...Philippine Accounting Standards PAS | Title | Effective Date | PAS 1 | Presentation of Financial Statements [superseded by PAS 1 (Revised)] | 01/01/05 | | Amendment to PAS 1: Capital Disclosures | 01/01/07 | PAS 1 (Revised) | Presentation of Financial Statements | 01/01/09 | | Amendments to PAS 32 and PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation | 01/01/09 | | Amendments to PAS 1: Presentation of Items of Other Comprehensive Income | 07/01/12* | PAS 2 | Inventories | 01/01/05 | PAS 7 | Cash Flow Statements | 01/01/05 | PAS 8 | Accounting Policies, Changes in Accounting Estimates and Errors | 01/01/05 | PAS 10 | Events after the Balance Sheet Date | 01/01/05 | PAS 11 | Construction Contracts | 01/01/05 | PAS 12 | Income Taxes | 01/01/05 | | Amendments to PAS 12 – Deferred Tax: Recovery of Underlying Assets | 01/01/12 | PAS 14 | Segment Reporting [superseded by PFRS 8] | 01/01/05 | PAS 16 | Property, Plant and Equipment | 01/01/05 | PAS 17 | Leases | 01/01/05 | PAS 18 | Revenue | 01/01/05 | PAS 19 | Employee Benefits | 01/01/05 | | Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and Disclosures | 01/01/06 | PAS 19 (Amended) | Employee Benefits | 01/01/13* | PAS 20 | Accounting for Government Grants and Disclosure of Government Assistance | 01/01/05 | PAS 21 | The Effects of Changes in Foreign Exchange Rates | 01/01/05 | | Amendment: Net Investment in a Foreign Operation | 01/01/06...
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...answer sheet provided. AVOID ERASURES. Answers with erasures may render your examination answer sheet INVALID. Use PENCIL NO.2 only. GOODLUCK! 1. 1. Choose the incorrect statement. a. The objective of external financial statements is to communicate the economic effects of completed transactions and other events in the entity. b. General purpose financial statements were developed primarily because all outside users have the same information needs. c. The double-entry system of accounting has been used for centuries. d. The practice of accounting requires considerable professional judgment. 2. Which statement is incorrect regarding Philippine Financial Reporting Standards (PFRSs)? a. PFRSs set out recognition, measurement, presentation and disclosure requirements dealing with transactions and events that are important in general purpose financial statements. b. PFRSs are based on the Framework, which addresses the concepts underlying the information presented in general purpose financial statements. c. PFRSs are designed to apply to the general purpose financial statements and other financial reporting of all profit-oriented entities. d. PFRSs are designed to apply to not-for-profit activities in the private sector. 3. Which of the following statements regarding the conceptual framework is correct? ...
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...telephone number including area code March 31, 2010 538 000-225-442 Far Eastern University, Inc. 6. 7. 1008 Postal Code 8. 9. NOT APPLICABLE Former name, former address, and former fiscal year, if changed since last report. Securities registered pursuant to Sections 8 and 12 of the SRC, or Sec. 4 and 8 of the RSA Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding 9,808,448 Not Applicable 10. Title of Each Class Common Stock, P100.00 par value Bond with Non-Detachable Warrant, P1.00 per unit / -2- 11. All securities (common shares) are listed with the Philippine Stock Exchange, Inc. 12. Check whether the registrant: (a) has filed reports required to be filed by Section I7 of the SRC and SRC Rule 17 thereunder and Sections 26 and 141 of the Corporation Code of the Philippines during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); Yes [ x ] No [ ] 13. The aggregate market value of the voting stock held by non-affiliates: None -3- TABLE OF CONTENTS PART I - BUSINESS AND GENERAL INFORMATION Item 1 Item 2 Item 3 Item 4 Business Properties Legal Proceedings Submission of Matters To A Vote of Security Holders...
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...biological assets This is a limited scope project to consider an amendment to IAS 41 Agriculture in relation to bearer biological assets (BBAs, e.g. fruit trees, grape vines), as to whether these assets would be better accounted for under IAS 16 Property, Plant and Equipment rather than using the fair value measurement approach prescribed by IAS 41. There is support (especially those in the plantation industry) for a limited-scope project for BBAs and such a project is also supported in the Issues Paper produced by the Asian-Oceanian Standard Setters Group (AOSSG) and the IASB's Emerging Economies Group (EEG). Users of financial statements that responded to the IASB's agenda consultation considered a project on bearer biological assets to be important/urgent. The AOSSG noted that concerns had been raised by investors (as well as preparers) about the relevance and usefulness of information provided to users for certain biological assets accounted for at fair value. Specifically the paper included a survey performed by the Malaysian Accounting Standards Board (MASB) in 2010 that found that a group of analysts specialising in plantation did not find fair value information for BBAs useful, particularly the presentation of changes in fair value within the profit or loss – which in some instances can be large and distort profits. The key issues to be addressed by the IASB as part of this limited-scope project are as follows: 1. What definition of bearer biological assets should...
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...The prospectus is being displayed in the website to make the prospectus accessible to more investors. The Philippine Stock Exchange (PSE) assumes no responsibility for the correctness of any of the statements made or the opinions or reports expressed in the prospectus. Furthermore, the PSE makes no representation as to the completeness of the prospectus and disclaims any liability whatsoever for any loss arising from or in reliance in whole or in part on the contents of the prospectus. The offering information on this Web site is intended to be available only to Philippine and non-Philippine citizens residing in the Philippines or corporations or judicial entities organized and existing under Philippine law, and is not intended for distribution in the United States or to U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act")). The information contained in this Web site may not be published or distributed, directly or indirectly, into the United States and this information (including the preliminary and final Prospectus) and does not constitute an offer of Offer Shares for sale in the United States or to, or for the account or benefit of, U.S. persons. The Offer Shares described in the Prospectus have not been, and will not be, registered under U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States and may not be offered or...
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...INTRODUCTION Historical Background Just after the Second World War, when the nation was devastated and Filipinos were in need of medicines, Isosceles Pascual and his wife, Leonora Figueroa-Pascual, founded Pascuallab as a single proprietorship. They operated their business out of Tondo, Manila with products for treatment of tuberculosis and vitamin deficiency then. In 1952, the Pascuals modernized their plant in Tondo and expanded the operations to include anti-infectives and cardiovascular medicines. By the 1960s, Pascuallab entered into strategic partnerships with foreign-based companies and became a corporation. It was during this time that it formalized the marketing and sales activities and strengthened its Product Research and Development Division. In the 1970s, Pascuallab transferred its manufacturing plant from Tondo to a place then known as Km 31, MacArthur Highway in Balagtas, Bulacan in response to the government’s call to locate all factories outside the 30-kilometer radius from Manila. The head office moved to Epifanio de los Santos Avenue (EDSA), Quezon City. Pharex Corporation assumed the distribution of the company’s products. In the 1980s, the company made Metro Drug Crop. as product distributor and officially appointed Pharex health Corp as the marketing arm of Pascual Corp’s generic products. It also formed the Consumer Products Division to market personal hygiene and vitamin products. In the 1990s, it went into intensive marketing for consumer health...
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...partnership. Following the information you have collected relative to their original contribution. Lady Gaga contributed P 30,000 cash, a track of land, and delivery equipment. Katy Perry contributed P 60,000 cash. After giving special consideration to the tax bases of the assets contributed, the relative usefulness of the assets to the partnership versus the problems of finding buyers for the assets and contributing cash, and other such factors, the partners agreed that Katy Perry’s contribution was equal to 40 percent of the partnership’s tangible assets, measured in terms of the fair value of the assets to the partnership. However, since marketing idea originated with Katy Perry, it was agreed that she should receive credit for 50 percent of the recorded capital. Recent sales of land similar to that contributed by Lady Gaga suggest a market value of P 40,000. Likewise, recent sales of delivery equipment similar to that contributed by Lady Gaga suggest P 40,000 as the market value of the equipment. These sales, of course, were not entirely representative of the particular assets contributed by Lady Gaga and therefore may be a better indicator of their relative values than their absolute values. In reflecting on their venture, the partners agree that it is a rather risky affair in respect to anticipated profits. Hopefully, however, they will be able to build good customer relations over the long run and establish a permanent business with an attractive long-run rate...
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...Midterm Course Requirement in Financial Accounting 3 Questions with Answer Submitted by: Shielarien V. Donguila Section: IV-BMA Submitted to: Professor Cabalejo Chapter 1- Financial Statements 1. Defined as a structures representation of the financial position and financial performance of an entity and intended to meet the needs of users who are not in position to require an entity to prepare reports tailored to their particular needs of information . a. Financial reports b. General Purpose financial Statements c. Audit Reports d. Non-financial reports *Answer: B-General Purpose Financial Statements 2. Interested in information which enables them to determine whether their loans and interest thereon will be paid when due. a. Suppliers/ Trade creditors b. Lenders c. Customers d. Investors *Answer: B- Lenders 3. Term which means process of reporting an asset, liability, income, or expense on the face of the financial statements of an equity. a. Auditing b. Realization c. Recognition d. Measurement *Answer: C- Recognition 3. Which one is not a general feature of financial statement? a. Offsetting b. Accrual basis c. Consistency of presention d. Recognition of expenses *Answer: D 4. User who is a provider of risks capital and their advisers are concerned with the risk inherent in and return provided by their investments. a. Consultants b. Investors c. Lenders d. Trade Creditors *Answer: B 5. These users require information...
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...CHAPTER 5 MAS PRACTICE STANDARDS AND ETHICAL CONSIDERATIONS I. Questions 1. “Role” refers to the relationship of the CPA as a consultant to the client management and personnel. The basic role of the CPA in performing MAS is to provide advice and technical assistance to the client. 2. Practice standards are necessary in the consulting practice in order to promote the highest quality of performance of the practitioner. 3. Refer to page 71, par 2 4. Refer to page 71, par(s) 4 and 5 5. Refer to page 72, par 3 6. Refer to page 73, par 1 7. Refer to page 74, par(s) 2 to 4 8. Refer to page 75, par(s) 2 to 6 9. Refer to page 75, par 4 II. Multiple Choice Questions |D |D | | | |A |C | | | |C |D | | | |D |D | | | |D | | | | III. Cases Case 1 Nondisclosure is not considered an acceptable alternative because it makes you an accessory to the fact. Disclosure to the offending party only - with no action - may...
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...Taxation Updates For COOPERATIVES Dean Estelita C. Aguirre Resource Person AIT “Learning through Quality Training” Objectives of the Seminar To review: > the tax exemption provisions of COOP Code vis-à-vis the NIRC and the LGC; and > the COOP BIR compliance requirements. To present and clarify > recent tax rulings, RR and court decisions > problem areas affecting COOPs AIT “Learning through Quality Training” Presentation Outline Part I Review 1) Legal Bases of Exemptions 2) Classification of Coops 3) Tax Exemption/taxability of Coops 4) Taxability of COOP Members & Directors Part II Recent Development 1) CTA Decisions: Final Tax on Interest 2) RMC 34-2008 on Director’s fees 3) RR14-2007 on Microfinancing 3) BIR ruling on CTE AIT “Learning through Quality Training” Legal Bases of Exemptions AIT “Learning through Quality Training” Legal Bases of Exemptions 1. Cooperative Code of the Philippines Article 61 Article 62 2. Bureau of Internal Revenue Section 109 of NIRC RR No. 20-2001 3. Local Government Code of 1991 Section 133 Section 234 AIT “Learning through Quality Training” Article 61 and 62, RA 6938 apply to Art 61 Coops transacting with members only Art 62(1) Coops transacting with members and non-members with Reserves of P10M & below Art 62(2) Coops transacting with members and non-members with Reserves of over P10M AIT “Learning through Quality Training” Local Government Code Section 133(n) exempts all duly registered COOPs from taxes, fees and charges...
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...Contents 1 2 4 6 10 24 32 36 40 44 49 77 78 79 80 162 167 170 Our Company Financial and Operating Highlights Message from the Chairman Message from the Chief Executive Officer Report of the Chief Operating Officer Corporate Governance Board of Directors Corporate Officers Subsidiaries Corporate Social Responsibility Management’s Discussion and Analysis Report of the Audit and Risk Management Committee to the Board of Directors Statement of Management’s Responsibility for Financial Statements Independent Auditors’ Report Financial Statements Glossary Business Directory Contact Information Credits Acknowledgments R E - E N E R G I Z E D After a stellar year, Meralco is re-energized and ready to pursue new opportunities that will accelerate growth in the longterm. Despite unprecedented challenges in the past, we have prevailed, and more importantly, thrived. Thanks to the support of our shareholders and our unwavering faith in the corporate values that have sustained us through the years. We look forward to a brighter future strengthened by our strategic pillars and the extraordinary commitment of our leadership. An empowered, enlightened Meralco is ready to seize it. A new day has come. 1 Meralco 2010 Annual Report Our Company Meralco marches on to its 108th year of service in 2011. Consistently in the list of the Philippines’ top five corporations and cited...
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...areas. Each book provides need-to-have fundamentals for those professionals who must: Get up to speed quickly, because they have been promoted to a new position or have broadened their responsibility scope Manage a new functional area Brush up on new developments in their area of responsibility Add more value to their company or clients • • • • Other books in this series include: Essentials of Accounts Payable, by Mary S. Schaeffer Essentials of Capacity Management, by Reginald Tomas Yu-Lee Essentials of Cash Flow, by H.A. Schaeffer, Jr. Essentials of Corporate Performance Measurement, by George T. Friedlob, Lydia L.F. Schleifer, and Franklin J. Plewa, Jr. Essentials of Cost Management, by Joe and Catherine Stenzel Essentials of CRM: A Guide to Customer Relationship Management, by Bryan Bergeron Essentials of Credit, Collections, and Accounts Receivable, by Mary S. Schaeffer Essentials of Financial Analysis, by George T. Friedlob and Lydia L.F. Schleifer Essentials of Intellectual Property, by Paul J. Lerner and Alexander I. Poltorak Essentials of Shared Services, by Bryan Bergeron Essentials of Trademarks and Unfair Competition, by Dana Shilling Essentials of XBRL: Financial Reporting in the 21st Century, by Miklos A.Vasarhelyi, Liv A.Watson, Brian L. McGuire, and Rajendra P. Srivastava For more information on any of the above titles, please visit www.wiley.com. ESSENTIALS of Supply Chain Management Michael Hugos John Wiley & Sons, Inc. This book is printed...
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...*3963103* [3963] – 103 T.E. (Petroleum) (Semester – I) Examination, 2011 DRILLING & PRODUCTION OPERATIONS (2003 Course) Time : 3 Hours Max. Marks : 100 Instructions : 1) Question Nos. 1 and 5 are compulsory. Out of the remaining attempt 2 questions from Section I and 2 questions from Section II. 2) Answers to the two Sections should be written in separate books. 3) Neat diagrams must be drawn wherever necessary. 4) Black figures to the right indicate full marks. 5) Use of Logarithmic Tables, Slide Rule, Mollier Charts, Electronic Pocket Calculator and Steam Tables is allowed. 6) Assume suitable data, if necessary. SECTION – I 1. What are different systems on a drilling rig ? Explain any one in detail with suitable diagramme. 18 2. a) Calculate Bottom hole pressure if well depth is 2500 m and mud weight is 1.2 gm/cc. b) Calculate mud weight if mud gradient is 0.87 psi/ft. ′ c) Calculate volume bbl/meter for drill pipe O.D. = 5′ inch and I.D. = 4.276 inch. 2 2 2 10 8 8 16 d) Draw circulation system on a drilling rig. 3. a) Discuss IADC classification of a bit in details. b) Discuss different factors affecting rate of penetration in details. 4. Write short note on : i) Coring ii) Fishing tools iii) BOP iv) Directional well P.T.O. [3963] – 103 -2- *3963103* SECTION – II 5. a) Discuss different types of casings and function of the casings in brief. b) Discuss different types of well completion techniques. 6. a) Discuss primary cementation process with...
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