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Preface to Philippine Financial Reporting Standards Conceptual Framework for Financial Reporting Phase A: Objectives and qualitative characteristics

(Effective Date 07/01/2011) Philippine Financial Reporting Standards Effective Date 01/01/05 01/01/09 07/01/09 01/01/10 07/01/10 07/01/11 01/01/13* 01/01/05 01/01/09 01/01/10 01/01/05 07/01/09 01/01/05 01/01/06 01/01/05 01/01/06 01/01/07 01/01/07 07/01/08 07/01/08 01/01/09

PFRS PFRS 1

Title First-time Adoption of Philippine Financial Reporting Standards [superseded by PFRS 1 (Revised)] Amendments to PFRS 1: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate

PFRS 1 (Revised)

First-time Adoption of Philippine Financial Reporting Standards Amendments to PFRS 1: Additional Exemptions for First-time Adopters Amendment to PFRS 1: Limited Exemption from Comparative PFRS 7 Disclosures for First-time Adopters Amendments to PFRS 1: Severe Hyperinflation and Removal of Fixed Date for First-time Adopters Amendments to PFRS 1: Government Loans

PFRS 2

Share-based Payment Amendments to PFRS 2: Vesting Conditions and Cancellations Amendments to PFRS 2: Group Cash-settled Share-based Payment Transactions

PFRS 3

Business Combinations [superseded by PFRS 3 (Revised)]

PFRS 3 (Revised) Business Combinations PFRS 4 Insurance Contracts Amendments to PFRS 4: Financial Guarantee Contracts PFRS 5 PFRS 6 PFRS 7 Non-current Assets Held for Sale and Discontinued Operations Exploration for and Evaluation of Mineral Resources Financial Instruments: Disclosures Amendments to PFRS 7: Transition Amendments to PFRS 7: Reclassification of Financial Assets Amendments to PFRS 7: Reclassification of Financial Assets - Effective Date and Transition Amendments to PFRS 7: Improving Disclosures about Financial Instruments

Amendments to PFRS 7: Disclosures - Transfers of Financial Assets Amendments to PFRS 7: Disclosures - Offsetting Financial Assets and Financial Liabilities Amendments to PFRS 7: Mandatory Effective Date of PFRS 9 and Transition Disclosures PFRS 8 PFRS 9 Operating Segments Financial Instruments Amendments to PFRS 9: Mandatory Effective Date of PFRS 9 and Transition Disclosures PFRS 10 Consolidated Financial Statements Amendments to PFRS 10: Transition Guidance Amendments to PFRS 10: Investment Entities PFRS 11 Joint Arrangements Amendments to PFRS 11: Transition Guidance PFRS 12 Disclosure of Interests in Other Entities Amendments to PFRS 12: Transition Guidance Amendments to PFRS 12: Investment Entities PFRS 13 Fair Value Measurement

07/01/11 01/01/13* 01/01/15* 01/01/09 01/01/15 01/01/15* 01/01/13* 01/01/13* 01/01/14* 01/01/13* 01/01/13* 01/01/13* 01/01/13* 01/01/14* 01/01/13*

Philippine Accounting Standards (PASs) Effective Date 01/01/05 01/01/07 01/01/09 01/01/09 07/01/12* 01/01/05
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PAS PAS 1

Title Presentation of Financial Statements [superseded by PAS 1 (Revised)] Amendment to PAS 1: Capital Disclosures

PAS 1 (Revised)

Presentation of Financial Statements Amendments to PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation Amendments to PAS 1: Presentation of Items of Other Comprehensive Income

PAS 2 PAS 7 PAS 8 PAS 10 PAS 11 PAS 12

Inventories Statement of Cash Flows

01/01/05 01/01/05 01/01/05 01/01/05 01/01/05

Accounting Policies, Changes in Accounting Estimates and Errors Events after the Reporting Period Construction Contracts Income Taxes
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Amendments to PAS 12 - Deferred Tax: Recovery of Underlying Assets PAS 14 PAS 16 PAS 17 PAS 18 PAS 19 Segment Reporting [superseded by PFRS 8] Property, Plant and Equipment Leases Revenue Employee Benefits [superseded by PAS 19 (Amended)] Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and Disclosures [superseded by PAS 19 (Amended)] PAS 19 (Amended) Employee Benefits PAS 20 PAS 21 Accounting for Government Grants and Disclosure of Government Assistance The Effects of Changes in Foreign Exchange Rates Amendment: Net Investment in a Foreign Operation PAS 23 PAS 23 (Revised) PAS 24 PAS 24 (Revised) PAS 26 PAS 27 PAS 27 (Revised) Borrowing Costs [superseded by PAS 23 (Revised)] Borrowing Costs Related Party Disclosures [superseded by PAS 24 (Revised)] Related Party Disclosures Accounting and Reporting by Retirement Benefit Plans Consolidated and Separate Financial Statements [superseded by PAS 27 (revised)] Consolidated and Separate Financial Statements [superseded by PAS 27 (Amended)] Amendments to PAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate[superseded by PAS 27 (Amended)] PAS 27 (Amended) Separate Financial Statements Amendments to PAS 27 (Amended): Investment Entities PAS 28 Investments in Associates [superseded by PAS 28 (Amended)]

01/01/12 01/01/05 01/01/05 01/01/05 01/01/05 01/01/05 01/01/06 01/01/13* 01/01/05 01/01/05 01/01/06 01/01/05 01/01/09 01/01/05 01/01/11 01/01/05 01/01/05 07/01/09 01/01/09 01/01/13* 01/01/14* 01/01/05 01/01/13* 01/01/05 01/01/05 01/01/05 01/01/05 01/01/07 01/01/09

PAS 28 (Amended) Investments in Associates and Joint Ventures PAS 29 PAS 30 PAS 31 PAS 32 Financial Reporting in Hyperinflationary Economies Disclosures in the Financial Statements of Banks and Similar Financial Institutions [superseded by PFRS 7] Interests in Joint Ventures [superseded by PFRS 11] Financial Instruments: Disclosure and Presentation Financial Instruments: Presentation Amendments to PAS 32: Puttable Financial Instruments and Obligations Arising

on Liquidation Amendment to PAS 32: Classification of Rights Issues Amendments to PAS 32: Offsetting Financial Assets and Financial Liabilities PAS 33 PAS 34 PAS 36 Earnings per Share Interim Financial Reporting Impairment of Assets Amendments to PAS 36: Recoverable Amount Disclosures for Non-Financial Assets PAS 37 PAS 38 PAS 39 Provisions, Contingent Liabilities and Contingent Assets Intangible Assets Financial Instruments: Recognition and Measurement Amendments to PAS 39: Transition and Initial Recognition of Financial Assets and Financial Liabilities Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup Transactions Amendments to PAS 39: The Fair Value Option Amendments to PAS 39: Financial Guarantee Contracts Amendments to PAS 39: Reclassification of Financial Assets Amendments to PAS 39: Reclassification of Financial Assets Effective Date and Transition Amendments to PAS 39: Embedded Derivatives Amendment to PAS 39: Eligible Hedged Items PAS 40 PAS 41 PAS 101 Investment Property Agriculture Financial Reporting Standards for Non-publicly Accountable Entities [superseded by PFRS for SMEs] Amendment to PAS 101: Change in Effective Date [superseded by PFRS for SMEs]
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02/01/10 01/01/14* 01/01/05 01/01/05 01/01/05 01/01/14* 01/01/05 01/01/05 01/01/05 01/01/05 01/01/06 01/01/06 01/01/06 07/01/08 07/01/08

06/30/09 07/01/09 01/01/05 01/01/05 01/01/05 01/01/05

As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 7 was changed from Cas Flow Statements toStatement of Cash Flows. 2 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 10 was changed from Events after the Balance Sheet Dae to Events after the Reporting Period.

Annual Improvements to PFRSs Improvements to PFRSs (Approved in 2008) Amendments to PAS 1, PAS 16, PAS 19, PAS 20, PAS 23, PAS 27, PAS 28, PAS 29, PAS 31, PAS 36, PAS 38, PAS 39, PAS 40, PAS 41 Amendments to PFRS 5 Improvements to PFRSs (Approved in 2009) Amendments to PFRS 2, PAS 38, Philippine Interpretation IFRIC9, Philippine Interpretation IFRIC 16 Amendments to PFRS 5, PFRS 8, PAS 1, PAS 7, PAS 17, PAS 36, PAS 39 Amendment to PAS 18, Appendix Improvements to PFRSs (Approved in 2010) Amendments to PFRS 3, Transition requirements for amendments to PAS 21, PAS 28 and PAS 31 made as a result of PAS 27 (Revised) Amendments to PFRS 1, PFRS 7, PAS 1, PAS 34, Philippine Interpretation IFRIC13 Annual Improvements to PFRSs 2009-2011 Cycle Amendments to PFRS 1, PAS 1, PAS 16, PAS 32 and PAS 34 * For BOA/PRC Approval

Effective Date

01/01/09 07/01/09

07/01/09 01/01/10 05/27/09

07/01/10 01/01/11

01/01/13*