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PhilippinesTechnical Group

Accounting & Auditing News

2011 Model Financial Statements and Disclosure Checklist

We are pleased to share with you the following documents:

2011 Glob al Model Financial Statements- the global model financial statements illustrate the application of thepresentation and disclosure requirements ofInternational Financial Reporting Standards (IFRSs) for the year ended 31December 2011 by an entity that is not a first-time adopter of IFRSs. They also contain additional disclosures that areconsidered to be best practice, particularly where such disclosures are included in illustrative examples provided with aspecific Standard.

2011 Local Model Financ ial Statements- the local model financial statements illustrate the application of thepresentation and disclosure requirements ofPhilippine Financial Reporting Standards (PFRSs) for the year ended 31December 2011. They also contain additional disclosures requirements provided by the Philippine Securities andExchange Commission, Bureau of Internal Revenue (RR 15-2010) and some other disclosures that are considered to bebest practice.

2011 IFRS Disclo sure Check list- the IFRS disclosure checklist summarizes the recognition, measurement, presentationand disclosure requirements set out in IFRSs.

The global and local financial statements together with the disclosure checklist attached herewith are provided solely for in formationpurposes for your personal use.

Please note that while every effort has been made to ensure that these documents are complete in terms of the relevantrequirements of PFRSs and IFRSs, users will inevitably be required to exercise professional judgment based on specific

circumstances. These documents are merely enabling tools that do not address such judgmental issues.

Also, PFRSs and IFRSs are constantly changing. It is the responsibility of users of these documents to maintain current workingknowledge of PFRSs and IFRSs, which may affect the content of the model financial statements and checklist.

Please contact the following if you have any questions regarding this publication:

Wilfredo A. BaltazarAudit Partnerwbaltazar@deloitte.com

+63 2 581 9011

Chan Paul T. NicolasTechnical Research Managerctnicolas@deloitte.com

+63 2 581 9069

Fritzy Rosalyn A. Sales

Technical Research Assistant Managerfrasales@deloitte.com+63 2 581 9078

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2011 Manabat Delgado Amper & Co. All rights reserved.