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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PFRS 11, Joint Arrangements<br />
PFRS 11 provides for a more realistic reflection of joint arrangements by focusing on the rights<br />
and obligations of the arrangement, rather than its legal form. The standard addresses<br />
inconsistencies in the reporting of joint arrangements by requiring a single method to account for<br />
interests in jointly controlled entities. The standard is effective for annual periods beginning on or<br />
after January 1, <strong>20</strong>13.<br />
PFRS 12, Disclosure of Interests in Other Entities<br />
PFRS 12 is a new and comprehensive standard on disclosure requirements for all forms of<br />
interests in other entities, including subsidiaries, joint arrangements, associates and unconsolidated<br />
structured entities. The standard is effective for annual periods beginning on or after January 1,<br />
<strong>20</strong>13. The Parent Company will assess the impact of the amendment on its financial position and<br />
performance when they become effective.<br />
PFRS 13, Fair Value Measurement<br />
This standard represents the completion of the joint project to establish a single source for the<br />
requirements on how to measure fair value under PFRS. This standard does not change when an<br />
entity is required to use fair value, but rather, describes how to measure fair value under PFRS,<br />
when fair value is required or permitted to be used. This standard is effective for annual periods<br />
beginning on or after January 1, <strong>20</strong>13. The Parent Company will assess the impact of the<br />
amendment on its financial position and performance when they become effective.<br />
PAS 19 Amendments, Employee Benefits - Defined Benefit Plans<br />
The amendments focus on the following key areas: the elimination of the option to defer the<br />
recognition of gains and losses resulting from defined benefit plans (the corridor approach); the<br />
elimination of options for the presentation of gains and losses relating to those plans; and the<br />
improvement of disclosure requirements that will better show the characteristics of defined benefit<br />
plans and the risks arising from those plans. The amendments to the recognition, presentation and<br />
disclosure requirements will ensure that the financial statements provide investors and other users<br />
with a clear picture of an entity’s commitments resulting from defined benefit plans. The<br />
amendments to PAS 19 are effective for annual periods beginning on or after January 1, <strong>20</strong>13.<br />
The Parent Company will assess the impact of the amendment when this becomes effective.<br />
Effective <strong>20</strong>14<br />
PAS 32 Amendment, Financial Instruments: Presentation - Offsetting Financial Assets and<br />
Financial Liabilities<br />
The amendment to PAS 32 is effective for annual periods beginning on or after January 1, <strong>20</strong>14.<br />
This clarifies the meaning of “currently has a legally enforceable right to set-off” and the<br />
application of the PAS 32 offsetting criteria to settlement systems (such as central clearing house<br />
systems) which apply gross settlement mechanisms that are not simultaneous.<br />
Effective <strong>20</strong>15<br />
PFRS 9, Financial Instruments: Classification and Measurement<br />
The standard is effective for annual periods beginning on or after January 1, <strong>20</strong>15. It reflects the<br />
first phase on the replacement of PAS 39, Financial Instruments: Recognition and Measurement<br />
and applies to classification and measurement of financial assets and financial liabilities as defined<br />
in PAS 39. The Parent Company will assess the impact of the amendment on its financial position<br />
and performance when they become effective.<br />
Philippine Interpretation IFRIC 15, Agreement for Construction of Real Estate<br />
This Interpretation, effective for annual periods beginning on or after January 1, <strong>20</strong>15, covers<br />
accounting for revenue and associated expenses by entities that undertake the construction of real<br />
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