Navigating IFRS: So Complex!

Attended seminar on IFRS today at Dusit Thani Hotel, Makati.~ conducted by  Punongbayan & Araullo


Woke up early at 5am and headed towards Makati via Alabang at 615AM. Excited as it seems!. not merely because of the seminar ;)..but because i'm going to visit Makati City - The Philippines' Financial Capital!  ..1-2hrs away from our place (of course due to traffic!). Sales are everywhere, landmark, SM Makati, Glorietta, Greenbelt..Tempting?  you bet!. so then, after the seminar,i went straight back home - so scary i might ended up buying impulsively!hmmm.. 


Here's my tidbits of informations regarding the seminar!


 Arrived at the seminar venue 3seconds before the invocation started, 810am. Glad it started with a prayer because i needed it badly to keep me awake and alive.;) and it followed by the singing of our national anthem.indeed, it guided us through on this 8hr seminar,listening to boring-yawning triggering topics --International Financial Reporting Standards! kidding but it's true!... nevertheless, 'twas a productive learning experience ..;)


Most countries including US are now gearing towards IFRS. to converge GAAP to IFRS. why is that so? accordingly, it is because of the 2008 financial crisis globally experienced. that's trigger it all,huh! Financial reporting has been amended. and it is not just one standard, 5 or more and still counting. wow! with just one standard, my head is already wanting to explode. Accounting standard really is an ever changing-evolving process!

For many years, countries developed their own accounting standards. They were rules-based, principle-based, business-oriented, tax-oriented … in one word, they were all different. With globalization, the need to harmonize these standards was not only obvious but necessary.

GAAP is different with IFRS, one is rule-based and the other a principle based approach. [ can't express my thoughts on this! so complicated! just visit the website of IFRS pls!]


Just to highlight some amendments: read it on below!

1. IFRS 9 Financial Instruments Updates - this replaced the IAS39.this has now two main categories of Financial Assets, Amortized cost and Fair Value through PL. (unlike IAS39, it has 4 categories!).
2. Amendment to IAS 19, Employee Benefits - this has a significant impact to retirement benefit. But then again, there are amendments to its components and disclosure requirements (IFRS12). > you might want to consult your Actuary on this.
3. IFRS 7 - Amendment disclosures on Transfer of Financial Assets
4. IFRS 10 - Consolidated Financial Statements

       for further informations, visit IASB.org.  Hoping that Accounting for Leases amendments will not be implemented soon! [project stage is already on Exposure Draft sets out for a new IFRS] - read the exposure draft on Leases and this will give you a reason to shift to other career! hehehhe! 

The process to implement IFRS is so complex and expect the unexpected finance people! Company should be ready in this change..transition has a broad impact (hmm still it depends on the nature of the company i guess!)..Plan, plan and plan ahead to prepare not only finance people for this. Most amendments are effective on 2013.> 1 yr  more to go! 

Since there are pronouncement that early adoption are permitted - company may leverage on the convergence process by implementing amendments immediately. 

Good luck to all of us Accounts!. Year end is just around the corner.

Never too late: Be Prosperous!

While having plenty of money helps, by itself it cannot define true prosperity. True prosperity is having wholeness and abundance in every area of your life, including your health, your relationships, and your finances.

Here's to share on the aspect of prosperity in finances.

Financial Planning generally will aid and assist one to achieve financial goals and objectives through proper management of financial resources.  In doing so, financial planner will assess one’s present position, identify goals/objectives and then define the best way to achieve them. However, the decision will still be on client’s prerogative.

My client is one of the few who wanted to make a paradigm shift in their finances and most of all, to be financially free.  Why not!! ~ It is never too late to be at peace financially!

In this uncertainty of time, it is most important, therefore, that a regular annual review of plan should be carried out to ensure that we will remain on course. And so that corrective measures can be taken if circumstances may change.

As a synopsis, following are steps in financial planning:

1. Identify your Goals and Objectives
2. Gather related/required data
3. Analyze the financial standing
4. Develop a plan
5. Implement the Plan
6. Monitor and reassess the plan

Even God wants us to prosper and to have abundance in life:

Jeremiah 29:11

"For I know the plans I have for you," declares the LORD, "plans to prosper you and not to harm you, plans to give you hope and a future." 

God bless us in all our endeavor!

Growing financially & Spiritually: Keep on Learning!

Joining RFP ( Registered Financial Planner Phils. ) Program (i'm in Batch22) is of big help.
~ it's an additional insight and realization:  in our life; in our household financial; personal financial planning; and life 's goals determination...

It changed and helped me a lot on the way i handled our finances and the way we set our financial goals. Further, it gave me confirmation on what matters most when one is gearing towards financial freedom. And wanting to prepare to  Retire young [ at Heart! ;)] and retire comfortably rich. hmmm! why not!? (let this be one of our goals my dear friends!) Yes we can retire comfortably! it's just a matter of planning and be financially literate. (Thanks dad for your undying support in my endeavor!)

It is of deep pride that we can share the knowledge and wisdom we earned from RFP. I am thankful also that we have a great batch22 group eager to explore and to share the learnings. ;)

 It is by God's grace we can do all these things in life and all for His greater Glory! let's keep on learning! and never stop gaining more wisdom!;)