435 BOOKS, RECORDS AND REPORTS REQUIRED
a. All clients shall be provided with a schedule of earning assets which contains the following information:
(1) Borrower’s or issuer’s name;
(2) Type of instrument;
(3) Collateral, if any;
(4) Principal amount or Acquisition cost;
(5) Market value;
(6) Marking-to-market gains or losses;
(7) Earning rate or yield;
(8) Amount of earnings/Accrued interest;
(9) Transaction date; and
(10) Maturity date, if any.
b. Additional reports shall be required depending on the investment discretion as follows:
(1) For Discretionary accounts, the reports shall also consist of balance sheet, income statement; investment activity report; and Return on Investment report.
(2) For Non-discretionary accounts, a confirmation of transaction shall be required covering every purchase and sale instructions. It shall contain the following information:
(a) Transaction entered into;
(b) Borrower’s or issuer’s name;
(c) Amount involved;
(d) Terms of the security, including collateral, if any;
(e) Settlement price;
(f) Value date and settlement date; and
(g) Fees and charges related to the transaction.
c. The reports, except for Item “b.(2)“, shall be prepared in such frequency as required under the agreement but shall not in any case be longer than once every quarter; and
d. The reports shall be made available to clients not later than twenty (20) calendar days from the end of the reference date/ period in Item “c” above.
a. The provisions of PFRS/PAS shall be adopted effective the annual financial statements beginning 01 January 2008;
b. A complete set of financial statements shall comprise of the following:
(1) Balance sheet as of the end of the period;
(2) Income statement for the period;
(3) Statement of changes in accountabilities, which shall show a reconciliation of the net carrying amount at the beginning and end of the period of the following accounts:
(b) accumulated income; and
(c) net unrealized gains/(losses) on available for sale financial assets, separately disclosing the changes in each of the foregoing accounts
(4) Notes, which shall comprise of a summary of significant accounting policies and other disclosure requirements provided under PFRS/PAS: Provided, That for purposes of complying with the disclosure of the nature and extent of risks arising from financial instruments as required under PFRS 7, disclosure statements may be made based on the general categories of contractual relationships (i.e., UITF-trust, institutional- trust, and individual-trust; other fiduciary; institutional-agency, and individual-agency; and special purpose trust) of the trust/investment management department of a bank with its clients; and
(5) Balance sheet as of the beginning of the earliest comparative period when a trust/ investment management department applies an accounting policy retrospectively or when it makes a retrospective restatement of items in the financial statements, or when it reclassifies items in the financial statements.
c. The balance sheet, income statement and statement of changes in accountabilities shall be presented for each of the general categories of contractual relationships (i.e., UITF-trust, institutional-trust, and individual-trust; other fiduciary; institutional-agency, and individual-agency; and special purpose trust) of the trust/investment management department of a bank with its clients;
d. Comparative information for periods before 01 January 2008 need not be presented in the AFS for the financial reporting period beginning 01 January 2008: Provided, That disclosure statements on the end-2007 balances of total assets of the general categories of contractual relationships of the trust/investment management department of a bank with its clients prepared based on the Generally Accepted Accounting Principles (GAAP) previously applied, shall be presented in the notes to financial statements: Provided, further, That comparative periods shall be presented in the AFS for the financial reporting period beginning 01 January 2009 and thereafter.
e. The following transitory rules and regulations shall govern the accounting treatment of specific items for purposes of preparing the AFS for the financial reporting period beginning 01 January 2008:
(1) The provisions of PFRS/PAS shall only be applied to accounts outstanding as of end-December 2008;
(2) Reclassification of previously recognized financial instruments shall no longer be allowed except as allowed under existing regulations;
(3) The fair value of ROPA and Investment Properties as of the date of transition to PFRS/PAS may be used as the deemed cost of said properties as of that date: Provided, That said ROPA and Investment Properties shall be subsequently accounted for in accordance with the provisions of the FRPTI.