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
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
Number Title Effective date
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

PAS 8 January 1, 2005
Accounting 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

 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

Philippine Interpretation IFRIC-1
Philippine Interpretation IFRIC-2
Philippine Interpretation IFRIC-4
Philippine Interpretation IFRIC-5
Philippine Interpretation IFRIC-6
Philippine Interpretation IFRIC-7
Changes in Existing Decommissioning,
January 1, 2005
Restoration and Similar Liabilities
Members’ Shares in Co-operative Entities
January 1, 2005
and Similar Instruments
Determining whether an Arrangement
January 1, 2006
contains a Lease
Rights to Interests arising from
Decommissioning, Restoration and January 1, 2006
Environmental Rehabilitation Funds
Liabilities arising from Participating in a
Specific Market—Waste Electrical and December 1, 2005
Electronic Equipment
Applying the Restatement Approach under
PAS 29 Financial Reporting in March 1, 2006
Hyperinflationary Economies
Number Title Effective date
Philippine Interpretation IFRIC-10 Interim Financial Reporting and Impairment November 1, 2006
Philippine Interpretation IFRIC-12 Service Concession Arrangements January 1, 2008
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
Philippine Interpretation SIC-10 January 1, 2005
Relation 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