&ailable*for*salecategory totheloansandrecei&ablescategorya financialasset that(o$ldha&e metthe definition ofloansandrecei&ables(ifthefinancialassethadnotbeendesignatedasa&ailableforsale",iftheentityhasthe intentionandabilitytoholdthatfinancial asset forthe foreseeable f$t$re+ForPhilippinefinancialreportingp$rposes, theamendmentstoPAS36areeffecti&efrom 3$ly1,!!:+Entitiesarenotpermittedtoreclassifyfinancialassetsinaccordance(iththeamendmentsbefore3$ly1,!!:+Anyreclassificationofafinancialassetmadeinperiods beginningon orafter Bo&ember 1@,!!:(illta)e effect onlyfrom the datethereclassification is made+%heamendmentstoPAS36differfromtheamendmentsto0AS36(hich$sesaBo&ember1,!!: Gc$t*offdate+H Since theFRSConly adoptedthe amendmentson;ctober6,!!:,theCo$ncildecidedtochangetheGc$t*offdateHforPhilippinefinancial reporting p$rposes to Bo&ember 1@,!!:+%heBo&ember1@,!!:Gc$t*offdateHappro1imatestheperiodbet(een;ctober13,!!:, the date(hen 0AS' amendments (ere iss$ed, andBo&ember 1,!!:+AmendmentstoPAS36andPFRS>,#eclassi'icationo'FinancialAssets20''ective.ate and 3ransition070!0? ReclassificationofFinancialAssets(AmendmentstoPAS36 and0FRS>",iss$edin;ctober!!:, amendedparagraphs @! andAD:,andaddedparagraphs @!'*@!F+Anentityshall applythose amendmentsfrom 13$ly!!:+ Anentityshallnotreclassifyafinancial assetinaccordance(ith paragraph@!',@!D or @!Ebefore13$ly !!:+Any reclassificationofafinancialassetmade in periodsbeginningonorafter1Bo&ember!!:shallta)eeffectonlyfrom thedate(henthe reclassificationismade+Any reclassificationofafinancial assetinaccordance(ithparagraph@!', @!D or @!E shall notbe appliedretrospecti&ely to reportingperiods endedbeforetheeffecti&edateseto$tinthisparagraph+AmendmentstoPFRS >,0mpro&ingDisclos$res abo$tFinancial 0nstr$ments!1#!1#!6 %heamendmentsintrod$ceathree*le&elhierarchyforfair&al$emeas$rementdisclos$resandre/$ireentitiestopro&ideadditionaldisclos$resabo$ttherelati&ereliabilityoffair &al$emeas$rements+%hesedisclos$res(illhelptoimpro&e comparability bet(eenentitiesabo$tthePhilippineFinancial Reporting Standards (PFRS"# Philippine Acco$ntingStandards (PAS"3itleEffecti&eDate'riefDescriptioneffectsoffair&al$emeas$rements+0naddition,theamendmentsclarify andenhancethe e1istingre/$irementsforthedisclos$reofli/$idityris)+%hisisaimedatens$ringthattheinformationdisclosedenables$sersofanentity5sfinancialstatementstoe&al$atethenat$reande1tent of li/$idity ris)arisingfromfinancial instr$ments and ho( the entity managesthat ris)+%he amendmentstoPFRS>applyforann$al periodsbeginningonorafter13an$ary!!6+=o(e&er,anentity(illnotbere/$ired topro&ide comparati&edisclos$resinthefirstyearof application+AmendmentstoPFRS >,.isclosures23rans'erso'Financial Assets070!!! %heamendmentsallo($sers of financial statementstoimpro&etheir $nderstandingoftransfertransactionsoffinancialassets(fore1ample,sec$riti8ations",incl$ding$nderstandingthe possible effectsofanyris)sthatmayremain(iththeentitythattransferredtheassets+%heamendmentsalso re/$ire additionaldisclos$resif adisproportionateamo$nt oftransfer transactions are $nderta)en aro$nd the endofa reporting period+PFRS: Operatin( $e(ments 0!0!0- %he Standard re/$iresan entity toadoptthe9managementapproach5toreportingonthefinancialperformanceofitsoperatingsegments+Denerally,theinformation tobereported(o$ld be(hat management $ses internallyfore&al$atingsegment performance anddeciding ho( to allocate reso$rces to operating segments+S$ch information maybedifferent from (hat is $sed to preparethe incomestatementandbalancesheet+%heStandardthereforere/$irese1planationsofthebasison(hichthesegmentinformationispreparedandreconciliationstotheamo$ntsrecogni8ed in the income statement and balance sheet+PFRS:appliesto ann$alfinancial statementsforperiods beginning on orafter 3an$ary1,!!6+%heStandard,(hichappliestolistedcompanies,replacesPAS1A,SegmentReporting+PFRS6 Financial "nstruments 0!0!!: %hestandardintrod$ces ne(re/$irements ontheclassification and meas$rementof financial assets+0t$sesa singleapproachto determine (hetherafinancial assetismeas$redatamorti8ed costorfair&al$e,replacingthemanydifferentr$lesinPAS36,FinancialInstruments:Recognition andMeasurement+%heapproachinthene(standardisbasedonho(anentitymanagesitsfinancialinstr$ments(its b$sinessmodel" andthecontract$alcashflo( characteristicsofthe financialassets+%hene(standardalsore/$iresasingleimpairmentmethodtobe$sed,replacingthemany different impairment methodsin PAS 36+%hestandardisformandatoryadoptionby3an$ary1,!13+Earlierapplicationispermittedforfinancialstatementsbeginningonorafter3an$ary1,!1!inthePhilippines+PFRS1!ConsolidatedFinancialStatements!1#!1#13 %hisStandardis de&elopedto eliminatepercei&edconflicton conceptofconsolidationbet(een PAS >, Consolidated and SeparateFinancial Statements (amended in!!:" and S0C*1,Consolidation *SpecialP$rposeEntities+PAS > (amended in!!:" re/$iresconsolidation of entitiesbasedoncontrol(hereasS0C*1mandatesconsolidationofentities basedon ris)sand re(ards+PhilippineFinancial Reporting Standards (PFRS"# Philippine Acco$ntingStandards (PAS"3itleEffecti&eDate'riefDescription%hene(standardisapplicabletoann$alperiods beginning onorafter3an$ary 1,!13+ Earlier application is permitted+PFRS11 ;oint Arran(ements 0!0!!: %hisStandardre/$ires an entityto acco$nt-ointarrangementbasedon itsrightsandobligations arisingfrom thearrangementratherthanbasedonthestr$ct$reof thearrangement asre/$ired byPAS31,0nterestsin3oint Ient$res+%hene( standardhasremo&edtheoptiontoacco$nt-ointlycontrolledentities$singeitherproportionateconsolidation ore/$ity method+%hene(standardisapplicabletoann$alperiods beginning onor after3an$ary 1,!13+ Earlier application is permitted+PFRS1 .isclosureo' "nterestsinOther 0ntities0!0!!: %hisStandardprescribesall of thedisclos$re re/$irementsfor s$bsidiaries,-ointarrangements, associates and$nconsolidated str$ct$red entities+%hene(standardisapplicabletoann$alperiods beginning onorafter3an$ary 1,!13+ Earlier application is permitted+PFRS13 Fair Ial$e 4eas$rement !1#!1#13%hisStandard(asde&elopedto eliminateinconsistenciesoffair&al$emeas$rementsdispersed in &ario$se1istingPFRSs+0tclarifies the definitionof fair &al$e,pro&idesasingleframe(or) for meas$ring fair&al$e and enhances fair&al$e disclos$res+%hene(standardisapplicabletoann$alperiods beginning onor after3an$ary 1,!13+ Earlier application is permitted+Summary ofPhilippine AccountingStandards (PFRSs)Submitted to:Mr. Aldrin Calimllim CPAProfessor FAR!Submitted by: "imberly Mae #. Crisostomo!$%&SA%'(