Professional Documents
Culture Documents
Evaluation
Require (state if not
ment applicable,
Paragrap or if there are
Reference to Compliance
h No. PAS 8 exceptions or
of Ayala Corporation
deviations and how
the company justified
such
exception/deviation)
7 Ayala Corporation has
disclosed in the notes
the appropriate
Determining the accounting policies to be used
P128-161 accounting policies to
by applying PFRS.
be used in each
transaction by applying
PFRS.
8 Not applicable. Ayala
Corporation didnt
provide any information
Non-application of accounting policies or disclosures about
None
when the effect is immaterial. non-application of
accounting policies
when the effect is
immaterial.
13 An entity shall select and apply its accounting P129-161 Ayala Corporation has
policies consistently for similar transactions, selected and applied
other consistent accounting
events and conditions, unless an IFRS policies in its financial
specifically requires or permits categorization
statements and
of items for which
transactions.
different policies may be appropriate.
14 Change in accounting policy: Ayala Corporation used
(a) is required by an IFRS; or consistent accounting
(b) results in the financial statements providing Pp 129-136 policies and only adapts
reliable and more relevant information. policies when they are
effective.
15 Ayala Corporation used
the same accounting
Application of same accounting policies P129 policies and has
complied with the
standard.
16 Not changes in accounting policies:
(a) the application of an accounting policy for
transactions, other events or conditions that
differ
in substance from those previously occurring;
Not applicable Guidance only
and
(b) the application of a new accounting policy
for transactions, other events or conditions
that did
not occur previously or were immaterial.
17 Ayala Corporation has
Application of a policy to revalue assets to PAS complied with the
P130-131
16 and PAS 38 requirement of the
standard.
19 Changes in accounting policy: a. p 129 Ayala Corporation has
a. Resulting from the initial application of an b. p 130-1136 properly provided
IFRS in accordance with the specific informations and
transitional provisions, if any, in that IFRS; and disclosures and has
b. when an entity changes an accounting complied with the
policy upon initial application of an IFRS that standard.
does not
include specific transitional provisions applying
to that change, or changes an accounting
policy voluntarily, it shall apply the change
retrospectively.
21 Ayala Corporation only
Application of an accounting policy from the
used the policies
most recent pronouncements of other None
authorized in the
standard-setting bodies
Philippines.
22 There is no fair value of
assets and liabilities
that represents
Retrospective application Not Applicable derecognized financial
instruments that is why
disclosure is not
applicable.
23 There is no amount of
maximum exposure to
loss from its continuing
When retrospective application is required by
involvement in
paragraph 19(a) or (b), a change in accounting Pp129-136
derecognized financial
policy shall be applied retrospectively
assets that is why
disclosure is not
applicable.
24 The entity shall apply the new accounting
policy to the carrying amounts of assets and
liabilities, and shall make a corresponding
adjustment to the opening balance of each Pp129-136
affected component of the equity at the
beginning of the earliest period for which
retrospective application is practicable.
25 the entity shall adjust the comparative
information to apply the new accounting policy
prospectively from the earliest date
practicable.
28 Effect on future periods, an entity shall
disclose:
(a) the title of the IFRS;
(b) when applicable, that the change in
accounting policy is made in accordance with
its transitional provisions;
(c) the nature of the change in accounting
policy;
(d) when applicable, a description of the
transitional provisions;
A.) Pp 129-135
(e) when applicable, the transitional provisions
B.) Not Applicable
that might have an effect on future periods; Ayala Corporation has
C.) Pp 130-135
(f) for the current period and each prior period disclosed all information
D.) Not Applicable
presented, to the extent practicable, the in the notes and has
E.) Not Applicable
amount of the adjustment: complied with the
F.) Not Applicable
(i) for each financial statement line item standard.
G.) Not Applicable
affected; and
H.) Pp130-135
(ii) if IAS 33 Earnings per Share applies to the
entity, for basic and diluted earnings per share;
(g) the amount of the adjustment relating to
periods before those presented, to the extent
practicable;
(h)The existence of that condition and a
description of how and from when the change
in
accounting policy has been applied.
.
29 When a voluntary change in accounting policy Pp 129-136 Ayala Corporation has
has an effect on the current period or any prior fully disclosed the
period, informations in the
would have an effect on that period except notes and thus AC has
that it is impracticable to determine the complied with the
amount of the standard.
adjustment, or might have an effect on future
periods, an entity shall disclose:
(a) the nature of the change in accounting
policy;
(b) the reasons why applying the new
accounting policy provides reliable and more
relevant
information;
(c) for the current period and each prior period
presented, to the extent practicable, the
amount of the adjustment:
(i) for each financial statement line item
affected; and
(ii) if IAS 33 applies to the entity, for basic and
diluted earnings per share;
(d) the amount of the adjustment relating to
periods before those presented, to the extent
practicable; and
(e) The circumstances that led to the existence
of that condition and a description of how and
from when the change in accounting policy has
been applied.