Philippine Financial Reporting Standards

February 23, 2006 SEC MEMORANDUM CIRCULAR NO. 04-06 SUBJECT : Philippine Financial Reporting Standards The Commission, in its Resolution No. 114, Series of 2006, approved the adoption in its rules and regulations of the following accounting standards, as approved by the Accounting Standards Council: 2007seccd Philippine Financial Reporting Standards (PFRS) 1 PFRS IFRS Title Effectivity Supersedes Date PFRS 6 IFRS 6 Exploration for and 1/1/06 Evaluation of Mineral Resources PFRS 7 IFRS 7 Financial Instruments: 1/1/07 PAS 30 & 32 Disclosures (in part) Amendments to Philippine Accounting Standards (PAS) 2 Title Effectivity Date Amendments to PAS 39: Cash Flow Hedge Accounting of 1/1/06 Forecast Intragroup Transactions Amendments to PAS 39: The Fair Value Option 1/1/06 Amendments to PAS 39 and PFRS 4: Financial Guarantee 1/1/06 Contracts Amendment to PAS 1: Capital Disclosures 1/1/07 The above-mentioned effectivity date refers to annual periods beginning on or after the effectivity date indicated. Copies of these new/revised accounting standards will be available at the offices of the Philippine Institute of Certified Public Accountants (PICPA). This Memorandum Circular shall take effect fifteen (15) days following its publication in a newspaper of general circulation. Issued this 23rd day of February 2006 at EDSA, Greenhills, Mandaluyong City. DTAcIa (SGD.) FE B. BARIN Chairperson Footnotes 1. Philippine Financial Reporting Standards correspond to the adopted International Financial Reporting Standards (IFRS). 2. Philippine Accounting Standards correspond to the adopted International Accounting Standards (IAS).