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Accounting Updates

Equity method of accounting in Separate Financial Statements now allowed

Doesn’t this sounds interesting? Equity method of accounting in the separate financial statements are now allowed which will help some jurisdictions move to (International Financial Reporting Standards (IFRS) for separate financial statements, reducing compliance costs without reducing the information available to investors. The International Accounting Standards Board (IABS) define this amendment as a “narrow-scope” amendment that will allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements.

(When used in this article, IFRS and International Accounting Standards (IAS) shall also mean Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS) as Philippines adopt its reporting standards from the international standard-setting bodies)

What are Separate Financial Statements?

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About leecpa

Orlando Calundan is a Certified Public Accountant. He has exposures in audit of financial statements of entities in various industries such as real estate, food (quick service restaurants), manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements.


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