PAGE1

Pr
esent
ati
onofFi
nanci
alSt
atement
s(PAS1)

Obj
ect
ive
 Prescr i
bet hebasi sforpr esentati
onofgener alpurposef i
nancialstatements,toensure
compar abi
litybothwiththeent ity
'sf i
nanci
alstatementsofpreviousper i
odsandwi ththe
fi
nanci alstatementsofot herentit
ies.
 Ov erallf
ramewor kandr esponsibil
iti
esforthepresentat
ionoffi
nancialstatements.
 Gui deli
nesf ortheirst
ructureandmi ni
mum requirementsforthecont entoft hefi
nancial
statement s.
 Standar dsf orrecogni
zing,measur i
ng,anddisclosi
ngspecifi
ctransactionsareaddressed
i
not herStandardsandI nterpr
etati
ons.

Scope
 Appli
est oallgeneralpurposef i
nancialst
atements,thatar
ebasedonPhil
i
ppi
neFi
nanci
al
Reporti
ngSt andar
ds.
 Generalpurposefinancialstat
ement sarethoseintendedtoserveuser
swhodonothav
e
theauthori
tytodemandf i
nancialreport
stai
lor
edfortheirownneeds.

Pur
poseofFi
nanci
alSt
atement
s

Theobject
iveofgeneralpur
posef i
nanci
alstat
ement
sistopr ov
ideinformat
ionaboutthefi
nancial
posi
ti
on,fi
nancialper
formance,andcashflowsofanenti
tythatisusefult
oawi derangeofusers
i
nmaki ngeconomi cdecisi
ons.Tomeett hatobj
ect
ive,f
inanci
alstatementsprovi
deinfor
mation
aboutanenti
ty'
s:

 Assets.
 Liabi
li
ti
es.
 Equit
y.
 Incomeandexpenses,i
ncl
udi
nggai
nsandl
osses.
 Otherchangesi
nequit
y.
 Cashf l
ows.

Thatinf
ormati
on,
alongwit
hotheri
nfor
mati
onint
henotes,assi
stsuser
soff
inanci
alst
atement
sin
predi
cti
ngtheent
it
y'sf
utur
ecashfl
owsand,i
npart
icul
ar,
thei
rti
mingandcer
taint
y.

Component
sofFi
nanci
alSt
atement
s-Acompl
etesetoff
inanci
alst
atement
scompr
ises:
1)Astatementoffinanci
alposit
ionasatt heendoft heperiod
2)Astatementofcompr ehensiv
ei ncomef ortheperi
od
3)Astatementofchangesi nequityfort
heper iod
4)Astatementofcashf l
owsf ortheperi
od
5)Notes,comprisi
ngasummar yofsigni
ficantaccounti
ngpol i
ciesandot herexplanat
ory
i
nformation
6)Astatementoffinanci
alposit
ionasatt hebeginningoftheear l
iestcomparativ
eper i
od
whenanent it
yappli
esanaccount i
ngpol i
cyret
rospect
ivelyormakesar et
rospectiv
e
r
estatementofitemsinitsfi
nancialst
at ements,orwheni tr
eclassif
iesit
emsi nits
f
inancialst
atements.

Ov
eral
lConsi
der
ati
onsf
orSt
atementPr
esent
ati
on

Fai
rPr
esent
ati
onandCompl
i
ancewi
thPFRSs

Thef inanci
alstatementsmust" pr
esentfai
rl
y"t
hefinancialpositi
on,financi alperf
ormanceand
cashf lowsofanent it
y.Fai rpresent
ati
onrequi
resthef ait
hfulrepresent at
ionoft heef fectsof
transacti
ons,otherev ents,andcondi ti
onsinaccordancewi tht hedef init
ionsandr ecogniti
on
crit
eri
af orassets,l
iabil
it
ies,incomeandexpensessetouti ntheFramewor k.Theappl i
cationof
PFRSs,wi thadditi
onaldisclosurewhennecessary,i
spr esumedt or esultinf inanci
alstat
ement s
thatachieveafairpresentati
on.

PAS1r equi
resthatanent
it
ywhosefinanci
alstat
ementscomplywi
thPFRSsmakeanexpl i
citand
unreser
ved st
atementofsuch compl i
ance inthe not
es.Fi
nancialstat
ement
s shal
lnotbe
descri
bedascompl y
ingwi
thPFRSsunlesstheycompl
ywithal
lther
equir
ementsofPFRSs.

10/
16-
5
 PAGE2
I
nappropr
iat
eaccountingpoli
ciesarenotrect
if
iedei
therbydi
scl
osur
eoft
heaccount
ingpol
i
cies
usedorbynotesorexplanat
orymateri
al.

PAS 1acknowl edgesthat

,inextremelyr
arecircumstances,managementmayconcl udethat
compliancewi thanPFRSr equi
rementwouldbesomi sl
eadi
ngthatitwouldconfli
ctwit
ht he
object
iveoff i
nanci
alst
atement
ssetoutintheFramework.Insuchacase,t
heentit
yisrequi
redto
departfrom thePFRSrequir
ement,wit
hdetai
leddiscl
osureofthenatur
e,r
easons,andimpactof
thedepar t
ure.

Goi
ngConcer
n

Anentit
ypr epari
ngPFRSf inanci
alst
atementsispresumedtobeagoi
ngconcern.I
fmanagement
hassigni
fi
cantconcer nsabouttheenti
ty'
sabil
it
ytoconti
nueasagoi
ngconcern,t
heuncert
ainti
es
mustbedi sclosed.Ifmanagementconcludesthattheenti
tyi
snotagoi
ngconcern,t
hef i
nancial
stat
ementsshoul dnotbepr epar
edonagoi ngconcernbasi
s,i
nwhichcasePAS1r equir
esa
seri
esofdisclosures.

Accr
ual
Basi
sofAccount
ing

PAS1requi
resthatanentit
yprepareit
sfi
nanci
alst
atement
s,exceptf
orcashf
low i
nfor
mat
ion,
usi
ngt
heaccrualbasi
sofaccount
ing.

Consi
stencyofPr
esent
ati
on

Thepresent
ati
onandclassi
fi
cat
ionofi
temsinthefi
nanci
alstat
ementsshallberet
ainedfrom one
per
iodtothenextunl
essachangeisj
usti
fi
edei
therbyachangeinci
rcumstancesorar equi
rement
ofanewPFRS.

Mat
eri
ali
tyandAggr
egat
ion

Eachmat er
ialcl
assofsi
mil
arit
emsmustbepresent
edsepar
atel
yinthef
inanci
alst
atement
s.
Dissi
mil
arit
emsmaybeaggregat
edonl
yift
heyar
eindi
vi
dual
l
yimmater
ial
.

Of
fset
ti
ng

Assetsandli
abi
li
ti
es,
andincomeandexpenses,
maynotbeof
fsetunl
essr
equi
redorper
mit
tedby
aStandardoranI
nter
pret
ati
on.

Compar
ati
veI
nfor
mat
ion

PAS1r equiresthatcompar ati

veinfor
mati
onshallbedi scl
osedi
nr espectoftheprevi
ousperi
od
forallamount sreportedinthef i
nanci
alst
atements,bothfaceoffi
nancialst
atementsandnotes,
unlessanot herStandardrequir
esotherwi
se.Ifcompar ati
veamountsarechangedorr ecl
assi
fi
ed,
vari
ousdi sclosur
esarer equi
red.

Fr
equencyofRepor
ti
ng

Thereisapresumptionthatfi
nanci
alstat
ementswillbepr
epar edatleastannual
ly.I
ftheannual
repor
ti
ng per
iod changes and fi
nanci
alstatement
s are prepared f
ora di f
fer
entperiod,the
enter
pri
semustdiscl
oset her
easonforthechangeandawar ni
ngaboutpr obl
emsofcompar abi
l
ity
.

St
atementofFi
nanci
alPosi
ti
on

Cur
rent
/Noncur
rentDi
sti
nct
ion

Anenti
tymustnormall
ypresentaclassi
fi
edstatementoff i
nanci
alposition,separat
ingcur
rentand
noncur
rentasset
sandli
abil
it
ies.Onlyi
fapresentat
ionbasedonl i
quidityprovidesinfor
mati
onthat
i
sreli
ableandmorerel
evantmayt hecurr
ent
/noncurrentspl
itbeomitted.

Cur
rentasset
s

Anent
it
yshal
lcl
assi
fyanassetascur
rentwhen:

10/
16-
5
 PAGE3
(
a)I
texpectstoreali
zetheasset,
orintendst osel
lorconsumeit,i
nitsnormaloperat
ingcycl
e
(
b)I
tholdstheassetpri
maril
yforthepur poseoftr
ading
(
c)I
texpectstoreali
zetheassetwit
hint welvemonthsaftert
hereport
ingperi
od
(
d)Theasseti scashoracashequi valent(asdefi
nedi nIAS7)unlesstheassetisrestr
ict
ed
from beingexchangedorusedt oset tl
eal i
abil
it
yf oratl
eastt wel
vemont hsaf t
erthe
repor
tingperi
od.

Anent
it
yshal
lcl
assi
fyal
lot
herasset
sasnon-
cur
rent
.

NormalOperati
ngCy cl
e–Thet i
mebetweentheacqui
sit
ionofasset
sforprocessi
ngandthei
r
r
eali
zati
oncashorcashequi v
alent
s. Whentheenti
ty’
snormaloperat
ingcycleisnotcl
earl
y
i
denti
fi
able,
itsdur
ati
onisassumedtobetwel
vemonths.

Cur
rentl
i
abi
l
iti
es

Anent
it
yshal
lcl
assi
fyal
i
abi
l
ityascur
rentwhen:

(
a)I
texpectstoset
tl
et hel
iabil
i
tyinitsnormal oper
ati
ngcycl
e
(
b)I
tholdstheli
abi
li
typri
mar i
l
yf orthepurposeoftradi
ng
(
c)Theli
abi
lit
yisduetobeset t
ledwi t
hintwelv
emont hsaft
ertherepor
ti
ngperi
od
(
d)Theenti
tydoesnothaveanuncondi t
ionalr
ightt
odeferset
tlementoft
heli
abil
i
tyf
orat
l
easttwelvemonthsaft
erther eport
ingperi
od

Anent
it
yshal
lcl
assi
fyal
lot
herl
i
abi
l
iti
esasnon-
cur
rent
.

I
ssuesonRef
inanci
ng

 Anenti
tycl
assi
fi
esit
sfi
nanci
all
iabi
li
ti
esascurrentwhentheyar
eduet
obeset
tl
edwi
thi
n
twel
vemonthsaf
tert
heendoft
hereport
ingper
iod,ev
enif
:

a.Theor
igi
nal
ter
m wasf
oraper
iodl
ongert
hant
wel
vemont
hs;
and

b.Theintent
ionissuppor
tedbyanagreementtoref
inance,orr
eschedul
ethepayment
s, on
along-
term basi
siscomplet
edaft
ertheendofthereport
ingper
iodandcomplet
edbefore
thefi
nanci
al st
atement
sareaut
hori
zedfori
ssue.

 I
ftheentit
yhasthediscr
etiontorefi
nance,ort
orollov
ertheobligat
ionforatl
easttwel
ve
monthsaftert
heendoft hereport
ingperi
odunderanexist
ingloanfaci
li
ty,i
tcl
assi
fi
esthe
obl
igat
ionasnon-
cur
rent,
evenifitwouldbeduewit
hinashor t
erperi
od.

Br
eachofaLoanCov
enant

 I
fal
i
abi
l
ityhasbecomepay
abl
eondemandbecauseanent
it
yhasbr
eachedanunder
taki
ng
underal ong-t
erml oanagreementonorbef oretheendoft herepor
tingperi
od,theli
abilit
yis
current
,ev enifthelenderhasagr eed,aftertheendoft hereporti
ngperiodandbef oret he
authori
zati
on of t he fi
nancialst atementsf or i
ssue,nott o demand pay mentas a
consequenceoft hebreach.Howev er,t
heliabi
li
tyiscl
assifi
edasnon- curr
entifthel ender
agreedbyt heendoft her eport
ingper i
odt oprovi
deaper i
odofgr aceendingatl east12
mont hsaftertheendoft hereport
ingper i
od,withi
nwhi chtheenti
tycanr ect
if
yt hebr each
anddur i
ngwhi chthelendercannotdemandi mmediaterepayment.

St
atementofcompr
ehensi
vei
ncome

Anent
it
yshal
lpr
esental
li
temsofi
ncomeandexpenser
ecogni
zedi
naper
iod:

(
a)I
nasi
ngl
est
atementofcompr
ehensi
vei
ncome,
or

(b)Intwostat
ements:astat
ementdi spl
ayi
ngcomponent
sofpr of
itorl
oss(separat
eincome
stat
ement)andasecondst at
ementbeginni
ngwithpr
ofi
torlossanddisplay
ing
componentsofothercomprehensivei
ncome(st
atementofcomprehensiv
eincome).
ComponentsofComprehensi
veIncome

1.Prof
itandLoss-IncomeminusExpensesi
ncl
udi
ngTaxexpenseandanyI
ncomeorLoss
fr
om Discont
inuedOper
ati
ons.

10/
16-
5
 PAGE4

2.OtherComprehensiv
eincome–I temsofincomeandexpensesincl udingrecl
assif
icati
on
adjust
ments(RA)thatarenotincludedi
nPr of
itandLossasrequiredbyast andardor
i
nterpr
etat
ion.Therearetwoty pesofOCIitems,thoset
hatarereclassif
iedtoprofi
torl oss
(RA)andthosethatarerecl
assifi
edtoRetai
nedEar ni
ngs(RE)
.OCIi ncl
udesthefollowing

 Unrealizedgainorlossonequi t
yi nv estmentsmeasur edatFVOCI( RE)
 Unrealizedgainorlossondebti nv est mentsmeasur edatFVOCI( RA)
 Unrealizedgainorlossfrom deri
v at i
v econt
ractsdesi gnatedascashflowhedge(RA)
 RevaluationSur pl
us(RE)
 Remeasur ementGainsandlossesf ordefi
nedbenef itplans(RE)
 Changei nfai
rvalueari
singf
rom cr editri
skforfinancialli
abil
i
tiesmeasuredatFVPL(
RE)
 Translationgainsandlossesoff orei gnoperati
ons

I
nfor
mat
iont
obepr
esent
edi
nthest
atementofcompr
ehensi
vei
ncome

Asami ni
mum,thest
atementofcomprehensi
vei
ncomeshal
li
ncl
udel
i
nei
temst
hatpr
esent
thef
oll
owingamount
sfortheperi
od:
(
a)Rev
enue
(
b)Fi
nancecost
s
(
c)Shareoft
hepr
ofi
torl
ossofassoci
atesandj
ointv
ent
uresaccount
edf
orusi
ngt
heequi
ty
method
(
d)Taxexpense
(
e)Asingl
eamountcompr isi
ngt hetotalof
:
(i
)Thepost -
taxprofi
torlossofdi scont
inuedoperat
ionsand
(i
i
)Thepost -taxgainorlossrecognisedont hemeasurementtofai
rvaluel
esscostst
osell
oront hedi sposaloft heasset sordisposalgroup(s)const
it
uti
ngthediscont
inued
operat
ion
(
f)Pr
ofi
torl
oss
(
g)Eachcomponentofot
hercompr
ehensi
vei
ncomecl
assi
fi
edbynat
ure
(
h)Shar
eoftheothercomprehensi
vei
ncomeofassoci
atesandj
ointv
ent
uresaccount
edf
or
usi
ngtheequi
tymet hod
(
i)Tot
alcompr
ehensi
vei
ncome.

Anent
it
yshall
discl
osethef
oll
owingi
temsint
hest
atementofcompr
ehensi
vei
ncomeas
al
l
ocat
ionsofprofi
torl
ossf
ortheper
iod:
(
a)Pr
ofi
torl
ossf
ort
heper
iodat
tri
but
abl
eto:
(
i)Minor
it
yint
erest
,and
(
ii
)Ownersoft
hepar ent
.

(
b)Tot
alcompr
ehensi
vei
ncomef
ort
heper
iodat
tr
ibut
abl
eto:
(
i)Minor
it
yint
erest
,and
(
ii
)Ownersoft
hepar ent
.

 Anentityshallpr
esentei
therananal y
sisofexpensesusi
ngaclassi
ficat
ionbasedoneit
her
thenatureofexpensesort heirfunct
ionwit
hi ntheenti
ty,whi
chev
erpr ovi
desinf
ormat
ion
thati
sreli
ableandmor er
elevant.

a.Nature ofexpense method – Expenses ar

e aggr
egat
ed i
nt he i
ncome st
atement
accordi
ngtot hei
rnatur
eandar enotr eal
l
ocatedamongvar
iousfuncti
onswit
hinthe
enti
ty.

10/
16-
5
 PAGE5

Revenue X
Otherincome X
Changesi ni nvent
ori
esoff ini
shed goodsand wor
kin
progress X
Rawmat eri
alsandconsumablesused X
Employ eebenefi
tcosts X
Depreciati
onandamor ti
zat
ion X
Otherexpense X
Totalexpense (
X)
Profi
t X

b.Functi
onofexpenseorcostofsal
esmet hod–Cl assi
fi
esexpensesaccor
dingtothei
r
funct
ionaspar
tofcostofsal
esor,
forexample,
thecostofdi
str
ibuti
onoradmini
str
ati
ve
acti
vi
ties.

Revenue X
Costofsal es (
X)
Grosspr ofi
t X
Otherincome X
Dist
ri
but i
oncost s (
X)
Administrati
veexpenses (
X)
Otherexpenses (
X)
I
ncomebef oretax X
I
ncomet axexpense (
X)
Netincome X

 Anenti
tyshal
lnotpresentanyi
temsofincomeandexpenseasext
raor
dinar
yit
ems,
eit
heron
thef
aceoftheincomest at
ementori
nthenotes

St
atementofChangesi
nEqui
ty

Anent
it
yshal
lpr
esentast
atementofchangesi
nequi
tyshowi
ngi
nthest
atement
:
(
a) Totalcompr ehensiv
ei ncome fort he peri
od,showi ng separ
atelyt he t
otalamount s
attr
ibut
ablet
oowner softheparentandt omi nori
tyinterest
(
b) Foreachcomponentofequi ty,theef fectsofretrospect i
veapplicati
onorr et
rospect
ive
restat
ementrecognizedinaccordancewi thPAS8
(
c) Theamount soft r
ansacti
onswi t
howner sinthei
rcapaci tyasowner s,showingseparat
ely
contri
buti
onsbyanddi str
ibut
ionst oowner s
(
d) Foreach componentofequi ty,r econci
li
ation between t he carry
ing amountatt he
beginni
ngandt heendoft heperiod,separatel
ydisclosingeachchange.

Anent i
tyshal
lpresent
,ei
theri
nt hest
atementofchangesinequi
tyori
nthenotes,t
heamountof
div
idendsrecognizedasdistr
ibuti
onstoownersduringtheperi
od,andtherel
atedamountper
share.

St
atementofCashFl
ows

Cashfl
owinf
ormati
onprovi
desuser
soffi
nanci
alst
atementswit
habasistoassesstheabil
i
tyof
theent
it
ytogener
atecashandcashequi
val
ent
sandt heneedsoft
heenti
tyt
out i
li
zethosecash
fl
ows.

Not
est
otheFi
nanci
alSt
atement
s

Thenot
esmust
:

a.Presentinf
ormationaboutthebasi
sofprepar
ati
onofthef
inanci
alst
atementsandt
he
specif
icaccount
ingpol
ici
esused;
b.Discl
oseanyi nformat
ionrequi
redbyPFRSsthatisnotpr
esentedont hefaceoft
he

10/
16-
5
 PAGE6
stat
ementoff i
nancialpositi
on,incomest atement,st
atementofchangesi nequit
y,or
stat
ementofcashf l
ows
c. Provi
deadditi
onali nfor
mat i
ont hatisnotpr esent
ed onthefaceoft hestat
ementof
fi
nanci
alposi
tion,i
ncomest at
ement ,st
atementofchangesinequit
y,orstat
ementofcash
fl
owsthatisdeemedr el
evanttoanunder st
andingofanyofthem.

Notesshoul
dbecross-
refer
encedfrom t
hefaceoft
hefi
nanci
alst
atement
stot
her
elev
antnot
e.
Thenotesshoul
dnor
mallybepresentedi
nthefol
l
owi
ngor
der:

a.Ast
atementofcompl
i
ancewi
thPFRSs

b.Asummar
yofsi
gni
fi
cantaccount
ingpol
i
ciesappl
i
ed,
incl
udi
ng:

a.Themeasurementbasis(orbases)usedinprepari
ngthef
inanci
alstat
ement
s;and
b.Theotheraccount
ingpol
i
ciesusedt hatar
erelevantt
oanunderstandi
ngoft
hefinanci
al
st
atements.

c. Supporti
nginformati
onfori t
emspr esent
edont hef aceoft hestat
ementoffinanci
al
posi
ti
on, i
ncomest at
ement,st
atementofchangesi
nequi t
y,andstat
ementofashf
lows,i
n
theorderi
nwhi cheachst
atementandeachlinei
tem i
spresented.

d.Ot
herdi
scl
osur
es,
incl
udi
ng:

a.Conti
ngentl
iabi
l
iti
esandunrecogni
zedcont
ract
ualcommitment
s
b.Non-f
inanci
aldi
scl
osures,
suchastheenti
ty'
sfi
nanci
alr
iskmanagementobj
ect
ivesand
pol
ici
es.

Disclosur
eofj udgment s-anent it
ymustdi scl
ose,inthesummar yofsi gni
ficantaccounting
polici
esorothernotes,thejudgments,apar
tfrom t
hoseinvol
vi
ngestimati
ons,thatmanagement
hasmadei nt
hepr ocessofapplyi
ngtheenti
ty'
saccount
ingpoli
ciest
hathavethemostsi gni
ficant
effectontheamount srecogni
zedinthefi
nanci
alst
atements.

--END--

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16-
5