WHEREAS, the Accounting Standards Council (ASC) had approved the PREFACE TO PHILIPPINE FINANCIAL REPORTING STANDARDS and submitted it to the Board of Accountancy (Board) for approval;

WHEREAS, after a study and review of the provisions of the document entitled PREFACE TO PHILIPPINE FINANCIAL REPORTING STANDARDS as adopted by the ASC, the Board finds the same to be well-taken and instructive for compliance by practicing Certified Public Accountants;

WHEREOF, the Board resolved, as it hereby resolves, to adopt the document entitled PREFACE TO PHILIPPINE FINANCIAL REPORTING STANDARDS as part of the Generally Accepted Accounting Principles in the Philippines;

RESOLVED, FURTHER, that this Resolution and the document entitled PREFACE TO PHILIPPINE FINANCIAL REPORTING STANDARDS shall be effective for annual financial reporting periods beginning on or after January 1, 2005.

Adopted: 28 Dec. 2004

                                                                                                                                                   

(SGD.) EUGENE T. MATEO
Chairman
(SGD.) JOHN S. BALA
Vice Chairman
(SGD.) SOLITA V. DELANTAR	(SGD.) LUCILA C. TARRIELA
Member	Member
(SGD.) MA. ELENITA B. CABRERA
Member
Attested by:
(SGD.) CARLOS G. ALMELOR
Secretary, Professional Regulatory Boards
Approved:
(SGD.) AVELINA A. DE LA REA
Commissioner
(SGD.) LEONOR T. ROSERO
Commissioner