GUIDANCE ON LATEST PHILIPPINE ACCOUNTING STANDARDS

PHILIPPINE FINANCIAL REPORTING STANDARDS (PFRS)

Number Title Effective date
First-time Adoption of Philippine Financial
PFRS 1 (Revised) 1-Jul-09
Reporting Standards
PFRS 2 Share-based Payment 1-Jan-05
PFRS 3 (Revised) Business Combinations 1-Jul-09
PFRS 4 Insurance Contracts 1-Jan-05
Non-current Assets Held for Sale and
PFRS 5 1-Jan-05
Discontinued Operations
Exploration for and Evaluation of Mineral
PFRS 6 1-Jan-06
Resources
PFRS 7 Financial Instruments: Disclosures 1-Jan-07
PFRS 8 Operating Segments 1-Jan-09
PFRS 9 (2014) Financial Instruments 1-Jan-18
PFRS 10 Consolidated Financial Statements 1-Jan-13
PFRS 11 Joint Arrangements 1-Jan-13
PFRS 12 Disclosure of Interests in Other Entities 1-Jan-13
PFRS 13 Fair Value Measurement 1-Jan-13
PFRS 14 Regulatory Deferral Accounts 1-Jan-16
PFRS 15 Revenue from Contracts with Customers 1-Jan-18
PFRS 16 Leases 1-Jan-19
PFRS 17 Insurance Contracts 1-Jan-21
PFRS for SMEs Small & Medium Sized Entities 1-Jul-09
PFRS for Small Entities Small and Micro Entities 1-Jan-18

PHILIPPINE ACCOUNTING STANDARDS (PAS)

Number Title Effective date
PAS 1 (Revised) Presentation of Financial Statements 1-Jan-09
PAS 2 Inventories 1-Jan-05
PAS 7 Statement of Cash Flows 1-Jan-05
Accounting Policies, Changes in Accounting
PAS 8 1-Jan-05
Estimates and Errors
PAS 10 Events after the Reporting Period 1-Jan-05
PAS 12 Income Taxes 1-Jan-05
PAS 16 Property, Plant and Equipment 1-Jan-05
PAS 17 Leases 1-Jan-05
PAS 19 (Revised) Employee Benefits 1-Jan-13
Accounting for Government Grants and
PAS 20 1-Jan-05
Disclosure of Government Assistance
The Effects of Changes in Foreign Exchange
PAS 21 1-Jan-05
Rates
PAS 23 (Revised) Borrowing Costs 1-Jan-09
PAS 24 (Revised) Related Party Disclosures 1-Jan-11
Accounting and Reporting by Retirement
PAS 26 1-Jan-05
Benefit Plans
PAS 27 (Amended) Separate Financial Statements 1-Jan-13
PAS 28 (Amended) Investments in Associates and Joint Ventures 1-Jan-13
Financial Reporting in Hyperinflationary
PAS 29 1-Jan-05
Economies
PAS 32 Financial Instruments: Presentation 1-Jan-07
PAS 33 Earnings per Share 1-Jan-05
PAS 34 Interim Financial Reporting 1-Jan-05
PAS 36 Impairment of Assets 1-Jan-05
Provisions, Contingent Liabilities and
PAS 37 1-Jan-05
Contingent Assets
PAS 38 Intangible Assets 1-Jan-05
 Financial Instruments: Recognition and
PAS 39 1-Jan-05
Measurement
PAS 40 Investment Property 1-Jan-05
PAS 41 Agriculture 1-Jan-05

PHILIPPINE INTERPRETATIONS (PIC)

Number Title Effective date
Changes in Existing Decommissioning,
Philippine Interpretation IFRIC-1 1-Jan-05
Restoration and Similar Liabilities
Members’ Shares in Co-operative Entities and
Philippine Interpretation IFRIC-2 1-Jan-05
Similar Instruments
Determining whether an Arrangement contains
Philippine Interpretation IFRIC-4 1-Jan-06
a Lease
Rights to Interests arising from
Philippine Interpretation IFRIC-5 Decommissioning, Restoration and 1-Jan-06
Environmental Rehabilitation Funds
Liabilities arising from Participating in a
Philippine Interpretation IFRIC-6 Specific Market—Waste Electrical and 1-Dec-05
Electronic Equipment
Applying the Restatement Approach under
Philippine Interpretation IFRIC-7 PAS 29 Financial Reporting in 1-Mar-06
Hyperinflationary Economies
Philippine Interpretation IFRIC-10 Interim Financial Reporting and Impairment 1-Nov-06
Philippine Interpretation IFRIC-12 Service Concession Arrangements 1-Jan-08
PAS 19—The Limit on a Defined Benefit
Philippine Interpretation IFRIC-14 Asset, Minimum Funding Requirements and 1-Jan-08
their Interaction
Hedges of a Net Investment in a Foreign
Philippine Interpretation IFRIC-16 1-Oct-08
Operation
Extinguishing Financial Liabilities with Equity
Philippine Interpretation IFRIC-19 1-Jul-10
Instruments
Stripping Costs in the Production Phase of a
Philippine Interpretation IFRIC-20 1-Jan-13
Surface Mine
Philippine Interpretation IFRIC-21 Levies 1-Jan-14
Foreign Currency Transactions and Advance
Philippine Interpretation IFRIC-22 1-Jan-18
Consideration
Philippine Interpretation IFRIC-23 Uncertainty over Income Tax Treatments 1-Jan-19
Philippine Interpretation SIC-7 Introduction of the Euro 1-Jan-05
Government Assistance—No Specific Relation
Philippine Interpretation SIC-10 1-Jan-05
to Operating Activities
Philippine Interpretation SIC-15 Operating Leases—Incentives 1-Jan-05
Income Taxes—Changes in the Tax Status of
Philippine Interpretation SIC-25 1-Jan-05
an Entity or its Shareholders
Evaluating the Substance of Transactions
Philippine Interpretation SIC-27 1-Jan-05
Involving the Legal Form of a Lease
Service Concession Arrangements:
Philippine Interpretation SIC-29 1-Jan-05
Disclosures
Philippine Interpretation SIC-32 Intangible Assets—Web Site Costs 1-Jan-05

PRONOUNCEMENTS
Effective for annual
Pronouncement Date adopted byFRSC periods beginning
on or after

Amendments to PFRS 3, Definition of a Business 14-Nov-18 1-Jan-20

Amendments to PAS 1 and PAS 8, Definition of
14-Nov-18 1-Jan-20
Material
PFRS 17, Insurance Contracts 14-Mar-18 1-Jan-21
Annual Improvements to PFRSs 2015-2017 Cycle
Amendments to PFRS 3 and PFRS 11 -
Previously held interest in a joint operation
14-Mar-18 1-Jan-19
 Amendments to PAS 12 - Income tax 14-Mar-18 1-Jan-19
consequences of payments on financial
instruments classified as equity
Amendments to PAS 23 - Borrowing costs
eligible for capitalization
Amendments to PAS 19, Plan Amendment,
14-Mar-18 1-Jan-19
Curtailment or Settlement
Amendments to PAS 28, Long-term Interests in
8-Nov-17 1-Jan-19
Associates and Joint Ventures
Amendments to PFRS 9, Prepayment Features
8-Nov-17 1-Jan-19
with Negative Compensation
Philippine Interpretation IFRIC-23, Uncertainty
12-Jul-17 1-Jan-19
over Income Tax Treatments
Philippine Interpretation IFRIC-22, Foreign
Currency Transactions and Advance 11-Jan-17 January 1, 2018
Consideration
Amendments to PAS 40, Transfers of Investment
January 11, 2017 1-Jan-18
Property
Annual Improvements to PFRSs 2014 - 2016 Amendment to PFRS
Cycle 12 - January 1, 2017

Amendments to
Amendment to PFRS 1 - Deletion of short-term
PFRS 1 and PAS 28 -
exemptions for first-time adopters 11-Jan-17
January 1, 2018
Amendment to PFRS 12 - Clarification of the
scope of the standard
Amendment to PAS 28 - Measuring an
associate or joint venture at fair value
Amendments to PFRS 15, Clarifications to PFRS
7-Dec-16 1-Jan-18
15
PFRS 15, Revenue from Contracts with
7-Dec-16 1-Jan-18
Customers
Amendments to PFRS 4, Applying PFRS 9,
Financial Instruments with PFRS 4, Insurance 12-Oct-16 1-Jan-18
Contracts
Amendments to PFRS 2, Classification and
Measurement of Share-based Payment 14-Sep-16 1-Jan-18
Transactions
Amendments to PAS 12, Recognition of Deferred
17-Feb-16 1-Jan-17
Tax Assets for Unrealized Losses
Amendments to PAS 7, Disclosure Initiative 17-Feb-16 1-Jan-17
PFRS 16, Leases 17-Feb-16 1-Jan-19
Amendments to PAS 1, Disclosure Initiative 11-Feb-15 1-Jan-16
Amendments to PFRS 10, PFRS 12 and PAS 28,
Investment Entities: Applying the Consolidation 11-Feb-15 1-Jan-16
Exception
Annual Improvements to PFRSs 2012 - 2014
Cycle
Amendment to PFRS 5: Changes in methods of
disposal
Amendment to PFRS 7: Servicing contracts
Amendment to PFRS 7: Applicability of the
amendments to PFRS 7 to condensed interim 8-Oct-14 1-Jan-16
financial statements
Amendment to PAS 19: Discount rate: regional
market issue
Amendment to PAS 34: Disclosure of
information ‘elsewhere in the interim financial
report’
Amendments to PFRS 10 and PAS 28, Sale or
Contribution of Assets between an Investor and 8-Oct-14 Deferred**
its Associate or Joint Venture
PFRS 9, Financial Instruments (2014) 10-Sep-14 January 1, 2018*
Amendments to PAS 27, Equity Method in
10-Sep-14 1-Jan-16
Separate Financial Statements
Amendments to PAS 16 and PAS 41, Agriculture:
9-Jul-14 1-Jan-16
Bearer Plants
Amendments to PAS 16 and PAS 38, Clarification
of Acceptable Methods of Depreciation and 9-Jul-14 1-Jan-16
Amortization
PFRS 14, Regulatory Deferral Accounts 9-Jul-14 1-Jan-16
Amendments to PFRS 11, Accounting for
9-Jul-14 1-Jan-16
Acquisitions of Interests in Joint Operations
PFRS 9, Financial Instruments (Hedge
No mandatory
Accounting and amendments to PFRS 9, PFRS 7 17-Dec-13
effective date*
and PAS 39)
Annual Improvements to PFRSs 2011 - 2013
Cycle
Amendment to PFRS 3: Scope exceptions for
joint ventures
Amendment to PFRS 13: Portfolio exception 17-Dec-13 1-Jul-14
Amendment to PAS 40: Clarifying the
interrelationship between PFRS 3 and PAS 40
when classifying property as investment
property or owner-occupied property
Annual Improvements to PFRSs 2010 - 2012
Cycle
Amendment to PFRS 2: Definition of vesting
condition
Amendment to PFRS 3: Accounting for
contingent consideration in a business
combination
Amendment to PFRS 8: Aggregation of
operating segments
Amendment to PFRS 8: Reconciliation of the
17-Dec-13 1-Jul-14
total of the reportable segments’ assets to the
entity’s assets
Amendment to PAS 16: Revaluation method -
proportionate restatement of accumulated
depreciation
Amendment to PAS 24: Key management
personnel
Amendment to PAS 38: Revaluation method -
proportionate restatement of accumulated
amortization
Amendments to PAS 19, Defined Benefit Plans:
17-Dec-13 1-Jul-14
Employee Contributions

Compiled by Sir Markie Grabillo. Any other PFRS, PAS, PIC, IFRIC and pronouncements not included in this
listings are considered obsolete (or superceded) standards and therefore requires caution when using
it as a reference. (standard listings updated as of August 30, 2019)