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FULL PFRSs vs PFRS for SMEs vs PFRS for SMALL ENTITIES GATO, Abdul Barri Indol MSU - Main Campus 09452146094 Quantitative Threshold Micro-entities Small Medium Large < 3M 3M - 100M > 100M to 350M > 100M to 250M > 350M > 250M Assets Liabilities Common requisites for Micro, Small and Medium entities: Not listed or not in the process being listed Not holder of secondary licenses issued by regulatory agencies Not required to file FS (SRC Rule 68.1) * Banks are highly regulated (Full PFRS) ⑥ ⑥ ⑥ Dual Framework } } Whichever is higher (Full PFRS) Whichever is higher (PFRS for Small entities) MICRO ENTITIES - have the following options: 1) Income tax basis of accounting May be used provided FS shall be } that 2) PFRS for Small entities accompanied by 3) Other bases deemed by management as acceptable - Cash basis - PFRS for SMEs - Full PFRS Statement of Mgmt’s Responsibility Auditor’s Report Statement of Income Notes of FS PFRS for SMEs - mandatory for medium enterprises Exceptions: : ⑥ Same criteria with #1-#6 under exception B in PFRS for Small entities Medium entity that has a subsidiary mandated to report under Full PFRS Medium entity that has short-t ...
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