SEC Form 20-IS - iRemit Global Remittance

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PFRS 13, Fair Value Measurement
This standard represents the completion of the joint project to establish a single source for the
requirements on how to measure fair value under PFRS. This standard does not change when an
entity is required to use fair value, but rather, describes how to measure fair value under PFRS,
when fair value is required or permitted to be used. This standard is effective for annual periods
beginning on or after January 1, 2013. The Group will assess the impact of the amendment on its
financial position and performance when they become effective.
PAS 19 Amendments, Employee Benefits - Defined Benefit Plans
The amendments focus on the following key areas: the elimination of the option to defer the
recognition of gains and losses resulting from defined benefit plans (the corridor approach); the
elimination of options for the presentation of gains and losses relating to those plans; and the
improvement of disclosure requirements that will better show the characteristics of defined benefit
plans and the risks arising from those plans. The amendments to the recognition, presentation and
disclosure requirements will ensure that the financial statements provide investors and other users
with a clear picture of an entity’s commitments resulting from defined benefit plans. The
amendments to PAS 19 are effective for annual periods beginning on or after January 1, 2013.
The Group will assess the impact of the amendment on its financial position and performance
when they become effective.
Effective 2014
PAS 32 Amendment, Financial Instruments: Presentation – Offsetting Financial Assets and
Financial Liabilities
The amendment to PAS 32 is effective for annual periods beginning on or after January 1, 2014.
This clarifies the meaning of “currently has a legally enforceable right to set-off” and the
application of the PAS 32 offsetting criteria to settlement systems (such as central clearing house
systems) which apply gross settlement mechanisms that are not simultaneous.
Effective 2015
PFRS 9, Financial Instruments: Classification and Measurement
The standard is effective for annual periods beginning on or after January 1, 2015. It reflects the
first phase on the replacement of PAS 39, Financial Instruments: Recognition and Measurement
and applies to classification and measurement of financial assets and financial liabilities as defined
in PAS 39. The Group will assess the impact of the amendment on its financial position and
performance when they become effective.
Philippine Interpretation IFRIC 15, Agreement for Construction of Real Estate
This Interpretation, effective for annual periods beginning on or after January 1, 2015, covers
accounting for revenue and associated expenses by entities that undertake the construction of real
estate directly or through subcontractors. The Interpretation requires that revenue on construction
of real estate be recognized only upon completion, except when such contract qualifies as
construction contract to be accounted for under PAS 11, Construction Contracts, or involves
rendering of services in which case revenue is recognized based on stage of completion. Contracts
involving provision of services with the construction materials and where the risks and reward of
ownership are transferred to the buyer on a continuous basis will also be accounted for based on
stage of completion.
*SGVMC116502*