SEC Form 20-IS - iRemit Global Remittance

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The adoption of the following amendment resulted in changes to accounting policies but did not
have any impact on the financial position or performance of the Parent Company.
PFRS 7, Financial Instruments - Disclosures
The amendment was intended to simplify the disclosures provided by reducing the volume of
disclosures around collateral held and improving disclosures by requiring qualitative information
to put the quantitative information in context. The Parent Company reflects the revised disclosure
requirements in Note 4.
PAS 1, Presentation of Financial Statements: The amendment clarifies that an entity may present
an analysis of each component of other comprehensive income maybe either in the statement of
changes in equity or in the notes to the financial statements.
Other amendments resulting from the 2010 Improvements to PFRSs to the following standards did
not have any impact on the accounting policies, financial position or performance of the Parent
Company:
• PFRS 3, Business Combinations (Contingent consideration arising from business combination
prior to adoption of PFRS 3 (as revised in 2008))
• PFRS 3, Business Combinations (Un-replaced and voluntarily replaced share-based payment
awards)
• PAS 27, Consolidated and Separate Financial Statements
• PAS 34, Interim Financial Reporting
The following interpretation and amendments to interpretations did not have any impact on the
accounting policies, financial position or performance of the Parent Company:
• Philippine Interpretation IFRIC 13, Customer Loyalty Programmes (determining the fair value
of award credits)
• Philippine Interpretation IFRIC 19, Extinguishing Financial Liabilities with Equity
Instruments
Foreign Currency Transactions and Translations
The functional and presentation currency of the Parent Company is the Philippine peso.
Transactions denominated in foreign currencies are recorded in Philippine peso using the
exchange rate at the date of the transaction. For financial reporting purposes, foreign currencydenominated
accounts are translated into their equivalents in Philippine pesos based on the
Philippine Dealing System (PDS) closing rate prevailing at the balance sheet date (for assets and
liabilities). Foreign exchange differences arising from revaluation and translation of foreign
currency-denominated monetary assets and liabilities are credited to or charged against operations
in the year in which the rates change. Non-monetary items that are measured in terms of historical
cost in a foreign currency are translated using the exchange rates as at the dates of the initial
transactions.
Cash and Cash Equivalents
Cash includes cash on hand and in banks. Cash equivalents are short-term, highly liquid
investments that are readily convertible to known amounts of cash, with original maturities of
three months or less from the dates of placement and that are subject to an insignificant risk of
changes in fair value.
*SGVMC116501*