Philippine Central Bank issues IAS 39 guidelines

The Philippine central bank, Bangko Sentral ng Philipinas (BSP), has issued guidelines for the adoption of financial reporting standards set by the International Accounting Standards (IAS) Board, including IAS 39 which deals with derivatives.

The Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS) will apply to annual financial statements starting from 2005. The guidelines follow a memorandum issued by the BSP in January announcing the adoption of PFRS and PAS for the financial year ending December 2005.

“One of the important provisions of the new guidelines that may have a significant impact on the industry is the accounting treatment for derivatives and hedging relationships, which shall

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