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Module 1 - List of Full PFRS

This document provides an overview of the financial reporting standards and interpretations used in the Philippines. It lists the Philippine Financial Reporting Standards (PFRS), Philippine Accounting Standards (PAS), Philippine Interpretations from the International Financial Reporting Interpretations Committee (IFRIC), and Philippine Interpretations from the Standing Interpretations Committee (SIC). The PFRS and PAS cover topics like business combinations, financial instruments, leases, revenue recognition, and fair value measurement. The interpretations provide guidance on implementing these standards. The speaker is an accountant updating an audience on changes to the financial reporting framework in the Philippines.

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Lee Suarez
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5K views4 pages

Module 1 - List of Full PFRS

This document provides an overview of the financial reporting standards and interpretations used in the Philippines. It lists the Philippine Financial Reporting Standards (PFRS), Philippine Accounting Standards (PAS), Philippine Interpretations from the International Financial Reporting Interpretations Committee (IFRIC), and Philippine Interpretations from the Standing Interpretations Committee (SIC). The PFRS and PAS cover topics like business combinations, financial instruments, leases, revenue recognition, and fair value measurement. The interpretations provide guidance on implementing these standards. The speaker is an accountant updating an audience on changes to the financial reporting framework in the Philippines.

Uploaded by

Lee Suarez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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University of San Jose – Recoletos

School of Business and Management


Accountancy and Finance Department
Updates to Financial Reporting Standards
Mr. Jun Brian Alenton
CPA, CMA, CAT, RCA, MICB MBA

FINANCIAL ACCOUNTING AND REPORTING


PHILIPPINE FINANCIAL REPORTING STANDARDS AND INTERPRETATIONS

Philippine Financial Reporting Standards (PFRS)


PFRS 1 First-time Adoption of Philippine Financial Reporting Standards

PFRS 2 Share-based Payment

PFRS 3 Business Combinations

PFRS 4 Insurance Contracts (to be superseded by IFRS 17 in January 1, 2021)

PFRS 5 Non-current Assets Held for Sale and Discontinued Operations

PFRS 6 Exploration for and Evaluation of Mineral Resources

PFRS 7 Financial Instruments: Disclosures

PFRS 8 Operating Segments

PFRS 9 Financial Instruments (2014)

PFRS 10 Consolidated Financial Statements

PFRS 11 Joint Arrangements

PFRS 12 Disclosure of Interests in Other Entities

PFRS 13 Fair Value Measurement

PFRS 14 Regulatory Deferral Accounts

Module 1 ACCTG107 Page 1


PFRS 15 Revenue from Contracts with Customers

PFRS 16 Leases

PFRS 17 Insurance Contracts (effective January 1, 2023)

Philippine Accounting Standards (PAS)


Presentation of Financial Statements
PAS 1

Inventories
PAS 2

Statement of Cash Flows


PAS 7

Accounting Policies, Changes in Accounting Estimates and Errors


PAS 8

Events After the Reporting Period


PAS 10

Income Taxes
PAS 12

Property, Plant and Equipment


PAS 16

Employee Benefits
PAS 19

Accounting for Government Grants and Disclosure of Government


PAS 20 Assistance

The Effects of Changes in Foreign Exchange Rates


PAS 21

Borrowing Costs
PAS 23

Related Party Disclosures


PAS 24

Accounting and Reporting by Retirement Benefit Plans


PAS 26

Separate Financial Statements


PAS 27

Investments in Associates and Joint Ventures


PAS 28

Module 1 ACCTG107 Page 2


Financial Reporting in Hyperinflationary Economies
PAS 29

Financial Instruments: Presentation


PAS 32

Earnings Per Share


PAS 33

Interim Financial Reporting


PAS 34

Impairment of Assets
PAS 36

Provisions, Contingent Liabilities and Contingent Assets


PAS 37

PAS 38 Intangible Assets

Investment Property
PAS 40

Agriculture
PAS 41

Philippine Interpretations - International Financial Reporting


Interpretations Committee (IFRIC)
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities

IFRIC 2 Members' Share in Co-operative Entities and Similar Instruments

Rights to Interests Arising from Decommissioning, Restoration and


IFRIC 5
Environmental Rehabilitation Funds
Liabilities Arising from Participating in a Specific Market - Waste Electrical
IFRIC 6
and Electronic Equipment
Applying the Restatement Approach under PAS 29, Financial Reporting in
IFRIC 7
Hyperinflationary Economies

IFRIC 10 Interim Financial Reporting and Impairment

IFRIC 12 Service Concession Arrangements

PAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding


IFRIC 14
Requirements and their Interaction

Module 1 ACCTG107 Page 3


IFRIC 16 Hedges of a Net Investment in a Foreign Operation

IFRIC 17 Distributions of Non-cash Assets to Owners

IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine

IFRIC 21 Levies

IFRIC 22 Foreign Currency Transactions and Advance Consideration

IFRIC 23 Uncertainty over Income Tax Treatments

Philippine Interpretations - Standing Interpretations Committee (SIC)


SIC-7 Introduction of the Euro

SIC-10 Government Assistance - No Specific Relation to Operating Activities

Income Taxes - Changes in the Tax Status of an Entity or its


SIC-25
Shareholders

SIC-29 Service Concession Arrangements: Disclosures

Module 1 ACCTG107 Page 4

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