SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance
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- 14 -<br />
Standards Issued but not yet Effective<br />
The Parent Company will adopt the following standards and interpretations enumerated below<br />
when these become effective. Except as otherwise indicated, the Parent Company does not expect<br />
the adoption of these new and amended PFRS and Philippine Interpretations to have significant<br />
impact on its financial position and performance.<br />
Effective in <strong>20</strong>12<br />
PFRS 7 Amendments, Financial Instruments: Disclosures - Disclosures - Transfers of Financial<br />
Assets<br />
The amendments to PFRS 7 are effective for annual periods beginning on or after July 1, <strong>20</strong>11.<br />
The amendments will allow users of financial statements to improve their understanding of<br />
transfer transactions of financial assets (for example, securitizations), including understanding the<br />
possible effects of any risks that may remain with the entity that transferred the assets. The<br />
amendments also require additional disclosures if a disproportionate amount of transfer<br />
transactions are undertaken around the end of a reporting period.<br />
PAS 12 Amendment, Income Taxes - Deferred Tax: Recovery of Underlying Assets<br />
The amendment to PAS 12 is effective for annual periods beginning on or after January 1, <strong>20</strong>12.<br />
It provides a practical solution to the problem of assessing whether recovery of an asset will be<br />
through use or sale. It introduces a presumption that recovery of the carrying amount of an asset<br />
will normally be through sale.<br />
Effective in <strong>20</strong>13<br />
PAS 1, Financial Statement Presentation - Presentation of Items of Other Comprehensive Income<br />
(OCI)<br />
The amendment effective for annual periods beginning or after July 1, <strong>20</strong>12, changes the grouping<br />
of items presented in OCI. Items that could be reclassified (or “recycled”) to profit or loss at a<br />
future point in time would be presented separately from items that will never be reclassified.<br />
PAS 27 Revised, Separate Financial Statements<br />
The revised PAS 27 is effective for annual periods beginning on or after January 1, <strong>20</strong>13. It<br />
establishes that as a consequence of the new PFRS 10, Consolidated Financial Statement and<br />
PFRS 12, Disclosure of Interests in Other Entities, what remains of PAS 27 is limited to<br />
accounting for subsidiaries, jointly controlled entities, and associates in separate financial<br />
statements.<br />
PFRS 7 Revised, Financial instruments: Disclosures - Offsetting Financial Assets and Financial<br />
Liabilities<br />
The revised PFRS 7 effective for annual periods beginning on or after January 1, <strong>20</strong>13, requires an<br />
entity to disclose information about rights of set-off and related arrangements (such as collateral<br />
agreements). The new disclosures are required for all recognized financial instruments that are set<br />
off in accordance with PAS 32. These disclosures also apply to recognized financial instruments<br />
that are subject to an enforceable master netting arrangement or ‘similar agreement’, irrespective<br />
of whether they are set-off in accordance with PAS 32.<br />
PFRS 10, Consolidated Financial Statements<br />
The standard, effective for annual periods beginning on or after January 1, <strong>20</strong>13, establishes<br />
principles for the presentation and preparation of consolidated financial statements when an entity<br />
controls one or more other entities. The Parent Company will assess the impact of the amendment<br />
on its financial position and performance when they become effective.<br />
*SGVMC116501*
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