PFRS Training

Solutions

A member firm of Ernst & Young Global Limited

 Introduction
About SGV’s PFRS 2005 saw the biggest change in the
Training Solutions Philippines’ financial reporting framework.
This was the year when we shifted from
the former Philippine Generally Accepted
Accounting Principles (GAAP) to the
International Financial Reporting
Standards (IFRS), which were renamed as
Philippine Financial Reporting Standards
SGV’s Philippine Financial Reporting Standards (PFRS) Training Solutions are
(PFRS).
developed utilizing the real life experience and insights our people gain from
engaging in a wide range of business activities. This hands–on knowledge is The changes did not stop after the 2005
adoption. Over the past 9 years, there
transferred in the classroom, where through a combination of lecture sessions,
have been continuous changes, revisions,
discussions, group exercises and case studies, we put theory to practice. amendments and enhancements to IFRS.
The Philippines has kept up with the
Our aim is not only to provide local participants with a holistic perspective of
changes and as a result, our financial
PFRS, but more importantly, to empower them with the ability to practically apply reporting framework is still converged
their knowledge in their work environment. with IFRS, except for the deferral of
IFRIC 15, Agreements for the
Our instructors are professionals with many years of practical PFRS experience in
Construction of Real Estate.
a multitude of industries.
Maintaining this convergence at all times
Although we conduct numerous ‘open’ courses in a variety of PFRS topics for a is critical for our companies as they strive
diverse audience, we regularly undertake customized ‘in house’ training to retain their competitive edge and
engagements for our clients. remain at par with their international
counterparts. It is also critical for our
To find out more, talk to us about your training needs. local stock market, as it enhances the
comparability of our listed companies’
financial statements with those of
companies around the world.
2 3
The constant changes in the financial
reporting landscape could lead to a gap
between the current knowledge and skills
of our people and the requirements of the
market to implement these changes
effectively. A way to bridge this gap is to
ensure that our people are always updated
and well-trained, in order for them to meet
these challenges head on.
We in SGV are committed to providing
quality training courses. Throughout the
years, we have been constantly offering
various PFRS training courses to local
business communities, clients and
regulators, and we will continue to do so.
We are delighted to share with you our
newest training curriculum for the fiscal
year July 1, 2014 to June 30, 2015. We
look forward to seeing you in these
training courses, and collaborating with
you in coming up with a more customized
training curriculum to meet your specific
needs.
Josephine Adrienne A. Abarca
Partner
Head, Accounting Standards Group
 Contents

1. PFRS: Changes in 2014 and Beyond 6 7. PFRS Series 24

2. Introduction to the New Revenue Recognition Standard 8 7.1 Accounting for Property, Plant and Equipment and Investment
25
Properties
3. Financial Instruments 10
7.2 Accounting for Income Taxes 25
3.1 Accounting for Financial Instruments 11
7.3 Group Accounts: PFRS 10, 11 and 12 26
3.2 Derivatives and Hedge Accounting 12
7.4 PAS 19, Employee Benefits (Revised) 27
3.3 Introduction to Accounting for Financial Instruments under
14
PFRS 9 7.5 Impairment of Assets 27

4. PFRS 13, Fair Value Measurement 15

7.6 A Workshop on the Preparation of the Statement of Cash Flows 28

4.1 An Intensive Training on PFRS 13 16 7.7 A Workshop on Segment Reporting 29

4.2 PFRS 13, Fair Value Measurement, for Banks 18 7.8 Related Party Transactions and Disclosures 29

5. PFRS for Small and Medium-Sized Entities (SMEs) 20

7.9 A Workshop on the Preparation of Interim Financial Statements 30

6. Accounting for Non-accountants 22

PFRS on Demand 31

Schedule of Training Courses 32

4i 5
 1 PFRS: Changes in 2014
and Beyond
Financial markets demand
consistency in accounting practices.
The implementation of IFRS, locally
adopted as PFRS, is key to increasing
the transparency and comparability
of financial information and further
enhancing the efficiency of the
capital markets.
Because the standards are
principles–based, they require a
detailed knowledge of the underlying
concepts, as well as the application
of extensive professional judgment.
This two-day seminar will help
participants understand new key
developments in PFRS and will focus
on the implications of these changes.
It will help participants put
new/revised PFRS accounting
principles into practice and interpret
their impact to PFRS financial
statements.
The newly-issued PFRS 15, Revenue
from Contracts with Customers, the
provisions of PFRS 9, Financial
Instruments, the recently issued
Annual Improvements and Exposure
Drafts, and their impacts will be
discussed and analyzed through
practical examples. Answers to
frequently asked questions on selected
standards will also be covered during
the seminar.
Moreover, the seminar will cover the
possible tax implications of these
changes as well as relevant issuances
of the Securities and Exchange
Commission (SEC).

u Chief financial officers

Who should attend

u Controllers
Outline u Internal auditors
► New and amended standards effective for December 31, 2014 year-end u Accounting professionals
► New and amended standards effective subsequent to December 31, 2014 year-end u Business development teams
► Updates on major IFRS projects u Those who would like to gain a more in-depth understanding of
► Clarification of issues and answers to frequently asked questions changes to PFRS
► Tax implications of the new and amended standards applicable to
December 31, 2014 year-end
► Other topics with financial reporting implications, such as latest issuances from the
Securities and Exchange Commission (SEC)

6 7
 Introduction to the
2 New Revenue Recognition
Standard
This half-day seminar provides an overview of the provisions of IFRS 15,
particularly the five-step revenue recognition model. It also highlights the
differences between IFRS 15 and the current revenue standards as well as the
challenges and potential issues upon its adoption.

On May 28, 2014, the International Although it provides application

Accounting Standards Board and
the US Financial Accounting Stand-
ards Board issued their joint reve-
nue recognition standard, IFRS 15,
which replaces existing IFRS and
US GAAP requirements for revenue
recognition. This standard applies
to all revenue contracts and also
provides a model for the
recognition and measurement of
sales of some non-financial assets
(e.g., disposals of property, plant
and equipment).
IFRS 15 is a significant change
from the current IFRS on revenue.
guidance, entities will need more
reliance on judgment in applying its
requirements, as the use of
estimates is more extensive under
this new standard. The potential
changes to revenue recognition for
some entities may be significant so
it is important for entities to start
assessing the impact immediately.
With the mandatory application just
two years away (mandatory
effective date is January 1, 2017),
early preparation is key to a
successful implementation of the
new standard.

Outline
► Background of the revised revenue
recognition project
► An overview of the provisions of
IFRS 15
► Scope
► The five-step model
► Contract costs
► Other application guidance
► Disclosure requirements
► Effective date and transition
8 9
► Differences between IFRS 15 and the current
revenue standards Who should attend u Chief financial officers
► IAS 11, Construction Contracts u Controllers
► IAS 18, Revenue u Internal auditors
► Philippine IFRIC 13, Customer Loyalty u Accounting professionals
Programs u Those who would like to gain an understanding of the new revenue
► Philippine IFRIC 15, Agreements for the
Construction of Real Estate
recognition standard
► Philippine IFRIC 18, Transfers of Assets from
Customers
► SIC-31 Revenue – Barter Transactions
Involving Advertising Services
► Challenges and Potential Issues in Adopting
IFRS 15
 3 Financial Instruments
3.1
Accounting for
Financial Instruments

This one-day seminar aims to provide participants with the core concepts and principles
of standards covering Financial Instruments. It covers PAS 32, PAS 39, PFRS 7 and
Philippine IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments.

Accounting for Financial Outline

Instruments is one of the most ► Introduction and key definitions
complex areas in our local ► Presentation: Debt vs. Equity
financial reporting framework. ► Classification of financial assets
and liabilities
It affects various entities and
► Categories of financial
various accounts in an entity’s
assets and liabilities
balance sheet and income ► Fair value option
statement. ► Reclassification
► Measurement
► Initial measurement

Who should attend

u Chief financial officers ► Subsequent measurement
u Controllers ► Recognition and derecognition
u Internal auditors ► Initial recognition
These are training courses on the accounting standards on financial instruments, as u Accounting professionals ► Derecognition of financial
follows: assets
u Those who would like to
► PAS 32, Financial Instruments: Presentation ► Derecognition of financial
► PAS 39, Financial Instruments: Recognition and Measurement
gain a more in-depth
liabilities
► PFRS 7, Financial Instruments: Disclosures understanding of
► Offsetting financial assets and
► PFRS 9, Financial Instruments accounting for financial
liabilities
These training courses range from an introduction of their basic concepts to more instruments ► Impairment of financial assets
intensive training courses ultimately geared at helping companies understand the ► Disclosures
implications, potential solutions and process requirements of these standards.
► IFRIC 19

10
10 11
 Derivatives and
3.2 Hedge Accounting
This one-day seminar aims to provide
participants with the basic concepts
on how derivatives work, and the
relevant accounting principles and
treatment under PAS 39. The
seminar will also cover the disclosure
requirements for derivative
transactions under PFRS 7. An
overview of the changes to the hedge
accounting rules under PFRS 9, the
accounting standard that will
eventually replace PAS 39, will also
be given.
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12
Outline
I. Overview of PAS 32, PAS 39 4. Options 2. Hedge accounting under
and PFRS 7 ► Introductory concepts PAS 39
► Mechanics of options ► Definitions
II. Derivatives: Basic Concepts
5. Embedded derivatives ► Qualifying instruments
1. Introduction to derivatives ► Hedge accounting
► Definition and examples
► Definition requirements
► Bifurcation and accounting
► Characteristics of ► Hedge effectiveness testing
rules under PAS 39
derivatives under PAS 39 ► Types of hedge
► Why companies enter into III. Hedge and Non-Hedge relationships (fair value and
derivatives Accounting Treatment for cash flow hedges)
► Types of derivative Derivatives ► Discontinuing hedge
instruments accounting
1. Default accounting
► Exchange-traded versus treatment for derivatives ► Practical issues
over-the-counter ► Disclosure requirements
2. Forwards and futures
IV. Overview of Hedge Accounting
► Introductory concepts
under PFRS 9
► Difference between
forwards and futures
Who should attend
► Mechanics of forward u Chief financial officers
contracts u Controllers
u Internal auditors
3. Swaps
u Accounting professionals
► Introductory concepts
u Business development teams
► Mechanics of interest rate
u Those who would like to gain a more in-depth understanding of derivatives
swaps
and hedge accounting
► Mechanics of cross
currency swaps
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 3.3
Introduction to Accounting
for Financial Instruments
under PFRS 9
4 PFRS 13
Fair Value Measurement

This is a half-day seminar that aims to discuss and provide participants with the
underlying concepts and principles of PFRS 9 and provide illustrative examples of its
application.

PFRS 9, as issued, reflects the first Outline

and third phases of the project to ► IAS 39 Replacement Project
replace PAS 39, and applies to the ► Classification and
classification and measurement of measurement rules
financial assets and liabilities, and ► Financial assets
hedge accounting, respectively. ► Financial liabilities
Work on the second phase, which ► The new hedge accounting
relates to impairment of financial model
assets, and the limited amendments ► Effective date and transition
► Disclosure requirements
to the classification and
► Updates on:
measurement model is still
► Impairment (Phase 2)
ongoing, with a view to replace
► Limited amendments to
PAS 39 in its entirety. classification and
measurement model

These are one or two-day training courses on PFRS 13 designed for managers
Who should attend

u Chief financial officers and finance professionals from various industries. These aim to provide
u Controllers comprehensive understanding of PFRS 13 principles and the framework for
measuring fair value of assets and liabilities.
u Internal auditors
u Accounting professionals
u Those who would like to acquire knowledge of the underlying concepts and
principles of PFRS 9

14 15
 An Intensive Training on
4.1 PFRS 13
Outline
This two-day intensive training aims to: ► Introduction and seminar objectives ► Valuation approaches of ► Replacement cost and expected
► PFRS 13 unquoted equity exposure
► Provide comprehensive
understanding of PFRS 13 principles ► Background and objectives of 1. Market approach ► Portfolio valuation and
and the framework for measuring fair PFRS 13 2. Income approach consideration of credit mitigation
value of financial and non-financial ► Scope 3. Miscellaneous ► Consideration of own credit risk
assets and liabilities, including: approaches ► Calculation methods
► Fair value measurement
► Key fair value measurement approaches ► Common oversights 1. Current and expected
approaches exposure approach
► Fair value hierarchy ► Additional sources for
► Appropriate valuation 2. Discount rate approach
techniques to use ► Disclosure requirements valuation of unquoted
► Business impact equity securities 3. Variable and constant
► Inputs to valuation techniques
► Fair value implications for real ► Credit value adjustment exposure approach
► Fair value hierarchy
properties ► Background 4. Valuation inputs for the
► Equip participants with the skills and
► Valuation of unquoted equity ► Key credit risk concepts approach
information to:
► Determine implications of the securities
new standard to key areas where ► Introduction

Who should attend

u Executives working in entities:
fair value measurement is
► Objective u With financial instruments
required
► Process of fair value u That use fair value model for investment property
► Assess impact on key business
areas measurements
u That revalue property, plant and equipment or intangible assets
► Disclosure requirements
u Managers and finance professionals in the following functions:
u Comptrollership and accounting
u Finance and treasury operations
u Corporate planning
u Business operations and support
u Collateral appraisal and valuation

16 17
 PFRS 13, Fair Value
4.2 Measurement, for Banks
This one-day training aims to help the participants acquire comprehensive

Who should attend

understanding of PFRS 13 in the context of a bank’s financial reporting. u Executives working in banking institutions
u Managers and finance professionals in the following functions:
Outline u Comptrollership and accounting

► Credit Value Adjustment (CVA) u Finance and treasury operations

► Introduction and seminar
objectives ► Background u Internal Audit
► PFRS 13 ► Key credit risk concepts u Risk Management
► Background and ► Replacement cost and u Corporate planning
objectives expected exposure u Business operations and support
► Scope ► Portfolio valuation and u Collateral appraisal and valuation
► Fair value measurement consideration of credit
approaches mitigation
► Fair value hierarchy ► Consideration of own credit
► Disclosure requirements risk
► Business impact ► Calculation methods
► Fair value implications for 1. Expected future exposure
real properties approach
2. Discount rate approach
3. Variable and constant
exposure approach
4. Valuation inputs for the
approach

18 19
 PFRS for
5 Small and Medium-Sized
Entities (SMEs)

PFRS for SMEs is a one-day seminar The PFRS for SMEs is self-contained
that aims to provide a detailed and is a complete set of generally
discussion on the accounting accepted accounting principles in its
standards for SMEs and to compare own right. It is based on the full PFRS
these accounting standards with the but is tailored to the needs and
full PFRS. It also intends to provide
resources of those entities that are
answers to frequently asked
not required to apply the full PFRS.
questions, as well as cite specific
guidance from the Philippine SEC on
the accounting standards applicable
for SMEs.

Who should attend

u Chief financial officers
u Controllers
u Internal auditors
u Accounting professionals
u Those who would like to gain an understanding of the application of
PFRS for SMEs
Outline
► Background on PFRS for SMEs
► Philippine SEC Guidance on PFRS for SMEs
► Concepts and pervasive principles
► Comparison and key differences
► Preparation and presentation of financial statements
► Elements of financial statements
► Recent developments and updates
► Philippine Interpretations Committee (PIC) Questions and Answers (Q&A) on the Philippine
Adoption of SME Implementation Group (SMEIG) Final Q&As
► Update on the IASB’s Comprehensive Review of IFRS for SMEs

20
20 21
 6 Accounting for
Non-accountants
Module 1 Module 2
► Introduction ► Tools and techniques of financial
► Basic accounting concepts analysis for use in various
► Accounting assumptions applications
► Accounting principles ► With interactive discussions and
exercises
► Financial transaction analysis
► Preparing financial projections
► Overview of an accounting
information system
► Learning techniques in
forecasting financial statements
► Objectives of an accounting
system
► Best practices in financial
modeling
► Features of an effective
accounting system
► With interactive discussions and
exercises
► Flow of accounting data in a
typical accounting system
► Nature, purpose and elements of
the following:
► Statement of financial position
(balance sheet)
► Statement of comprehensive
income
This is a two-day training course that focuses on the fundamentals of accounting, ► Statement of changes in
the basic accounting concepts and principles, and the elements of the financial equity
statements. The seminar is designed to help ‘non-accounting’ managers, directors, ► Statement of cash flows
owners and employees gain an understanding on the basic accounting concepts and ► Cost concepts and classification
their actual application to their businesses. The seminar also aims to equip
participants with tools and techniques that can be useful for the preparation and
analysis of financial accounting reports and financial projections.
Who should attend
u Those who would like to gain a more in-depth understanding of the
accounting process.
This training course is divided into two modules:
u Business owners, entrepreneurs, managers and directors who need to use
► Module 1 is about the basic accounting principles, concepts and the various
elements of the financial statements accounting reports for decision making.
► Module 2 is about financial analysis and financial projections. u Those who would like to acquire fundamental knowledge of the underlying
accounting concepts and principles.
u People who would like to learn bookkeeping and other accounting procedures.

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 7 PFRS Series
Course Offerings and Description

7.1 Accounting for Property, 7.2 Accounting for Income

Plant and Equipment and Taxes and
Investment Properties …………………………….
This course helps the participants The objective of this course is to
understand the basic provisions of enable the participants to interpret and
PAS 16, Property, Plant and
apply the concepts of PAS 12, Income
Equipment, PAS 40, Investment
Property, and PFRS 5, Noncurrent Taxes, specifically current and deferred
Assets Held for Sale and income taxes, tax bases of assets and
Discontinued Operations, and the liabilities and temporary differences.
interaction of these 3 standards.
This course covers the following topics:
Specifically, it will cover the
following topics: ► Definitions – current tax, deferred
► Scope tax and temporary differences
► Definitions and criteria for ► Tax base of assets and liabilities
classification ► Measurement and recognition of
► Accounting for acquisition costs income tax and deferred tax
and subsequent measurements ► Presentation and disclosure
► Models of valuation (cost, fair requirements
value and revaluation model) ► Case studies
► Methods of depreciation
► Borrowing costs
► Conditions for classification as
These are half-day training courses designed for more focused, back-to-the-basics noncurrent asset held for sale
discussions on specific accounting standards. The courses are a mix of basic ► Disposal groups
concepts and actual hands-on practice or case studies. Participants may choose to
register in only one course or in various courses, depending on their specific training ► Presentation and disclosure
needs. requirements
► Case studies

12
24 25
7.3 Group Accounts: PFRS 10, 11
and 12
This course aims to:
► Discuss and provide participants
with the underlying concepts and
principles of PFRS 10, Consolidated
Financial Statements,
PFRS 11, Joint Arrangements and
PFRS 12, Disclosure of Interests in
Other Entities
► Discuss and provide illustrative
examples of the application of these
standards
► Provide potential resolution of
issues and gray areas resulting
from their application.
26
This course covers the following topics:
► Introduction on standards on
consolidation, joint arrangements
and related disclosures
► PFRS 10
► The new control model
► Illustrative examples
► PFRS 11
► Classification of Joint
Arrangements
► Illustrative examples
► PFRS 12
► Major changes to disclosure
requirements
► Disclosure requirements for
subsidiary, joint venture and
associates
► Structured entities
► Investment Entities (amendments
to PFRS 10, PFRS 12 and
PAS 27, Separate Financial
Statements)
7.4 PAS 19, Employee Benefits
(Revised)
This course aims to:
► Provide participants with the
basic concepts of PAS 19
► Provide examples and illustrative
disclosures
► Explain the standard’s tax
implications, and
► Discuss the common difficulties
in the application of this
standard and provide potential
resolution of issues in gray
areas.
This course covers the following
topics:
► PAS 19, Employee Benefits
(Revised)
► Frequently asked questions
► Examples
► PAS 19 (Revised) Illustrative
Disclosures
► Illustrative actuarial calculations
► Tax implications
7.5 Impairment of Assets
This half-day seminar provides
participants with the underlying
concepts and principles of PAS 36.
It also provides illustrative examples of
their application.
This course covers the following topics:
► Objectives and scope of PAS 36
► Identifying when an asset may be
impaired
► Impairment testing
► Recoverable amount — definition
and calculation
► Impairment loss measurement
► Impairment of property, plant
and equipment and intangible
assets
► Impairment of goodwill and
cash-generating units
► Impairment reversals
► Disclosure requirements
► Common errors and issues
relating to impairment testing
► Case study
27

PFRS Workshops
The following workshops, part of the
PFRS Series, are designed to equip
companies’ accountants and finance people
with the practical knowledge on certain
elements and disclosure requirements of the
financial statements.
7.6 A Workshop on the
Preparation of the
Statement of Cash Flows
As one of the four basic financial
statements, the statement of cash flows
is key in determining what the sources
of the company’s cash are and where
the cash goes. For some financial
statement analysts and readers, this
statement may be equally important, if
not more important, than the other
financial statements.
This workshop is designed to help the
participants prepare the statement of
cash flows as per the requirements of
PAS 7, Statement of Cash Flows.
28
The participants will learn the basics
of calculating the individual
components of this statement as well
as the non-operating changes in
assets and liabilities due to various
factors such as acquisitions and
disposals, foreign currency
translations and other comprehensive
income.
This course will cover the following:
► Objectives and definitions
► Examples of operating, investing
and financing activities
► Methods of reporting cash flows
from operating activities
► Reporting other cash flow items
► Balance sheet changes and cash
flow adjustments
► Non-cash items and transactions
► Other cash flow topics: pensions,
acquisitions and disposals of
subsidiaries and other businesses,
discontinued operations and
foreign currency translations
► Presentation and other disclosure
requirements
► Case studies
7.7 A Workshop on Segment
Reporting
This workshop is designed to help the
participants apply the specific
provisions of PFRS 8, Segment
Information, in their financial
statements. It provides actual
examples and hands-on applications
on the key elements or provisions of
this accounting standard.
This course will cover the following:
► Core principle and scope
► Operating segment – definition
and aggregation
► Reportable operating segments
(with specific examples)
► Quantitative thresholds
► Measurement and reconciliations
► Disclosure requirements
► Hands-on applications on
determining reportable operating
segments, quantitative thresholds
and measurements and
reconciliations
7.8 Related Party Transactions
and Disclosures
The increasing focus by the public, in
general, and the regulators, in
particular, regarding related party
transactions make it imperative that
entities properly identify who their
related parties are, account for these
transactions accurately and ensure
completeness of the disclosures on
related party transactions.
This workshop will help participants
determine an entity’s related parties
and gain familiarization not only
regarding the disclosure requirements
of PAS 24, but also with the
regulatory requirements on
disclosures of related party
transactions.
This course will cover the following:
► Scope and objectives
► Definitions
► Related parties
► Other definitions
29

► Relationships that are not
necessarily within the definitions
► Disclosure requirements of PAS 24
► SEC pronouncements and
requirements for related party
transactions
► An overview of transfer pricing
regulations
► Illustrative disclosures
30
PFRS on Demand
7.9 A Workshop on the In addition to the standard courses, we also create and deliver
Preparation of Interim customized PFRS courses that are geared towards addressing our
Financial Statements clients’ needs. These courses can run anywhere from half a day to
The objective of this workshop is to
5 days and can cover any aspect of the accounting standards,
enable the participants to gain an including focus on specific industries.
understanding of the contents and
disclosure requirements related to
interim financial statements, as
prescribed by PAS 34, Interim
Financial Reporting, and by current
regulations.
This course will cover the following:
► Scope and objective
► Definitions
► Minimum contents of the interim
financial statements
► Form and content
► Requirements for the
presentation of interim financial
statements
► Disclosure requirements
► Examples of:
► Recognition and
measurement
► Use of estimates
► Restatements of interim financial
statements
► Current regulatory requirements
regarding interim financial
statements
31
 Schedule of Training Courses
Title Duration Date Title Duration Date

1. PFRS: Changes in 2014 and Beyond 2 days Sept. 1 — 2, 2014 7. PFRS Series
Nov. 4 — 5, 2014
7.1 Accounting for Property, Plant Half day Sept. 26, 2014 (AM)
2. Introduction to the New Revenue Half day Aug. 26, 2014 (PM) and Equipment and Investment
Recognition Standard Properties
Sept. 19, 2014 (AM)
7.2 Accounting for Income Taxes Half day Sept. 26, 2014 (PM)
3. Financial Instruments

3.1 Accounting for Financial 1 day Aug. 8, 2014 7.3 Group Accounts: PFRS 10, 11 and Half day Nov. 19, 2014 (AM)
Instruments 12
7.4 PAS 19, Employee Benefits Half day Nov. 19, 2014 (PM)
3.2 Derivatives and Hedge Accounting 1 day Aug. 29, 2014
(Revised)

3.3 Introduction to Accounting for Half day Aug. 20, 2014 (PM) 7.5 Impairment of Assets Half day Aug. 13, 2014 (AM)
Financial Instruments under
PFRS 9 7.6 A Workshop on the Preparation of Half day Sept. 16, 2014 (AM)
the Statement of Cash Flows
4. PFRS 13, Fair Value Measurement

4.1 An Intensive Training on PFRS 13 2 days Jan. 13 — 14, 2015 7.7 A Workshop on Segment Half day Sept. 16, 2014 (PM)
Reporting

4.2 PFRS 13, Fair Value 1 day Nov. 25, 2014 7.8 Related Party Transactions and Half day Oct. 24, 2014 (AM)
Measurement, for Banks Disclosures

5. PFRS for Small and Medium-Sized 1 day Oct. 6, 2014 7.9 A Workshop on the Preparation of Half day Oct. 24, 2014 (PM)
Entities (SMEs) Interim Financial Statements

6. Accounting for Non-accountants 2 days Oct. 28 — 29, 2014 For inquiries and concerns, contact us:

Ma. Emilita L. Villanueva

Ma.Emilita.L.Villanueva@ph.ey.com / 891-0307 local 7911

Schedules are subject to change without prior notice. Please confirm the scheduled dates Jerome M. Austria
with us. Jerome.M.Austria@ph.ey.com / 891-0307
32 33
SGV & Co.

Assurance | Tax | Transactions | Advisory

About SGV & Co.

SGV is the largest professional services firm in

the Philippines that provides assurance, tax,
transaction and advisory services. The insights
and quality services we deliver help build trust
and confidence in the capital markets and in
economies the world over. We develop
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promises to all of our stakeholders. In so doing,
we play a critical role in building a better
working world for our people, for our clients
and for our communities. SGV & Co. is a
member firm of Ernst & Young Global Limited.

EY refers to the global organization, and may

refer to one or more, of the member firms of
Ernst & Young Global Limited, each of which is
a separate legal entity. Ernst & Young Global
Limited, a UK company limited by guarantee,
does not provide services to clients.

For more information about our organization,

please visit www.ey.com/PH.

© 2014 SyCip Gorres Velayo & Co.

All Rights Reserved.
APAC No. 10000021

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