AC 1101 (Conceptual Framework and Accounting Standards)

IASB ( International Accounting Standard Board )

- Maximum of 16 members (Board of Directors/trustees)
- Board of Trustees - Focus to entertaining advices from IFRS
- The one helping IFRS (International Financial Reporting Standards)
- Formed in 2001 to replace IASC
- Based in London
- British Standards (Favored to use)

Principle Based Standard

- IASB (British Standard)
- Widely used by different country around the world
- Flexible
- User has freedom to use the standards
- Adjusting Accounting Principle to a company transactions
- Argument is more on the understanding judgement

Rules Based Standard

- US GAAP ( Generally Accepted Accounting Principles)
- US/American Standard
- Generally used in the used in the US and other countries
- Complex
- User had the standard based on established rule
- Companies is adjusting for the rules
- Just following the rules.

IFRS (International Financial Reporting Standards)

- The one who represent/implemented the standard
- 22 trustees

Advisory
- Supporting body of

Committee
- Receive issues/conflicts about the standard
- The voice of the board
- Dealing ore about the

IAS (International Accounting Standard)

*IASC (International Accounting Standard Committee) - Volunteer Professionals
INTERPRETATION - Draft
*Developing of the Standards*
1. If there is a new project or standards proposal from the board of trustees
2. Discussion Papers
- Document of the brainstorming from the board
3. Evaluation
4. Deliberation
- open to the public
- Publish reading materials
5. To publish (exposed draft)
6. Deliberation
7. Refinement
8. New Standards (the implementation of the new standards)

PAS (Philippine Accounting Standard)

PFRS (Philippine Financial Reporting Standards )
IFRS (International Financial Reporting Standards)
PICPA (Philippine Institute of CPA)
- National organization of CPAs in the Philippines

*Four Sectors which a CPA me be practicing*

ACPAPP (Association of Certified Public Accountants in Public Practice)
- Organization of CPA conducting external audit
- Practicing Public Service
- External Auditors
- CPA having auditing firms
ACPACI (Association of Certified Public Accountants in Commerce and Industry)
- All CPA working in the company e.g. General Managers in the Bank
nACAPE (National Association of Certified Public Accountants in Education)
- Organization of all CPA (being teachers) teaching in the Universities
GACPA (Government Association of Certified Public Accountants)
- Working in the government e.g. BIR (Bureau of Internal Revenue)