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BUSINESS FOCUS; First time adoption of Philippine financial reporting standards.(Business)
- Article from:
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Manila Bulletin
- Article date:
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August 8, 2005
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Copyright informationCOPYRIGHT 2005 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...