PICPA |Philippine Financial Reporting Standards http://www.picpa.com.ph/frsc.html?article=Philippine Financial Reporti...

Philippine Financial Reporting

Standards
Philippine Financial Reporting Standards (PFRSs) are currently fully converged with International
Financial Reporting Standards (IFRSs). 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 Financial Reporting Standards

The Conceptual Framework for Financial Reporting

Phase A: Objectives and qualitative characteristics (Effective date: July 1, 2011)
The FRSC adopted the Revised Conceptual Framework for Financial Reporting on June 27, 2018 (Effective
date: January 1, 2020)

Philippine Financial Reporting Standards

Number Title Effective date

First-time Adoption of Philippine Financial

PFRS 1 (Revised) July 1, 2009
Reporting Standards

PFRS 2 Share-based Payment January 1, 2005

PFRS 3 (Revised) Business Combinations July 1, 2009

PFRS 4 Insurance Contracts January 1, 2005

Non-current Assets Held for Sale and

PFRS 5 January 1, 2005
Discontinued Operations

Exploration for and Evaluation of Mineral

PFRS 6 January 1, 2006
Resources

PFRS 7 Financial Instruments: Disclosures January 1, 2007

PFRS 8 Operating Segments January 1, 2009

PFRS 9 (2014) Financial Instruments January 1, 2018

PFRS 10 Consolidated Financial Statements January 1, 2013

PFRS 11 Joint Arrangements January 1, 2013

1 of 6 15/11/2019, 8:17 am
PICPA |Philippine Financial Reporting Standards http://www.picpa.com.ph/frsc.html?article=Philippine Financial Reporti...

Number Title Effective date

PFRS 12 Disclosure of Interests in Other Entities January 1, 2013

PFRS 13 Fair Value Measurement January 1, 2013

PFRS 14 Regulatory Deferral Accounts January 1, 2016

PFRS 15 Revenue from Contracts with Customers January 1, 2018

PFRS 16 Leases January 1, 2019

PFRS 17 Insurance Contracts January 1, 2021

Philippine Accounting Standards

Number Title Effective date

PAS 1 (Revised) Presentation of Financial Statements January 1, 2009

PAS 2 Inventories January 1, 2005

PAS 7 Statement of Cash Flows January 1, 2005

Accounting Policies, Changes in Accounting

PAS 8 January 1, 2005
Estimates and Errors

PAS 10 Events after the Reporting Period January 1, 2005

PAS 12 Income Taxes January 1, 2005

PAS 16 Property, Plant and Equipment January 1, 2005

PAS 17 Leases January 1, 2005

PAS 19 (Revised) Employee Benefits January 1, 2013

Accounting for Government Grants and

PAS 20 January 1, 2005
Disclosure of Government Assistance

The Effects of Changes in Foreign

PAS 21 January 1, 2005
Exchange Rates

PAS 23 (Revised) Borrowing Costs January 1, 2009

PAS 24 (Revised) Related Party Disclosures January 1, 2011

Accounting and Reporting by Retirement

PAS 26 January 1, 2005
Benefit Plans

PAS 27 (Amended) Separate Financial Statements January 1, 2013

2 of 6 15/11/2019, 8:17 am
PICPA |Philippine Financial Reporting Standards http://www.picpa.com.ph/frsc.html?article=Philippine Financial Reporti...

Investments in Associates and Joint

PAS 28 (Amended) January 1, 2013
Ventures

Financial Reporting in Hyperinflationary

PAS 29 January 1, 2005
Economies

PAS 32 Financial Instruments: Presentation January 1, 2007

PAS 33 Earnings per Share January 1, 2005

PAS 34 Interim Financial Reporting January 1, 2005

PAS 36 Impairment of Assets January 1, 2005

Provisions, Contingent Liabilities and

PAS 37 January 1, 2005
Contingent Assets

PAS 38 Intangible Assets January 1, 2005

Financial Instruments: Recognition and

PAS 39 January 1, 2005
Measurement

PAS 40 Investment Property January 1, 2005

PAS 41 Agriculture January 1, 2005

Philippine Interpretations

Number Title Effective date

Changes in Existing Decommissioning,

Philippine Interpretation IFRIC-1 January 1, 2005
Restoration and Similar Liabilities

Members’ Shares in Co-operative Entities and

Philippine Interpretation IFRIC-2 January 1, 2005
Similar Instruments

Determining whether an Arrangement contains

Philippine Interpretation IFRIC-4 January 1, 2006
a Lease

Rights to Interests arising from

Philippine Interpretation IFRIC-5 Decommissioning, Restoration and January 1, 2006
Environmental Rehabilitation Funds

Liabilities arising from Participating in a

Philippine Interpretation IFRIC-6 Specific Market—Waste Electrical and December 1, 2005
Electronic Equipment

Applying the Restatement Approach under

Philippine Interpretation IFRIC-7 PAS 29 Financial Reporting in March 1, 2006
Hyperinflationary Economies

Philippine Interpretation IFRIC-10 Interim Financial Reporting and Impairment November 1, 2006

Philippine Interpretation IFRIC-12 Service Concession Arrangements January 1, 2008

3 of 6 15/11/2019, 8:17 am
PICPA |Philippine Financial Reporting Standards http://www.picpa.com.ph/frsc.html?article=Philippine Financial Reporti...

Number Title Effective date

PAS 19—The Limit on a Defined Benefit

Philippine Interpretation IFRIC-14 Asset, Minimum Funding Requirements and January 1, 2008
their Interaction

Hedges of a Net Investment in a Foreign

Philippine Interpretation IFRIC-16 October 1, 2008
Operation

Extinguishing Financial Liabilities with Equity

Philippine Interpretation IFRIC-19 July 1, 2010
Instruments

Stripping Costs in the Production Phase of a

Philippine Interpretation IFRIC-20 January 1, 2013
Surface Mine

Philippine Interpretation IFRIC-21 Levies January 1, 2014

Foreign Currency Transactions and Advance

Philippine Interpretation IFRIC-22 January 1, 2018
Consideration

Philippine Interpretation IFRIC-23 Uncertainty over Income Tax Treatments January 1, 2019

Philippine Interpretation SIC-7 Introduction of the Euro January 1, 2005

Government Assistance—No Specific Relation

Philippine Interpretation SIC-10 January 1, 2005
to Operating Activities

Philippine Interpretation SIC-15 Operating Leases—Incentives January 1, 2005

Income Taxes—Changes in the Tax Status of

Philippine Interpretation SIC-25 January 1, 2005
an Entity or its Shareholders

Evaluating the Substance of Transactions

Philippine Interpretation SIC-27 January 1, 2005
Involving the Legal Form of a Lease

Service Concession Arrangements:

Philippine Interpretation SIC-29 January 1, 2005
Disclosures

Philippine Interpretation SIC-32 Intangible Assets—Web Site Costs January 1, 2005

4 of 6 15/11/2019, 8:17 am
PICPA |Philippine Financial Reporting Standards http://www.picpa.com.ph/frsc.html?article=Philippine Financial Reporti...

Contact
Contact Us
Us

Philippine Institute of Certified Accountants

Shaw Boulevard, Mandaluyong City
1550 Metro Manila, NCR,
1009 Philippines

Contact no. : (02) 723 0691

Email : info@picpa.com.ph

View Contact Page... (contact.html)

Our
Our Institute
Institute
History (content.html?article=History&page=About)

Vision and Mission (content.html?article=Mission%20/%20Vision&page=About)

A 9298 – Philippine Accountancy Act

(content.html?article=A%209298%20-%20Philippine%20Accountancy%20Act&page=Home)

By-Laws (http://picpa.com.ph/attachment/727201695732365.pdf)

Theme of the Year (content.html?article=Theme%20for%20the%20Year&page=About)

National President’s Report (http://boa.com.ph/accreditation-of-cpas-in-commerce-industry/)

Send
Send Us
Us aa Message
Message

Name...

Email...

Message...

Send

5 of 6 15/11/2019, 8:17 am
PICPA |Philippine Financial Reporting Standards http://www.picpa.com.ph/frsc.html?article=Philippine Financial Reporti...

6 of 6 15/11/2019, 8:17 am