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Guidance Note:: and Other Receivables and Payables Line Items
Guidance Note:: and Other Receivables and Payables Line Items
Use the term "STATEMENT" if first year audit or the opinion issued is only on the current year financial
statements.
The third statement only applies to the Statement of Financial Position when an entity applies an accounting
policy retrospectively or make a retrospective restatement of items in its financial statements or when it
reclassifies items in its financial statements. Conversely, entities present only the comparative periods of
Statements of Comprehensive Income, Statements of Changes in Equity and Statement of Cash Flows.
The Philippine Securities and Exchange Commission (“SEC”) requires an entity to present as a minimum line
item on the Statement of Financial Position amounts of due to and from related parties arising from
borrowings. Trade receivables from, and payables to, related parties may be presented as part of the trade
and other receivables and payables line items.
Under paragraph Part I, 4(B) of SRC Rule 68, as revised, some entities are mandated to submit with their
audited financial statements a Reconciliation of Retained Earnings Available for Dividend Declaration which
should present the prescribed adjustments as indicated in Annex 68-D of the Rule. These entities are:
Issuers of securities to the public; and
Stock corporations with unrestricted retained earnings in excess of 100% of paid-in capital stock.
The order of the arrangement for items of adjustments in the statements of cash flows must be from
highest to lowest (top priority order).
For dividends and interests classification in the statements of cash flows, choice should be applied with
consistency.
PHILIPPINES COMPANY, INC. AND ITS SUBSIDIARIES
(formerly INTERNATIONAL GAAP INDUSTRIES, INC.) [If there is a change in the corporate name]
PAS 1.10 (a)
PAS 1.10 (ea) CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
PAS 1.10 (f)
PAS 1.51 (b)
PAS 1.51 (c)
December 31 January 1
PAS 1.10 (ea)
PAS 1.10 (f) 2019 2019
PIC Q&A 2013-
02 Notes 2020 (As restated) (As restated)
ASSETS
PAS 1.60 Current Assets
PAS 1.54 (i) Cash and cash equivalents 8 23,170 20,200 8,050
PAS 1.54 (h) Trade and other receivables - net 9 18,860 13,750 12,710
PAS 1.54 (d) Financial assets at fair value through
10 1,530 1,630 -
profit or loss
PAS 1.55 Due from related parties 39 13,050 6,080 -
PAS 1.55 Finance lease receivable - current 11 - - 190
Current portion of finance lease
PFRS 16:47(a) 11 190 180 -
receivables
PAS 1.54 (g) Inventories – net 12 29,870 28,120 28,930
Prepayments and other current
PAS 1.55 13 120 60 80
assets
PAS 1.55 Right to returned goods asset 14 250 250 -
PFRS 16:47(a) Contract assets - current 26 150 150 -
PFRS 15:105 Contract costs 26 - - -
87,190 70,420 49,960
PAS 1.54(j) Non-current assets held-for-sale 25 22,330 - -
Total Current Assets 109,520 70,420 49,960
PAS 1.60 Non-Current Assets -
PAS 1.54 (a) Property, plant and equipment - net 20 79,970 82,790 108,110
PAS 1.54 (c) Intangible assets – net 22 9,780 11,340 12,530
PFRS 16:47(a)
PIC Q&A No. Right-of-use assets 20, 23 190 150 200
2019-05
PAS 1.54 (f) Biological assets 19 - - -
PAS 1.54 (b) Investment properties 21 1,980 1,940 1,300
PAS 1.55 Goodwill 24 24,120 24,120 24,120
PAS 1.54 (e) Investments in associates 17 5,390 5,570 4,410
PAS 1.54 (e) Interests in joint ventures 18 4,000 3,660 3,420
PAS 1.54 (d) Financial assets at FVOCI 15 700 500 -
PAS 1.54 (d) Financial asset at amortized cost 16 1,280 1,240 -
PAS 1.55 Finance lease receivables - net of
11 830 710 740
current portion
PAS 1.55 Contract assets - non-current 26 150 150 -
PAS 1.54 (o) Deferred tax assets 57 350 680 1,840
PAS 1.55 Other non-current assets 570 140 -
Total Non-current Assets 129,310 132,990 156,670
238,830 203,410 206,630
LIABILITIES AND SHAREHOLDERS’ EQUITY
PAS 1.60 Current Liabilities
PAS 1.54 (k) Trade and other payables 27 30,420 31,010 46,420
PAS 1.55 Unearned revenue 100 100 70
PAS 1.55 Due to related parties 39 3,720 220 -
PAS 1.55 Bank loans – current 28 - - 33,620
PAS 1.55 Bank overdrafts 28 240 250 -
PAS 1.55 Contract liabilities – current 37 100 70 -
PAS 1.54(n) Income tax payable 56 - - -
PFRS 16:47 (b) Lease liabilities – current 32 3,000 4,000
PAS 1.54 (l) Short-term provisions 33 3,350 3,190 2,240
PAS 1.55 Other financial liabilities 34 120 20 -
PAS 1.55 Refund liability 38 50 70 -
PAS 1.55 Other liabilities 300 400 -
41,400 39,330 82,350
Liabilities Directly Associated with Non-
PAS 1.54 (p) 25 3,680 - -
current Assets as Held-for-Sale
Total Current Liabilities 45,080 39,330 82,350
PAS 1.60 Non-current Liabilities
PAS 1.55 Bank loans-net of current portion 28 12,200 14,290 22,070
PAS 1.55 Convertible loan notes 30 4,110 4,110 -
PAS 1.54 (l) Long-term provisions 33 2,290 2,230 4,100
PAS 1.55 Deferred revenue - - 40
PAS 1.55 Retirement benefit obligation 31 2,980 2,260 2,190
PFRS 16:47 (b) Lease liabilities–net of current portion 32 5,000 5,000 -
PAS 1.54 (l) Asset retirement obligation 33 - - -
PAS 1.54 (o) Deferred tax liabilities 57 80 630 4,670
PAS 1.55 Contingent Liabilities 35 2,600 2,660 800
Redeemable cumulative preference
PAS 1.55 34 14,870 - -
shares
Contract Liabilities - non-current 37 90 70 -
PAS 1.54 (m) Other non-current financial liabilities 34 120 - -
PAS 1.55 Other non-current liabilities 610 600 -
Total Non-current Liabilities 44,950 31,850 33,870
90,030 71,180 116,220
Shareholders' Equity
PAS 1.54 (r) Share capital 41 17,810 22,990 22,990
Share premium 16,000 15,670 15,670
PAS 1.54 (r) Other Reserves 42 1,290 380 290
PAS 1.54 (r) Retained earnings 111,060 89,800 48,070
146,160 128,840 87,020
Shareholders Equity Directly Associated
PAS 1.55 with Non-current Assets as Held-for- 25 - - -
Sale
Equity attributable to equity holders of
PAS 1.54 (r) 146,160 128,840 87,020
the Parent Company
PAS 1.54 (q) Non-controlling interests 43 2,640 3,390 3,390
148,800 132,230 90,410
238,830 203,410 206,630
See Notes to Financial Statements
PAS 1.10 (c)
PAS 1.10 (ea) PHILIPPINES COMPANY, INC. AND ITS SUBSIDIARIES
PAS 1.51 (b)
PAS 1.10 (c)
(formerly INTERNATIONAL GAAP INDUSTRIES, INC.) [If there is a change in the corporate name]
PAS 1.51 (c) CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the year ended December 31, 2020
Properties Investment
Share Share General Revaluation Revaluation
Notes Capital Premium Reserve Reserve Reserve
Balance, January 1, 2019 22,990 15,670 - 200 90
PAS 8.22, PAS Effects of changes in accounting
1.106(b) 64 - - - - -
policy
PAS 8.42(b) Correction of prior period errors 67 - - - - -
Balance, January 1, 2019 - as
22,990 15,670 - 200 90
restated
Profit (Loss) for the year - - - - -
PAS 1.106(a),
(d) Other comprehensive income - - - - -
Total comprehensive income (loss) - - - - -
PAS 1.106(d) Transactions with owners:
Equity compensation during the
- - - - -
year
Issuance of ordinary shares under
41 - - - - -
employee share option plan
Issuance of ordinary shares for
41 - - - - -
consulting services performed
Issuance of convertible notes 30 - - - - -
Share issue costs 41 - - - - -
Buy-back of common shares 41 - - - - -
Share buy-back costs 41 - - - - -
Investment revaluation 58 - - - - 90
Transfer to retained earnings - - - - -
Payment of dividends 44 - - - - -
Balance, December 31, 2019 22,990 15,670 - 200 180
Profit (Loss) for the year - - - - -
PAS 1.106(a),
(d) Other comprehensive income - - - - -
Total comprehensive income (loss) - - - - -
PAS 1.106(d) Transactions with owners:
Additional non-controlling
43 - - - - -
interests arising from acquisitions
Additional non-controlling
interests relating to outstanding
share-based payment 43 - - - - -
transactions of non-controlling
interests
Disposal of partial interest in a
3 - - - - -
subsidiary
Equity compensation during the
- - - - -
year
Recognition of share-based
- - - - -
payments
Issuance of ordinary shares under
41 310 330 - - -
employee share option plan
Issuance of ordinary shares for
41 10 10 - - -
consulting services performed
Issuance of convertible non-
30 - - - - -
participating preference shares
Issuance of convertible notes - - - - -
Share issue costs 41 - - - - -
Buy-back of common shares 41 (5,600) (20) - - -
Share buy-back costs 41 - - - - -
Investment revaluation 58 - - - - (90)
Distributions during the year 41 100 - - - -
Transfer to retained earnings - - 1,000 - -
Income tax relating to
- 10 - - -
transactions with owners
Payment of dividends 44 - - - - -
21,460 41,730
- -