Scribd Logo
Upload

Welcome to Scribd!

  • Matrix of Accounting Standards Under Full Pfrs Assessment Task For Acelec-1

    Uploaded by

    alianna john
    5 views3 pages
    This document is a matrix of accounting standards under full PFRS (Philippine Financial Reporting Standards). It provides definitions, recognition criteria, derecognition criteria, and measurement approaches for key financial statement line items such as cash, receivables, inventories, property and equipment, payables, borrowings, and other items. The matrix aims to outline the accounting treatment for these common balance sheet and income statement accounts according to Philippine standards.

    Original Description:

    Original Title

    Full PFRS Matrix_ACElec-1

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document is a matrix of accounting standards under full PFRS (Philippine Financial Reporting Standards). It provides definitions, recognition criteria, derecognition criteria, and measurement approaches for key financial statement line items such as cash, receivables, inventories, property and equipment, payables, borrowings, and other items. The matrix aims to outline the accounting treatment for these common balance sheet and income statement accounts according to Philippine standards.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    5 views3 pages

    Matrix of Accounting Standards Under Full Pfrs Assessment Task For Acelec-1

    Uploaded by

    alianna john
    This document is a matrix of accounting standards under full PFRS (Philippine Financial Reporting Standards). It provides definitions, recognition criteria, derecognition criteria, and measurement approaches for key financial statement line items such as cash, receivables, inventories, property and equipment, payables, borrowings, and other items. The matrix aims to outline the accounting treatment for these common balance sheet and income statement accounts according to Philippine standards.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    MATRIX OF ACCOUNTING STANDARDS UNDER FULL PFRS

    ASSESSMENT TASK FOR ACELEC-1

    Complete the below Matrix of Accounting Standards under Full PFRS.

    F/S Line Items Definition Recognition Derecognition Initial Subsequent


    Measurement Measurement
    Cash Cash includes money When it meets the When it fails to Face Value Face Value
    or its equivalent that requirements for asset meet the
    is readily available for recognition and is requirements for
    unrestricted use. available for asset recognition.
    unrestricted use in
    current operations.
    Trade receivables/
    Accounts Receivable
    Other Receivables:
    *Due from
    employees
    *Advances to
    related parties
    *Advances to
    officers
    *Accrued Income
    *Other receivables
    Inventories
    Financial asset @
    FVTP/L
    Derivative financial
    instruments
    Non-current assets
    held for sale
    Prepayments:
    *Prepaid Expenses
    F/S Line Items Definition Recognition Derecognition Initial Subsequent
    Measurement Measurement
    *Excess input vat
    *Creditable tax
    withheld
    Property, Plant, &
    Equipment
    Intangible Assets
    Investment Property
    Investments
    accounted for using
    equity method & joint
    ventures
    Available for sale
    financial assets
    Financial assets @
    FVTOCI
    Financial assets @
    amortized cost:
    *Long-term
    Investments
    *Due to related
    parties
    *Long-term
    receivables
    Bond Investments @
    FVTOCI
    Held-to-maturity
    Investments
    Non-marketable
    Investments
    Lease Receivables
    Other non-current
    assets
    F/S Line Items Definition Recognition Derecognition Initial Subsequent
    Measurement Measurement
    Trade Payables/
    Accounts Payable
    Deferred revenue
    Accrued Liabilities
    Short-term
    borrowings or current
    portion of long-term
    debts
    Financial liabilities @
    FVTP/L
    Financial liabilities @
    FVTOCI
    Derivative financial
    instruments
    accounted as liabilities
    Provisions:
    *Service warranties
    *Legal claims
    *Restructuring cost
    Long-term debts or
    borrowings
    Lease liabilities
    Right-of-use asset
    Employee benefit
    obligations
    Other current
    liabilities
    Other non-current
    liabilities

    You might also like