GLIMPSE OF A CPA'S MIND

Overview IAS 31 Interests in Joint Ventures sets out the accounting for an entity's interests in various forms of joint ventures: jointly controlled operations, jointly controlled assets, and jointly controlled entities. The standard permits jointly controlled entities to be accounted for using either the equity method or by proportionate consolidation. IAS 31 was reissued in December 2003, applies to annual periods beginning on or after 1 January 2005, and is superseded by IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities with effect from annual periods beginning on or after 1 January 2013. History of IAS 31 December 1989 Exposure Draft E35 Financial Reporting of Interests in Joint Ventures December 1990 IAS 31 Financial Reporting of Interests in Joint Ventures 1 January 1992 Effective date of IAS 31 (1990) 1994 IAS 31 was reformatted December 1998 IAS 31 was revised by IAS 39 effective 1 January 2001 18 December 

History of IAS 30 April 1987 Exposure Draft E29 Disclosures in Financial Statements of Banks July 1989 Exposure Draft E29 was modified and re-exposed as Exposure Draft E34 Disclosures in Financial Statements of Banks and Similar Financial Institutions August 1990 IAS 30 Disclosures in Financial Statements of Banks and Similar Financial Institutions 1 January 1991 Effective date of IAS 30 (1990) 1994 IAS 30 was reformatted December 1998 IAS 30 was amended by IAS 39 Financial Instruments: Recognition and Measurement , effective 1 January 2001 18 August 2005 IAS 30 is superseded by IFRS 7 Financial Instruments: Disclosures effective 1 January 2007 Related Interpretations None Amendments under consideration by the IASB None Summary of IAS 30 Objective of IAS 30 The objective of IAS 30 is to prescribe appropriate presentation and disclosure standards for banks and similar financial institutions (hereafter called 'banks'), which suppleme

Overview IAS 29 Financial Reporting in Hyperinflationary Economies applies where an entity's functional currency is that of a hyperinflationary economy. The standard does not prescribe when hyperinflation arises but requires the financial statements (and corresponding figures for previous periods) of an entity with a functional currency that is hyperinflationary to be restated for the changes in the general pricing power of the functional currency. IAS 29 was issued in July 1989 and is operative for periods beginning on or after 1 January 1990. History of IAS 29 November 1987 Exposure Draft E31 Financial Reporting in Hyperinflationary Economies July 1989 IAS 29 Financial Reporting in Hyperinflationary Economies 1 January 1990 Effective date of IAS 29 (1989) 1994 IAS 29 was reformatted 22 May 2008 IAS 29 amended for Annual Improvements to IFRSs 2007 1 January 2009 Effective date of the May 2008 revisions to IAS 29 Related Interpretations IAS 2

Overview IAS 28 Investments in Associates and Joint Ventures (as amended in 2011) outlines how to apply, with certain limited exceptions, the equity method to investments in associates and joint ventures. The standard also defines an associate by reference to the concept of "significant influence", which requires power to participate in financial and operating policy decisions of an investee (but not joint control or control of those polices). IAS 28 was reissued in May 2011 and applies to annual periods beginning on or after 1 January 2013. History of IAS 28 (as amended in 2011) July 1986 Exposure Draft E28 Accounting for Investments in Associates and Joint Ventures April 1989 IAS 28 Accounting for Investments in Associates 1 January 1990 Effective date of IAS 28 (1989) 1994 IAS 28 was reformatted December 1998 IAS 28 was amended by IAS 39 Financial Instruments: Recognition and Measurement effective 1 January 2001 18 December 2003 Revised

Overview IAS 27 Consolidated and Separate Financial Statements outlines when an entity must consolidate another entity, how to account for a change in ownership interest, how to prepare separate financial statements, and related disclosures. Consolidation is based on the concept of 'control' and changes in ownership interests while control is maintained are accounted for as transactions between owners as owners in equity. IAS 27 was reissued in January 2008 and applies to annual periods beginning on or after 1 July 2009, and is superseded by IAS 27 Separate Financial Statements and IFRS 10 Consolidated Financial Statements with effect from annual periods beginning on or after 1 January 2013. History of IAS 27 September 1987 Exposure Draft E30 Consolidated Financial Statements and Accounting for Investments in Subsidiaries April 1989 IAS 27 Consolidated Financial Statements and Accounting for Investments in Subsidiaries 1 January 1990 Effective date

Fiscal Incentives Incentives Description 1.       Income Tax Holiday (ITH) A.      Exemption from payment of income taxes reckoned from the scheduled “Start of Commercial Operation” (SCO). a.        New projects with a pioneer status-six (6) years; b.       New projects with a non-pioneer status -four (4) years; c.        Expansion projects for three (3) years. Exemption is limited to incremental sales revenue/volume; d.       New or expansion projects in less developed areas for six (6) years, regardless of status; and e.        Modernization projects for three (3) years. Exemption is limited to incremental sales revenue/volume. In no case shall a registered pioneer firm avail of this incentive for a period exceeding eight (8) years. For purposes of the Income Tax Holiday entitlement, the SCO shall be the date of the first sales invoice . The Registered Enterpri