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Philippine Financial Reporting Standards (PFRSs) are currently fully converged with International Financial
Reporting Standards (IFRSs) except for the deferral of Philippine Interpretation IFRIC-15 Agreements for the
Construction of Real Estate. Unaccompanied IFRSs may be downloaded from the IASB website free of charge.
Registration in the IASB website is required to access the unaccompanied IFRSs.
Preface to Philippine Financ
ial Reporting Standards
The Conceptual Framework for Financial Reporting
Phase A: Objectives and qualitative characteristics (Effective date: July 1, 2011)
Philippine Financial Reporting Standards (PFRSs)
PFRS
PFRS 1
PFRS 1
(Revised)
Effective for
annual periods
beginning on
or after
First-time Adoption of
Philippine Financial
Reporting Standards
November 2004
January 1, 2005
PFRS 1
(Revised)
Amendments to PFRS
1: Cost of an
Investment in a
Subsidiary, Jointly
Controlled Entity or
Associate
January 1, 2009
PFRS 1
(Revised)
First-time Adoption of
Philippine Financial
Reporting Standards
July 1, 2009
Amendments to PFRS
1: Additional
Exemptions for Firsttime Adopters
March 8, 2010
January 1, 2010
Amendment to PFRS 1:
Limited Exemption
from Comparative
PFRS 7 Disclosures for
First-time Adopters
June 4, 2010
July 1, 2010
Amendments to PFRS
1: Severe
Hyperinflation and
Removal of Fixed Date
for First-time Adopters
July 1, 2011
Title
Superseded
by
Amendments to PFRS
1: Government Loans
January 1, 2013
Share-based Payment
November 2004
January 1, 2005
Amendments to PFRS
2: Vesting Conditions
and Cancellations
January 1, 2009
Amendments to PFRS
2: Group Cash-settled
Share-based Payment
Transactions
June 2009
January 1, 2010
PFRS 3
Business Combinations
November 2004
January 1, 2005
PFRS 3
(Revised)
Business Combinations
July 1, 2009
November 2004
January 1, 2005
PFRS 2
PFRS 4
Insurance Contracts
Amendments to PFRS
4: Financial Guarantee
Contracts
January 1, 2006
PFRS 5
November 2004
January 1, 2005
PFRS 6
PFRS 7
Financial Instruments:
Disclosures
December 2005
January 1, 2007
Amendments to PFRS
7: Transition
January 1, 2007
Amendments to PFRS
7: Reclassification of
Financial Assets
July 1, 2008
Amendments to PFRS
7: Reclassification of
Financial Assets Effective Date and
Transition
July 1, 2008
Amendments to PFRS
7: Improving
January 1, 2009
January 1, 2006
PFRS 3
(Revised)
Disclosures about
Financial Instruments
Amendments to PFRS
7: Disclosures Transfers of Financial
Assets
July 1, 2011
Amendments to PFRS
7: Disclosures Offsetting Financial
Assets and Financial
Liabilities
January 1, 2013
Amendments to PFRS
7: Mandatory Effective
Date of PFRS 9 and
Transition Disclosures
January 1, 2015
February 8, 2007
January 1, 2009
PFRS 8
Operating Segments
PFRS 9
Financial Instruments:
Classification and
Measurement of
Financial Assets
March 8, 2010
January 1, 2013
Financial Instruments:
Classification and
Measurement of
Financial Liabilities
January 1, 2013
Amendments to PFRS
9: Mandatory Effective
Date of PFRS 9 and
Transition Disclosures
January 1, 2015
Consolidated Financial
Statements
January 1, 2013
Amendments to PFRS
10: Transition
Guidance
January 1, 2013
Amendments to PFRS
10: Investment Entities
January 1, 2014
Joint Arrangements
January 1, 2013
Amendments to PFRS
11: Transition
Guidance
January 1, 2013
PFRS 10
PFRS 11
PFRS 12
PFRS 13
Disclosure of Interests
in Other Entities
January 1, 2013
Amendments to PFRS
12: Transition
Guidance
January 1, 2013
Amendments to PFRS
12: Investment Entities
January 1, 2014
January 1, 2013
Fair Value
Measurement
PAS
PAS 1
Title
Date
adopted by
FRSC
Effective for
annual
periods
beginning on
or after
Superseded
by
November
2004
January 1,
2005
PAS 1
(Revised)
January 1,
2007
PAS 1
(Revised)
PAS 1
(Revised)
October 23,
2007
January 1,
2009
April 23,
2008
January 1,
2009
July 27,
2011
July 1, 2012
November
2004
January 1,
2005
March
2005
January 1,
2005
PAS 2
Inventories
PAS 7
PAS 8
November
2004
January 1,
2005
PAS 10
November
2004
January 1,
2005
PAS 11
Construction Contracts
March
2005
January 1,
2005
PAS 12
Income Taxes
March
2005
January 1,
2005
January 12,
2011
January 1,
2012
March
2005
January 1,
2005
Segment Reporting
PAS 16
November
2004
January 1,
2005
PAS 17
Leases
November
2004
January 1,
2005
PAS 18
Revenue
March
2005
January 1,
2005
PAS 19
Employee Benefits
November
2004
January 1,
2005
PAS 19
(Revised)
January
2005
January 1,
2006
PAS 19
(Revised)
Employee Benefits
July 27,
2011
January 1,
2013
PAS 20
March
2005
January 1,
2005
PAS 21
November
2004
January 1,
2005
PAS 19
(Revised)
PFRS 8
January 1,
2006
PAS 23
Borrowing Costs
March
2005
January 1,
2005
PAS 23
(Revised)
Borrowing Costs
May 31,
2007
January 1,
2009
PAS 23
(Revised)
PAS 24
November
2004
January 1,
2005
PAS 24
(Revised)
March 8,
2010
January 1,
2011
March
2005
January 1,
2005
PAS 24
(Revised)
PAS 26
PAS 27
November
2004
January 1,
2005
PAS 27
(Revised)
PAS 27
(Revised)
April 23,
2008
July 1, 2009
PAS 27
(Amended)
June 23,
2008
January 1,
2009
PAS 27
(Amended)
June 29,
2011
January 1,
2013
November
27, 2012
January 1,
2014
Investments in Associates
November
2004
January 1,
2005
June 29,
2011
January 1,
2013
PAS 27
(Amended)
PAS 28
PAS 28
(Amended)
PAS 28
(Amended)
PAS 29
November
2004
January 1,
2005
PAS 30
November
2004
January 1,
2005
PFRS 7
PAS 31
November
2004
January 1,
2005
PFRS 11
PAS 32
November
2004
January 1,
2005
December
2005
January 1,
2007
April 23,
2008
January 1,
2009
March 8,
February 1,
2010
2010
December
28, 2011
January 1,
2014
PAS 33
November
2004
January 1,
2005
PAS 34
March
2005
January 1,
2005
PAS 36
Impairment of Assets
November
2004
January 1,
2005
June 11,
2013
January 1,
2014
March
2005
January 1,
2005
PAS 38
Intangible Assets
November
2004
January 1,
2005
PAS 39
November
2004
January 1,
2005
January
2005
January 1,
2005
January 1,
2006
January 1,
2006
January 1,
2006
October 29,
2008
July 1, 2008
January 16,
2009
July 1, 2008
April 20,
2009
June 30,
2009
September
29, 2008
July 1, 2009
November
13, 2013
January 1,
2014
PAS 40
Investment Property
November
2004
January 1,
2005
PAS 41
Agriculture
November
2004
January 1,
2005
PAS 101
October
2005
January 1,
2005
PFRS for
SMEs
March 15,
2007
March 15,
2007
PFRS for
SMEs
---------------------------------------As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 7 was changed fromCash Flow
Statements to Statement of Cash Flows.
2
As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 10 was changed fromEvents after the
Balance Sheet Date to Events after the Reporting Period.
1
Interpretation
Title
Date
adopted
by FRSC
Effective
for annual
periods
beginning
on
or after
Philippine Interpretation
IFRIC-1
Changes in Existing
Decommissioning, Restoration and
Similar Liabilities
2005
January 1,
2005
Philippine Interpretation
IFRIC-2
2005
January 1,
2005
Philippine Interpretation
IFRIC4
Determining whether an
Arrangement contains a Lease
June 21,
2006
January 1,
2006
Superseded by
Philippine Interpretation
IFRIC5
June 21,
2006
January 1,
2006
Philippine Interpretation
IFRIC6
June 21,
2006
December
1, 2005
Philippine Interpretation
IFRIC7
June 21,
2006
March 1,
2006
Philippine Interpretation
IFRIC8
Scope of PFRS 2
June 21,
2006
May 1,
2006
Philippine Interpretation
IFRIC9
Reassessment of Embedded
Derivatives
June 21,
2006
June 1,
2006
Amendments to Philippine
Interpretation IFRIC9: Embedded
Derivatives
April 20,
2009
June 30,
2009
Philippine Interpretation
IFRIC10
September
27, 2006
November
1, 2006
Philippine Interpretation
IFRIC11
December
18, 2006
March 1,
2007
Philippine Interpretation
IFRIC12
January 11,
2007
January 1,
2008
Philippine Interpretation
IFRIC13
August 23,
2007
July 1,
2008
Philippine Interpretation
IFRIC14
August 23,
2007
January 1,
2008
Amendment to Philippine
Interpretation IFRIC14,
Prepayments of a Minimum Funding
Requirement
June 4,
2010
January 1,
2011
November
17, 2008
Deferred*
Philippine Interpretation
IFRIC15
Amendments to
PFRS 2, Group
Cash-settled
Share-based
Payment
Transactions
Amendments to
PFRS 2, Group
Cash-settled
Share-based
Payment
Transactions
Philippine Interpretation
IFRIC16
August 4,
2008
October 1,
2008
Philippine Interpretation
IFRIC17
February
19, 2009
July 1,
2009
Philippine Interpretation
IFRIC18
February
19, 2009
July 1,
2009
Philippine Interpretation
IFRIC19
March 8,
2010
July 1,
2010
Philippine Interpretation
IFRIC20
November
23, 2011
January 1,
2013
Philippine Interpretation
IFRIC21
Levies
June 11,
2013
January 1,
2014
---------------------------------------* On September 28, 2011, the FRSC decided to defer the effective date of Philippine Interpretation IFRIC-15 until the final
Revenue standard is issued by the International Accounting Standards Board, and an evaluation of the requirements of
the final Revenue standard against the practices of the Philippine real estate industry is completed.