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Tag: Ma. Emilita L. Villanueva

The latest improvements to the Conceptual Framework

2018 is looking to be a busy year as far as financial reporting changes are concerned. There will be two major new standards adopted this year -- one for revenue recognition and another one for financial instruments. Furthermore, it is in 2018 that the International Accounting Standards Board (IASB), the accounting standard-setting body, issued a revised version of the Conceptual Framework for Financial Reporting.

A financial reporting framework made simple for small and micro entities

In 2005, the Philippines adopted the International Financial Reporting Standards (IFRS) -- renamed Philippine Financial Reporting Standards (PFRS) -- in order to make financial...