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Banks get year-long grace period to adopt new accounting system.
(From Philippine Daily Inquirer)
Byline: Elizabeth Sanchez
THE SECURITIES and Exchange Commission (SEC) is giving banks, mutual funds and pre-need firms until the end of 2005 to comply with the new accounting standards.
These standards include International Accounting Standards 39 on financial instruments which the various finance institutions wanted to defer.
The IAS, adopted in 2000, prescribe guidelines on the preparation of financial statements across different sectors, among others.
"The alternative of deferring IAS 39 was discussed, but a lot of other (firms) may be affected," an SEC official said.
"Regulatory reporting may differ from GAAP (generally accepted accounting principles) in 2005 if the regulators give in to the requests (of further deferment)," the official added.
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