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Nature: It is an entity that presents for the first time its financial statements in conformity with
Philippine Financial Reporting Standards


Financial Statements presented by an entity in the current year would qualify as first PFRS
financial statements under the following conditions:

1. When an entity presented its most recent previous financial statements:

a. Under national GAAP inconsistent with PFRS in all aspects
b. In conformity with PFRS in all respects but these statements did not contain an explicit and
unreserved statement of compliance with PFRS
c. Containing an explicit statement of compliance with some but not all PFRS
d. Under national GAAP with a reconciliation of selected figures to amounts determined under
2. When an entity prepared financial statements in the previous period under PFRS but the
financial statements were for internal use only
3. When an entity prepared financial statements in the previous period under PFRS for
consolidation purposes without preparing a complete set of financial statements
4. When an entity did not present financial statements in the previous period


1. Three statements of financial position at the end of the current year, at the end of the prior year
and at the date of transition to PFRS
2. Two statements of comprehensive income for the current and prior year
3. Two separate income statements for the current year and prior year
4. Two statements of changes in equity for the current and prior year
5. Two statement of cash flows for the current and prior year
6. Notes to financial statements including comparative information
Nature: A component of an entity is classified as discounted operation:

a. When the entity has actually disposed of the operation

b. When the operation meets the criteria to be classified as held for sale

Recognition: The discontinued operation is accounted for as a “disposal group classified as held for


Income statement presentation:

Entity shall disclose a single amount comprising the total of post-tax profit or loss of the
discontinued operation and the post-tax gain or loss recognized on the measurement to fair value less to
cost of disposal or on the disposal of the assets or disposal groups constituting the discontinued

The income or loss from the discounted operation, net of tax shall be presented as single amount in the
income statement below the income from continuing operations

Presentation in statement of financial position:

Entity shall also present separately on the face of the statement of financial position the
following information:

a. Assets of the component help for sale separately under current assets
b. Assets of the component help for sale are measured at the lower of fair value less cost of
disposal and their carrying amount
c. Liabilities of the component separately under current liabilities
d. Noncurrent assets of the component held for sale shall not be depreciated

The assets and liabilities of the component cannot be offset against the other

Cash flow presentation:

Net cash flows attributable to the operating, investing and financing activities of a discontinued
operation shall be separately presented in the statement of cash flows or disclosed in the notes.