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sional Review and Training Center

Introduction and
Preface to PFRS
(ToA.200)
Leomar R. Cabarles
Reviewer, PRTC

Outline
Financial Reporting Standards Council (FRSC)
Philippine Financial Reporting Standards (PFRSs)
The PFRSs Due Process

Financial Reporting Standards Council


(FRSC)

The PFRSs
Set out recognition, measurement, presentation
and disclosure requirements dealing with
transactions and events that are important in
general purpose FSs (of profit-oriented entities).
Include paragraphs in bold type (main principles)
and plain type, which have equal authority.

The PFRSs Due Process


1. Consideration of pronouncements of the IASB;
2. Formation of a task force, when deemed
necessary, to give advice to the FRSC;
3. Issuing for comment an exposure draft approved
by a majority of the FRSC members; comment
period will be at least 60 days, unless a shorter
period (not less than 30 days);
4. Consideration of all comments received and, when
appropriate, preparing a comment letter to the
IASB; and
5. Approval of a standard or an interpretation by a
majority of the FRSC members.
5

STQ Answers

1.
2.
3.
4.
5.

D
D
C
A
A

STQ Answers

6.
7.
8.
9.
10.

A
A
A
D
D

STQ Answers

11.
12.

D
C

end of ToA.200

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