Effective

PFRS Title Date

First-time Adoption of Philippine Financial Reporting
PFRS 1 Standards [superseded by PFRS 1 (Revised)] 01/01/05
Amendments to PFRS 1: 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*
PFRS 2 Share-based Payment 01/01/05
  Amendments to PFRS 2: Vesting Conditions and Cancellations 01/01/09
Amendments to PFRS 2: Group Cash-settled Share-based Payment
  Transactions 01/01/10
PFRS 3 Business Combinations [superseded by PFRS 3 (Revised)] 01/01/05
PFRS 3 (Revised)Business Combinations 07/01/09
PFRS 4 Insurance Contracts 01/01/05
  Amendments to PFRS 4: Financial Guarantee Contracts 01/01/06
PFRS 5 Non-current Assets Held for Sale and Discontinued Operations 01/01/05
PFRS 6 Exploration for and Evaluation of Mineral Resources 01/01/06
PFRS 7 Financial Instruments: Disclosures 01/01/07
  Amendments to PFRS 7: Transition 01/01/07
  Amendments to PFRS 7: Reclassification of Financial Assets 07/01/08
Amendments to PFRS 7: Reclassification of Financial Assets - Effective
  Date and Transition 07/01/08
Amendments to PFRS 7: Improving Disclosures about Financial
  Instruments 01/01/09
  Amendments to PFRS 7: Disclosures - Transfers of Financial Assets 07/01/11
Amendments to PFRS 7: Disclosures - Offsetting Financial Assets and
  Financial Liabilities 01/01/13*
Amendments to PFRS 7: Mandatory Effective Date of PFRS 9 and
  Transition Disclosures 01/01/15*
PFRS 8 Operating Segments 01/01/09
PFRS 9 Financial Instruments 01/01/15
Amendments to PFRS 9: Mandatory Effective Date of PFRS 9 and
  Transition Disclosures 01/01/15*
PFRS 10 Consolidated Financial Statements 01/01/13*
  Amendments to PFRS 10: Transition Guidance 01/01/13*
  Amendments to PFRS 10: Investment Entities 01/01/14*
PFRS 11 Joint Arrangements 01/01/13*
  Amendments to PFRS 11: Transition Guidance 01/01/13*
PFRS 12 Disclosure of Interests in Other Entities 01/01/13*
  Amendments to PFRS 12: Transition Guidance 01/01/13*
  Amendments to PFRS 12: Investment Entities 01/01/14*
PFRS 13 Fair Value Measurement 01/01/13*

Philippine Accounting Standards (PASs)

Effective
PAS Title Date
Presentation of Financial Statements [superseded by PAS 1
PAS 1 (Revised)] 01/01/05
  Amendment to PAS 1: Capital Disclosures 01/01/07
PAS 1 (Revised) Presentation of Financial Statements 01/01/09
Amendments to PAS 1: Puttable Financial Instruments and
  Obligations Arising on Liquidation 01/01/09
Amendments to PAS 1: Presentation of Items of Other
  Comprehensive Income 07/01/12*
PAS 2 Inventories 01/01/05
PAS 7 Statement of Cash Flows 1 01/01/05
PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 01/01/05
PAS 10 Events after the Reporting Period 2 01/01/05
PAS 11 Construction Contracts 01/01/05
PAS 12 Income Taxes 01/01/05
Amendments to PAS 12 - Deferred Tax: Recovery of Underlying
  Assets 01/01/12
PAS 14 Segment Reporting [superseded by PFRS 8] 01/01/05
PAS 16 Property, Plant and Equipment 01/01/05
PAS 17 Leases 01/01/05
PAS 18 Revenue 01/01/05
PAS 19 Employee Benefits [superseded by PAS 19 (Amended)] 01/01/05
Amendments to PAS 19: Actuarial Gains and Losses, Group Plans
  and Disclosures [superseded by PAS 19 (Amended)] 01/01/06
PAS 19 (Amended)Employee Benefits 01/01/13*
Accounting for Government Grants and Disclosure of Government
PAS 20 Assistance 01/01/05
PAS 21 The Effects of Changes in Foreign Exchange Rates 01/01/05
  Amendment: Net Investment in a Foreign Operation 01/01/06
PAS 23 Borrowing Costs [superseded by PAS 23 (Revised)] 01/01/05
PAS 23 (Revised) Borrowing Costs 01/01/09
PAS 24 Related Party Disclosures [superseded by PAS 24 (Revised)] 01/01/05
PAS 24 (Revised) Related Party Disclosures 01/01/11
PAS 26 Accounting and Reporting by Retirement Benefit Plans 01/01/05
Consolidated and Separate Financial Statements [superseded by PAS
PAS 27 27 (Revised)] 01/01/05
Consolidated and Separate Financial Statements [superseded by PAS
PAS 27 (Revised) 27 (Amended)] 07/01/09
Amendments to PAS 27: Cost of an Investment in a Subsidiary, Jointly
  Controlled Entity or Associate[superseded by PAS 27 (Amended)] 01/01/09
PAS 27 (Amended)Separate Financial Statements 01/01/13*
  Amendments to PAS 27 (Amended): Investment Entities 01/01/14*
PAS 28 Investments in Associates [superseded by PAS 28 (Amended)] 01/01/05
PAS 28 (Amended)Investments in Associates and Joint Ventures 01/01/13*
PAS 29 Financial Reporting in Hyperinflationary Economies 01/01/05
Disclosures in the Financial Statements of Banks and Similar
PAS 30 Financial Institutions [superseded by PFRS 7] 01/01/05
PAS 31 Interests in Joint Ventures [superseded by PFRS 11] 01/01/05
PAS 32 Financial Instruments: Disclosure and Presentation 01/01/05
  Financial Instruments: Presentation 01/01/07
Amendments to PAS 32: Puttable Financial Instruments and
  Obligations Arising on Liquidation 01/01/09
  Amendment to PAS 32: Classification of Rights Issues 02/01/10
Amendments to PAS 32: Offsetting Financial Assets and Financial
  Liabilities 01/01/14*
PAS 33 Earnings per Share 01/01/05
PAS 34 Interim Financial Reporting 01/01/05
PAS 36 Impairment of Assets 01/01/05
Amendments to PAS 36: Recoverable Amount Disclosures for Non-
  Financial Assets 01/01/14*
PAS 37 Provisions, Contingent Liabilities and Contingent Assets 01/01/05
PAS 38 Intangible Assets 01/01/05
PAS 39 Financial Instruments: Recognition and Measurement 01/01/05
Amendments to PAS 39: Transition and Initial Recognition of Financial
  Assets and Financial Liabilities 01/01/05
Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast
  Intragroup Transactions 01/01/06
  Amendments to PAS 39: The Fair Value Option 01/01/06
  Amendments to PAS 39: Financial Guarantee Contracts 01/01/06
  Amendments to PAS 39: Reclassification of Financial Assets 07/01/08
Amendments to PAS 39: Reclassification of Financial Assets -
  Effective Date and Transition 07/01/08
  Amendments to PAS 39: Embedded Derivatives 06/30/09
  Amendment to PAS 39: Eligible Hedged Items 07/01/09
PAS 40 Investment Property 01/01/05
PAS 41 Agriculture 01/01/05
 Financial Reporting Standards for Non-publicly Accountable
PAS 101 Entities [superseded by PFRS for SMEs] 01/01/05
Amendment to PAS 101: Change in Effective Date [superseded by
  PFRS for SMEs] 01/01/05
1
 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 7 was changed
from Cash Flow Statements  to Statement of Cash Flows.
2
 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 10 was
  changed from Events after the Balance Sheet Date  to Events after the Reporting Period.

Effective
Annual Improvements to PFRSs Date
Improvements to PFRSs (Approved in 2008)  
Amendments to PAS 1, PAS 16, PAS 19, PAS 20, PAS 23, PAS 27, PAS 28, PAS 29,
PAS 31, PAS 36, PAS 38, PAS 39, PAS 40, PAS 41 01/01/09
Amendments to PFRS 5 07/01/09
Improvements to PFRSs (Approved in 2009)  
Amendments to PFRS 2, PAS 38, Philippine Interpretation IFRIC–9, Philippine
Interpretation IFRIC–16 07/01/09
Amendments to PFRS 5, PFRS 8, PAS 1, PAS 7, PAS 17, PAS 36, PAS 39 01/01/10
Amendment to PAS 18, Appendix 05/27/09
Improvements to PFRSs (Approved in 2010)  
Amendments to PFRS 3, Transition requirements for amendments to PAS 21, PAS 28
and PAS 31 made as a result of PAS 27 (Revised) 07/01/10
Amendments to PFRS 1, PFRS 7, PAS 1, PAS 34, Philippine Interpretation IFRIC–13 01/01/11
Annual Improvements to PFRSs 2009-2011 Cycle  
Amendments to PFRS 1, PAS 1, PAS 16, PAS 32 and PAS 34 01/01/13*
   
* For BOA/PRC Approval

New PFRS standards effective after 1 January 2018

Under paragraph 30 of PAS 8, entities need to disclose any new PFRSs that are
issued but not yet effective and that are likely to impact the entity. This summary
includes all new standards and amendments issued before 31 December 2017
with an effective date beginning on or after 1 January 2018. These standards can
generally be adopted early, subject to EU endorsement in some countries.

Amendments to PFRS 2, ‘Share based payments’, on clarifying how to account for certain types of
share-based payment transactions (effective 1 January 2018)

This amendment clarifies the measurement basis for cash-settled, share-based

payments and the accounting for modifications that change an award from cash-settled
to equity-settled. It also introduces an exception to the principles in PFRS 2 that will
require an award to be treated as if it was wholly equity-settled, where an employer is
obliged to withhold an amount for the employee’s tax obligation associated with a share-
based payment and pay that amount to the tax authority.
Effective annual periods beginning on or after 1 January 2018.

PFRS 9 ‘Financial instruments’

This standard replaces the guidance in PAS 39. It includes requirements on the
classification and measurement of financial assets and liabilities; it also includes an
expected credit losses model that replaces the current incurred loss impairment model.

Effective annual periods beginning on or after 1 January 2018.

Amendment to PFRS 9, ‘Financial instruments’, on prepayment features with negative

compensation

This amendment confirm that when a financial liability measured at amortized cost is
modified without this resulting in de-recognition, a gain or loss should be recognized
immediately in profit or loss. The gain or loss is calculated as the difference between the
original contractual cash flows and the modified cash flows discounted at the original
effective interest rate. This means that the difference cannot be spread over the
remaining life of the instrument which may be a change in practice from PAS 39.

Effective annual periods beginning on or after 1 January 2019.

PFRS 15 ‘Revenue from contracts with customers’

 PFRS 15, ‘Revenue from contracts with customers’ is a converged standard from the
IASB and FASB on revenue recognition. The standard will improve the financial
reporting of revenue and improve comparability of the top line in financial statements
globally.

Effective annual periods beginning on or after 1 January 2018.

Amendment to PFRS 15, ‘Revenue from contracts with customers’

These amendments comprise clarifications of the guidance on identifying performance

obligations, accounting for licences of intellectual property and the principal versus
agent assessment (gross versus net revenue presentation). New and amended
illustrative examples have been added for each of those areas of guidance. The IASB
has also included additional practical expedients related to transition to the new revenue
standard.

Effective annual periods beginning on or after 1 January 2018.

Amendments to PFRS 4, ‘Insurance contracts’ regarding the implementation of PFRS 9, ‘Financial

instruments’

These amendments introduce two approaches: an overlay approach and a deferral

approach. The amended standard will:

 give all companies that issue insurance contracts the option to recognize in other
comprehensive income, rather than profit or loss, the volatility that could arise when
PFRS 9 is applied before the new insurance contracts standard is issued; and

 give companies whose activities are predominantly connected with insurance an

optional temporary exemption from applying PFRS 9 until 2021. The entities that defer
the application of PFRS 9 will continue to apply the existing financial instruments
standard— PAS 39.

Effective annual periods beginning on or after 1 January 2018.

Annual improvements 2014–2016

These amendments impact 2 standards:

 1, ’First-time adoption of PFRS’, regarding the deletion of short- term exemptions for
first-time adopters regarding PFRS 7, PAS 19, and PFRS 10 effective 1 January 2018.

 PAS 28, ’Investments in associates and joint ventures’ regarding measuring an

associate or joint venture at fair value effective 1 January 2018.

Effective annual periods beginning on or after 1 January 2018.

Amendments to PAS 28

These amendments clarify that companies account for long-term interests in an

associate or joint venture to which the equity method is not applied using PFRS 9.

Effective annual periods beginning on or after 1 January 2019.

PFRS 16, ‘Leases’

This standard replaces the current guidance in PAS 17 and is a far-reaching change in
accounting by lessees in particular.

Under PAS 17, lessees were required to make a distinction between a finance lease (on
balance sheet) and an operating lease (off balance sheet). PFRS 16 now requires
lessees to recognize a lease liability reflecting future lease paymentsand a ‘right-of-use
asset’ for virtually all lease contracts. The IASB has included an optional exemption for
certain shortterm leases and leases of low-value assets; however, this exemption can
only be applied by lessees.

For lessors, the accounting stays almost the same. However, as the IASB has updated
the guidance on the definition of a lease (as well as the guidance on the combination
and separation of contracts), lessors will also be affected by the new standard. At the
veryleast, the new accounting model for lessees is expected to impact negotiations
between lessors and lessees.

Under PFRS 16, a contract is, or contains, a lease if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration.

Effective annual periods beginning on or after 1 January 2019 with earlier application
permitted if PFRS 15, ‘Revenue from Contracts with Customers’, is also applied.
PFRS 17, ‘Insurance contracts’

This standard replaces PFRS 4, which currently permits a wide variety of practices in
accounting for insurance contracts. PFRS 17 will fundamentally change the accounting
by all entities that issue insurance contracts and investment contracts with discretionary
participation features.

Effective annual periods beginning on or after 1 January 2021.

IFRIC 22, ‘Foreign currency transactions and advance consideration’

This IFRIC addresses foreign currency transactions or parts of transactions where there
is consideration that is denominated or priced in a foreign currency. The interpretation
provides guidance for when a single payment/receipt is made as well as for situations
where multiple payments/receipts are made. The guidance aims to reduce diversity in
practice.

Effective annual periods beginning on or after 1 January 2018.

IFRIC 23, ‘Uncertainty over income tax treatments’

This IFRIC clarifies how the recognition and measurement requirements of PAS 12
‘Income taxes’, are applied where there is uncertainty over income tax treatments. The
PFRS IC had clarified previously that PAS 12, not PAS 37 ‘Provisions, contingent
liabilities and contingent assets’, applies to accounting for uncertain income tax
treatments. IFRIC 23 explains how to recognize and measure deferred and current
income tax assets and liabilities where there is uncertainty over a tax treatment.

An uncertain tax treatment is any tax treatment applied by an entity where there is
uncertainty over whether that treatment will be accepted by the tax authority. For
example, a decision to claim a deduction for a specific expense or not to include a
specific item of income in a tax return is an uncertain tax treatment if its acceptability is
uncertain under tax law. IFRIC 23 applies to all aspects of income tax accounting where
there is an uncertainty regarding the treatment of an item, including taxable profit or
loss, the tax bases of assets and liabilities, tax losses and credits and tax rates.

Effective annual periods beginning on or after 1 January 2019.