FSO team conducts forum on PFRS 9, Financial Instruments
SGV’s Financial Services Organization (FSO) recently conducted a forum on Philippine Financial Reporting Standard (PFRS) 9, Financial Instruments. SGV Managing Partner Itos Cruz formally welcomed 86 participants from three major Wealth and Asset Management (WAM) sector associations – namely, the Trust Officers Association of the Philippines, the Fund Manager’s Association of the Philippines and the Philippine Investment Fund Association.
The event focused on an in-depth discussion of the various phases and implications of the new accounting standard. SGV Partner and WAM Sector Leader Francis Balagtas discussed the three phases of PFRS 9 and emphasized the impact of the standard on the classification and measurement of financial assets, particularly for the business model assessment of entities in the wealth and asset management sector. FSO Tax Advisory Partner Allan Exclamador then discussed the tax implications of PFRS 9, which was followed by an open forum with the speakers and Accounting Standards Group Leader Yen Abarca. Financial Accounting Advisory Services (FAAS) FSO Leader Janet Paraiso delivered the closing remarks and thanked the participants for their active participation.
Chairman Vic Noel, FSO Leader Vicky Lee-Salas, ASEAN FAAS Leader Bok Malantic, Banking & Capital Markets Leader Janeth Nuñez-Javier, Insurance Leader Bernalette Ramos and FSRM Partner Francis Lumbres were also present to welcome the participants.
The forum was organized by a core team from FAAS FSO comprising FSO Senior Manager JC Maminta and Senior Associates Hydie Laduan and Choco Cordero.