Statements of Financial Accounting Standards

September 17, 2001 SEC MEMORANDUM CIRCULAR NO. 11-01 The Commission, in its Resolution No. 283 Series of 2001, dated September 13, 2001, approved the adoption in its rules and regulations the following Statements of Financial Accounting Standards, as approved by the Accounting Standards Council: IAS No. Title Framework Framework for the Preparation and Presentation of Financial Statements SFAS No. 1 (Revised) 1 Presentation of Financial Statements SFAS No. 4 (Revised) 2 Inventories SFAS No. 22 (Revised) 7 Cash Flow Statements SFAS No. 13 (Revised) 8 Net Income or Loss for the Period, Fundamental Errors and Changes in Accounting Policies SFAS No. 31 14 Segment Reporting SFAS No. 30 34 Interim Financial Reporting This Memorandum Circular becomes effective for audited financial statements covering the period beginning January 1, 2001 and for interim financial statements starting 2002. 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). This Memorandum Circular shall take effect fifteen (15) days following its publication in a newspaper of general circulation. Issued this 17 day of September 2001 at EDSA, Mandaluyong City. (SGD.) LILIA R. BAUTISTA Chairperson