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ACCOUNT TITLE STANDARD RECOGNITION CRITERIA INTIAL SUBSEQUENT CLASSIFICATION PRESENTATION NECESSARY DISCLOSURES EXAMPLES

MEASUREMENT MEASUREMENT
Cash on Hand PAS1 It is probable that future Face Value Face Value Current Asset Cash and Cash The amount and details A 100,000
economic benefits will Equivalents should be disclosed in the cash in
flow to the entity and notes to financial statements. manager’s
the asset has a cost or volt
value that can be
measured reliably.

Cash In Bank PAS1 It is probable that future Face Value Lower of face Current Asset Cash and Cash The amount and details A 3,000,000
economic benefits will value or estimated Equivalents should be disclosed in the cash
flow to the entity and realizable value notes to financial statements. deposited in
the asset has a cost or BDO Bank
value that can be
measured reliably.

Petty Cash Fund PAS1 It is probable that future Face Value Lower of face Current Asset Cash and Cash The amount and details A 10,000 cash
economic benefits will value or estimated Equivalents should be disclosed in the fund for small
flow to the entity and realizable value notes to financial statements. expenditures
the asset has a cost or
value that can be
measured reliably.

Three month BSP PAS1 It is probable that future Face Value Lower of face Current Asset Cash and Cash The amount and details
treasury bill economic benefits will value or estimated Equivalents should be disclosed in the
flow to the entity and realizable value notes to financial statements.
the asset has a cost or
value that can be
measured reliably.

It must be acquired
three months or less
before maturity
Three months PAS1 It is probable that future Face Value Lower of face Current Asset Cash and Cash The amount and details
time deposit economic benefits will value or estimated Equivalents should be disclosed in the
flow to the entity and realizable value notes to financial statements.
the asset has a cost or
value that can be
measured reliably.

It must be acquired
three months or less
before maturity

Three month PAS1 It is probable that future Face Value Lower of face Current Asset Cash and Cash The amount and details
money market economic benefits will value or estimated Equivalents should be disclosed in the
instrument flow to the entity and realizable value notes to financial statements.
the asset has a cost or
value that can be
measured reliably.

It must be acquired
three months or less
before maturity
ILLUSTRATION:

On December 31, 2013, Gimwelle Company provided the following data:

Cash in bank 500,000


PNB current account no. 1 400,000
PNB current account n0. 2 (50,000)
Security bank current account 1,000,000
BSP treasury bill-60 days 3,000,000
BPI time deposit 2,000,000
Petty cash fund 20,000

 The cash on hand included a customer postdated check of P100,000 and postal money order of P40,000
 The petty cash fund included the unreplenished petty cash vouchers for P2,000 and an employee check for P3,000 dated January 31, 2014
ADJUSTING ENTRIES:

Account Receivable 100,000


Cash on Hand 100,000

Expenses 2,000
Receivable from employees 3,000
Petty cash fund 5,000

Accounts PAS39 It is probable that future Face Value Net Realizable Current Asset Trade and Other The amount and details A 1,000,000
Receivable economic benefits will Value Receivables should be disclosed in the receivable
flow to the entity and notes to financial statements. from
the asset has a cost or Customer B
value that can be
measured reliably.

Accrued Interest PAS39 It is probable that future Face Value Face Value Current Asset Trade and Other The amount and details A, 120,000
Receivable economic benefits will Receivables should be disclosed in the interest from
flow to the entity and notes to financial statements. a 6% Notes
the asset has a cost or Receivable
value that can be
measured reliably.

Advances to PAS39 It is probable that future Face Value Face Value Current Asset Trade and Other The amount and details
Officers economic benefits will Receivables should be disclosed in the
flow to the entity and notes to financial statements.
the asset has a cost or
value that can be
measured reliably.
Advances to PAS39 It is probable that future Face Value Face Value Current Asset Trade and Other The amount and details A 1,000,000
Suppliers economic benefits will Receivables should be disclosed in the receivable
flow to the entity and notes to financial statements. from a
the asset has a cost or supplier of
value that can be goods
measured reliably.

Allowance for PAS39 It is probable that future Face Value Face Value Current Asset Trade and Other The amount and details A 500,000
Uncollectible economic benefits will Receivables should be disclosed in the allowance for
Accounts flow to the entity and notes to financial statements. Receivables
the asset has a cost or which is
value that can be Uncollectible
measured reliably.

Advances to PAS39 It is probable that future Face Value Face Value Current Asset Trade and Other The amount and details
Directors economic benefits will Receivables should be disclosed in the
flow to the entity and notes to financial statements.
the asset has a cost or
value that can be
measured reliably.

Advances to PAS39 It is probable that future Face Value Face Value Current Asset Trade and Other The amount and details
Employees economic benefits will Receivables should be disclosed in the
flow to the entity and notes to financial statements.
the asset has a cost or
value that can be
measured reliably.
Notes PAS39 face value for face value for Current Asset Trade and Other A. Information about the A 1year Note
Receivable--- short term and short term and Receivables extent and nature of Receivable
Currently long term long term interest the financial worth
Collectible interest bearing bearing notes instruments; including 1,000,000
It is probable that future notes significant terms and from a sale of
economic benefits will Present value for conditions that may land
flow to the entity and Present value long term non- affect the amount,
the asset has a cost or for long term interest bearing timing and certainty
value that can be non-interest notes. of future cash flows;
measured reliably. bearing notes.

B. An accounting policies
Loan Receivable- PAS39 Fair Value Measured at Current Asset Trade and Other and methods A 3year loan
-- Currently An entity shall recognize amortized cost Receivables adopted, including the receivable
Collectible a financial asset when, using the effective criteria for recognition which is
and only when, the interest method. and the basis of collectible one
entity becomes a party measurement applied year worth
to contractual 600,000
provisions of the
instrument.

ILLUSTRATION:
At the end of the year, before making any necessary adjustments, the trial balance of Marvelous Company included the following items among others:

Accounts Receivable 500,000


Note receivable 200,000
Allowance for doubtful account 20,000
Sales 5,000,000
Sales return and allowances 30,000
Sales discount 20,000

Independent assumptions are as follows:

A.) Past experience indicates that 75% of all sales are credit sales and that an average 2% of credit sales may prove uncollectible.
B.) One percent of gross sales may prove uncollectible
C.) An analysis of the aging of trade receivables indicates that accounts receivable in the amount P80,000 may prove uncollectible
D.) The policy is to maintain an allowance for doubtful accounts equal to 10%of the outstanding accounts receivable.

ADJUSTING ENTRIES:

A.) Doubtful account 75,000


Allowance for doubtful account 75,000

B.) Doubtful account 50,000


Allowance for doubtful account 50,000

C.) Doubtful account 60,000


Allowance for doubtful account 60,000

D.) Doubtful account 30,000


Allowance for doubtful account 30,000
Raw Materials PAS2 It is probable that future Cost Lower of Cost and Current Asset Inventories a.the accounting policies used A steel worth
Inventory economic benefits will Net Realizable in measuring the inventories 2,000,000
flow to the entity and Value including the cost formula which is use
the asset has a cost or used for the
value that can be production.
measured reliably. b.the total carrying amount of
inventories and the carrying
Goods in Process PAS2 It is probable that future Cost Lower of Cost and Current Asset Inventories A 500,000
Inventory economic benefits will Net Realizable amount in classifications materials
flow to the entity and Value appropriate to the entity which is not
the asset has a cost or yet finished.
value that can be c.the carrying amount of
measured reliably. inventories carried at fair
value less cost to sell
Finish Goods PAS2 It is probable that future Cost Lower of Cost and Current Asset Inventories A 5,000,000
Inventory economic benefits will Net Realizable d.the amount of inventories Finish Goods
flow to the entity and Value recognized as an expense which is read
the asset has a cost or during the period to sell.
value that can be
measured reliably. e.the amount of any write
down of inventories
Allowance for PAS2 It is probable that future Cost Lower of Cost and Current Asset Inventories recognized as an expense in A 320,000
Inventory Write economic benefits will Net Realizable the period write down on
down flow to the entity and Value inventory
the asset has a cost or f.the amount of any reversal because the
value that can be that is recognized as a cost is higher
measured reliably. reduction in the amount of than the net
inventories recognized as realizable
expense in the period value

g.the circumstances or events


that led to the reversal of a
write down of inventories
h.the carrying amount of
inventories pledged as
security for liabilities
Financial Asset PFRS9 It is probable that future Fair Value An entity shall Current Asset Separate Line 1. Information about the A 5,000,000
at Fair Value economic benefits will subsequently Item next to significance of financial marketable
through Profit or flow to the entity and measure a Cash and Cash instruments to an entity, equity
Loss the asset has a cost or financial asset at Equivalents securities
value that can be fair value 2. The nature and extent of which is
measured reliably. depending on the risks arising from those acquired for
entity’s business financial instruments, the purpose
a. It is acquired model for both in qualitative and of trading
principally for the managing quantitative terms.
purpose of selling or financial assets.
repurchasing it in the The business 3. Specific disclosures are
near term. model for required in relation to
managing assets transferred financial
b.On initial recognition, may be: assets and a number of
it is part of a portfolio of other matters.
identified financial a. To hold
assets that are managed investments in
together and for which order to realize
there is evidence of a fair value changes.
recent actual pattern of b. To hold
short-term profit taking. investments in
order to collect
c. It is a derivative, contractual cash
except for a derivative flows
that is a financial
guarantee contract or a
designated and an
effective hedging
instrument.

Non Current PFRS5 It is probable that future Carrying Lower of Carrying Current Asset Separate Line A. description of the non- A machinery
Asset held for economic benefits will Amount Amount or Fair Item next to worth
Sale flow to the entity and Value less Cost of Inventories current asset or disposal 1,500,000
the asset has a cost or Disposal group which is
value that can be B. description of facts and classified as
measured reliably. Current Asset
circumstances of the sale for the selling
(disposal) and the expected purposes
timing
C. impairment losses and
reversals, if any, and where
in the statement of
comprehensive income
they are recognised
4. if applicable, the
reportable segment in
which the non-current asset
(or disposal group) is
presented in accordance
with IFRS 8 Operating
Segments

Current Tax PAS 12 The amount of tax It shall be It shall be CURRENT ASSET Separate Line Disclosures relating to
Asset already paid in respect measured at the measured at the Item in the face income taxes are:
of current and prior amount amount expected of financial
periods exceeds the expected to be to be recovered position 1.)requires disclosures on
amount actually payable recovered from from the taxation the face of the statement of
for the period, the the taxation authorities using financial position about
excess shall be authorities the tax rate that current tax liabilities
2.)aggregate current tax
recognized as an asset. using the tax has been enacted
relating to items reported
rate that has by the end of the
directly in equity.
been enacted by reporting period
3.)changes in tax rates
the end of the 4.)amounts and other
reporting period details of deductible
temporary differences,
unused tax losses, and
unused tax credits
5.)temporary differences
associated with
investments in
subsidiaries, associates,
branches, and joint
ventures
Lease PAS 17 It is probable that future Lease At amortized cost Current Asset Separate Line Disclosures for Finance leases-
Receivable- economic benefits will Receivable is using the effective Item in the face Lessor
current portion flow to the entity and equal to Gross interest method of financial
the asset has a cost or Investment Note: if the position 1.)Reconciliation between the
value that can be amount is gross investment in the lease
measured reliably. collectible and the present value of the
within 1 year minimum lease payments
from the end of receivable at the end of the
the reporting reporting period.
period 2,)The gross investment in the
lease and the present value of
the minimum lease payments
receivable at the end of the
reporting period for each of
the following periods:
A.)Not later than one year
B.)Later than one year and not
later than 5 years
C.)Later than 5 years
3.)Unearned finance income
or unearned interest income.
4.)Unguaranteed residual
value accruing to the benefit
of the lessor.
5.) Accumulated allowance for
uncollectible minimum lease
payments receivable.
6.) Contingent rents
recognized as income in the
period.
7.) A general description of
the lessor’s material leasing
arrangements.
ACCOUNT TITLE STANDARD RECOGNITION CRITERIA INTIAL SUBSEQUENT CLASSIFICATION PRESENTATION NECESSARY DISCLOSURES EXAMPLES
MEASUREMENT MEASUREMENT
Biological PAS 41 It is probable that future fair value less at fair value less Noncurrent Separate line a. An entity shall disclose the Sheep, Trees
Assets economic benefits will cost to sell cost to sell Asset item aggregate gain or loss arising
flow to the entity and during the current period on
the asset has a cost or If the fair value initial recognition of biological
value that can be cannot be assets and agricultural
measured reliably. measured produce and from the change
reliably, in fair value less estimated
the entity controls the biological asset point-of-sale costs of
asset as a result of past shall be biological assets
events; measured at its
cost less any b. An entity shall provide a
it is probable that future accumulated description of each group of
economic benefits depreciation biological assets.
associated with the and any
asset will flow to the accumulated
entity; and impairment
losses
the fair value or cost of
the asset can be
measured reliably.

Agricultural PAS 41 It is probable that future Measured at its The fair value Noncurrent Separate Line A. Carrying amount of Cheese
produce economic benefits will fair value less measurement of Asset item biological assets
flow to the entity and cost to sell at agricultural
the asset has a cost or the point of produce stops at B. Description of an
value that can be harvest the point of entity's biological
measured reliably. harvest. After that assets, by broad group
date, PAS 2 shall
apply. This means C. Change in fair value
that the inventory less costs to sell
shall be measured during the period
at the lower of
cost or net
realizable value

ILLUSTRATION:
Paulo Company provided the following data for 2013:

Value of biological asset at acquisition cost on January 1, 2013 600,000


Fair valuation surplus on initial recognition at fair value on January 1, 2013 700,000
Change in fair value on December 31, 2013 due to growth and price fluctuation 100,000
Decrease in fair value due to harvest 90,000
Decrease due to sale of biological asset 400,000

JOURNAL ENTRIES:

Biological asset 600,000


Cash 600,000

Biological asset 700,000


Gain from change in fair value 700,000

Biological asset 100,000


Gain from change in fair value 100,000

Loss from change in fair value 90,000


Biological asset 90,000
Financial Asset PFRS 9 It is probable that future Fair Value plus At fair value Non-Current Separate Line 1. Information about the
at Fair Value economic benefits will directly depending on the Asset Item significance of financial
through Other flow to the entity and attributable entity’s business instruments to an
Comprehensive the asset has a cost or transaction model for entity,
Income value that can be costs managing
measured reliably. financial assets. 2. The nature and extent
The business of risks arising from
Financial asset shall be model for those financial
recognized when the managing assets instruments, both in
entity becomes a party may be: qualitative and
to the contractual a. To hold quantitative terms.
provision of the investments in
instrument. order to realize 3. Specific disclosures are
fair value changes. required in relation to
b. To hold transferred financial
investments in assets and a number of
order to collect other matters.
contractual cash
flows

Financial Asset PFRS 9 It is probable that future Fair Value plus At amortized cost Non-Current Separate Line Requires disclosure of Investment in
at Amortized economic benefits will transaction using the effective Asset Item information about the Bonds
Cost flow to the entity and costs that are interest method. significance of financial
the asset has a cost or directly instruments to an entity, and
value that can be attributable to the nature and extent of risks
measured reliably. the acquisition arising from those financial
instruments, both in
a. The entity’s business qualitative and quantitative
model is to hold the terms. Specific disclosures are
financial asset in order required in relation to
to collect contractual transferred financial assets
cash flows on specified and a number of other
dates. matters.
b. The contractual cash
flows are solely
payments of principal
and interest on the
principal amount
outstanding.
Investment in PAS 28 It is probable that future Cost Equity method Non-Current Separate Line a. The fair value if
Associate economic benefits will Asset Item investments in associates
flow to the entity and for which there are
the asset has a cost or published price
value that can be quotations;
measured reliably.
b. Summarized financial
Holds significant information of associates,
influence directly or including the aggregated
indirectly through amount of assets,
subsidiaries, which may liabilities, revenues, and
be evidenced by: profit or loss;
* Holds 20% or more
(20% to 49%) voting c. the reasons why the
power presumption that an
* Representation in the investor does not have a
Board of Directors
* Participation in policy
making process
* Material transactions
between the investor
and the investee

Investment in PAS 28 It is probable that future Consolidation Consolidation Non-Current Separate Line The nature of the relationship
Subsidiary economic benefits will method method Asset Item between the parent and a
flow to the entity and subsidiary even without
the asset has a cost or related party transactions
value that can be
measured reliably.

Investor holds 50% or


more voting power or
control over the
investee
Investment in PFRS 9 It is probable that future Cost At cost less any Noncurrent Separate Line 1. The fact that these equity
Unquoted economic benefits will impairment loss Asset Item securities are measured at
Equity flow to the entity and cost because their fair
Securities the asset has a cost or value cannot be reliably
value that can be measured
measured reliably. 2. Description of the
financial instruments,
It is acquired for the their carrying mount, an
purpose of accruing explanation of why fair
income through value cannot be reliably
dividends and increase measured, and if possible,
in market value, or the range of estimates
controlling another within which fair value is
entity. highly likely to lie

Investment PAS 40 It is probable that the Cost. Use either the Non-current Separate line * Whether the entity uses the *Land held for
Property future economic Cost model or Asset item cost model or fair value model long-term capital
benefits that are Transactions Revaluation of measuring investment appreciation
associated with the costs shall be model property. *Land held for
investment property will included in the * The amount of rental currently
flow to the entity. initial income for the period along undetermined
measurement with the related expense. use
the cost of the * Restrictions on the
investment property can investment property either
be measured reliably. through rentals or sale
proceeds.
* Contractual obligations to
purchase or construct
investment property

Intangible Asset PAS 38 It is probable that future Cost Using either the Non Current Separate Line a. Whether useful lives are Patent,
economic benefits cost or Asset item indefinite or finite, and if Copyright,
attributable to the asset revaluation model finite, the useful lives or Trademark
will flow to the entity. the amortization rate.
The cost of the b. Amortization method
intangible asset can be c. Gross carrying amount
measured reliably. and any accumulated
amortization at the
beginning and end of the
period
d. Line item in the income
statement in which any
amortization of intangible
asset is included
e. Additions, separately
showing those internally
generated, those acquired
separately and those
acquired through business
combination.
f. Intangible assets classified
as held for sale in
accordance with PFRS 5.
g. Increases and decreases in
intangible assets resulting
from revaluation.
h. Impairment losses and
reversal of impairment
losses.
i. Net exchange differences
on translation
j. The carrying amount of
intangible asset with
indefinite life and the
reason supporting the
assessment of indefinite
life.
k. The carrying amount and
remaining amortization
period of intangible assets
that are material to the
entity’s financial
statements.
l. The carrying amount of
intangible assets whose
title is restricted or
pledged as collateral.
m. Contractual commitments
for the acquisition of
intangible assets.
n. Intangible assets acquired
by way of government
grant and initially
recognized at fair value.
o. The amount of research
and development
expenditure recognized as
expense during the
period.

Exploration and No specific It is probable that future Cost Either the cost Noncurrent May be a. Its accounting policies for *Vehicles and
evaluation asset standard economic benefits will model or Asset classified as exploration and evaluation drilling rig
but may rely flow to the entity and revaluation model tangible or expenditures including the *Drilling rights
on PFRS 6 the asset has a cost or intangible asset recognition of exploration and
value that can be and presented evaluation assets.
measured reliably. separately
b. The amounts of assets,
The entity must develop liabilities, income and expense
its own accounting and operating and investing
policy for the cash flows arising from the
recognition of such exploration for and evaluation
assets.
of mineral resources.

Leasehold PAS 17 It is probable that future Cost Using Cost Model Non-Current Part of Property, Landscapes
Improvements economic benefits Asset Plant and
associated with the Equipment
asset will flow to the
entity.

The cost of the asset can


be measured reliably.
Leased Asset PAS 17 It is probable that future Fair Value of May choose Non-Current Property, Plant Disclosures for Finance leases-
economic benefits leased property between cost or Asset and Equipment Lessee
associated with the at the inception revaluation
asset will flow to the of the lease or model. 1. For each class of asset, the
entity. the present net carrying amount at
value of *Depreciation is the balance sheet date.
The cost of the asset can minimum lease based on the 2. Reconciliation between
be measured reliably. payments, useful life of the the total of future
whichever is asset if: minimum lease payments
lower; plus a. The lease at the balance sheet date
initial direct qualifies under and their present value.
costs. the “transfer of In addition, an entity shall
ownership” and disclose the total of future
*Minimum bargain purchase minimum lease payments
Lease Payments option criteria. at the balance sheet date,
include: rental *it is based on the and their present value,
payments for lease term or for each of the following
the whole lease useful life of the periods:
term, bargain asset w/c ever is a. Not later than one
purchase shorter, if it year
option, and qualifies under b. Later than one
guaranteed the 75% and 90% year and not later
residual value. criteria. than five years
c. Later than five
*Implicit years
interest rate is 3. Contingents recognized as
used in an expense in the period.
computing the 4. The total of future
present value if minimum sublease
this is payments expected to be
practicable to received under
determine. noncancellable subleases
Otherwise, the at the balance sheet date.
lessee’s
incremental
borrowing rate
is used.
Cash fund PAS 1 It is probable that future At face value At face value Non-current Long term The amount and details Bond Sinking
economic benefits will asset if legally investment if should be disclosed in the Fund
flow to the entity and restricted for legally restricted notes to financial statements.
the asset has a cost or use beyond 12 for use beyond
value that can be months. 12 months and
measured reliably. material; other
noncurrent
asset if
immaterial.

Advances to PAS 39 It is probable that future At face value At face value Noncurrent Presented as The amount and details
affiliate economic benefits will asset long term should be disclosed in the
flow to the entity and investment notes to financial statements.
the asset has a cost or
value that can be
measured reliably.

Notes PAS 39 It is probable that future At present value At amortized cost Noncurrent Separate line 1. Information about the
Receivable--- economic benefits will for long term for long term asset for the item. extent and nature of the
not collectible flow to the entity and non-interest notes receivable. portion of notes financial instruments;
currently the asset has a cost or bearing notes. receivable including significant terms
value that can be maturing and conditions that may
measured reliably. beyond one affect the amount, timing
year. and certainty of future
An entity shall recognize cash flows;
a financial asset when, 2. An accounting policies and
and only when, the methods adopted,
entity becomes a party including the criteria for
to contractual recognition and the basis
provisions of the of measurement applied
instrument.
Loan PAS 39 It is probable that future At fair value At amortized cost Non Current Separate Line A. Information about the
Receivable--- economic benefits will plus transaction using the effective Asset, if the loan item extent and nature of the
not collectible flow to the entity and costs interest method. is receivable financial instruments;
currently the asset has a cost or beyond one including significant terms
value that can be year and conditions that may
measured reliably. affect the amount, timing
and certainty of future
An entity shall recognize cash flows;
a financial asset when, B. An accounting policies
and only when, the and methods adopted,
entity becomes a party including the criteria for
to contractual recognition and the basis
provisions of the of measurement applied
instrument.

Lease PAS 17 It is probable that future Lease At amortized cost Noncurrent Separate Line Disclosures for Finance leases-
Receivable- economic benefits will Receivable is using the effective asset Item in the face Lessor
noncurrent flow to the entity and equal to the interest method of statement of
portion the asset has a cost or amount of Gross Note: if it is financial 1.)Reconciliation between the
value that can be Investment. collectible position gross investment in the lease
measured reliably. beyond 12 and the present value of the
months from minimum lease payments
the end of the receivable at the end of the
reporting period reporting period.
2,)The gross investment in the
lease and the present value of
the minimum lease payments
receivable at the end of the
reporting period for each of
the following periods:
A.)Not later than one year
B.)Later than one year and not
later than 5 years
C.)Later than 5 years
3.) Unearned finance income
or unearned interest income.
4.) Unguaranteed residual
value accruing to the benefit
of the lessor.
5.) Accumulated allowance for
uncollectible minimum lease
payments receivable.
6.) Contingent rents
recognized as income in the
period.
7.) A general description of
the lessor’s material leasing
arrangements.