The Securities and Exchange Commission (SEC) held a meeting deciding that specific Financial Reporting Bulletins (FRBs) needed to be updated because of the changes in the rules regarding financial reporting.
The Securities and Exchange Commission (SEC), thru its Commission en Banc (the ‘Commission’), held a meeting on January 2022, where it was decided that specific Financial Reporting Bulletins (FRBs) needed to be updated because of the changes in the rules and regulations towards the financial reporting currently implemented by the Commission, more specifically, a section within the Revised Securities Regulation Code (SRC) Rule 68 (the ‘Rule’), which was put in practice on October 18, 2019.
The most significant amendments and deletions on the FRBs are listed below, along with bulletins still being used but have not been altered.
The bulletins listed below have been removed due to the implementation of the FRBs.
The bulletins listed below are still being used and have not received any significant changes:
- Bulletin No. 003 – Revised SRC Rule 68: Disclosures of receivables/ payables with related parties are mandated to be eliminated during consolidation (Annex 68-J)
- Bulletin No. 004 – Includes business establishments not covered under Revised SRC Rule 68
- Bulletin No. 005 – Includes businesses that have no operations but is covered under Revised SRC Rule 68
- Bulletin No. 011 – Highlights Non-stock and non-profit organizations
- Bulletin No. 012 – Contains Annex 68-J – Schedule A. Financial Assets meant for Issuers of Securities to the Public
- Bulletin No. 013 – Shows the Presentation of Related Party Disclosures
- Bulletin No. 014 – Shows the Presentation Reconciliation of Retained Earnings
- Bulletin No. 015 – Presents the Appropriation of Retained Earnings for Business Expansion
- Bulletin No. 019 – Expectations for an Effective Audit Function