The advantage of going through this exercise is that we, as regulators, were given an opportunity to design the reportorial structure to create a common platform serving all our information requirements. The amount of information that we will be able to generate from the new reporting structure will enhance our off-site supervision capabilities.
The Philippine transition to IFRS is a consultative process involving the regulators, industry players and external auditors. The different perspectives shared in this endeavor helped us in understanding the principles behind the standards and the impact of adoption on our interrelated functions. Disclosures and good governance One of the key features of the standards is the overwhelming amount of disclosure requirements.