3. Statement 1:The concepts that underlie the Philippine FinancialReporting Standards (PFRS) are objectives of general-purpose financial statements, qualitative characteristics,elements, recognition and measurement, andpresentation and disclosure.The PFRS in the Philippines are adopted by thePhilippine Financial Reporting Standard Council(PFRSC) and adopted by the Philippine Securities andExchange Commission (PSEC).Statement 2:a. Only the first statement is correct.b. Only the second statement is correct.С.Both statements are correct.d. Neither of the statements is correct.

PFRS: Philippine financial reporting statement These are the set of accounting rules as per GAAP…

Answered: Reporting Standards (PFRS) purpose…

Business

Accounting

Reporting Standards (PFRS) purpose financial statements, elements, recognition an presentation and disclosure.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

3. Statement 1:
The concepts that underlie the Philippine Financial
Reporting Standards (PFRS) are objectives of general-
purpose financial statements, qualitative characteristics,
elements, recognition and measurement, and
presentation and disclosure.
The PFRS in the Philippines are adopted by the
Philippine Financial Reporting Standard Council
(PFRSC) and adopted by the Philippine Securities and
Exchange Commission (PSEC).
Statement 2:
a. Only the first statement is correct.
b. Only the second statement is correct.
С.
Both statements are correct.
d. Neither of the statements is correct.

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