The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and

approves International Financial Reporting Standards (IFRSs). The IASB operates under the oversight of the IFRS
Foundation. The IASB was formed in 2001 to replace the International Accounting Standards Committee (IASC). A full
history of the IASB and the IASC going back to 1973 is available on the IASB website.

Currently, the IASB has 14 members.

The IASB's role

Under the IFRS Foundation Constitution, the IASB has complete responsibility for all technical matters of the IFRS
Foundation including:

o full discretion in developing and pursuing its technical agenda, subject to certain consultation
requirements with the Trustees and the public

o the preparation and issuing of IFRSs (other than Interpretations) and exposure drafts, following the due
process stipulated in the Constitution

o the approval and issuing of Interpretations developed by the IFRS Interpretations Committee.

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
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
 Effective
PFRS Title Date

First-time Adoption of Philippine Financial Reporting Standards [superseded by

PFRS 1 PFRS 1 (Revised)] 01/01/05

Amendments to PFRS 1 and PAS 27: Cost of an Investment in a Subsidiary, Jointly

Controlled Entity or Associate 01/01/09

PFRS 1
(Revised) First-time Adoption of Philippine Financial Reporting Standards 07/01/09

Amendments to PFRS 1: Additional Exemptions for First-time Adopters 01/01/10

Amendment to PFRS 1: Limited Exemption from Comparative PFRS 7 Disclosures

for First-time Adopters 07/01/10

Amendments to PFRS 1: Severe Hyperinflation and Removal of Fixed Date for First-
time Adopters 07/01/11

Amendments to PFRS 1: Government Loans 01/01/13*