This document outlines the Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS) including the titles and effective dates of each standard. There are 20 PFRS standards covering topics like business combinations, financial instruments, revenue recognition and leases. There are 39 PAS standards related to presentation of financial statements, inventories, cash flows, employee benefits and more. Additionally, 24 Philippine Interpretations provide guidance on implementing the standards. All standards and interpretations include effective dates for mandatory application.
This document outlines the Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS) including the titles and effective dates of each standard. There are 20 PFRS standards covering topics like business combinations, financial instruments, revenue recognition and leases. There are 39 PAS standards related to presentation of financial statements, inventories, cash flows, employee benefits and more. Additionally, 24 Philippine Interpretations provide guidance on implementing the standards. All standards and interpretations include effective dates for mandatory application.
This document outlines the Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS) including the titles and effective dates of each standard. There are 20 PFRS standards covering topics like business combinations, financial instruments, revenue recognition and leases. There are 39 PAS standards related to presentation of financial statements, inventories, cash flows, employee benefits and more. Additionally, 24 Philippine Interpretations provide guidance on implementing the standards. All standards and interpretations include effective dates for mandatory application.
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, 2023
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
Changes in Existing Decommissioning, Philippine Interpretation IFRIC-1 January 1, 2005 Restoration and Similar Liabilities Members’ Shares in Co-operative Entities Philippine Interpretation IFRIC-2 January 1, 2005 and Similar Instruments Determining whether an Arrangement Philippine Interpretation IFRIC-4 January 1, 2006 contains a Lease Rights to Interests arising from Philippine Interpretation IFRIC-5 Decommissioning, Restoration and January 1, 2006 Environmental Rehabilitation Funds Liabilities arising from Participating in a Philippine Interpretation IFRIC-6 Specific Market—Waste Electrical and December 1, 2005 Electronic Equipment Applying the Restatement Approach under Philippine Interpretation IFRIC-7 PAS 29 Financial Reporting in March 1, 2006 Hyperinflationary Economies 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