Other Organizations influence Financial and Reporting Accounting Standards

c. Securities and Exchange Commission (SEC). The Securities and Exchange

Commission has the legal authority to prescribe accounting principles and practice
for usually all companies issuing publicly traded securities. To date, the SEC has
participated in the formulation of accounting principles. In addition. The SEC
administers the extensive disclosure requirements of the Securities Act.
d. Philippine Institute of Certified Public Accountants (PICPA). The Philippine Institute
of Certified Public Accountants, the PRC accredited professional organization is in
the forefront in the standard setting activities in the country. Representatives from
the four sectors of the organization (public practice, commerce and industry,
education and government) are appointed to FRSC.
e. Other Professional Associations also influence the development of accounting
standards. The Financial Executives Institute(FINEX) is composed mainly of highlevel executives. The Institute of Management Accountants (IMA) emphasizes
managerial and cost accountancy. Each of these organizations provides input to the
Philippine Financial Reporting Standards (PFRS) through representation in the FRSC.
Technical papers and publications of accounting educators are also included as a
sources of accounting standards.
f. Bureau of Internal Revenue (BIR). The Bureau of Internal Revenue administers the
provisions of the Internal Revenue Code. These provisions do not always reflect the
goals of financial accounting. However, they do at times influence the choice of
accounting methods and procedures.

Summary of Philippine Financial Reporting Standards and Interpretations Approved

by the Board of Accountancy Applicable to Annual Period on or Before January 1,
2014.

Frame work for the Preparation and Presentation of Financial Statements

Conceptual Frame works Phase A: Objectives and qualitative characteristics-2010
PFRSs Practice Statement Management Commentary
Philippine Financial Reporting Standards (PFRSs)
PFRS 1 (Revised)

PFRS 2

PFRS 3 (Revised)
PFRS 4

PFRS 5
PFRS 6

First-time Adoption of Philippine Financial Reporting Standards

Amendments to PFRS 1 and PAS 27; Cost of an Investment in a
Subsidiary, Jointly Controlled Entity or Associate
Amendment to PFRS 1: Additional Exemptions for first-time
Adopters
Amendment to PFRS 1: Limited Exemption from Comparative
PFRS
7 Disclosures for First-time Adopters
Amendments to PFRS 1: severe Hyperinflation and Removal of
Fixed
Date for First-time Adopters
Amendments to PFRS 1: Government Loans
Share based Payment
Amendments to PRFS 2: vesting Conditions and Cancellations
Amendments to PRFS 2: Group Cash-settled share-based
payment
Transactions
Business Combination
Insurance Contracts
Amendments to PAS 39 and PFRS 4: Financial Guarantee
Contracts
Non-current Assets Held for Sale and Discontinued Operations
Exploration for and Evaluation of Mineral Resources

PFRS 7

PFRS 8
PFRS 9

PFRS
PFRS
PFRS
PFRS

10
11
12
13

Financial Instruments: Disclosures

Amendments to PFRS 7: Transition
Amendments to PAS 39 and PFRS 7: Reclassification of Financial
Assets
Amendments to PAS 39 and PFRS 7: Reclassification of
Financial
Assets-Effective Date and Transition
Amendments to PFRS 7: Improving Disclosures about Financial
Instruments
Amendments to PFRS 7: Disclosures-Transfer and Financial
Assets
Amendments to PFRS 7: Disclosures-Offsetting Financial Assets
and
Financial Liabilities
Amendments to PFRS 7: Mandatory Effective Date of PFRS 9
and
Transition Disclosures
Operating Segments
Financial Instruments
Amendments to PFRS 7: Mandatory Effective Date of PRFS 9
and
Transition Disclosures
Consolidated Financial Statements
Joint Arrangements
Disclosure of Interests in Other Entities
Fair Value Measurement

Philippine Accounting Standards (PASs)

PAS 1
(Revised)

PAS
PAS
PAS
PAS
PAS
PAS

2
7
8
10
11
12

PAS 16
PAS 17
PAS 18
PAS 19
(Revised)
PAS 20
PAS 21
PAS 23
(Revised)
PAS 24
(Revised)
PAS 26
PAS 27
(Amended)
PAS 28
(Amended)
PAS 29

Presentation of Financial Statements

Amendment to PAS 1: Capital Disclosure
Amendment to PAS 32 and PAS 1: Put table Financial Instruments
and
Obligations Arising on Liquidation
Amendments to PAS 1: Presentation of Items of Other
Comprehensive income
Inventories
Statement of Cash Flows
Accounting Policies, Changes in Accounting Estimates and errors
Events after Balance Sheet Date
Construction Contracts
Income Taxes
Amendment to PAS 12- Deferred Tax: Recovery of Underlying
Assets
Property ,Plant and Equipment
Leases
Revenue
Employee Benefits
Accounting for Government Grants and Disclosure of Government
Assistance
The Effects of Changes in Foreign Exchange Rates
Amendments: Net Investment in a Foreign Operation
Borrowing Cost
Related Party Disclosure
Accounting and Reporting by Retirement Benefit Plans
Separate Financial Statements
Investments in Associates and Joint Ventures
Financial reporting in Hyperinflationary Economies

PAS 31
PAS 32

PAS
PAS
PAS
PAS

33
34
37
38

PAS 39 b

PAS 40
PAS 41

Interests in Joint ventures

Financial Instruments: Disclosure and Presentation
Amendments to PAS 32 and PAS 31: Puttable Financial Instruments
and
Obligation Arising on Liquidation
Amendment to PAS 32: Classification of Right Issues
Amendment to PAS 32: Offsetting Financial Assets And Financial
Liabilities
Earnings per Share
Interim Financial Reporting
Provisions, Contingent liabilities and Contingent Assets
Intangible Assets

Financial Instruments: Recognition and Measurement

Amendments to Pas 39: Transition and Initial Recognition of
Financial Assets and Financial Liabilities
Amendments to PAS 39: Cash Flow Hedge Accounting of
Forecast
Intragroup Transactions
Amendments PAS 39: The Fair Value Option
Amendments PAS 39 and PFRS 4: Financial Guarantee Contracts
Amendments PAS 39 and PFRS 7: Reclassification of Financial
Assets
Amendments PAS 39 and PFRS 7: Reclassification of Financial
Assets-Effective Date and Transition
Amendments to Philippine Interpretation IFRIC-9 and PAS39:
Embedded Derivatives
Amendments to PAS 39: Eligible Hedged Items
Investment Property
Agriculture

International Financial Reporting Interpretations Committee(IFRIC) Issuances

IFRIC 1
Changes in Existing Decommissioning, Restoration and Similar
Liabilities
IFRIC 2
Members Share in Co-operative Entities and Similar
Instruments
IFRIC 4
Determining Whether an Arrangement Contains a Lease
IFRIC 5
Rights to Interests arising from Decommissioning, Restoration
and
Environmental Rehabilitation Funds
IFRIC 6
Liabilities arising from Participating in a Specific Market- Waste
Electrical and Electronic Equipment
IFRIC 7
Applying the Restatement Approach under PAS 29 Financial
Reporting in Hyperinflationary Economies
IFRIC 8
Scope of PFRS 2
IFRIC 10
Interim Financial Reporting and Impairment
IFRIC 11
PFRS 2- Group and Treasury Share Transactions
IFRIC 12
Service Concession Arrangements
IFRIC 13
Customer Loyalty Programmes
IFRIC 14
The Limit on Defined Benefits Asset, Minimum Funding
Requirements and their interaction
IFRIC 16
Hedges of Net Investment in a Foreign Operation
IFRIC 17
Distributions of Non-Cash Assets to Owner
IFRIC 18
Transfer of Assets from Customers
IFRIC 19
Extinguishing Financial Liabilities with Equity Instruments
IFRIC 20
Stripping Costs in the Production Phase of a Surface Mine

Standards Interpretation Committee(SIC) Issuances

SIC-7
Introduction of the Euro
SIC-10
Government Assistance- No Specific Relation to
Operating
Activities
SIC-15
Operating Leases-Incentives
SIC-25
Income Taxes- changes in the Tax Status of an Entity or
its
Shareholders
SIC-27
Evaluating the Substance of Transactions involving the
Legal
Form of a lease
SIC-29
Service Concession Arrangements: Disclosures.
SIC -31
Revenue- Barter Transactions Involving Advertising
Services
SIC -32
Intangible Assets-Wed Site Costs
With the issuance of amended and revised standards, the following standards and
interpretations have been withdrawn:
Title
PAS 19

Employee Benefits

IFRIC 9

Amendments to PAS 19: Actuarial Gains

and Losses,
Group Plans and Disclosures
Reassessment of Embedded Derivatives

Comment
Superseded by
PAS 19 (Revised)

Incorporated in

IFRIC 14

SIC 12
SIC 13

SIC 21

Amendments to Philippine Interpretation

IFRIC 9 and PAS 39: Embedded
Derivatives
The Limit on a Defined Benefit Asset,
Minimum
Funding Requirements and their
Interaction
Amendments to the Philippine
Interpretations
IFRIC- 14, Prepayments of a Minimum
Funding Requirements
Consolidation- Special purpose Entities
Amendments to SIC 12: Scope of SIC 12
Jointly Controlled Entities-Non-Monetary
Contributions by ventures
Income Taxes- Recovery of Revalued
Non-depreciable Assets

PFRS 9

Superseded by
PAS 19

Incorporated in
PFRS 10
Incorporated in
PAS 28 and PFRS
11
Incorporated in
Revised PAS 12