PAS Adoption / PFRS Adoption

We facilitate the adoption of the Philippine Accounting Standards and Philippine Financial Reporting Standards (PAS/PFRS). This is necessary for preparing explicit and unreserved statements having its general purpose financial statements comply with PAS/ PFRS. We also assist companies for adopting the changes on the accounting standards of their business.

Our approaches are: (1) derecognition of some old assets and liabilities; (2) recognition of some new assets and liabilities; (3) reclassification of the opening balance sheet items into appropriate PAS/PFRS classification; (4) measurement of all recognized assets and liabilities; and (5) adjustments required when moving from previous accounting standards to new at the time of first-time adoption.

We provide our clients with appropriate scheme for understanding the changes on their accounting standards and aligning it with their business.