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Financial Reporting Standard Delayed Until 2015

The SEC has pushed back implementation of a new financial reporting standard.

The standard had been set to take effect January 1, 2013, but companies affected by the rule will now have until January 1, 2015, to prepare, according to BusinessWorld Online. All financial reports issued between June 30 of this year and June 30, 2014, are now required to contain impact assessments detailing the company's efforts to transition to the new regulation.

"If the company conducted an impact evaluation, the interim financial statement should also state if the firm will adopt PFRS 9 in its annual financial reporting for the current year," reported BWO. "If the company decides to pursue PFRS 9 adoption, a discussion on the quantitative and qualitative results of the company’s impact evaluation should be included in its financial reporting."

The rule will apply to companies with assets worth P250 million, or just over $8 million, and liabilities of P250 million, or $5.75 million. The SEC did not give a reason for the implementation date change, according to BWO.