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BUSINESS FOCUS; First time adoption of Philippine financial reporting standards.(Business)

Byline: WILFREDO A. BALTAZAR

The development of international accounting standards can be traced back to the early 70s, but never have they reached greater importance than today, as the world moves closer towards international convergence.

Pertinent statements issued by the Board of the International Accounting Standards Committee (IASC) between 1973 and 2001 are designated International Accounting Standards (IAS).

The International Accounting Standards Board (IASB), formerly IASC, announced in April 2001 that its accounting standards would be designated International Financial Reporting Standards (IFRS). Also in April 2001, the IASB announced that it would adopt ...

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