Statements of Financial Accounting Standards

July 4, 2002 SEC MEMORANDUM CIRCULAR NO. 10-02 The Commission, in its Resolution No. 264 Series of 2002 dated July 4, 2002, approved the adoption in its rules and regulations of the following Statements of Financial Accounting Standards, as approved in March 2002 by the Professional Regulation Commission through the Board of Accountancy after they were approved by the Accounting Standards Council (ASC). SFAS/IAS Title No. 16 Property, Plant and Equipment 24 Related Party Disclosures 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries 28 Accounting for Investments in Associates 31 Financial Reporting of Interests in Joint Ventures 35 Discontinuing Operations 36 Impairment of Assets This Memorandum Circular becomes effective for audited financial statements covering the period beginning January 1, 2002 and for interim financial statements starting 2003. All data/information shall be presented or restated to conform with the provisions of the aforementioned new accounting standards for comparability. Copies thereof are available at the offices of the Philippine Institute of Certified Public Accountants (PICPA) except for SFAS/IAS No. 36 which is still in the process of printing. This Memorandum Circular shall take effect fifteen (15) days following its publication in a newspaper of general circulation. Issued this 4th day of July 2002 at EDSA, Greenhills, Mandaluyong City. (SGD.) LILIA R. BAUTISTA Chairperson