Credits

SRC RULE 68, AS AMENDED

PART I GENERAL FINANCIAL REPORTING REQUIREMENTS

1.

APPLICATION AND DEFINITION OF TERMS

A.

Application of this Rule

(i)

This Rule (together with subsequent official pronouncements,

interpretations and rulings on accounting and reporting matters, which

may be issued by the Commission from time to time) states the

requirements applicable to the form and content of financial statements

required to be filed with the Commission by corporations which meet the

threshold, as follows:

a) Stock corporations with paid-up capital stock of P50,000.00 or more;

b) Non-stock corporations with total assets of P500,000.00 or more, or

with gross annual receipts of P100,000.00 or more;

c) Branch offices of stock foreign corporations with assigned capital in

the equivalent amount of P1,000,000.00 or more;

d) Branch offices of non-stock corporations with total assets in the

equivalent amount of P1,000,000.00 or more;

e) Regional operating headquarters of foreign corporations with total

revenues in the equivalent amount of P1,000,000.00 or more.

(ii) Financial statements of branch offices of foreign corporations licensed to

do business in the Philippines by the Commission shall comply with the

requirements of this Rule unless otherwise determined by the Commission

as not applicable.

(iii) Additional requirements for financial statements of corporations covered

under Section 17.2 of the Securities Regulation Code are set forth under

Part II of this Rule.

B. Definition of Terms Used in this Rule

(i)

Unless otherwise used in a different context, the terms used in this Rule

shall have the same meanings as defined in the accounting and

auditing standards adopted by the Commission as part of this Rule.

(ii) Financial reporting framework means a set of accounting principles,

standards, interpretations and pronouncements that must be adopted in

the preparation and submission of the annual financial statements of a

particular class of entities, as defined in this Rule...