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  • SRC Rule 68

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    Aimee Cute
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    1. The document outlines the revised SEC SRC Rule 68 and general guides for financial statement preparation based on entity size. 2. Entities are classified based on total assets and liabilities as large/public interest, medium-sized, small, or micro entities. 3. The financial reporting framework and common characteristics of each entity size are described, such as what financial statements are required to be filed and whether they are processed for issuing instruments in the public market.

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    SRC RULE 68

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    1. The document outlines the revised SEC SRC Rule 68 and general guides for financial statement preparation based on entity size. 2. Entities are classified based on total assets and liabilities as large/public interest, medium-sized, small, or micro entities. 3. The financial reporting framework and common characteristics of each entity size are described, such as what financial statements are required to be filed and whether they are processed for issuing instruments in the public market.

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    89 views2 pages

    SRC Rule 68

    Uploaded by

    Aimee Cute
    1. The document outlines the revised SEC SRC Rule 68 and general guides for financial statement preparation based on entity size. 2. Entities are classified based on total assets and liabilities as large/public interest, medium-sized, small, or micro entities. 3. The financial reporting framework and common characteristics of each entity size are described, such as what financial statements are required to be filed and whether they are processed for issuing instruments in the public market.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Name: SIAPNO, MIKEE Date: September 4, 2022

    Year and Block: 4th year – Block C Subject: RES 41

    Revised SEC SRC Rule 68


    GENERAL GUIDES TO FINANCIAL STATEMENTS PREPARATION
    A. Financial Reporting Framework

    ENTITY Large and/or Public Medium-sized Entities Small Entities Micro Entities
    Interest Entities
    Entities that have a total Entities that have total asset Entities that have total Entities that have a total
    asset more than P350, of P100,000,000 to assets or total liabilities of assets or total liabilities not
    SIZE CRITERIA 000,000 or total P350,000,000 or total P3,000,000 to more than P3,000,000.
    liabilities more than liabilities of P100,000,000 P100,000,000.
    P250,000,000. or more to P250,000,000.

    FINANCIAL Use of PFRS for Small- Use of PFRS for Small Use of PFRS for Small
    REPORTING Use of full PFRS. Medium Enterprise (SMEs). Enterprise (SEs). Enterprise (SEs) or Income
    FRAMEWORK Tax Basis.
    Pubic interest entity Are not a public interest Are not a public interest Are not a public interest
    based on characteristic. entity. entity. entity.

    They hold secondary Doesn’t hold a secondary Doesn’t hold a secondary Doesn’t hold a secondary
    licenses that were issued license issued by a license issued by a license issued by a
    COMMON by regulatory agencies. regulatory agency. regulatory agency. regulatory agency.
    CHARACTERISTIC
    S Financial statements are Financial statements are not Financial statements are Financial statements are not
    required to file as per required to be filled as per not required to be filled as required to be filled as per
    Part II of SRC Rule 68. Part II of SRC Rule68. per Part II of SRC Rule 68. Part II of SRC Rule 68.

    Financial Statements are Filing of Financial Filing of Financial Filing of Financial


    being processed for the Statements are not being Statements are not being Statements are not being
    use of issuing any class processed for issuing any processed for issuing any processed for issuing any
    of instrument in the class of instrument in the class of instrument in the class of instrument in the
    public market. public market. public market. public market.

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