FORUM: SEC RULES ON REAL ESTATE DEVELOPERS FEB. 16, 2014 1-4 PM, METROPOLITAN CLUB, MAKATI Real estate developments rolling out in 2015, must adjust starting this year (2014) their accounting system under IFRIC 15, a new accounting standard for real estate developers. Under IFRIC 15, they need to specify in a contract with HOMEBUYERS, whether the developer is delivering a completed unit; or they are entering into a contract of service. This distinction will spell the difference whether the developer can recognize income from the project, yearly, on a construction-in-progress basis; or ONLY upon project completion/delivery, which could take two (2) years or longer. As a service to its members and non-member-friends, the ORGANIZATION OF SOCIALIZED HOUSING DEVELOPERS OF THE PHILIPPINES (OSHDP, tels. 994-8092; 927-935-2638) will hold an Open Symposium on SEC RULES ON REAL ESTATE COMPANIES. This will be held on Feb. 26, 2014 (Wed.), 1:00-4:00 p.m., at the Metropolitan Club, Amapola and Estrella Sts. (across Rockwell Plaza), Makati City. In addition to IFRIC 15, proposed amendments to SEC rules/Corporation Code, particularly on a range of proposed violations to the Code and their corresponding criminal penalties, will be discussed by top SEC officials; including real estate industry practitioners. It is said that non-compliance with IFRIC 15 could wreak havoc on a real estate developers operations and accounting system. Worse, it could hamper their access to funds/loans from banks and other financing institutions. (END).
Posted on: Mon, 03 Feb 2014 07:29:01 +0000
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