FRSC Adopts 2009 Improvements to IFRSs
The Financial Reporting Standards Council (FRSC) approved in its meeting in May the adoption of Improvements to IFRSs, issued by the International Accounting Standards Board (IASB) in April 2009, as Improvements to PFRSs.
The Improvements to IFRSs 2009, a collection of amendments to twelve International Financial Reporting Standards (IFRSs), are the IASB’s latest set of annual improvements.
The IASB uses the annual improvements project to make necessary, but non-urgent, amendments to IFRSs that will not be included as part of another major project. The 2009 amendments reflect issues that were included in exposure drafts of (a) proposed amendments to IFRSs in October 2007: Improvements to IFRSs 2007; (b) proposed amendments to IFRSs in
August 2008: Improvements to IFRSs 2008; and (c) January 2009: Post-Implementation Revisions to IFRIC Interpretations 9 and 16. All the exposure drafts were issued for comment by the FRSC soon after their issuance by the IASB.
The adopted amendments arising from the improvements in 2009 affect the following PFRSs.
| PFRS |
Subject of amendment |
| PFRS 2, Share-based Payment |
Scope of PFRS 2 and revised PFRS 3 |
| PFRS 5, Non-current Assets Held for Sale and Discontinued Operations |
Disclosures of non-current assets (or disposal groups) classified as held for sale or discontinued operations |
| PFRS 8, Operating Segments |
Disclosure of information about segment assets |
| PAS 1, Presentation of Financial Statements |
Current/non-current classification of convertible instruments |
| PAS 7, Statement of Cash Flows |
Classification of expenditures on unrecognized assets |
| PAS 17, Leases |
Classification of leases of land and buildings |
| PAS 18, Revenue |
Determining whether an entity is acting as a principal or as an agent |
| PAS 36, Impairment of Assets |
Unit of accounting for goodwill impairment test |
| PAS 38, Intangible Assets |
Additional consequential amendments arising from revised PFRS 3 |
| Measuring the fair value of an intangible asset acquired in a business combination |
| PAS 39, Financial Instruments: Recognition and Measurement |
Treating loan prepayment penalties as closely related embedded derivatives |
| Scope exemption for business combination contracts |
| Cash flow hedge accounting |
Philippine Interpretation IFRIC–9,
Reassessment of Embedded Derivatives |
Scope of Philippine Interpretation IFRIC–9 and revised PFRS 3 |
| Philippine Interpretation IFRIC–16, Hedges of a Net Investment in a Foreign Operation |
Amendment to the restriction on the entity that can hold hedging instruments |